In item C, the overall hedging effect of credit bonds by using treasury bonds futures is relatively poor, mainly because the value of credit bonds consists of interest rates and credit spreads, and the correlation between credit spreads and the yield of treasury bonds is low: credit spreads are an important source of income for credit bonds, and because these risks are not necessarily consistent with interest rate risks, the credit risks of credit bonds cannot be solved by using treasury bonds futures, resulting in poor hedging effect.