CITIC Securities: The upper limit of the 10-year national bond yield may be 1.8%

On February 19, Jinshi data, CITIC Securities research report stated that since the beginning of this year, the tightening of liquidity, better-than-expected fundamental data, and the warming of stock market sentiment have all placed certain constraints on the bond market. The current government bond yield curve is in a bearish state. Looking ahead, from a short-term perspective, there is still a Rebound risk in the interest rate curve, and the risk of a rebound in the long and super-long end cannot be ignored. The upper limit of the 10-year government bond yield may be 1.8%; from a medium to long-term perspective, the bond bull market is still not over, and there is still Long space for the bond market throughout the year.