Jin10 data reported on August 14 that招商宏观研报 stated that recently, the equity market has formed emotional suppression on the bond market, and the trend of looking at stocks while doing bonds has become the main factor affecting interest rate movements. However, due to the different pricing basis of the two asset classes, the stock-bond seesaw is merely a phenomenon rather than a rule, which will lead to the difficulty of sustaining the strategy of looking at stocks while doing bonds. From the bottom logic perspective, the supply and demand of money remains the fundamental factor affecting the price of money (i.e., interest rate). Looking forward, as the financing demand from the real sector weakens and the Central Bank continues to maintain abundant liquidity, there is a lack of sustained upward basis for interest rates, and the 1.7% yield on ten-year bonds still represents a window period to get on board. The disclosure of financial data during this period has further strengthened our bullish judgment on the bond market; what is needed now may just be confidence and time.