Core Viewpoint - The article discusses the "stock-bond seesaw" effect, highlighting that while the stock market is rising, the bond market is experiencing significant adjustments due to multiple factors, including changes in macroeconomic expectations and shifts in risk appetite [1][3]. Summary by Sections Market Dynamics - Since early July, the yield on 10-year government bonds has risen to 1.78%, an increase of 8.2%, while the yield on 30-year bonds has reached 2.08%, up 11.46% [3]. - The primary reason for the bond market's adjustment is attributed to changes in market sentiment leading to a diversion of funds [3][5]. Investor Sentiment - The recent "stock-bond seesaw" effect and heightened risk appetite have led to a shift in asset allocation, with equities showing a higher risk-reward ratio compared to bonds [5]. - Despite some redemption pressures on bond funds, the overall situation is manageable, with no large-scale redemptions reported [7]. Future Outlook - Industry experts suggest that the bond market is unlikely to see a significant rise in interest rates in the short term, with expectations of a "grinding top" market behavior [1][9]. - The bond market is expected to return to a pricing mechanism based on fundamentals and liquidity in the medium to long term [10]. Investment Strategies - In the current environment, strategies focusing on short to medium-term fixed-income assets are recommended, as the bond market may experience volatility [9][10]. - There are opportunities in credit bonds, particularly in financial bonds, as the market adjusts [10].

Group 1 - The core viewpoint of the article is the introduction of key policies for personal pension investment in public funds, emphasizing the need for public funds to adapt to pension attributes and serve public pension needs [1][2]. - The State Council's issuance of opinions in April marks the official launch of the third pillar of pension, highlighting the imbalance and insufficiency in China's pension structure, with the first pillar accounting for nearly 70% of the total pension scale [1][2]. - The new regulations from the China Securities Regulatory Commission (CSRC) are designed to support the development of the third pillar, aiming to create a more balanced pension structure and enhance pension reserves in China [1][2]. Group 2 - The regulatory design reflects multiple supervisory requirements, promoting the high-quality development of personal pension public fund products, which are characterized by inclusiveness, stability, and long-term nature [2]. - The introduction of specific measures such as separate shares and exemption from subscription limits aims to improve the investment experience for individuals, making pension target funds a suitable default choice for personal pension accounts [2]. - The rules emphasize investor protection by setting special shares for personal pension funds, offering fee discounts, and requiring participating institutions to establish long-term assessment mechanisms [2]. Group 3 - The implementation of the personal pension investment fund system is expected to accelerate the shift of Chinese residents' asset allocation from real estate and deposits to financial assets, bringing new long-term capital to the capital market [3]. - In the short term, personal pensions may focus more on fixed-income assets, but over time, there is potential for an increase in equity asset allocation, which could enhance the proportion of institutional investors in the A-share market [3]. - This shift is anticipated to cultivate a value investment and long-term investment philosophy in the capital market, reducing market volatility and contributing to high-quality market development [3].