1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The reading of the micro - trading thermometer in this period rebounded by 5 percentage points to 56%. A few indicators' quantile values declined, while others rebounded to varying degrees. Currently, indicators with high congestion include the 1/10Y Treasury bond turnover rate and policy spread. - The proportion of indicators in the over - heated range dropped to 20%. Among 20 micro - indicators, the number in the over - heated range decreased to 4 (20%), in the neutral range increased to 11 (55%), and in the cold range decreased to 5 (25%). Some indicators changed their ranges [3][4]. 3. Summary by Relevant Catalogs 3.1 Micro - trading Thermometer Reading Rebound - The "Guojin Securities Fixed - Income Bond Market Micro - trading Thermometer" rebounded by 5 percentage points to 56% compared with the previous period. The quantile values of stock - bond ratio, TL/T long - short ratio, commodity ratio, and monetary tightness expectation decreased by 47, 28, 5, and 1 percentage points respectively. The quantile values of fund divergence, allocation power, and fund - small and medium - sized bank buying volume increased significantly by 35, 20, and 35 percentage points respectively [3][15]. 3.2 Proportion of Indicators in the Over - heated Range Decreased - Among 20 micro - indicators, 4 were in the over - heated range (20%), 11 in the neutral range (55%), and 5 in the cold range (25%). TL/T long - short ratio and commodity ratio dropped from the over - heated to the neutral range; stock - bond ratio dropped from the over - heated to the cold range; full - market turnover rate, fund divergence, listed company wealth - management buying volume, and fund - small and medium - sized bank buying volume rose from the cold to the neutral range; allocation power rose from the neutral to the over - heated range [4][19]. - **Full - market Turnover Rate Quantile Rebound**: In trading heat indicators, the proportion of those in the over - heated range dropped to 33%, in the neutral range rose to 50%, and in the cold range dropped to 17%. Only the TL/T long - short ratio quantile decreased by 28 percentage points to 60% and moved from the over - heated to the neutral range, while the full - market turnover rate quantile increased by 15 percentage points to 52% and moved from the cold to the neutral range [6][20]. - **Fund - Small and Medium - Sized Bank Buying Volume Quantile Increase**: In institutional behavior indicators, the proportion in the over - heated range remained at 13%, in the neutral range rose to 63%, and in the cold range dropped to 25%. The quantile values of fund divergence, fund - small and medium - sized bank buying volume, and listed company wealth - management buying volume rebounded significantly by 35, 35, and 11 percentage points respectively and moved from the cold to the neutral range; the allocation power quantile continued to rise by 20 percentage points and moved from the neutral to the over - heated range [7][23]. - **Slight Narrowing of Policy Spread**: The policy spread fell by 2bp to - 4bp, and its quantile rose by 11 percentage points to 97%, remaining in the over - heated range. The credit spread rose by 1 percentage point to 50bp, the Agricultural Development - State Development spread was basically the same as the previous period, and the IRS - 3M Shibor spread fell by 1bp to - 2bp. The average of the three spreads remained at 16bp, and its quantile rose slightly by 1 percentage point to 67%, still in the neutral range [8][32]. - **Significant Drop in Stock - Bond Ratio Quantile**: In comparison indicators, the proportion in the over - heated range dropped to 0%. The proportion in the cold range remained at 50%, and in the neutral range rose to 50%. The quantile values of stock - bond and commodity ratios dropped by 47 and 5 percentage points to 28% and 65% respectively, moving from the over - heated to the cold and neutral ranges respectively [9][32].