Core Insights - The recent quarterly reports from Changcheng Fund for 2025 indicate a shift in monetary policy with the Federal Reserve's interest rate cut and a focus on employment data, suggesting a potential easing cycle ahead [1][2] - Domestic economic conditions are stabilizing, with a focus on promoting a unified national market and addressing low-price competition, which has led to a rebound in the stock market [1][3] - The bond market is experiencing upward pressure on yields, influenced by strong performance in equity markets and changes in fund fee regulations [2][4] Group 1: Economic Overview - The Federal Reserve cut interest rates by 25 basis points in September, with expectations for at least two more cuts by year-end, indicating a completed policy shift [1][2] - Domestic employment remains stable, with core CPI showing a slight increase over four months, while the focus is on enhancing consumer demand and implementing anti-"involution" policies [1][2] Group 2: Market Performance - The stock market has seen a rally due to anti-"involution" policies, with significant gains in equity and commodity markets, leading to a rise in risk appetite among institutions [2][3] - The bond market has shown a steepening yield curve, with long-term yields rising while short-term rates remain low, reflecting a complex interaction between equity and bond markets [3][4] Group 3: Fund Manager Insights - Fund managers from Changcheng Fund highlight that the bond market is under pressure from rising yields, driven by improved risk sentiment and regulatory changes affecting fund management [2][4] - The performance of credit bonds has been mixed, with long-term credit spreads widening, while short-duration credit bonds have shown independent positive returns [3][4]