Group 1 - The simulated portfolio returns have rebounded this week, with most credit style portfolios outperforming interest rate style portfolios. The weekly returns for secondary ultra-long and city investment ultra-long strategies were 0.34% and 0.28% respectively, while credit style portfolios saw returns of 0.65% and 0.41% for the same strategies [2][14][15] - The recovery in returns has shifted from interest rate and medium-long duration strategies to ultra-long bond strategies. The average weekly return for credit style time deposit heavy portfolios increased by 3.6 basis points to 0.12%, the highest since August, while city investment heavy portfolios rose to 0.22%, an increase of approximately 12.1 basis points [2][16] - The average return for secondary capital bond heavy portfolios increased by nearly 20 basis points, with the secondary bond duration and mixed duration strategies showing weekly returns nearly equal to the ultra-long strategy. The secondary bond bullet strategy has shown a faster recovery, with cumulative negative returns since the third quarter narrowing to -0.36% [2][16] Group 2 - In terms of return sources, the coupon income from various strategy portfolios has declined, while the contribution from capital gains has increased. Among mainstream strategies, the coupon income for secondary bond bullet and duration strategies fell by more than 0.04 basis points, while city investment bonds and bank perpetual bonds maintained annualized coupon rates around 2.24% and 2.26% respectively [3][25] - The capital gains contribution for credit style portfolios accounted for most of the returns this week, with coupon contributions falling within the range of 5% to 30%, further compressing and increasing concentration compared to the previous week [3][25] Group 3 - Over the past four weeks, medium-long duration secondary perpetual strategies have shown cumulative returns at the forefront. The cumulative excess returns for perpetual bond duration, secondary bond bullet, and secondary bond duration strategies were 13 basis points, 11.2 basis points, and 11.1 basis points respectively [4][29] - The medium-long duration secondary perpetual bond strategy has rebounded significantly, but its volatility exceeds that of the downshift strategies. The cumulative return for the secondary bond downshift strategy reached 9.2 basis points, demonstrating both low volatility and strong recovery advantages [4][29] - From a strategy duration perspective, medium-long duration secondary perpetual bonds and ultra-long strategies exhibit stronger offensive attributes. The short-end time deposit strategy's excess returns have dropped to the lowest in three months, lacking aggressiveness in a bond bull market [4][32]