With the recent adjustment of the equity market, the "seesaw" effect of stocks and bonds has emerged, and the bond market has ushered in a strong trend. Data shows that the CSI All Bond Index maintained positive growth in May, with more than 60% of bond fund having positive returns in the last week, and nearly 90% of bond fund having achieved positive returns this year, with relatively stable performance. At the same time, against the backdrop of a cooling fund issuance market, several bond funds have recently announced the early termination of fundraising. Looking ahead to the future, institutional insiders believe that there is still some market space for the bond market, but attention needs to be paid to short-term adjustment pressure. At the same time, I am not pessimistic about the medium to long term trend of the A-share market. The "warm breeze" in the bond market has continued to strengthen. Recently, the A-share market has continued to adjust, while the bond market has continued to strengthen, and the "seesaw" effect of stock and bond has become apparent. According to Wind data, as of the close on May 30th, the China Securities All Bond Index has increased by 0.73% this month. The China Securities Interest Rate Bond Index (full price) and China Securities Credit Bond Index (full price) both achieved positive growth in May. Affected by the bond market, bond fund performed well. According to Wind data, as of May 30th, out of the 4006 bond funds in the entire market (including partial bond mixed funds and A/C type consolidated calculations, the same below), a total of 2560 have had a positive return rate in the past week, accounting for approximately 64%. From the perspective of returns since the beginning of this year, while most active equity funds have suffered losses, the overall returns of bond funds are relatively stable. A total of 3529 bond fund have achieved positive returns this year, accounting for about 88%. Specifically, the bond funds with the highest return ranking are ICBC Convertible Bond, Jiahe Panshi, Xinhua Shuangli, Western Lide Xinxiang, and Tianhong Wenli, with yields of 19.36%, 19.75%, 9.93%, 9.77%, and 9.22%, respectively, so far this year. Among them, the allocation proportion of ICBC convertible bonds to convertible bonds reached 94%, the bond types allocated by Jiahe Panshi were all treasury bond, and Xinhua Shuangli also focused on the allocation of convertible bonds and treasury bond. The size of the bond market is still expanding. According to the latest data of China Infrastructure Association, the total shares of bond fund in March and April were 3690.95 billion and 385.9031 billion respectively, up 4.55% month on month; The net value of the fund was 4163.141 billion yuan and 4367.328 billion yuan respectively, an increase of 4.90% month on month. It is worth noting that despite the overall cooling of the fund issuance market in May, several bond funds have announced the early termination of fundraising despite the popularity of bond funds. According to Wind data, as of May 30th, there have been 21 bond funds announced to have been raised in advance since May, according to Economic Reference Daily. On May 30th, two bond funds, Xingye Jiachen's one-year fixed opening and Boshi's steady increase in interest A, announced early closing on the same day. Among them, Xingye Jiachen has been designated as a medium to long-term pure bond fund for one year, with the original subscription deadline being July 20th of this year. Industrial Fund announced that in order to protect the interests of investors, in accordance with relevant agreements and the current subscription situation of the fund, it has decided to advance the subscription deadline of the fund to May 30th. And Boshi's robust profit increase A is a hybrid