Group 1 - The core view of the report indicates that most simulated portfolio returns have slightly rebounded, with the secondary ultra-long and mixed-dumbbell strategies leading in returns of 0.16% and 0.13% respectively in the interest rate style portfolio, while the secondary ultra-long and mixed-dumbbell strategies in the credit style portfolio achieved returns of 0.28% and 0.18% respectively [3][14][19] - In terms of heavy-weighted bond types, the city investment heavy-weighted strategy showed stronger recovery compared to other portfolios, with the average return of the city investment heavy-weighted portfolio increasing by 3.5 basis points to 0.11% [3][19] - The report notes that the annualized coupon rates for secondary, city investment ultra-long, and perpetual strategies have a high safety margin, with the secondary ultra-long strategy having a space of nearly 50 basis points above its low for the year [4][27] Group 2 - Over the past four weeks, high-volatility portfolios have maintained low excess returns, with cumulative excess returns for city investment short-end sinking, commercial paper bullet-type, and broker debt sinking portfolios at -4.2 basis points, -5.9 basis points, and -7.2 basis points respectively [5][31] - The report highlights that despite some convergence in negative deviations for city investment dumbbell and secondary debt duration strategies, their cumulative excess returns remain low at -34.7 basis points and -21.5 basis points respectively [5][31] - The excess returns for ultra-long strategies have remained high for two consecutive weeks, with city investment, industry, and secondary ultra-long strategies showing readings of 11.9 basis points, 11.1 basis points, and 25.4 basis points respectively [5][35]