According to a person from the asset management department of a joint-stock bank, compared to individual investors who are cautious about investing in ultra-long-term special national bonds, various institutional investors seem to have a stronger investment willingness. Firstly, after several banks lowered the interest rates of fixed-term deposit products, many deposit funds have returned to the wealth management market, increasing the demand for institutional investors to allocate bonds. Secondly, these institutional investors have certain bond investment capabilities and risk control strategies, enabling them to gain additional transactional excess returns during the price fluctuations in the secondary market of special national bonds.