Shenwan Hongyuan believes that since 2024, the correlation between the bond market's rhythm and the fundamentals has weakened, which may be due to a gradually solidified perception of weak fundamentals.
However, in the long run, the core pricing anchor of the bond market still lies in the fundamentals:
<ul>
<li>
Bond market yields can mainly be explained by fundamentals.
</li>
<li>
Historically, the driving factors for the bond market's transition from bull to bear have mostly been due to fundamental factors.
</li>
</ul>
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/e12d7959-263b-4629-8b7b-3c376a7dd85d.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/e12d7959-263b-4629-8b7b-3c376a7dd85d.png"/>

000166

06806

Shenwan Hongyuan believes that since 2024, the correlation between the bond market's rhythm and the fundamentals has weakened, possibly due to a gradually solidified perception of weak fundamentals. However, in the long run, the core pricing anchor of the bond market still lies in the fundamentals: - Bond market yields can mainly be explained by fundamentals. - Historically, the driving factors for the bond market's transition from bull to bear have mostly been due to fundamental factors