On August 29, China Zheshang Bank held its 2025 interim results briefing. Addressing interest rate concerns, Luo Feng, Party Committee Member, Vice President, and Board Secretary of China Zheshang Bank, stated that this year has been the most challenging for bond market investors in recent years, with the overall market environment being relatively unfriendly to bonds. "The difficulty of achieving new benefits through bond investments this year is quite high," Luo said.

"Compared to 2024's non-interest income, there is no doubt that the growth in non-interest income from trading activities this year will definitely narrow, and achieving high growth will be quite difficult. We have also observed that various institutions' interim reports show some convergence in non-interest income growth. Although the market environment is not optimistic, China Zheshang Bank's overall response has been relatively stable, without experiencing significant volatility," Luo stated.

Looking ahead to the second half of the year, Luo believes that the overall monetary policy tone will be relatively accommodative.

Luo also noted that if monetary policy can maintain its accommodative stance, the bond market is unlikely to experience a major bear market.