Core Viewpoint - The article emphasizes that investment products can still generate returns during holiday periods, depending on the type of assets they are invested in and the specific terms of the products [1][2]. Summary by Category Investment Products - Fixed income assets, such as bonds and deposits, continue to accumulate interest during holidays, while equity assets, like stocks, do not generate capital gains due to market closures [1][2]. - Most fixed income and some equity investment products can provide opportunities for returns during holiday periods [2][3]. Investment Strategies - Investors are advised to purchase investment products that confirm shares before the holiday to ensure they can benefit from returns during the holiday [3][4]. - Two key strategies for maximizing returns during holidays include selecting products with "share confirmation" before the holiday and those that confirm based on the net asset value (NAV) prior to the holiday [3][4]. Product Features - The majority of investment products have a share confirmation date of T+1, meaning investors should plan to make purchases on the second-to-last trading day before the holiday [3][5]. - Some products allow for NAV confirmation based on the last trading day before the holiday, enabling investors to enjoy static interest returns during the holiday [4][5]. Market Behavior - Returns from certain net value-based investment products may not be immediately visible during weekends and holidays, but will be reflected on the first trading day after the holiday [7][8]. - The "Easy Enjoy" series of investment products from Shanghai Bank's subsidiary allows for NAV confirmation before holidays, providing an opportunity for holiday investment returns [8].

Group 1 - The bond market has recently experienced a slowdown in its upward trend, with some maturities undergoing slight adjustments. Market sentiment has turned cautious as interest rates reached previous lows, leading to a shift towards a more volatile market environment. However, favorable conditions for the bond market remain largely unchanged due to stable fundamentals and a loose funding environment [1][3]. - Since August, bond market yields have shown a slowdown in their decline, with some maturities experiencing rebounds. Long-term bonds have outperformed short-term ones. As of August 12, the yield on 1-year government bonds was 1.81%, up 12 basis points from the August low, while the 10-year government bond yield remained stable between 2.72% and 2.74% [2][3]. - Analysts indicate that the favorable environment for the bond market has not significantly changed, with market interest rates expected to remain low. Economic recovery momentum is still uncertain, and credit expansion appears unstable, which does not currently impact the bond market's trajectory [3]. Group 2 - Several institutions suggest that increasing allocations to medium- to long-term bonds may be a primary source of excess returns in the second half of the year. The 5-year bond maturity is considered to have greater elasticity compared to others [4]. - The current funding environment remains supportive for the bond market, with a low likelihood of significant tightening in the short term. This is bolstered by coordinated fiscal and monetary policies aimed at maintaining a loose funding environment [3].

Group 1 - The global economic landscape is becoming increasingly complex, characterized by slowing growth and rising risks, with unpredictable trade policies questioning assumptions about inflation and employment trends [1] - Investors are likely to rely more on fixed income assets due to their dual characteristics of stability and yield, which have proven to be more predictable over time [1] Group 2 - The U.S. economy is expected to experience moderate growth, with GDP growth projected to be below trend levels, while potential risks from tariff uncertainties could increase the likelihood of recession or stagflation [3] - The Federal Reserve may need to resume easing policies, with the possibility of up to two rate cuts by the end of the year if tariffs impact U.S. economic growth [3] - Long-term interest rates are expected to fluctuate within a historically wide range, with the 10-year U.S. Treasury yield projected between 3.75% and 4.75% [3] Group 3 - The weakening of the dollar due to rising deficits, debt costs, and tariff uncertainties makes unhedged local currency bonds more attractive [4] Group 4 - Despite market volatility, credit fundamentals remain robust, and rising yields enhance the attractiveness of bonds, with expectations for moderate excess returns in the credit market [5] - Bonds have demonstrated stability during stock market turmoil, providing safety and stable returns, with a return to typical low correlation between stocks and bonds [5] - Historical data suggests that when bond yields are between 4% and 6% and stock valuations are high (P/E ratio over 23), bonds tend to outperform stocks over the next decade [6] Group 5 - In the context of increasing interest rate uncertainty, investors can achieve smoother return curves by balancing short-term positions with long-term allocations [7] - High-quality assets, such as collateralized loan obligations (CLOs) and investment-grade corporate bonds, are particularly attractive as they provide stable income and diversify equity risk [7] - Given significant uncertainties in U.S. policy and a weakening dollar, investors can benefit from more stable and attractively valued international bond yield curves [7] - Fixed income assets remain appealing for long-term investors seeking stable returns and enhanced portfolio stability amid economic slowdown and rising downside risks [7]