Bond market bullish sentiment restored, 10-year Treasury futures hit new highs for the year.

In the background of the equity market fluctuating and adjusting, and the continued loose monetary conditions, the bond market sentiment has significantly improved. On May 15th, the main 10-year treasury bond futures contract hit a new high for the year at 108.9 yuan. Industry insiders believe that the recent operation of the bond market has shown strong characteristics driven by liquidity. Despite disturbances from external events, central bank open market operations, and economic data affecting market expectations, with overall loose liquidity and the marginal dulling of fundamental negative factors, the bullish sentiment in the bond market has recovered, and the seesaw effect between stocks and bonds has further emerged. Many institutional experts believe that the core variable in the current pricing of the bond market is still liquidity, and the disturbance from fundamental data on the market has weakened. With the combination of "loose liquidity + declining risk appetite," the short-term trading sentiment in the bond market has been supported.