Zhejiang Merchants Securities: The second half of the year may show a bull market structure for stocks and bonds.

Li Chao from Zheshang Securities stated that we believe the second half of the year may present a bull market in both stocks and bonds. On one hand, we expect that the economic and trade relations between China and the United States may gradually improve amidst fluctuations and twists and turns. On the other hand, "quasi-stabilization" funds will help mitigate tail risks, both of which will support market risk appetite. In summary, A-shares are expected to form a structured market with low volatility dividends and alternating growth in technology. As for fixed income, considering the low probability of large-scale domestic demand stimulus within the year, the 10-year national bond interest rate is expected to decline to around 1.5% during the fluctuation process.