Securities Times front-page commentary: The bond market continues its volatile pattern, investors should maintain their composure.

The article points out that in the future, the risk preference of the current round of equity markets may continue to rise, and eliminating the internal loop has become the focus of current and future policies. However, it must also be noted that "hot" expectations come first, while the real economy still needs to be further "warmed up." The current economic structure is still in a stage of transformation and upgrading, and moderately loose monetary policy remains the main theme. Starting from the fact that the macroeconomic situation is more characterized by strong expectations and weak reality, in the process of returning to the fundamentals, the bond market will often be "top-supported and bottom-backed", and investors should also maintain a certain level of determination towards the bond market, maintain a mindset of fluctuating markets, and abandon the obsession with unilateral bull markets similar to those in 2024.