Core Viewpoint - The low interest rate environment has made it increasingly difficult for fixed income products to achieve excellent performance, necessitating a shift in investment strategies to adapt to new market conditions [1][2]. Group 1: Market Environment - The ten-year government bond yield has dropped to approximately 1.65%, indicating the end of the "easy win" era for bonds [1]. - The dual pressures of low interest rates and "asset scarcity" have reduced the margin for error in bond investments, requiring a more refined approach [2]. Group 2: Investment Strategy - A shift from a strategy of making a few large trades to capturing smaller, more frequent opportunities is necessary due to changing market dynamics [2]. - The management of bond portfolios should involve a dual-dimensional control of credit duration and volatility duration, with a focus on liquidity management to handle extreme market fluctuations [2][3]. Group 3: Product Management - Different products require tailored strategies based on their positioning and liability characteristics, with a focus on safety for short-duration bonds and a more aggressive approach for longer-duration products [3]. - The adjustment of positions and metrics should be flexible, taking into account market phases, fundamental trends, and technical indicators [3]. Group 4: Market Outlook - The bond market is expected to maintain a stable upward trend, supported by a loose monetary policy and favorable fundamentals, despite potential external pressures such as trade policies [6]. - Investment opportunities in the second half of the year include credit bonds, interest rate bonds, and local government bonds, with a particular interest in convertible bonds due to their dual nature of fixed income and potential equity appreciation [6].