Moderate easing, a bull market for both stocks and bonds?

The last time China proposed a "moderately loose" monetary policy was at the end of 2008. At that time, the bond market initially followed the monetary easing downward, and after a V-shaped rebound in the fundamentals, yields turned upward, while the equity market welcomed a market bottom after the policy bottom, leading to a round of upward trends. Sun Binbin from TF SECURITIES believes that for the bond market, even if there are extraordinary counter-cyclical adjustments in the future, as long as interest rate cuts are on the way, the bond market can remain optimistic, with only potential phase changes in the curve shape between flat and steep. After the implementation of extraordinary counter-cyclical adjustment tools, gradually pay attention to the changes from the policy bottom to the financial bottom