Market Overview - The stock market has shown a rebound in risk appetite, with A-shares approaching the 3600-point mark, leading to a significant reaction in the bond market [1][2] - The yield on 10-year government bonds reached a low of 1.655% before rising sharply to 1.7325% by the end of the week, indicating a strong upward trend in bond yields [1][2] Commodity Market - Commodity futures prices have surged, with lithium carbonate prices increasing by 7.21% to a new high of 77240 yuan/ton, and polysilicon prices rising by 5.15% to 55605 yuan/ton, reflecting strong market demand [2] - The "anti-involution" trend has been a driving force behind these price increases, as government policies aim to regulate excessive competition and promote fair pricing [2] Fund Redemption Trends - Recent data indicates that the redemption of pure bond funds on July 24 was significantly higher than in February, marking one of the largest redemption waves since October of the previous year [3] - The bond market is experiencing a notable sell-off, but the selling volume has not led to excessive panic, suggesting a controlled market response [5] Investment Strategies - Some fund managers view the current bond market pullback as a buying opportunity, particularly in 30-year government bonds, while others express concerns about the increasing difficulty of bond market allocations due to a recovering stock market [4][7] - The current environment suggests that while the overall direction remains favorable for bonds, the volatility may increase, necessitating a more flexible investment approach [7] Policy Implications - Market participants are closely monitoring potential policy changes, with expectations that the Ministry of Industry and Information Technology may soon release implementation plans for key industries to optimize capacity [8] - Given the recent GDP growth of 5.3%, it is anticipated that policymakers may not rush to introduce large-scale stimulus measures in the short term [8]