Citibank Securities: In the long term, long-term bonds still have certain configuration cost-effectiveness.

CITIC Securities pointed out that since mid-November, the fluctuation of long-term bond interest rates has increased, and factors such as the long-duration liability gap and seasonal liquidity assessment have suppressed the willingness of banks to allocate long-term bonds. Considering that the pace of fiscal stimulus next year is expected to be relatively balanced, the actual yield of commercial banks' long-term debt on the asset side is still relatively high. Under the long-term influence of the central bank's monetary policy framework reform, the pressure on the liability side has been relieved. In the long run, long-term bonds still have certain cost-effectiveness in terms of allocation.