Group 1 - The core viewpoint is that the downward movement of the yield curve is hindered by structural distortions, with long-term yields rising despite recent interest rate cuts due to market expectations and the current yield curve being below bank funding costs [1][2] - The yield curve has experienced a significant inversion, dropping from 30 basis points (BP) before the Spring Festival to within 10 BP currently, indicating a lack of capital gain opportunities [1] - The current yield curve shows insufficient convexity, with only 15-20 year bonds exhibiting strong convexity, while the middle segment (e.g., certificates of deposit, 2-5 year credit bonds) serves as a source of convexity for ongoing investment [1] Group 2 - Short-term market outlook suggests that mid-term instruments are the most beneficial in the current environment, confirming the effectiveness of a "clumsy strategy" focused on 1-5 year non-rate products [2][4] - The market has become overcrowded, leading to a rapid decline in the 10-year government bond yield from 1.8% to 1.6%, resulting in a loss of trading space within the yield curve structure [2][4] - Historical patterns indicate that the current high performance of bond funds (annualized near 10%) is expected to revert within approximately one month, around mid-May [2]