Core Insights - The current bond market is experiencing a bottom consolidation for 5-year and 10-year government bonds, while the ultra-long end is still in the process of clearing last chips, leading to a lag in stabilization for the ultra-long end compared to the medium and short ends. Investors are advised to strategically position in 5-10 year mid-long term varieties while waiting for signals of redemption disturbances to ease and risk appetite to decline [1][2][32] Historical Context - Historical instances of "medium-short end stabilizing first, ultra-long end lagging in decline" provide insights into the current bond market. Notable periods include September 2013 during the "money shortage," May 2020 at the onset of "bond bull to bear," and November 2022 during the "redemption wave" [1][2][9] Market Dynamics - The core driving forces behind the current market dynamics can be summarized as: "short end driven by liquidity, long end driven by supply, and ultra-long end driven by the last chips." The market since August 2025 is replicating this script, with the "chips" now being influenced by new fund fee regulations and cautious sentiment under rising risk appetite [2][32] Investment Strategy - Investors are encouraged to focus on the 5-10 year mid-long term bonds as the ultra-long end continues to clear out last chips. The recommendation is to wait for signs of easing redemption disturbances and a decline in risk appetite before making significant moves [1][2][32]