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Core Viewpoint - The People's Bank of China (PBOC) has resumed the operation of buying and selling government bonds, signaling a positive outlook for the bond market and potentially benefiting long-term interest rate bonds and "fixed income +" wealth management products [2][4][5]. Group 1: Market Signals and Economic Impact - The resumption of government bond trading is seen as a signal for stabilizing growth, which is expected to boost confidence in the bond market [4][5]. - PBOC Governor Pan Gongsheng indicated that the overall operation of the bond market is good, suggesting that current interest rates are within a desirable policy range [4]. - The operation aims to guide market expectations and alleviate medium to long-term liquidity shortages, with a focus on stabilizing the macroeconomic environment for Q4 of this year and Q1 of next year [5][6]. Group 2: Bond Market Dynamics - The 10-year government bond yield has increased from an average of 1.64% in January to 1.84% in October, indicating a slight easing of bond market risks [4]. - The recent operations by the PBOC are expected to lead to a further decline in long-term interest rates, benefiting related wealth management products [7][8]. - Analysts suggest that while the bond market outlook is positive, the extent of the decline in interest rates will depend on future PBOC bond purchase scales and economic recovery [7][9]. Group 3: Investment Strategies - Investors are advised to focus on long-duration fixed-income products and mixed-asset products that include bonds, as these are expected to have better allocation value [7][9]. - The PBOC's actions are likely to improve liquidity conditions, making mid-term credit bonds more attractive due to potential compression of credit spreads [9]. - Investment strategies should include increasing allocations to mid-term credit bonds and diversifying into "fixed income +" products to balance risks and enhance returns in a low-interest-rate environment [9].