Group 1 - The report identifies several key puzzles resolved in 2025, including the final determination of monetary policy, the stage bottom of the bond market, and the credit risk outlook, indicating that mainstream varieties do not require excessive concern [7] - The report highlights ongoing contradictions for 2026, such as the conflict between the macro narrative and micro sentiment, and the limited space for capital gains versus coupon strategies in the bond market [7] - The bond market is expected to be slightly bullish in 2026, with a focus on timing over selection, and a preference for coupon strategies over duration [7] Group 2 - The report outlines several long-term bullish factors for the bond market, including the experience of low interest rates in other economies, weak economic sentiment, and a lack of leverage among residents [8][9] - Short-term bearish factors are identified, such as the rising equity market attracting funds away from bonds, and the potential tightening of monetary policy due to inflation expectations [8][9] - The report emphasizes that the risk of credit bond defaults is diminishing, with the current market dominated by state-owned enterprises, reducing concerns over credit risk [31][26] Group 3 - The report provides specific strategies for different types of bonds, recommending a focus on financial bonds for their safety and liquidity, while suggesting a cautious approach to city investment bonds and a selective strategy for industrial bonds [10] - The financial bond market is highlighted as a key area for trading strategies, with a focus on liquidity rather than yield in a low coupon environment [10] - The city investment bond market is expected to remain stable until mid-2028, with opportunities for adjustment based on risk preferences and yield demands [10]