Wu Qiujun from China Cinda Asset Management Prudential Fund: Pay attention to the phased window of interest rate decline

```htmlGolden Ten Data reported on July 13 that Wu Qiujun, manager of CITIC Prudential Steady Bond Fund, believes that the current 10-year government bond yield is operating around 1.73%, with the market focusing on the key level of 1.70%. If this level is reached, there is about 2–2.5 basis points of downside potential. Meanwhile, the yield spread between the 30-year and 10-year government bonds continues to narrow, and theoretically, the ultra-long-term segment has some room for catch-up gains, with potential returns from wave trading operations. It should be noted that the 30-year government bond futures at the 114 yuan threshold may trigger short-term volatility and consolidation, and such fluctuations might be a window worth monitoring. Wu Qiujun suggests there is further room for interest rates to fall in the fourth quarter, and the likelihood of the 10-year government bond yield breaking below 1.70% could increase accordingly. If the holding period is extended to one or two quarters, or even more than a year, there are fundamental conditions for the 10-year government bond yield to move further below 1.70%.```