Huaxi Securities: The bond market is currently in a phase of waiting for yields to decrease.

Huaxi Securities pointed out that the low volatility state of the bond market is likely to continue for another trading day. The manufacturing PMI data on the 30th and the scale of the central bank's announcement of repurchase agreements may become catalysts for market volatility. From high-frequency data, after experiencing a seasonally adjusted decline in the early to mid-April, port operations became active again in the late April, with significant increases in container throughput and cargo volume in the past two weeks, mostly above 6%. This reflects that against the backdrop of tariffs, companies may be entering a phase of "grabbing exports" to "grabbing transit". There is a possibility that the apparent manufacturing business climate is stronger than market expectations, and it may be more important to focus on order-related sub-data. If bond yields adjust as a result, it is a buying opportunity, as we are currently in a phase of waiting for yields to decline.