Recently, adjustments in Value-Added Tax (VAT) policies have caused fluctuations in the bond market. In the immediate term, institutions are actively purchasing tax-exempt bonds, thereby creating numerous trading opportunities. Looking ahead, banks, insurance companies, securities firms, and other institutions are likely to revise their investment strategies, turning their focus towards high-yield assets such as "fixed income +". Furthermore, public asset management products may attract additional capital flows into bond investments, spurred by the tax benefits associated with this approach.