Group 1 - The core viewpoint of the report emphasizes the long-term centrality of the yield spread between short and long-term bonds, indicating that the net financing ratio of credit bonds is a significant indicator of changes in the yield spread central [4][9][25] - The report identifies that the current net financing level of credit bonds is around 30%, suggesting that the 10-1Y yield spread may gradually rise to a range of 50-70 basis points [4][25] - The report discusses the impact of various factors on the yield spread fluctuations, categorizing them into monetary policy cycles, external shocks, and institutional behaviors, with a focus on the 10-1Y yield spread as a primary reference [4][79] Group 2 - The report introduces a "conditional probability" perspective for designing a timing strategy for the 10-1Y yield spread, utilizing 21 factor indicators across various dimensions such as funding conditions and institutional behavior [6][85] - Historical backtesting shows that since 2021, the weekly timing strategy has achieved a win rate of around 60%, indicating its effectiveness compared to conventional mean-reversion strategies [6][85] - The report highlights that the yield spread's fluctuations generally do not exceed 25 basis points under normal conditions, suggesting that simplistic historical upper and lower bounds may lead to misestimations in strategy design [4][79] Group 3 - The report outlines the relationship between the centrality of the yield spread and the net financing ratio of credit bonds, indicating that the latter has a leading role in predicting changes in the yield spread [20][25] - It details the historical phases of credit bond financing over the past 20 years, illustrating how changes in the net financing ratio correlate with shifts in the yield spread central [20][25] - The report notes that the yield spread may experience temporary deviations from the net financing ratio during exceptional circumstances, reflecting the influence of market dynamics [20][25] Group 4 - The report discusses the evolving dynamics of the ultra-long yield spread (30-10Y), emphasizing that institutional behaviors and the demand for long-duration assets are becoming increasingly significant [29][32] - It identifies that the trading volume of long-term bonds has increased, leading to a shift in the influence of the 30-year bond on the yield spread, indicating a growing demand for long-duration strategies [29][32] - The report suggests that the seasonal patterns of insurance premium income significantly impact the allocation of long-term bonds, affecting the ultra-long yield spread [33][41]