Zhejiang Merchants Securities: Buy in disagreement, sell in consensus. The next stage of the bond market may be dominated by a sharp bull market.

Zheshang Securities released a research report stating that in a high uncertainty macroeconomic environment, investors should consider switching from a win rate mindset to an odds mindset. Currently, investors have divergent views on the 2-year bond market, while long-term bonds such as 10-year and 30-year bonds may face odds constraints. As a result, medium-term bonds like 5-7 year bonds may become a more cost-effective investment option. The next stage of the bond market bull run may be the main direction.