1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The reading of the micro - trading thermometer this period rose 6 percentage points to 52%, with significant increases in some indicators and slight decreases in others [2][14]. - The proportion of indicators in the over - heated range increased to 35%, with changes in the intervals of several indicators [3][19]. - Only the average value of the matching percentile of price ratios declined, while different categories of indicators showed different trends [4][19]. 3. Summary by Related Catalogs 3.1. Micro - trading Thermometer Reading - The "Guojin Securities Fixed - income Bond Market Micro - trading Thermometer" rose 6 percentage points to 52%. Indicators with large increases in percentile values include fund - rural commercial bank buying volume, 30/10Y Treasury bond turnover rate, and allocation disk strength, while TL/T long - short ratio, market - wide turnover rate, stock - bond price ratio, institutional leverage, and listed company wealth management buying volume decreased slightly [2][14]. 3.2. Proportion of Indicators in the Over - heated Range - Among 20 micro - indicators, 7 (35%) were in the over - heated range, 6 (30%) in the neutral range, and 7 (35%) in the cold range. 30/10Y Treasury bond turnover and fund - rural commercial bank buying volume moved from the cold to the over - heated range, allocation disk strength from the neutral to the over - heated range, TL/T long - short ratio from the over - heated to the neutral range, and stock - bond price ratio from the neutral to the cold range [3][19]. 3.3. Sub - categories of Indicators 3.3.1. Trading Heat - The proportion of indicators in the over - heated range among trading heat indicators decreased to 50%, in the neutral range increased to 33%, and in the cold range decreased to 17%. The 30/10Y Treasury bond turnover rate percentile rose 55 percentage points to the over - heated range, while the TL/T long - short ratio percentile decreased 22 percentage points to the neutral range [5][22]. 3.3.2. Institutional Behavior - The proportion of indicators in the over - heated range among institutional behavior indicators increased to 50%, in the neutral range decreased to 25%, and in the cold range decreased to 25%. Allocation disk strength percentile rose 18 percentage points to 76% and entered the over - heated range, and fund - rural commercial bank buying volume percentile rose 67 percentage points to the over - heated range [6][24]. 3.3.3. Policy Spread - The 3 - year Treasury bond yield declined slightly, and the policy spread narrowed from 2bp to 0bp, with the percentile rising 6 percentage points to 48% (neutral range). Credit spread, agricultural development - state - owned development spread, and IRS - SHIBOR 3M spread narrowed, and their average spread percentile rose 7 percentage points to 50% (neutral range) [7][30]. 3.3.4. Stock - Bond Price Ratio - The proportion of price - ratio indicators in the cold range increased to 100%. Only the stock - bond price ratio percentile decreased 15 percentage points to the cold range, while the commodity price ratio percentile rose 6 percentage points to 15%, and the real - estate price ratio changed little [8][33].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The reading of the micro - trading thermometer for the current period has increased by 3 percentage points to 52%. The number of indicators in the over - heated range has risen to 35%. The 30/10Y Treasury bond turnover ratio has increased significantly, while some indicators such as the listed company's financial management purchase volume and commodity price - ratio percentile have declined to varying degrees [11][14][18]. 3. Summary by Related Catalogs 3.1 Micro - trading Thermometer - The reading of the micro - trading thermometer for the current period has increased by 3 percentage points to 52% [11]. 3.2 Distribution of Indicator Ranges - Among the 20 micro - indicators, the number of indicators in the over - heated range has increased to 7 (35%), the number in the neutral range remains 6 (30%), and the number in the cold range has decreased to 7 (35%). The 30/10Y Treasury bond turnover ratio has risen from the cold range to the over - heated range, the overall market turnover ratio and the money tightening expectation have risen from the neutral range to the over - heated range, the market spread has risen from the cold range to the over - heated range, and the 1/10Y Treasury bond turnover ratio has dropped from the over - heated range to the neutral range [3][18]. 3.3 Classification of Indicators 3.3.1 Trading Heat Indicators - The proportion of indicators in the over - heated range has risen to 50%, and the proportion in the neutral range remains 50%. The 30/10Y Treasury bond turnover ratio percentile has increased by 87 percentage points to 96% and risen from the cold range to the over - heated range; the overall market turnover ratio percentile has increased by 6 percentage points to 75% and risen from the neutral range to the over - heated range; the 1/10Y Treasury bond turnover ratio percentile has decreased by 17 percentage points to 60% and dropped from the over - heated range to the neutral range; the TL/T long - short ratio percentile has increased by 10 percentage points [5][19]. 3.3.2 Institutional Behavior Indicators - The proportion of indicators in the over - heated range has risen to 50%, the proportion in the neutral range has decreased to 13%, and the proportion in the cold range remains 38%. The money tightening expectation percentile has slightly increased by 1 percentage point to 70% and risen from the neutral range to the over - heated range. The listed company's financial management purchase volume has decreased by 17 percentage points to 4% [6][23]. 3.3.3 Spread Indicators - The policy spread has further narrowed by 1bp to - 1bp, and the 3 - year Treasury bond yield has fallen below the policy rate again, with its percentile continuing to rise by 5 percentage points to 59%, still in the neutral range. The credit spread, IRS - SHIBOR 3M spread, and Agricultural Development - CDB spread have changed, and the average spread has narrowed by 1bp to 18bp, with its percentile slightly rising by 1 percentage point to 41%, in the neutral range [7][30]. 3.3.4 Price - ratio Indicators - The proportion of indicators in the cold range remains 100%. The commodity price - ratio and real - estate price - ratio percentiles have decreased by 6 and 2 percentage points to 7% and 27% respectively, while the stock - bond price - ratio and consumer goods price - ratio percentiles remain the same as the previous period [8][30].

Group 1: Overall Report Summary - The reading of the bond market micro - trading thermometer increased by 5 percentage points to 48%. Except for the spread congestion, the average quantile of other indicators rose. High - congestion indicators include the purchase volume of ultra - long bonds by funds [2][14]. - The proportion of indicators in the over - heated range increased slightly to 15%. Among 20 micro - indicators, 3 were in the over - heated range (15%), 9 were in the neutral range (45%), and 8 were in the cold range (40%). The TL/T long - short ratio moved from the cold to the neutral range, while the allocation disk strength and the stock - bond ratio moved from the neutral to the cold range [3][19]. Group 2: Indicator Category Analysis Trading Heat Indicators - The proportion of indicators in the over - heated range remained at 17%, in the neutral range increased to 67%, and in the cold range decreased to 17%. The TL/T long - short ratio quantile rose 40 percentage points to 49%, moving from the cold to the neutral range. The 30/10Y and 1/10Y relative turnover rate quantiles rose 24 and 14 percentage points respectively, driving the average trading heat quantile up 13 percentage points [5][21]. Institutional Behavior Indicators - The proportion of indicators in the over - heated range rose to 25%, in the neutral range dropped to 38%, and in the cold range rose to 38%. The allocation disk strength quantile dropped 35 percentage points to 33%, moving from the neutral to the cold range. The average institutional behavior quantile rose slightly by 2 percentage points [6][26]. Spread Indicators - The spread quantile average dropped slightly by 1 percentage point. The market spread dropped 4 percentage points, while the policy spread quantile rose 2 percentage points. The policy spread narrowed slightly by 1bp to 3bp, with the quantile rising to 43% and remaining in the neutral range. The average of credit spread, IRS - SHIBOR 3M spread, and Agricultural Development - National Development spread widened slightly by 1bp to 18bp, with the quantile dropping 4 percentage points to 40% and remaining in the neutral range [4][7]. Comparison Ratio Indicators - The proportion of indicators in the cold range rose to 100%. The stock - bond ratio quantile dropped 2 percentage points to 38%, moving from the neutral to the cold range. The commodity and real - estate comparison ratio quantiles rose 5 and 4 percentage points respectively, remaining in the cold range. The consumer goods comparison ratio remained in the cold range. The average comparison ratio quantile rose 2 percentage points [8][33].