Report Industry Investment Rating No relevant content provided. Core View of the Report - The bond market at the end of the year can be more optimistic. For the short - end, there is high configuration and trading value, and inter - bank certificates of deposit rates may decline unexpectedly at the end of the year. For the long - end, with the expansion of the term spread, there is room for repair, and the warming of trading sentiment may drive the long - end to re - price monetary easing, manifested as a limited compression of the term spread [3][5][19]. Summary According to the Directory 1. Can the Upward Trend of the Bond Market Continue? - **View Review**: The bond market in the fourth quarter may move in a volatile manner. The 30 - year minus 10 - year and 10 - year minus 1 - year treasury bond spreads have reflected the repair of risk preference. The liquidity, capital situation, and short - end interest rate valuations are reasonable, and the current bond market has allocation value. Supply pressure is about to ease, there may be an opportunity for monetary easing, and redemption pressure will persist. In a stable and loose capital environment, inter - bank certificates of deposit are in a high - configuration and high - trading value range and may decline unexpectedly at the end of the year [3][11]. - **Unexpected Bond Market Performance in Late October**: The repair of the bond market in the last week of October exceeded expectations. Some investors were surprised that the bond market remained stable after the broader market index stabilized at 4,000 points, and it seems that the buying power of trading accounts is continuously returning [3][11]. - **Central Bank Bond - Buying Restart**: It should be understood from the perspective of "continuation". The scale of net purchases may not exceed last year, and the increase in liquidity and buying power it provides may be limited. It should be understood more from the perspective of expectation repair and signaling. It can be regarded as a turning point for the re - warming of monetary easing expectations, which is a projection of trading sentiment. As the bond market trading sentiment is being repaired and the capital situation remains loose, the trading sentiment can be projected onto the expectation of monetary easing again [3][12][13]. - **Fading Negative Factors in the Bond Market**: The negative factors in the bond market at the end of the year and the beginning of the new year are gradually fading. The expectation of the pulling effect of the broad fiscal policy has been digested. Although the new policy - based financial instruments may have a greater pulling effect on investment demand than before, the bond market's expectation trading may be close to full. The impact of the local government bond scale and the public - offering fee rate new regulations may not be completely exhausted, but there is a basis for the repair of bond market sentiment [4][17][19]. 2. Risk Warning Not included as required.