CSC research report reviews the 10-year treasury bond yield breaking below 2% during trading hours: Since mid-November, long-term interest rates and credit bonds have experienced a smooth decline. The market was once concerned about policy stimulus and peak bond issuance, but the primary market successfully absorbed the majority of the issuance through bidding, accelerating the decline in interest rates. In addition, non-bank funding continues to recover, with strong demand driving interest rates and credit spreads significantly lower. Looking at December on a monthly basis, as interest rates approach the psychological threshold of 2%, some fluctuations are inevitable. Investors are advised to maintain a long duration position while adding to positions in short-term waves. Looking into next year, the situation of underallocation in the allocation market has not significantly changed. After the year-end and beginning of the year allocations, the downward trend in bond yields may become even smoother.