Group 1: Fixed Income Market Insights - The revision of the Shanghai Stock Exchange's guidelines has tightened the issuance review of urban investment bonds, leading to credit differentiation among issuers [5][6][8] - The 2025 fiscal policy aims to "develop while reducing debt," with a focus on replacing hidden debts and controlling new financing for urban investment [9][10] - The urban investment bond market is showing signs of differentiation, with credit spreads widening between regions, indicating a shift towards market-oriented transformations [10][12] Group 2: Real Estate and Construction Sector - The company "I Love My Home" has turned a profit, with net profit expected to reach 1.6 billion yuan in 2025, driven by cost control and a recovering second-hand housing market [24][25] - The overall GTV (Gross Transaction Value) for the company increased slightly, reflecting a positive trend in the real estate sector [25][26] Group 3: Food and Beverage Sector - Zhongju Gaoxin's seasoning business has returned to positive growth, with revenue expected to reach 9.5 billion yuan in 2025, despite a slight decline in profit due to previous legal issues [29][30] - The company is focusing on internal reforms and external acquisitions to support long-term growth [33] Group 4: Retail Sector - Jihong Co. reported a revenue decline of 17.4% in 2024, but anticipates growth through AI empowerment and international expansion [35][36] - The cross-border e-commerce segment faced challenges, but adjustments in marketing strategies are expected to lead to a recovery [36][37] Group 5: Home Appliances Sector - Xiaoxiong Electric's performance improved significantly in Q4 2024, with revenue reaching 16.19 billion yuan, supported by government incentives and a focus on quality OEM business [39][40] - The company is expected to see continued growth in both domestic and international sales, particularly in the kitchen appliance segment [41][42]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The bond market is currently in a trading window, and the upward trend of bond yields is expected to continue. The 10-year Treasury bond yield is expected to return above 2.5% in 2025 [5][6] Summary by Related Content Comparison of Two Rounds of Bond Market Trends - The bond market bull market from 2014 - 2016 is similar to that from 2021 - 2024. There are also similarities in specific stages such as yield changes, policy impacts, and external shocks [3] - In 2016, real - estate regulation led to a rapid decline in long - bond yields, and currently, the "equivalent tariff" in the US may cause a decline in yields if it impacts exports [3][4] Impact of Tariffs on the Economy and Bond Market - Tariffs may not change the economic and bond market trends. The overall trend of domestic aggregate demand may continue the upward trend since Q4 2024, and the GDP year - on - year in Q2 2025 may be higher than that in Q1 [5] Central Bank's Attitude towards the Bond Market - The current 10 - year Treasury bond yield implies a 25BP - 55BP interest - rate cut expectation. If the central bank's interest - rate cut is less than 20BP, it may not be beneficial to the bond market [6] - Even if the central bank cuts interest rates, the capital interest rate may not decline. The central bank's attitude towards the bond market remains macro - prudential, and the current tariff shock is similar to the real - estate regulation in October 2016, not changing the upward trend of bond yields [6]