Citic Sec research report indicates that in 2021, the 'Southbound Bond Connect' was launched, broadening the channels for Chinese bond market investors to invest overseas. In terms of variety, the Hong Kong bond market mainly includes categories such as US dollar bonds, offshore renminbi bonds, and Hong Kong dollar bonds. As for the domestic credit bond market, the yield and spread are still at a relatively low level. The yield center of the Hong Kong bond market is higher than the domestic market, offering good value for money: for US dollar bonds, in the medium to long term, US bond rates are significantly higher than those of other economies, and Hong Kong US dollar bond rates are similarly high, making them a good value investment. Attention can be given to the allocation opportunities in key areas such as local government dollar bonds and state-owned bank AT1, AMC, and other sectors. As for offshore renminbi bonds, they can hedge against exchange rate fluctuations, and with the widening gap between domestic and foreign yields, their allocation value is gradually increasing, making them a good choice apart from US dollar bonds. As for Hong Kong dollar bonds, the yield center is between US dollar bonds and offshore renminbi, with relatively low hedging costs, and attention can be given to the allocation opportunities of medium to long-term sovereign bonds and sovereign wealth fund bonds.