HTSC suggests continuing to hold 3-5 year interest rate+perpetual bond+2-year credit bond for the bond market. For the long end interest rate, continue to try opportunistic transactions and pay attention to the cross-quarter funding situation. In early July, the return of funds has created pressure for configuration again, so it is recommended to find opportunities along the curve. For the stock market, it suggests laying out in accordance with the basic signal and policy direction, and steady dividend strategies are still the bottom position choice. Maintain the opinion that the 10-year US bond yield fluctuates around 4.3-4.5%. Above 4.5% is a good configuration window. If the dot plot shows that the Fed is expected to cut interest rates twice this year, there may be a small opportunity. In terms of the style of US stocks, large cap stocks with high growth and high quality are preferred, and potential elasticity of small cap stocks under the opportunity of interest rate decline is worth paying attention to. There may still be opportunities for copper after a short-term consolidation, and oil prices are mainly volatile in the short term. The domestic pricing of commodity equities like large caps is mainly fluctuating. The black series is about to enter the traditional off-season, and the inventory and demand situation have not yet reversed.