债市长期思维转换主导短期下跌

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The recent decline in the bond market is not due to a shift from pessimism to optimism about long - term economic growth but a change in market focus towards long - term issues such as "bond market supply and demand", bond industry career development, and how bond funds can outperform benchmarks. There are also short - term trading opportunities in bond spreads, but the "lock - in" risk is greater than the "missing out" risk [5][27][36]. - The overseas interest rate cut and the turmoil in technology stocks have little impact on the domestic market. The domestic monetary policy is "domestically - oriented" and not restricted by overseas easing. Domestic technology stocks are more resilient than their US counterparts [6][28]. - The market has a strong consensus expectation of "strong stocks and weak bonds" at the beginning of next year, but the spring rally in the equity market depends on a favorable macro - environment of loose liquidity and credit at the turn of the year [8][35]. Summary by Relevant Catalogs Overseas Market - Federal Reserve Meeting: The Federal Reserve cut interest rates by 25BP as expected, with a dovish stance. It raised GDP growth expectations, lowered PCE inflation expectations, and restarted balance - sheet expansion with an initial monthly scale of $40 billion [2][10][11]. - US Stocks: After the Fed meeting, US stocks first rose and then fell. On Friday, they erased nearly two weeks' worth of gains and returned to the level after the October meeting. The AI technology sector is vulnerable, and Oracle's poor earnings on December 10 dragged down the entire US stock market [14]. - US Dollar and US Treasury Bonds: The US dollar index weakened by 0.8% to 98.4 after the interest rate cut. The 10Y US Treasury bond yield first declined by about 8BP to 4.1% and then returned to the pre - meeting level of 4.18% [3][14]. Domestic Market - Policy: The Central Economic Work Conference reassured the market about previous concerns. The total policy emphasizes necessary policy strength. The monetary policy has three changes in its statement compared to last year, and the real - estate policy encourages the acquisition of existing commercial housing for affordable housing [4][20]. - Economic Data: In November, CPI was 0.7% year - on - year, up 0.5pct from the previous month, while PPI was - 2.2% year - on - year, down 0.1pct. The increase in corporate bond financing and bill financing pushed up social financing, and corporate loans drove a marginal recovery in credit. M1 and M2 growth rates declined by 1.3pct and 0.2pct respectively compared to the previous month [21][23][25]. - Market Reaction: Policy statements and data have little impact on the market. After the bond market's sharp decline last week, a neutral policy statement helped release market tension, and the market recovered the previous week's losses in three days. The economic fundamentals and data present both bullish and bearish signals, and factors such as Treasury supply and equity preference are also attracting market attention [5][27]. - Institutional Behavior: Institutions did not form a unified force during the long - bond recovery. Funds were the main force in the long - bond recovery last week, while securities firms hardly participated. Bond funds face redemption pressure, which restricts their ability to maintain a long - position [6][32]. - Bond Market Outlook: The bond market shows signs of a "bearish mindset". There are short - term trading opportunities in bond spreads, but the "lock - in" risk is greater than the "missing out" risk [36].