Core Viewpoint - The article discusses the recent surge in the bond market driven by rising global risk aversion following the announcement of "reciprocal tariffs" by U.S. President Trump, which has led to increased demand for U.S. Treasury futures and domestic bond futures [1][3][7]. Group 1: U.S. Bond Market Performance - On April 3, U.S. Treasury futures experienced significant gains across all maturities, with 2-year futures up by 0.16%, 5-year futures up by 0.48%, 10-year futures up by 0.74%, and long-term futures up by 1.32% [3][4]. - Since March 28, the 10-year U.S. Treasury futures have cumulatively risen nearly 2%, while long-term Treasury futures have increased over 3% [4][5]. Group 2: Domestic Bond Market Performance - The domestic bond market has also shown strong performance, with the 30-year Treasury futures rising by 0.86% on April 2 and over 1% on April 3. The 10-year futures increased by 0.51%, 5-year futures by 0.38%, and 2-year futures by 0.15% [5][6]. Group 3: Market Reactions to Tariff Announcements - Trump's announcement of "reciprocal tariffs" has heightened market risk aversion, leading to a decline in U.S. stock futures and a drop in the dollar, while U.S. Treasury yields fell sharply and gold prices rose, indicating typical safe-haven trading behavior [7]. - The market sentiment is expected to remain under pressure, particularly for sectors with high exposure to external demand, although strong domestic demand could provide a counterbalance [7]. Group 4: Investment Strategy and Outlook - The current volatility in the bond market has increased the operational difficulty for bond investors, necessitating a higher level of research and analysis from investment managers [8]. - Despite recent improvements in economic indicators, the overall impact of tariff policies on exports remains uncertain, and the bond market may lack strong upward or downward momentum in the short term [8][9].

香港交易所集团行政总裁陈翊庭最新发声。 3月4日，陈翊庭发表最新网志，阐述香港在发展固定收益和货币市场的新里程和新机遇。陈翊庭表示，不久前，她和香港交易所的同事们赴瑞士达沃斯参加 了世界经济论坛，在那里不仅聆听全球智慧，也向世界讲述香港故事。 对此，陈翊庭表示，固定收益和货币（FIC）市场将是重点拓展的领域之一。"经过多年的发展，我们已经通过现货证券市场和股票衍生产品，为投资者提供 了一站式交易和风险管理服务。这些产品是我们根据全球投资者不断变化的需求陆续开发出来的，已经构成了一个丰富的证券产品生态圈。为了进一步连接 资本与机遇，未来我们将大力发展固定收益和货币市场，在这一资产类别上培育出一个同样丰富的产品生态圈。" 据介绍，过去十年，中国内地的固定收益市场迅速发展，规模激增了五倍，目前已经高达24.6万亿美元，位居全球第二。中国内地一直在推动市场改革，包 括加强与全球市场的互联互通。在政策的大力支持下，香港交易所预期内地固定收益市场将持续高速增长，而且，内地固定收益市场与离岸固定收益市场的 互联互通也将增强。这将为全球投资者分享中国成长红利带来巨大的全新机遇。 而为了方便全球投资者分享这一机遇，香港交易所一 ...