华泰固收：点心债供求偏暖，票息为先

Core Viewpoint - The rapid development of dim sum bonds since 2022 is primarily driven by urban investment bonds, with the outstanding dim sum bond scale exceeding 1.5 trillion yuan by early September 2025 [1] Supply Side - The supply of urban investment offshore bonds remains strictly regulated, making significant short-term increases in urban investment dim sum bonds unlikely [1] - High-quality financial/industrial bonds and green bonds are expected to expand under regulatory support [1] Demand Side - The expansion of cross-border investment channels, strong willingness of institutions to invest overseas, and potential appreciation of the renminbi indicate promising incremental demand for dim sum bonds [1] Investment Strategy - It is recommended to focus on coupon strategies for dim sum bond investments, primarily in the short to medium term, while also considering the extension of duration for investment-grade financial/industrial bonds and moderate allocation in short to medium-term urban investment bonds [1]