Hong Zhe Gushou Ye Qing: Structural asset shortage is gradually unfolding.

Hong Zegu received a report from Ye Qing, stating that in the second quarter, non-bank funds are sufficient but facing under-allocation. Investors are shifting from increasing the allocation of interest rate bonds to credit bonds and ABS. The degree of overall asset shortage is not as severe as last year, but the structural characteristics are apparent, with non-banks facing more severe under-allocation than banks. The market shows passive allocation characteristics, and it is recommended to adopt a strategy of selecting optimal allocation using the "last one-third of the first one-half" method.