Bond market started the year with fluctuations, making investment even more challenging.

As we enter the year 2026, the sentiment in the bond market has clearly changed. Although overall liquidity remains loose, institutions are cautious in their outlook for the bond market for the whole year, with expectations of "range-bound trading" gradually becoming consensus. Looking ahead at the bond market for the entire year, several industry insiders told Shanghai Securities News reporters that, in the background of unsustainable one-way trends, investors' allocation mentality is becoming more cautious, with significantly reduced duration choices, and their "bets" on the bond market will also shift towards more refined strategic games.