Open source securities: With the revision of economic expectations, bond yields are expected to rise.

Open Source Securities points out that the possibility of increasing the VAT may lead to a simultaneous increase in yields of new and old government bonds, and investors should closely monitor the market's attitude towards new government bond issuances. It is predicted that the target yield for 10-year government bonds in the second half of 2025 will be between 1.9% and 2.2%. In the second half of 2025, the economic growth rate may not significantly decrease, and with adjustments in economic expectations, bond yields are expected to increase.