According to CoinMeta, since July, the domestic bond market has shown a volatile pattern. The decline in yields on ultra-long-term government bonds has led to a narrowing of interest rate spreads, and the prices of related long-term assets have risen. The yields of medium- and long-term pure bond funds have been significantly better than those of short-term bond funds during the month, with the highest yield reaching 5.45%. However, institutional investors have not shown strong enthusiasm for following up, indicating fatigue on the allocation side. A research report by Everbright Futures analyzes that there is a strong expectation of a peak in government bond supply, which will temporarily increase the pressure on the market to absorb these bonds. In the first half of the year, GDP growth was within the annual target range, and external demand remained resilient. There is no significant downward pressure on the economy, so it is expected that the focus of short-term policies will still be on accelerating the implementation of existing policies. Both the upward and downward momentum of interest rates is likely to be limited.