Core Viewpoint - The bond market is experiencing mixed conditions, with interest rate bonds and credit bonds showing positive trends, while convertible bonds are facing challenges. The overall market reflects a complex interplay of funding pressures, policy observations, and stock-bond rebalancing [1][2][3][4]. Group 1: Interest Rate Bonds - The interest rate bond market is influenced by funding conditions, economic data, and policy news, showing significant fluctuations today with a trend of initial decline followed by recovery [1]. - Most participants in the interest rate bond market are likely to benefit from today's performance [1]. Group 2: Credit Bonds - The credit bond market is experiencing increased differentiation, with short-term bonds under pressure and significant selling pressure on medium to long-term bonds [2]. - Some participants in the credit bond market are also expected to benefit from today's outcomes [2]. Group 3: Interbank Certificates of Deposit - The interbank certificate of deposit market continues to show a trend of rising volume and price under tight funding conditions, indicating a positive outlook for participants [2]. Group 4: Convertible Bonds - The convertible bond market is undergoing a volume contraction and shows significant differentiation, with overall performance being weak and a noticeable decline in market trading activity [3]. Group 5: Market Overview - Today's bond market showed a pattern of initial decline followed by a collective rise in the afternoon, reflecting multiple pressures including tight funding, policy caution, and stock-bond rebalancing, while the long-term investment value is gradually becoming apparent [4]. Group 6: Short-term and Mid-term Outlook - The short-term strategy should focus on defensive measures, while the mid-term should consider policy windows and opportunities for recovery from oversold conditions, while remaining cautious of external risks impacting the market [5].

利率债：雨天 债市天气速递： 债市天气速递 呈现震荡偏弱格局，涨跌互现，整体承压。小伙伴们要碎蛋了。 信用债：雨天 呈现分化态势，受资金面偏紧影响，不同类型和评级的债券表现有所差异。可能要碎蛋了。 点击下方 「 债市晴雨表 」 小程序 查看债市天气详情，盘中实时更新债市天气，及时掌握债市行情！ 温馨提醒： 短期债市或延续震荡，波动大且随机性强，越是这种情况下，投资者更要避免盲目追涨杀跌。 保持灵活仓位，重点关注两会政策表述及PMI数据对市场情绪的引导。 债基持有者不必过度焦虑短期波动，新资金入场可以采用分批策略。 想一站式参与债市投资？最新 债市投资功能【 债市指南针 】 上线APP！ 长按图片识别二维码，或在天天基金APP搜索【 指南针 】，按引导添加至固底栏，即可轻松一览债 市投资实时行情信息！ 想一站式参与债市投资？最新 债市投资功能 上线APP！ 这个功能都有啥： ①【 债市实时行情 】大家最爱看的晴雨表，一览资金面、情绪面、行情走势图 你认为这轮债市调整会持续多久？欢迎评论区留言聊聊你的看法~ 免责声明 收益率数据仅供参考，过往业绩和走势风格不预示未来表现，不构成投资建议。转引的相关 观点均来自相关 ...