According to haitong securities analysis, the short - term bovine bond market in the third quarter, the main factors including the short-term rebound in food prices, inflation expectations rose. The acceleration of local bond issuance has led to great pressure on the supply of interest rate bonds in August and September, which has tightened the liquidity and squeezed the amount of other bonds on the bank's balance sheet. Fiscal stimulus pushed up the growth rate of government plus social financing in the third quarter slightly, while the federal reserve's interest rate hike in September also restricted further monetary easing in China. However, looking forward to the fourth quarter, the bond market is still in a good long-term trend. The bond bull market marked by interest rate bonds and high-grade corporate bonds is still not over, and short-term adjustment in the third quarter will provide investment opportunities.