How Long Can China's Bond Rally Last?

CITIC Securities suggests the monetary policy shift toward "moderate easing" signals potential rate cuts and reserve ratio reductions next year, opening room for short-term rate declines. Soochow Securities notes a lag between stock and bond inflection points, predicting a "dual bull" phase for stocks and bonds before transitioning to a "stock bull, bond bear" market next year. The 10-year yield may fall to 1.5%.