000402

<p>The bond market performed poorly in 2025, with the market not realizing that the level of difficulty exceeded that of 2017. Although this year's decline was not as severe as in 2017, the investment experience was worse, mainly due to changes in market demands for bond yields, a decrease in the number of credit bonds, and a shorter average duration. The market experienced factors such as a shortage of liabilities, seasonal failures, and trade disruptions, which affected the stability and expectations of the bond market</p>

- The year 2025 has shown more significant challenges in the bond market compared to 2017, with various negative indicators despite a smaller decline in bond index values.  
- Factors contributing to this include a lack of reliance on high-yield bonds, seasonal disruptions in market performance, and shifts in investor sentiment regarding technological stocks influencing bond strategies.  
- Moving forward, the market needs to adapt its research focus from traditional asset pricing to understanding liability behaviors to better navigate future shifts.

In 2025, the framework of the bond market failed