In the past month, the yield on 10-year government bonds has continued to decline, with the latest rate approaching 1.7%. The phrase 'less than 200 basis points (BP) in my career' has become popular among bond traders. Since November, under favorable conditions such as Institutions anticipating a trading cut, allocating ahead of next year's coupon assets, and overall manageable supply pressure, bond market rates have once again entered a downward channel. Recently, as policies signal further easing, bullish sentiment in the bond market has surged again, and the yield on 10-year government bonds has reached a new low. Several Institution representatives told reporters that considering the current low inflation levels in the country, there is still a demand for a reduction in real interest rates, suggesting that there may be further downward space for 10-year government bonds. However, some Institution representatives also indicated that after the yield on 10-year government bonds reached a new low, profit-taking sentiment in the bond market may gradually accumulate, leading to increased resistance to further declines.