CITIC Securities: The current bond yield upward risk is limited.

CITIC Securities research report stated that looking ahead to the performance of the bond market, the main factors at the end of the year will be a combination of fiscal policy and monetary policy. Taking into account the comprehensive fiscal and monetary policies, the upward risk of bond yields is limited, and there is a greater need to create a suitable interest rate environment to support fiscal supply. Interest rates still have room for recovery.