Core Viewpoint - The current bond market is influenced by multiple factors, including policy effectiveness in curbing disorderly competition and promoting industry clearing, which could support inflation and impact the bond market [1] Group 1: Market Conditions - There are concerns about the sustainability of improvements in the fundamental and inflation outlook, compounded by weak domestic and external demand, as well as fiscal and real estate pressures [1] - The short-term effects of policies may be moderate, despite a generally accommodative monetary policy and ample liquidity supporting the bond market [1] Group 2: Market Dynamics - Short-term vulnerabilities in the bond market are heightened due to compressed spreads, high leverage, and low funding rates [1] - Strong performance in equity and commodity markets is creating disturbances in the bond market [1] Group 3: Investment Strategy - It is recommended to monitor the performance of risk assets in July to seize opportunities for positioning in the bond market after adjustments [1]