Jin10 Data reported on July 28 that recently, the stock and bond markets have shown a significant "teeter-totter effect". The A-share market continues to warm up, while the bond market has undergone continuous adjustments. As of July 25, the average return of pure bond funds since July has been negative, and there has been a noticeable increase in large redemptions of bond funds. Industry insiders analyze that since June, the bond market has been crowded with trading, coupled with the recent warming of market risk appetite, which is the main factor behind this round of redemptions in bond funds. However, it is difficult to say that the fundamental factors affecting the bond market have reversed, and the negative impact on the future bond market is limited.