Group 1: Fixed Income Market Insights - The report highlights the significant adjustment in the long-term bond market, indicating a supply-demand imbalance due to increased government bond issuance, which rose from 4.77 trillion in 2018 to approximately 13.35 trillion by December 2025 [6][7] - It is suggested that the future demand for ultra-long bonds may weaken, particularly from insurance funds, as the issuance of long-term bonds has surged, leading to increased pressure on banks' investment durations [7][8] - The report recommends addressing the supply-demand imbalance by controlling the issuance of government bonds and encouraging the central bank to purchase ultra-long bonds to alleviate market pressures [8][9] Group 2: China Jushi Co., Ltd. Insights - The report discusses the confidence of major shareholders in China Jushi Co., Ltd., with plans for significant share buybacks totaling between 6.75 billion and 11 billion RMB, reflecting a strong belief in the company's long-term growth potential [12][13] - China Jushi is recognized as a leading global manufacturer in the fiberglass industry, with a production capacity of nearly 3 million tons of fiberglass yarn and a compound annual growth rate (CAGR) of 9.72% in revenue from 2014 to 2024 [13][14] - The company is entering the high-end electronic fabric market, which is expected to benefit from increased demand driven by advancements in computing power, positioning it for substantial growth in this sector [13][14]