Stock and bond linkage dislocation frequently occurs, bond allocation opportunity is approaching.

Recently, there have been subtle changes in the linkage logic between the stock and bond markets. Influenced by factors such as the repair of inflation expectations and changes in fund behavior, the traditional stock-bond seesaw pattern is gradually showing structural deformation. However, several institutional analysts believe that in the context of strengthened trading sentiment, the short-term performance of the bond market is largely dominated by fund behavior, leading to increased volatility. Current macroeconomic and policy conditions do not yet support a systemic bear market in the bond market, and as yields approach the acceptable range for allocation, long-term funds are gradually returning, and the value of bond allocation is gradually becoming apparent.