Group 1 - The pressure in the bond market continues to release, primarily due to the emotional suppression from the stock market, the crowded trading structure in the bond market, and the "anti-involution" changing the macro narrative [2][6][31] - The stock market is experiencing a capital outflow pressure, with bond assets underperforming, as evidenced by indicators such as margin trading balances and the number of new individual investor accounts [9][19] - The performance of certificates of deposit (CDs) is crucial for observing the liquidity impact of the stock market on the bond market, with recent trends indicating a potential defensive stance from banks [18][19] Group 2 - The entry strength of institutional investors into the bond market has not been significant, with insurance funds showing a disparity in net purchases compared to earlier in the year, suggesting a potential topping phase for the bond market [26][29] - Credit spreads are under scrutiny, as limited expansion in credit spreads may indicate that risks in the bond market have not been fully released, with the current market sentiment favoring equities over bonds [27][38] Group 3 - The bond market's risk has seen some release, with a decrease in leverage ratios, but concerns remain regarding duration risks, as the median duration of bond funds is still high [31][32] - The credit spread perspective indicates that risks may not be fully released, as evidenced by limited expansion in credit spreads since the recent market adjustment [38][39] - The bond market is expected to face continued pressure, with a cautious outlook as the market may exhibit asymmetric responses to positive and negative news [43]