Core Viewpoint - Since 2025, the marginal structure of fixed-income funds has changed significantly, with the importance of fixed-income + funds continuing to rise. These funds hold both bond and equity positions, reflecting upstream allocation demands from insurance, wealth management, and annuities, making them a crucial variable for observing the current bond market [1][2]. Group 1: Fixed-Income + Funds and Bond Market Dynamics - Fixed-income + funds differ from traditional medium- to long-term pure bond funds in their bond base functionality, leading to performance differentiation among various bond types. Short-duration high-liquidity credit bonds align better with fixed-income + base needs, resulting in sustained strength in short credit bonds. Conversely, perpetual bonds exhibit greater volatility due to higher allocation and trading attributes, while long-term policy and government bonds are influenced by both medium- to long-term pure bond fund duration adjustments and fixed-income + marginal disturbances, showing weaker performance in certain phases [1][2]. - The behavior logic of fixed-income + funds does not impact the bond market in a linear manner. When equities weaken slowly, funds typically adjust stocks first, using bond bases to stabilize net asset values. Only when equity adjustments persist and redemption rates rise significantly do bond bases take on more responsibility for cash flow management. Therefore, assessing the impact of fixed-income + on the bond market requires analyzing not just stock market declines but also the rhythm, duration of declines, and the visibility of redemptions [2][3]. Group 2: Market Outlook and Opportunities - A longer-term perspective suggests that current pressures may create "opportunities arising from declines" in the bond market. Input-driven inflation trades may exhibit pulse characteristics, and if expectations materialize quickly, the pressure on the bond market could ease. Additionally, if inflation pressures hinder economic recovery, expectations for monetary policy support, such as rate cuts, may increase. Once redemptions stabilize, the demand for hedging and reallocation from fixed-income + funds may also return to the bond market [3]. - The bond market may present configuration opportunities in the medium term, particularly around mid-April. If equity declines are gradual, these opportunities may arise sooner. However, it is important to note that long-duration bonds face not only disturbances from fixed-income + fund redemptions but also impacts from changes in economic fundamentals and short-selling mechanisms, suggesting a neutral or quick trading approach in the short term [3].