CITIC Securities says market focus remains on monetary easing expectations and
funding conditions; pricing of economic fundamentals is limited. Absolute
economic indicators remain weak and there are no structural negatives for bonds,
so market moves will hinge on whether easing expectations are implemented. The
firm retains a slow, mildly firm bias on the bond market over the long term;
near-term momentum is likely to moderate or see a small pullback after recent
strong gains. Fundamentals are slow-moving—watch for sustained marginal
stabilization in economic data.
