In recent years, the sharp fluctuation of the bond market has become a hot spot in the capital market, and bond funds and bank wealth management with bond assets as the main allocation have undoubtedly suffered "great pressure".

CITIC Securities clearly believes that there are three main reasons for this round of bond market adjustment: first, the marginal change of real estate policy; Second, the change of epidemic policy has stimulated the risk appetite of the whole market, leading to the selling of low-risk assets such as bond assets; Third, the marginal change of liquidity, monetary policy has obviously moved from a wide currency to a wide credit stage.

But for investors, the adjustment of the bond market is not necessarily bad news. According to past experience, there is an obvious relationship between the stock market and the bond market. Take the "small bull market" of A shares since 20 19 as an example. At the beginning of 20 19, the stock market rose rapidly, and the 10-year treasury bond futures fell rapidly. When the stock market accelerates again at the end of March 2020, the 10-year treasury bond futures will also fall rapidly; Since the correction of the stock market at the beginning of 20021,the 10-year treasury bonds have turned around and strengthened; Recently, the ten-year national debt began to weaken, and the stock market also "naturally" strengthened.