Summary of Key Points Core Viewpoint - The current market sentiment is weak, suggesting that investors should maintain a slightly lower duration. If interest rates adjust to high levels, there may be short-term trading opportunities using 30-year government bonds [1]. Investment Strategy - In a steep yield curve environment, a bullet strategy is recommended; however, due to its limited flexibility and potential need for position reduction, a bullet strategy may not outperform a barbell strategy in dynamic investing [1]. - Investors are advised to adopt a barbell structure, focusing on 1-year certificates of deposit and short-term credit with lower ratings, alongside long-end high-yield active bonds and 6-7 year secondary capital bonds [1]. Market Performance - Since the recent bond market adjustment starting from August 8, 2025, the Ping An Company Bond ETF (511030) has ranked first in terms of drawdown control, with the least market discount in the past week, indicating a relatively stable net value and manageable drawdown [1]. - A detailed table of various ETFs is provided, showing metrics such as scale, recent average discount, recent drawdown, and maximum drawdown, highlighting the performance of different bond ETFs [1].