According to a review sent by the investment and trading department of Huachuang Securities, the interest rate selection in the bond market broke downward, reflecting the marginal opening of expectations of total easing. After the July purchasing managers' index showed that improvements in fundamentals did not continue, going long has become the direction of less resistance in the bond market. The current attitude of the Central Bank of China may indicate that the yield on 10-year treasury bonds has fallen slightly below 1.7% and is still within the scope of the central bank's inclusiveness. Until the central bank knocks on the bond market through capital, the binding power of the 1.70% 10-year treasury bond yield mark may gradually soften, and it is likely that increasing capital will continue to try to break through downward. In contrast, ultra-long bonds still have room for profit margins to narrow, and we need to pay attention to the phased take-profit disturbances in the trading market in terms of pace.

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