Core Viewpoint - The article discusses the concept of expectation discrepancies in the market, categorizing them into two types: same-direction expectation discrepancies and opposite-direction expectation discrepancies. Same-direction discrepancies occur when market expectations are exceeded or not met, while opposite-direction discrepancies involve outcomes that are completely contrary to market expectations [1]. Group 1: Market Conditions - The current funding environment is described as balanced but slightly tight, with a notable decline in long-term bond yields [3]. - The central bank conducted a 7-day reverse repurchase operation of 4.185 billion yuan, with a net injection of 1.145 billion yuan after 3.04 billion yuan matured [3]. - The stock market experienced a slight increase, supported by favorable results from the 20-year government bond issuance and rumors of the central bank restarting bond purchases [5]. Group 2: Interest Rates and Bond Market - The 10-year government bond yield opened at 1.78% and fluctuated within a narrow range, with the highest rate reaching 1.7875% before settling at approximately 1.763% [5]. - The weighted average rates for various repo codes indicate slight increases, with R001 at 1.55% (up 2 basis points) and R007 at 1.55% [4]. - The bond market is experiencing a mix of expectations regarding potential interest rate cuts by the Federal Reserve, with speculation on a 50 basis point cut gaining traction [6]. Group 3: Yield Trends - The yield on 1-year government bonds is at 1.3950%, while the 10-year yield stands at 1.7630%, reflecting a significant change in the yield curve [9]. - The article highlights the performance of various bonds, with notable movements in yields across different maturities, indicating a dynamic bond market environment [9].