TF Securities: Looking ahead to 2025, the bond bull still has a solid logical foundation

Jinshi Data News on December 5th, Tianfeng Securities research report believes that looking ahead to 2025, there is still a solid logic for the bond bull: pressure on the balance sheet, insufficient effective demand, and asset shortage. Monetary easing may be one of the most certain trading directions in 2025. Of course, it is also necessary to pay attention to the risk of Interest Rate, Central Bank intervention and guidance is not simply to give the lower limit of Interest Rate, but to hope to change the market’s unilateral consistency expectation and behavior, and guide the phased adjustment of the Interest Rate curve. It is recommended to first trade the bull flat at the beginning of 2025, and then watch while walking. In the middle of the year, follow whether there is a need for policy addition and a steep switch of the bull.