Industrial Securities(SH:601377) Sou Hu Cai Jing·2025-04-14 05:55Core Viewpoint - The Shenzhen Stock Exchange has announced the inclusion of the credit bond ETF Boshi (159396) in the margin trading list, marking it as the only fund among four tracking the Shenzhen benchmark market-making credit bond index to be included [1] Group 1: Market Sentiment and Trends - The market is experiencing heightened risk aversion, leading to a significant increase in bond market sentiment due to a more relaxed funding environment and changes in the central bank's stance [1] - Recent macroeconomic fluctuations and tariff issues have contributed to a broad asset market volatility, further boosting the bond market's performance [1] - Short-term market adjustments are expected, with a potential shift in sentiment from macro narratives to central bank operations and specific funding prices, which may introduce volatility [1] Group 2: Investment Recommendations - Investors are advised to maintain a positive outlook on credit bonds while closely monitoring market sentiment and marginal changes in funding [2] - The current credit bond market is transitioning from an independent trend to following the overall bond market, suggesting a gradual shift from short to medium-term credit bond allocations as interest rates decline [2] - The credit bond ETF Boshi (159396) closely tracks the Shenzhen benchmark market-making credit bond index, reflecting the operational characteristics of the Shenzhen credit bond market [3]