Core Viewpoint - The bond market issues are primarily endogenous, and the sustainability of the stock market is contingent on the resolution of bond market bubbles [1] Group 1: Bond Market Analysis - The progress of bond bubble resolution can be observed through the R007-10Y yield spread, which needs to normalize for bond value to recover [1] - The current R007-10Y yield spread is approaching a normal state, with a moving average level of 24 basis points, compared to a normal level of approximately 29 basis points observed from January to November last year [1] - The potential for yield correction offers limited upward adjustment space of about 5 basis points, suggesting a reasonable 10Y government bond yield at around 1.78% [1] Group 2: ETF Performance - The Ping An Company Bond ETF (511030) has shown the best performance in controlling drawdowns during the recent bond market adjustment, with minimal trading discounts and stable net value [1] - A detailed table of various bond ETFs indicates their recent performance, with the Ping An Company Bond ETF having a scale of 22.353 billion and a year-to-date return of -0.119% [1] - Other ETFs listed show varying degrees of performance, with some experiencing larger drawdowns and trading discounts compared to the Ping An ETF [1]