Recently, it is not advisable to short. During the early stage of domestic economic recovery, demand remains weak, and the expectation of loose liquidity is clear. The issuance pressure of ultra-long-term government bonds has shifted, and the central bank may further cut RRR and interest rates to hedge. The bearish signals in the bond market are gradually fading, with short-term contracts supported by liquidity and performing strongly. Institutions recommend returning to a bullish outlook. Under global policy divergence, short sellers face increased uncertainty.