According to Jinshi, Benjamin Mellman, global chief investment officer of Edmond de Rothschild Asset Management, believes that despite the narrowing of interest rate spreads, there are still opportunities in the bond market. He pointed out that the current high absolute interest rates can prevent economic accidents to a certain extent, while lower interest rates will offset the impact of widening interest rate spreads. The company believes that subordinated financial bonds are more attractive than corporate bonds and has increased its holdings of emerging country bonds, which are expected to benefit from the Fed's interest rate cut cycle and China's economic recovery.