Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The probability of the central bank restarting "treasury bond trading" is low, and there is no need to restart buying treasury bonds before the situation of "short supply in the treasury bond market and a significant increase in bond yields" changes [3][4] - Attention should be paid to Column 4 of the monetary policy implementation report, which warns of the interest rate risk of long - term bonds. The current bond market pricing efficiency and institutional risk management capabilities need to be improved, and the central bank will take measures to strengthen bond market construction and macro - prudential management [5] - The bond market will experience the second "self - correction" in 2025. The central bank may take macro - prudential regulatory measures, and the economic recovery after April - May will promote this "self - correction" [7] Group 3: Summary by Related Catalog Central Bank's Restart of "Treasury Bond Trading" - The 10 - year treasury bond yield in the first quarter of 2025 was close to the level when the operation was suspended, so there is no need to restart it now [3] - The first - quarter monetary policy implementation report only repeated the previous announcement without new information [3] - Since there has been a reserve requirement ratio cut, there may be no need to use "treasury bond trading" to inject long - term liquidity in the short term [4] Attention to Column 4 - Long - term treasury bonds have interest rate risks, which may affect financial market stability. The Silicon Valley Bank event in 2023 is a typical case [5] - The current bond market pricing may have risks, and the trading and risk management capabilities of institutional investors need to be improved [5] - Investor behavior, bond market structure, and tax system affect the formation and transmission of bond market interest rates [5] - Strengthening bond market construction and macro - prudential management is important for preventing systemic risks [5] - The central bank will improve the assessment of primary dealers and market - makers, strengthen investor interest rate risk management, and optimize the bond market structure and institutional arrangements [5] Bond Market "Self - Correction" - The core of observing and evaluating the bond market from a macro - prudential perspective is to form a "normally upward - sloping yield curve", and the current yield curve needs to improve pricing efficiency [7] - The central bank may take macro - prudential regulatory measures, and the impact of the tariff war is less than expected. The economic recovery after April - May will promote the second "self - correction" of the bond market in 2025 [7]