Fidelity stated that the USA High Yield Bond market offers attractive total yields, but the narrow spread poses restrictions. However, supported by solid fundamental and technical factors, it is expected that the spread will dominate returns. Although the spread may narrow further, risks are becoming evident, particularly from the potential shift in the Fed's interest rate cuts and the upcoming changes in tariffs, government spending, and immigration policies. From an industry perspective, Fidelity believes there are opportunities in the telecommunications and basic industrial sectors, where value can be added through Crediting. On the other hand, due to potential policy changes that may lead to a drop in oil prices and shifts in capital allocation strategies, Fidelity maintains a cautious stance towards the NENGYUANHANGYE.