Group 1 - The report from Zhongtai Securities indicates that a true bull-bear transition in China's bond market requires two key policy signals: the Ministry of Finance must clearly shorten the issuance period of local special bonds or special government bonds, and the central bank must announce or implement a debt purchase plan significantly exceeding the current scale [1] - The report highlights that seasonal funds that should flow into the bond market have been "taken away" by the equity market, which is a significant source of the recent "spring fever" in the stock market, further intensifying the outflow pressure in the bond market [1] - It is projected that approximately 67 trillion yuan and 75 trillion yuan of household time deposits will mature in 2025 and 2026, respectively. Even if 10% of these funds "move," the scale will reach several trillion yuan [1] Group 2 - The report identifies two main product categories where these funds are likely to flow: "fixed income +" wealth management products, which typically allocate 3%-5% of equity assets to enhance returns, and dividend-type insurance, which aims to achieve expected returns above 3.4%, with a more aggressive allocation in the stock market [1]