Group 1 - The article discusses the contrasting performance of the stock and bond markets, highlighting a bullish stock market that recently surpassed 3800 points while the bond market remains volatile [2][6] - A specific mixed-asset financial product, "Autumn Series Ruiying 60-Day Holding Period No. 1 (Diverse)," was evaluated, showing a significant number of purchases (6427) on the bank's app [2][6] - The product's net value declined for three consecutive days despite the stock market's strong performance, indicating a disconnect between the product's performance and the broader market trends [6][10] Group 2 - The product employs a conservative investment strategy, with over 80% of its equity investments in preferred stocks and a low equity long position of around 1%, which limits its benefits from stock market gains [10][21] - The product's annualized return over the past month was only 1.87%, reflecting its conservative approach and the recent adjustments in the bond market [10][18] - The product received a score of 83, outperforming 85.96% of similar products, with strong risk control and a low maximum drawdown of 0.066% [12][19] Group 3 - The product's asset allocation as of the second quarter of 2025 consisted of 59.53% fixed income investments, 24.02% equity investments, and 11.46% in cash and bank deposits, indicating a diversified approach [21][22] - The product's fee structure is competitive, with a total fee of only 0.33%, ranking it favorably among its peers [14][19] - The investment strategy includes a cautious approach to equity investments, with plans to allocate a small percentage to public REITs and hedging strategies to mitigate market risks [21][24]

Report Summary 1. Investment Rating - No specific investment rating for the industry is provided in the report. 2. Core Views - In the context of the stock - bond seesaw effect, Treasury bond futures have been continuously adjusting, maintaining a volatile downward trend, and the curve has become steeper [2]. - The continuous upward movement of some commodities may come to a temporary end, and Treasury bond futures may experience a mild rebound in the short term, but the view remains volatile and bearish. The view of a volatile and bearish trend in the second half of the year is maintained. Attention should be paid to going long on the inter - period spread, allocating at lows during over - corrections, and hedging at highs [2]. 3. Summary by Directory 3.1 Weekly Focus and Market Tracking - Treasury bond futures contracts have been continuously adjusting on a weekly basis, and the curve has become steeper [3]. - In the Treasury bond futures market, the long - end is significantly under pressure, with the 30 - year main contract (TL) leading the decline, reflecting an increase in policy - expectation sensitivity. The marginal demand for short - end allocation has recovered, and speculative sentiment is significantly differentiated. The steepening trend of the yield curve has been strengthened, and the term spread has widened. Anti - involution policies have pushed up long - end interest rates, while short - end allocation demand provides bottom - support. Attention should be paid to the policy implementation rhythm, liquidity improvement signals, and Friday's data disclosure to verify the continuation of the curve structure [5]. 3.2 Liquidity Monitoring and Curve Tracking - The report provides a chart on liquidity monitoring and curve tracking, but no specific text - based summary information is given [7]. 3.3 Seat Analysis - Daily changes in net long positions by institutional type: Private funds decreased by 4.67%, foreign capital decreased by 9.42%, and wealth management subsidiaries decreased by 10.58%. Weekly changes: Private funds decreased by 1.89%, foreign capital decreased by 5.57%, and wealth management subsidiaries decreased by 5.47% [8].