Core Viewpoint - The bond market is experiencing intensified volatility and challenges, with banks facing difficulties in bond investments and adjusting their strategies accordingly [1][3][4]. Group 1: Market Conditions - The bond market is currently in a state of wide fluctuations, with the ten-year government bond yield oscillating between 1.85% and 1.9%, reflecting increased volatility [3]. - After the implementation of new tax regulations on bond interest, the attractiveness of bonds has decreased, leading to a potential reallocation of assets towards equities and other investments [2]. - In August, the trading volume of bonds declined significantly, with state-owned banks trading approximately 3.568 trillion yuan and joint-stock banks trading about 11.232 trillion yuan, marking a drop from previous months [2]. Group 2: Bank Performance - In the first half of the year, over 80% of A-share listed banks reported positive growth in investment income, with an average increase exceeding 45%, primarily driven by the realization of bond floating profits [5][6]. - Notably, the China Construction Bank achieved an investment income of 27.912 billion yuan, with a year-on-year growth exceeding 200%, significantly contributing to its revenue [6]. - However, many banks are experiencing a decline in non-interest income due to the challenging market conditions, with some reporting negative growth [4]. Group 3: Investment Strategies - Banks are adjusting their investment strategies in response to the volatile bond market, focusing on wave trading and increasing the use of derivative instruments for hedging [9][10]. - The Postal Savings Bank has adopted a more flexible asset-liability strategy, actively expanding its balance sheet to capture income opportunities amid market fluctuations [9]. - The overall sentiment among bank executives is cautious regarding the sustainability of investment income growth in the second half of the year [3][4].

Core Insights - China's public fund total assets have surpassed 36 trillion yuan, marking the fifth historical high this year [1][3] - The growth is primarily driven by active equity funds, which saw a remarkable net value increase of 12.76% in August [1][4] - The stock market's strong performance in August has created a favorable environment for public fund issuance, leading to increased investor participation [3][4] Fund Performance - As of the end of August, the total net asset value of public funds in China reached 36.25 trillion yuan, with an increase of over 1.17 million units from the previous month [3] - The Shanghai Composite Index rose by 7.97%, while the Shenzhen Component Index and the ChiNext Index increased by 15.32% and 24.13%, respectively [4] - In August, equity funds saw an increase of 796.68 billion units, with a net value growth of 628 billion yuan [4] Equity and Debt Fund Dynamics - The equity funds' growth was supported by new fund issuances, with 1.02 trillion units launched in August, half of which were equity funds [4] - Conversely, bond funds experienced a decline in both units and net value, with a reduction of over 950 billion units and a net value decrease of over 28.5 billion yuan [5] - Convertible bond funds performed well with an average return of 6.29%, while passive index bond funds lagged behind [5] Market Outlook - Despite the recent strong performance of the stock market, the bond market is expected to remain cautious, with a potential for recovery in the future [6] - Money market funds showed stable growth, reaching approximately 14.81 trillion yuan, an increase of about 196.3 billion yuan from the end of July [6] - QDII funds benefited from significant gains in both Hong Kong and US stock markets, with a net value increase of 67.2 billion yuan and a growth rate of 9.21% [6]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The report maintains the view that the medium - term general direction of the treasury bond futures market is oscillating with a bearish bias [4]. 3. Summary by Directory 3.1. Weekly Focus and Market Tracking - Treasury bond futures contracts have been in a continuous weekly correction, with the ultra - long - end performing weakly. Before the National Day holiday, some profit - taking sales led to a decrease in the stock market's risk appetite and a rebound in the bond market [4][5]. - The treasury bond futures market showed an oscillating and relatively strong trend this week. Policy coordination and liquidity expectations dominated market sentiment. Long - term varieties were more active but their prices were under pressure, while short - term varieties were relatively stable [5]. - The central bank restarted the 14 - day reverse repurchase operation and adjusted its tender method, releasing a signal of liquidity support. However, the policy coordination effect weakened the supply shock. The new regulations on public fund sales increased the short - bond redemption pressure, and there were differences in the market's expectations for additional loose - money policies. Combined with the "stock - bond seesaw" effect, the bond market was under short - term pressure [5]. - The risk appetite has significantly decreased in recent trading days, but the bond market has not improved. In terms of the net long - position changes, private funds slightly reduced their positions, while wealth management subsidiaries and foreign capital slightly increased their positions, showing a divergence between speculative and allocation funds [5]. - Based on the initial information of the September EPMI, the macro - economic monthly环比 situation has warmed up, but the overall growth performance in the third quarter was relatively weak. There is still room for policy deployment, and inflation环比 has marginally improved. Policies to guide long - term funds into the market are in the ascendant [5]. - The treasury bond futures market shows a differentiated feature of short - term stability and intensified long - term fluctuations, with a significant change in the yield curve shape. The trading volume of the 30 - year treasury bond futures has significantly increased, indicating increased long - term selling pressure and intensified long - short game [9]. 3.2. Liquidity Monitoring and Curve Tracking No specific content provided other than the title and source information [12][13]. 3.3. Seat Analysis - In terms of the daily changes in the net long - position of different institutional types: private funds decreased by 6.67%, foreign capital decreased by 0.51%, and wealth management subsidiaries decreased by 1.51%. In terms of weekly changes: private funds decreased by 5.46%, foreign capital increased by 14.04%, and wealth management subsidiaries increased by 13.74% [14].

Core Insights - The total scale of public funds in China has surpassed 36 trillion yuan, marking a historical high for the fifth time this year [1][3] - The active equity funds have significantly contributed to this growth, with stock fund net value increasing by 12.76% month-on-month, a rare occurrence of double-digit growth [1][4] Fund Scale and Performance - As of the end of August, the total net asset value of public funds in China reached 36.25 trillion yuan, with an increase of over 1.17 billion units compared to the previous month [3] - The number of public fund management institutions stands at 164, including 149 fund management companies and 15 asset management institutions with public qualifications [3] Equity Fund Highlights - The Shanghai Composite Index rose by 7.97% in August, while the Shenzhen Component Index and the ChiNext Index increased by 15.32% and 24.13%, respectively [4] - In August, stock fund shares increased by 796.68 million units, and net value surged by 628 billion yuan, contributing to a total increase of 960.7 billion yuan for both stock and mixed funds [4] ETF Growth - The domestic ETF scale reached 5.07 trillion yuan in August, reflecting a strong market demand and a significant increase in secondary market purchases [5] Bond Fund Trends - Bond funds experienced a decline in both scale and net value in August, with a reduction of over 950 million units and a net value decrease of over 28.5 billion yuan [6] - Convertible bond funds performed well with an average return of 6.29%, while passive index bond funds lagged behind [6] Market Sentiment and Future Outlook - The current sentiment towards bonds is cautious, with expectations of a potential recovery in the bond market due to favorable economic fundamentals and monetary policy [7] - QDII funds saw an increase in shares by 534 million units and a net value increase of 67.2 billion yuan, driven by significant gains in both Hong Kong and U.S. stock markets [7]

Core Insights - The public fund market in China reached a record high of 36 trillion yuan in August 2025, marking a growth of 1.18 trillion yuan from July, with a growth rate of 3.36% [1][2] Fund Categories Summary - **Equity Funds**: The scale reached 5.55 trillion yuan in August, increasing by 628.07 billion yuan from June, with a growth rate of 12.76%. The number of shares increased by 79.67 billion from July, a growth of 2.32% [2][3] - **Mixed Funds**: The scale was 4.16 trillion yuan in August, with an increase of 332.70 billion yuan, representing a growth rate of 8.69%. However, the number of shares decreased by 45.01 billion from July, a decline of 1.50% [2][3] - **Money Market Funds**: The scale reached 14.81 trillion yuan, with an increase of 196.35 billion yuan, reflecting a growth rate of 1.34%. The number of shares increased by 190.42 billion from July, a growth of 1.30% [2][3] - **Bond Funds**: The scale was 7.21 trillion yuan, with a decrease of 28.51 billion yuan, representing a decline of 0.39%. The number of shares decreased by 95.15 billion from July, a decline of 1.62% [2][3] - **Cross-Border Funds (QDII)**: The scale reached 797.32 billion yuan, increasing by 67.27 billion yuan, with a growth rate of 9.21%. The number of shares increased by 51.65 billion from July, a growth of 8.64% [2][3] Market Trends - The mixed fund category experienced significant net redemptions, totaling 450 billion yuan in August and 370 billion yuan in July, indicating a total net redemption of 820 billion yuan over two months [3][4] - The bond market saw a notable shift, with net redemptions of bond funds reaching 951 billion yuan in August, a decrease from 1.944 trillion yuan in July, as funds moved towards equity markets [5] - Non-bank deposits in China showed significant growth, with an increase of 5.87 trillion yuan in the first eight months of 2025, accounting for 28.63% of the total increase in RMB deposits during the same period [6][7]

Report Industry Investment Rating No relevant content provided. Core View of the Report The current bond market is intertwined with multiple factors. The economic data in August indicates that the pattern of "strong supply and weak demand" may continue, and the economic growth in the third quarter is under pressure. Coupled with the increasing expectation of the central bank restarting bond purchases, it provides some support for the current bond market. However, in the absence of incremental positive factors, the market is sensitive to negative news. The uncertainty of the new regulations on public bond funds continues to disrupt the market, and bearish sentiment still dominates. There are also differences in the market's expectations for loose monetary policies. It is expected that Treasury bond futures will continue to show a weak and volatile pattern in the short term. For strategies, it is recommended to wait and see for unilateral operations, and at the same time, pay attention to the trading opportunities of long - term term spreads brought about by the steepening of the yield curve [102]. Summary According to the Table of Contents 1. Market Review - **Weekly Data of Treasury Bond Futures**: The main contracts of Treasury bond futures all declined this week. The TL2512 (30 - year) contract fell 0.53%, the T2512 (10 - year) contract fell 0.14%, the TF2512 (5 - year) contract fell 0.13%, and the TS2512 (2 - year) contract fell 0.02%. The trading volumes of the TS, TF, T, and TL main contracts all decreased. The open interests of the TF, T, and TL main contracts increased, while that of the TS main contract decreased [11][15][21][29]. - **Price Changes of Deliverable Bonds**: The prices of the top two cheapest - to - deliver (CTD) bonds for each contract term also changed. For example, the price of 210005.IB (18y) for the 30 - year contract decreased by 1.18 [12]. 2. News Review and Analysis - **Domestic Policy News**: On September 19, the central bank adjusted the 14 - day reverse repurchase operation in the open market. On September 22, the loan prime rate (LPR) remained unchanged. On September 24, the central bank planned to conduct a 6000 - billion - yuan medium - term lending facility (MLF) operation, with a net MLF injection of 3000 billion yuan this month. Also on September 24, nine departments including the Ministry of Commerce issued 13 measures to support service exports. On September 25, the scale of China's public funds exceeded 36 trillion yuan for the first time [32][33]. - **Overseas News**: On September 25, the US announced that the annualized final value of real GDP in the second quarter increased by 3.8% quarter - on - quarter. The US President Trump announced that starting from October 1, the US will impose a new round of high - tariff policies on multiple categories of imported products [33][34]. 3. Chart Analysis - **Spread Changes** - **Yield Spreads**: The spread between 10 - year and 5 - year Treasury bond yields narrowed slightly, while the spread between 10 - year and 1 - year Treasury bond yields widened slightly. The spread between the TF and TS main contracts widened slightly, and the spread between the T and TF main contracts narrowed slightly. The inter - term spread of the 10 - year contract narrowed, while that of the 30 - year contract widened. The inter - term spread of the 5 - year contract narrowed, and that of the 2 - year contract widened [42][48][52][59]. - **Changes in Main Contract Positions**: The net long positions of the top 20 holders of the T Treasury bond futures main contract increased significantly [66]. - **Interest Rate Changes** - **Shibor and Treasury Bond Yields**: Overnight and 2 - week Shibor rates decreased, while 1 - week and 1 - month Shibor rates increased. The DR007 weighted average rate rebounded to around 1.53%. The yields of Treasury bond cash bonds weakened across the board, with the yields of 1 - 7 - year maturities rising by 1.8 - 4bp, and the 10 - year and 30 - year yields rising by about 0.9bp and 0.4bp to 1.80% and 2.22% respectively [70]. - **Sino - US Treasury Bond Yield Spreads**: The spread between 10 - year Sino - US Treasury bond yields widened slightly, and the spread between 30 - year Sino - US Treasury bond yields narrowed slightly [74]. - **Central Bank's Open - Market Operations**: This week, the central bank conducted 24674 billion yuan in reverse repurchases and 6000 billion yuan in MLF injections in the open market. With 18268 billion yuan in reverse repurchases and 3000 billion yuan in MLF maturing, the net injection was 9406 billion yuan. The DR007 weighted average rate rebounded to around 1.53% [79]. - **Bond Issuance and Maturity**: This week, the total bond issuance was 14184.42 billion yuan, and the total repayment amount was 16612.56 billion yuan, resulting in a net financing of - 2428.14 billion yuan [83]. - **Market Sentiment** - **Exchange Rate**: The central parity rate of the RMB against the US dollar was 7.1152, with a cumulative depreciation of 21 basis points this week. The spread between the offshore and onshore RMB strengthened [86]. - **US Treasury Bond Yields and Volatility Index**: The yield of 10 - year US Treasury bonds fluctuated upwards, and the VIX index increased [92]. - **A - Share Risk Premium**: The yield of 10 - year Treasury bonds increased, and the A - share risk premium decreased slightly [98]. 4. Market Outlook and Strategy - **Domestic Fundamental Situation**: In August, the growth rates of industrial added value, social retail sales, and exports declined compared with previous values. The scale of fixed - asset investment continued to shrink, and the unemployment rate increased seasonally. In terms of financial data, the growth rate of social financing slowed down slightly in August, and the support of government bonds for social financing weakened. Although new loans turned positive, the credit growth rate continued to weaken, and overall demand remained weak. Since July, the economic recovery has continued to slow down [101]. - **Overseas Situation**: The US economic growth momentum is stronger than expected. The annualized quarterly rate of real GDP in the second quarter was revised up to 3.8%. The labor market remains resilient, and inflation is still sticky. Market expectations for multiple interest rate cuts by the Fed this year have cooled [101]. - **Market Outlook and Strategy Suggestion**: It is expected that Treasury bond futures will continue to show a weak and volatile pattern in the short term. For unilateral operations, it is recommended to wait and see. At the same time, pay attention to the trading opportunities of long - term term spreads brought about by the steepening of the yield curve [102].

Group 1 - The core viewpoint indicates a significant decline in bond futures prices across various maturities, with the 30-year bond futures dropping by 2.7% and the 10-year bond futures down by 0.4% since September [1] - The equity market's strength is exerting pressure on the bond market, leading to a noticeable "see-saw" effect between stocks and bonds, as liquidity shifts from the bond market to equities [1] - Economic data from August shows weakness, with the official manufacturing PMI improving but still below the growth line, indicating economic pressure [1] Group 2 - The article highlights the importance of responding to potential liquidity tightening risks, suggesting strategies for hedging in such scenarios [2] - Historical research indicates that the basis is significantly influenced by funding rates, with tightening conditions favoring long positions in bond futures [2] - The article recommends participating in interest rate flattening strategies and prioritizing the "short TS long T" arbitrage strategy, as the net basis showed a pattern of first expanding and then contracting in September [2]

Report Industry Investment Rating - Not provided in the given content Core Views of the Report - **Stock Index Futures**: Consider buying on dips and adopting a range - trading strategy. The A - share market shows divergence, and the market is expected to be volatile in the short term. The probability of central bank easing is increasing [9]. - **Treasury Bond Futures**: Continue to consider steepening the short - end and ultra - long - end yield curves in the long - term, and maintain the idea of buying bonds on dips, betting on future monetary policy easing [10]. - **Coking Coal and Coke**: The prices may continue to fluctuate and rise in the short term. Later, attention should be paid to the demand of the finished steel market during "Golden September and Silver October" and the inventory replenishment rhythm before the National Day [12]. - **Ferroalloys**: For manganese silicon, the mid - to long - term strategy is to go short on rallies, and the same for silicon iron. The price fluctuations are mainly affected by the sentiment of coking coal in the black sector [13]. - **Soda Ash and Glass**: For soda ash, observe the sentiment of the industrial chain in the short term and then turn bearish; for glass, adopt a wait - and - see approach for now [14]. - **Non - ferrous Metals and New Materials**: For aluminum, it is advisable to wait and see at high levels; for alumina, consider shorting on rallies; for zinc, the price is expected to decline after the macro impact fades; for lithium carbonate, it will fluctuate widely; for industrial silicon, consider buying on dips for far - month contracts; for polysilicon, it will maintain a wide - range shock [20]. - **Agricultural Products**: For cotton, be cautious when shorting on rallies; for sugar, maintain a short - selling strategy in the medium - term; for eggs, adopt a short - selling strategy on rebounds; for apples, consider buying on dips with a light position; for corn, sell out - of - the - money call options on the 01 contract; for dates, wait and see; for hogs, the short - term price will be weak and short on rallies for near - month contracts [23][25][26]. - **Energy and Chemicals**: For crude oil, consider shorting on rallies; for fuel oil, its price will follow the oil price; for plastics, it will be weak and fluctuate; for rubber, be cautious in holding positions; for methanol, it will be in a relatively strong shock; for caustic soda, it will fluctuate; for asphalt, it will follow the oil price; for liquefied petroleum gas, maintain a bearish view in the long - term; for paper pulp, it will fluctuate; for urea, it will fluctuate; for synthetic rubber, be cautious in holding positions [31][35][36]. Summary by Relevant Categories Macro - finance - **Stock Index Futures**: A - share market shows divergence, with the ChiNext Index hitting new stage highs. The CSI 300, SSE 50, and CSI 500 index futures are in different trends. The overall market is expected to be volatile, and it is recommended to buy on dips and trade in a range. The A - share trading volume is 2.39 trillion yuan, and the market capitalization of the technology sector accounts for over 1/4. Long - term funds' holding of A - share market value has increased by 32% compared to the end of the "13th Five - Year Plan" [9]. - **Treasury Bond Futures**: The end - of - quarter capital market is balanced, with capital interest rates rising slightly. It is recommended to steepen the short - end and ultra - long - end yield curves in the long - term and buy bonds on dips. The scale of public funds in China has exceeded 36 trillion yuan, and the scale of stock - type funds has increased significantly in August [10]. Black Metals - **Coking Coal and Coke**: Supply is gradually recovering, but "anti - involution" and environmental protection restrictions are expected to ferment again. The price is expected to fluctuate and rise in the short term, and attention should be paid to downstream demand and inventory replenishment [12]. - **Ferroalloys**: The new production capacity of manganese silicon is the main factor affecting the long - term market. For silicon iron, it is in an oversupply situation. The prices of both are affected by the sentiment of coking coal in the black sector [13]. - **Soda Ash and Glass**: Soda ash production is increasing, and the inventory is decreasing. It is recommended to observe in the short term and then turn bearish. Glass prices are rising, and the inventory is decreasing. It is recommended to wait and see [14]. Non - ferrous Metals and New Materials - **Aluminum and Alumina**: Aluminum has low - level inventory replenishment before the festival, but the overall demand is insufficient. Alumina has a surplus pressure, with high production and high supply, and the price is expected to decline [15]. - **Zinc**: The domestic social inventory is fluctuating, and the smelter's production resumption rhythm is accelerating. The zinc price is expected to decline after the macro impact fades [17]. - **Lithium Carbonate**: The short - term de - stocking supports the price, and it will fluctuate widely without obvious driving factors [19]. - **Industrial Silicon and Polysilicon**: Industrial silicon is expected to be strong in a range, and it is advisable to buy on dips for far - month contracts. Polysilicon is mainly affected by policy progress and will maintain a wide - range shock [20]. Agricultural Products - **Cotton**: The supply pressure is increasing, and the demand is weak. It is recommended to be cautious when shorting on rallies, and pay attention to the impact of the crude oil market and international trade tariffs [23]. - **Sugar**: The domestic and international sugar supply is in a surplus situation. It is recommended to short - sell in the medium - term and pay attention to the change of the sugar - to - ethanol ratio in Brazil and the domestic sugar price policy in India [25]. - **Eggs**: The egg - laying hen inventory is high, and it is recommended to short - sell on rebounds. Pay attention to the capacity reduction situation [26]. - **Apples**: The new - season opening price is expected to be high. It is recommended to buy on dips with a light position and pay attention to the weather in the producing areas [27]. - **Corn**: The domestic corn price shows a differentiated trend. It is recommended to sell out - of - the - money call options on the 01 contract and pay attention to the purchasing enthusiasm of traders and downstream enterprises [28]. - **Dates**: The market price is stable, and it is recommended to wait and see [29]. - **Hogs**: The supply is strong, and the demand is weak. The price is expected to be weak in the short term, and it is recommended to short on rallies for near - month contracts [29]. Energy and Chemicals - **Crude Oil**: The supply is expected to increase, and the demand is expected to weaken after the peak season. It is recommended to short on rallies and pay attention to the progress of US - Russia negotiations and OPEC+ quota adjustments [31]. - **Fuel Oil**: Its price will follow the oil price [32]. - **Plastics**: The supply pressure is large, and it will be weak and fluctuate. It may have a short - term rebound and then return to the fundamental logic [35]. - **Rubber**: Affected by extreme weather, the raw material price in China has strengthened. It is recommended to be cautious in holding positions [36]. - **Methanol**: The port inventory pressure is large, but the inventory accumulation speed has slowed down. It is recommended to trade in a relatively strong shock range [36]. - **Caustic Soda**: The fundamentals are relatively weak, and it will fluctuate [38]. - **Asphalt**: It will follow the oil price, and the current demand is in the peak season [38]. - **Liquefied Petroleum Gas**: The supply is abundant, and it is recommended to maintain a bearish view in the long - term [42]. - **Paper Pulp**: The spot fundamentals are weak, but the external market is strong. It is expected to fluctuate, and attention should be paid to port de - stocking and spot transactions [43]. - **Urea**: The supply is increasing, and the demand is decreasing. It is recommended to trade in a shock range and pay attention to export and procurement news [44]. - **Synthetic Rubber**: The main contract price has declined, and it is recommended to be cautious in holding positions before the festival [45].

Group 1 - The total scale of public funds in China has surpassed 36 trillion yuan, reaching 36.25 trillion yuan by the end of August, with a monthly increase of 1.18 trillion yuan [1] - The scale of bond funds has slightly decreased by 28.5 billion yuan due to the stock-bond seesaw effect [1] - The U.S. GDP growth for the second quarter has been revised up to 3.8%, the highest in nearly two years, indicating stronger inflationary pressures with a PCE price index of 2.6% [1][7] Group 2 - The U.S. stock market indices have experienced three consecutive declines, with the 2-year Treasury yield rising and prices for gold and crude oil increasing [1] - The financing balance in the Chinese market increased by 14.08 billion yuan to 24,141.23 billion yuan, indicating a more volatile market in September compared to July and August [2][11] - The market is currently in a high-level consolidation phase after a prolonged period of rising, with a divergence in bullish and bearish forces [2][11] Group 3 - The international oil market is affected by Russia's partial ban on diesel exports and extended ban on gasoline exports, leading to fuel shortages in certain regions [3][14] - The U.S. initial jobless claims have decreased to 218,000, the lowest since July, indicating a tightening labor market [3][14] - The International Energy Agency reports a significant acceleration in the decline of global oil and gas field production, primarily due to increased reliance on shale oil and deep-sea resources [3][14] Group 4 - The glass futures market continues to rebound, with production enterprise inventories decreasing by 1.42 million heavy boxes to 53.29 million heavy boxes [4][18] - The soda ash futures market has also seen a slight rebound, with inventories down by 54,000 tons to 1.444 million tons [4][18] - The Ministry of Industry and Information Technology has released a plan to stabilize growth in ten key industries, leading to positive expectations for future supply changes in the glass industry [4][18]

Group 1 - The bond futures market continued to decline overall, with a slight rebound in the afternoon, as the 30-year main contract rose by 0.11% while the 10-year, 5-year, and 2-year contracts fell by 0.01% each [1] - As of 4:30 PM, the yields on major interbank government bonds showed mixed results, with the 10-year government bond yield decreasing by 0.75 basis points to 1.8075%, while the 30-year bond yield remained unchanged at 2.114% [1][2] - Recent adjustments in the bond market are attributed to multiple factors, including unmet policy expectations and increased short-term redemption costs for bond funds due to new public fund fee regulations [3] Group 2 - The recent bond market adjustments have led to a rise in the yields of the 10-year and 30-year government bonds, reaching previous highs, indicating a potential shift in market dynamics [2][3] - Analysts suggest that the current market volatility may define future trading ranges, with the possibility of a rebound in the short term, while the medium to long-term outlook remains uncertain [3] - Investment strategies recommended include cautious trading for short-term funds and gradual allocation for long-term investments, focusing on high-quality short to medium-duration bonds [3]