Guotai Junan Securities: The 25Q1 monetary policy report shows that the central bank's "reins" are gradually being loosened, and the downward space of the yield curve may be opening up.

Guosen Securities released a research report stating that the first quarter of 2025 monetary policy report shows that the central bank's monetary policy focus has shifted towards stabilizing growth, and the probability of the bond market experiencing a similar adjustment risk to the first quarter is not high. Objectively, there is also a narrow space for capital gains in the bond market. If the bank sees a new round of deposit rate cuts or if the central bank resumes buying government bonds, then the space for the yield curve to move downward may open up. The current favorable conditions in the bond market have not been fully realized, and the overall market sentiment is cautious, which coincidentally presents a positive opportunity for positioning. It is recommended for investors to extend the duration, increase leverage, and seize the window of opportunity for declining yields.