CITIC Securities: No need to overly worry about the redemption of underlying debt and liquidity contraction in the bond market.

CITIC Securities pointed out that since August, equities have continued to rise, while the bond market has seen fluctuations and adjustments in term spreads. During this process, some bearish views on the bond market have gradually shifted from short-term stock-bond seesaw to longer-term market liquidity and reshaping of household wealth patterns. Considering the recent trading behavior of institutions such as bond funds, wealth management products, and insurance funds, CITIC Securities believes that there is still a lack of data support for the rapid outflow of household savings and fixed-income wealth into the stock market in the short term, and there is no need to overly worry about bond market debt redemptions and liquidity contraction. However, if the equity market can continue its slow bull trend of stable growth, the reshaping of household wealth allocation structure may become a long-term trend, but it is more of a "slow variable" rather than a "magic bullet".