Group 1 - The bond market has maintained a strong trend, with short-term bonds performing well and the ultra-long bond market, represented by 20-year and 50-year government bonds, continuing to thrive. As of June 20, the yields on 1Y, 10Y, 20Y, 30Y, and 50Y government bonds have decreased by 4.5BP, 0.4BP, 5.5BP, 1.2BP, and 4.7BP respectively, reaching 1.36%, 1.64%, 1.87%, 1.84%, and 1.95% [1][6][22]. Group 2 - The central bank has conducted a buyout reverse repurchase operation to address multiple liquidity pressures, including a peak maturity of 4.2 trillion yuan in June. The central bank's actions aim to smooth out seasonal funding fluctuations and alleviate banks' interest margin pressures, indicating a comprehensive use of various monetary policy tools to maintain liquidity [2][19][20]. Group 3 - The main buyers of ultra-long bonds are funds, which have significantly increased their holdings of 20-year and 50-year government bonds, net buying 108 billion yuan and 13 billion yuan respectively from June 16 to June 20. Other product categories, including social security and pension funds, have also shown a preference for these long-duration bonds [3][25][23]. Group 4 - The driving factors behind the ultra-long bond market's performance include strengthened expectations of policy easing, a favorable basic economic environment, and the higher coupon yields and capital gains associated with 20-year and 50-year government bonds. The yield curve shows that the 20-year bond remains a key point of interest, with its yield at 1.87% as of June 20 [28][30][31]. Group 5 - The overall environment for the bond market remains relatively favorable, supported by a mild economic recovery and the central bank's liquidity support. However, there are concerns about potential adjustments and liquidity issues as the market evolves. The short-term segment may see opportunities for trading and value in the context of stable deposit prices [35][36].