Group 1 - The core viewpoint of the article highlights the "seesaw" effect between the stock and bond markets, with A-shares continuing to rise while the bond market faces liquidity constraints and high volatility ahead of the Two Sessions [1][2]. - The bond market's recent turbulence is attributed to four main factors: increased liquidity pressure due to tax payments, a surge in government bond supply, a shift of risk-averse funds to the stock market driven by strong tech earnings, and rising policy expectations ahead of the Two Sessions [2][3]. - As of February 26, 2025, the short-term pure bond fund index experienced a decline of 4 basis points, while the medium to long-term index fell by 30 basis points, indicating a recovery from previous peaks [2]. Group 2 - The fluctuations in the bond market have impacted the core fixed-income product lines of many wealth management companies, with varying degrees of net value retraction observed, although these have improved from prior highs [3]. - According to Ping An Wealth Management, the liquidity situation is expected to stabilize post-tax period, with historical data suggesting that interbank liquidity typically improves in March [4]. - Ping An's fixed-income investment team has proactively adjusted product structures to mitigate risks, aiming for net value recovery as market conditions change [4]. Group 3 - In response to the evolving market dynamics, Zhaoyin Wealth Management is promoting a quantitative hedging product, focusing on a diversified alternative strategy with a neutral approach [5]. - The rationale for promoting alternative strategies includes the active A-share market and manageable hedging costs, with a focus on maintaining a cost-effective allocation [5].