CITIC Securities: Focus on short-term defense in the bond market and seize opportunities for long bond allocation.

CITIC Securities research report stated that the risks to the liquidity environment from fiscal and monetary policies are controllable, and more attention should be paid to the disruption of institutional behavior on the funding situation. It is expected that liquidity will not further tighten significantly, but caution is still advised at special times such as cross-month or tax period outflows, and over-speculation should be avoided. For the bond market, disturbances caused by short-term stock and commodity market trends still exist, and going against the trend is not recommended. However, the value of bond market allocation is gradually emerging. It is recommended to focus on defense in the short term, and as the sentiment in the stock and commodity markets stabilizes, seize opportunities for long-term bond allocation.