Huaxi Securities: Fund performance is the key to determining the trend of the bond market. In the short term, we need to wait for negative news to weaken.

Huaxi Securities pointed out that if the subsequent funding situation remains stable, the overall bond market may lean towards volatility; if there are fluctuations in funding, the speed of bond market adjustment may accelerate. From a specific point of view, due to the relatively insufficient positive logic at the moment, combined with the pressure of institutional profit-taking demands during the end-of-quarter performance assessment, institutional profit-taking demands are naturally strong, and there is no discounting the possibility of the 10-year government bond yield rising above 1.85%. Investors can wait for the long-term interest rates to rise, wait for negative factors to stabilize, and then make allocations.