Core Viewpoint - The bond market is under significant pressure, with rising yields leading to capital losses and a failure of traditional investment logic [1] Group 1: Market Conditions - Bond market yields have increased sharply, resulting in capital losses for investors [1] - The traditional investment logic in the bond market has become ineffective [1] Group 2: Pricing Factors - The three key factors influencing bond market pricing—liquidity, fundamentals, and policy—are theoretically supportive of lower interest rates [1] - The market has shifted to a pricing state driven by a single variable of risk appetite, leading to a trend of "investing in stocks while holding bonds" [1] Group 3: Future Outlook - Institutions believe that the most pessimistic phase may have passed, and the bond market is expected to return to its fundamental pricing logic [1] - After significant adjustments in the bond market, both trading and allocation opportunities have emerged [1]