Group 1 - The macroeconomic expectations are gradually entering a "calm period" after being realized, with a focus on the effectiveness of domestic policy financial tools and export performance during the off-season [1] - The resumption of government bond trading and the replacement of some MLF with outright funds are expected to stabilize bank liability expectations, with the central bank likely to maintain a stable funding environment [1][2] - The bond market's winning rate in November has significantly improved compared to October, necessitating attention to the expectations of loose monetary policy and institutional year-end rush [2] Group 2 - There is a potential year-end rush in the bond market for 2023-2024, with various institutions such as rural commercial banks, funds, and insurance companies expected to enter the market sequentially [3] - The expectation for a decline in yields next year is not high, and the extent of yield decline from the rush may be limited [3] - Recommended strategies include: short-end bonds at a reasonable position around 1.3% for 1-year government bonds, long-end bonds fluctuating between 1.75%-1.83% before new fund rate regulations, and potential yield decline towards 1.7% post-regulation [3] Group 3 - The Ping An Company Bond ETF (511030) has seen a counter-trend growth of 102 million, attributed to its short duration (1.95 years), static high yield (currently 1.92%), and low drawdown (-0.50% year-to-date) [4] - The ETF's performance in controlling drawdown ranks first, with a relatively stable net value and a recent average discount of only 2 basis points [4]