Group 1 - The current bond market is undergoing significant changes, with risk-free yields continuing to decline and traditional bond investment returns sharply compressed. Many private bond products have seen yields drop below 1.8% in the first five months of this year, contrasting with an average return of 7.91% for the entire previous year. The era of "lying win" is over [1] Group 2 - In response to the reality of significantly reduced yield space, private institutions are upgrading their bond investment strategies. Many are shifting focus towards cross-border composite products to capture cross-market spreads or increase trading frequency to enhance returns. The traditional credit spread has compressed to historical lows, prompting institutions to increase allocations to dim sum bonds and domestic city investment bonds for base returns while controlling product drawdowns [3] Group 3 - The ability to trade effectively is crucial for enhancing returns in a low-interest-rate environment. Both private bond strategy products and public "fixed income +" products require strict drawdown control. The difficulty of active timing and asset switching has increased significantly, making precise timing and asset rotation essential. A disciplined investment strategy with clear risk budgeting and position control frameworks is necessary [4] Group 4 - To improve trading success rates, institutions need to enhance market monitoring and information collection. Keeping a close watch on bond price movements, fund flows, and new bond issuances has become a daily priority. The current bond market lacks trending opportunities and is highly uncertain, often affected by sudden events. Given the unattractive absolute yield levels, institutions must maintain competitive advantages through refined operations and strategic innovations within limited yield spaces [4]