[CITIC Construction Investment: Changes in market sentiment are the main cause of recent bond market fluctuations] On October 18, CITIC Construction Investment issued a research report stating that the bond market, represented by long-term bonds, has experienced a certain degree of fluctuation recently, but no significant changes have been observed in the fundamental pattern and macro policies, and no incremental structural factors have been found to drive the bond market yields downward. Therefore, it is judged that changes in market sentiment are the main cause of this fluctuation. The fermentation of risk aversion and capital transfer caused by the short-term weakening of the equity market are the core driving forces of this round of strength. The easing expectations brought about by the phased increase in central bank investment have formed a slight resonance with this main cause, amplifying market fluctuations. Extrapolating backwards, the current low point lacks long-term support. After the equity market stabilizes and sentiment is digested, the long-term bond point will still move closer to the previous equilibrium range. The 1.65% line of 10Y Treasury Bonds is still worth observing.