Group 1 - The core viewpoint of the articles indicates that the restoration of VAT on bond interest will create a temporary advantage for existing bonds (old bonds) over newly issued bonds (new bonds), leading to significant market fluctuations [1][2] - The yield of 10-year government bonds fell to around 1.68% before rising back above 1.7% in the afternoon, reflecting the market's reaction to the new tax policy [1] - Institutions predict that the yield spread between old and new bonds could reach 5 to 10 basis points (BP), with new bond yields likely increasing more than the decrease in old bond yields [2][3] Group 2 - Different institutions will be affected variably by the tax policy change, with banks facing the highest tax burden at 6.34% for new bonds, while asset management products will face a lower rate of 3.26% [3] - The tax burden on financial institutions may lead to a shift in investment strategies, with public funds potentially gaining a relative tax advantage, encouraging more bank funds to invest in bonds through public funds [3] - The long-term direction of the bond market will still be determined by fundamental factors, despite short-term trading opportunities created by the new tax policy [4]