Core Viewpoint - The article emphasizes the importance of maintaining a habit of "clearing positions before re-establishing them" in trading strategies, particularly in response to market fluctuations and external events [1]. Market Overview - The stock market experienced a slight decline, influenced by weak results from the primary issuance of government bonds and concerns regarding the upcoming US-China talks [5]. - The 10-year government bond yield opened at 1.7825% and fluctuated, reaching a high of 1.804% before settling at 1.795% by the end of the trading day [5]. - The central bank conducted a 7-day reverse repurchase operation of 354.3 billion yuan, with a net injection of 124.3 billion yuan after 230 billion yuan matured [3]. Interest Rate Trends - The weighted average rates for various repo codes showed a decrease, with R001 at 1.50% (-8 basis points) and R007 at 1.52% (-5 basis points) [4]. - The market is currently characterized by a "betting" mentality, with traders speculating on the outcomes of US monetary policy and international dialogues [5]. Bond Market Dynamics - The bond market is experiencing volatility, with the 10-year government bond yield fluctuating based on market sentiment regarding US interest rate cuts and geopolitical events [5]. - The article notes that the bond market is "lost" in direction, with traders caught in a cycle of chasing price movements, leading to potential losses [5]. Yield Curve Analysis - The yield curve for government bonds shows varying rates, with the 1-year yield at 1.39% and the 10-year yield at 1.795%, indicating a steepening trend [7]. - The article provides detailed rates for different maturities, highlighting the changes in yields across various types of bonds, including government and corporate bonds [7].