1、According to the relevant provisions of Shanghai and Shenzhen Stock Exchange, individual investors in the bond market (including ordinary investors and qualified investors) and ordinary institutional investors should stop the repurchase operation before December 9, 2017.

2、On November 17, 2017, PBOC, China Banking Regulatory Commission, China Securities Regulatory Commission and other five departments jointly issued the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions (Draft for Comment). With the publication of this document known as the constitutional and regulatory documents, China's asset management market will change dramatically.

By comprehensive analysis, the promulgation and implementation of the above provisions will greatly reduce the size of the bond market and the size of the investment, in the short term the bond market will have a greater impact. However, in the medium and long term, the impact of the policy will bring many years of investment opportunities for investors who have short positions or short positions outside the market and will likely become a new starting point for the bull market in 2018.