Group 1 - The core viewpoint of the report indicates a divergence in bond market trends between China and the U.S., with Chinese bonds exhibiting a "bear steep" characteristic and U.S. bonds showing a "bull flat" characteristic [1] Group 2 - In the Chinese bond market, the yield curve has shifted upward overall, with the 10Y-2Y yield spread widening, and AAA-rated credit bond yields generally rising, leading to a marginal increase in long-end credit spreads [1] - In the U.S. bond market, the yield curve has shifted downward overall, with the 10Y-1Y yield spread narrowing, indicating a "bull flat" characteristic [1] - Federal Reserve Chair Jerome Powell highlighted at the Jackson Hole Economic Symposium on August 22 that economic risk balances are changing, with borrowing costs impacting the economy, a weakening labor market, and manageable inflation risks, suggesting a high probability of interest rate cuts in September [1]