Regarding the recent issuance of convertible bonds by several Chinese technology companies, Zhu Lei, the head of fixed income at Fidelity International Asia, said that the companies can benefit from issuing bonds at lower interest rates, but ultimately, investors must also be interested in the stocks in order to attract the convertible bonds. She believes that more technology companies will use this tool for financing in the future. Zhu Lei also mentioned that global inflation has slowed down, and she believes that inflation has entered the "last mile." She expects that Asian central banks are now considering cutting interest rates in the coming months, but factors such as climate and war could reignite inflation. Regarding the outlook for high-yield bonds in China, Zhu Lei stated that the impact of the Chinese real estate sector on domestic high-yield bonds is very limited. Onshore bonds currently offer decent long-term risk returns, and entering an interest rate-cutting cycle will also be beneficial for the outlook of related assets. Daniel Ushakov, the international co-portfolio manager at the bank, is optimistic about the bond market. He stated that despite spread differentials being at historic lows, investors have been continuously pouring into bond funds since the beginning of the year. Additionally, the yield on U.S. 10-year Treasury bonds has risen to high levels, significantly higher than the yield on the S&P 500 index, increasing their attractiveness. Regarding U.S. inflation, Daniel Ushakov pointed out that core goods inflation shows signs of slowing down, but it still needs to be observed over time as prices are still higher than before the pandemic. He expects the authorities to continue to rely on data as a guide.