【财经分析】摊余债基开放潮至 信用债市场迎来结构性机遇

Core Viewpoint - The opening of a significant number of amortized cost bond funds is driving strong demand for credit bonds, reshaping the market dynamics [1] Group 1: Scale and Flow - In early November, seven amortized cost bond funds entered their open period, totaling 53.6 billion yuan; an additional 14 funds are expected to open in November and December, amounting to 102.3 billion yuan [2] - The shift in investment strategy towards credit bonds is a notable change for amortized cost bond funds, with projections indicating that by Q3 2025, the market value of credit bonds held by these funds will rise to 292.8 billion yuan, accounting for 15.4% of their portfolios [2][3] Group 2: Impact and Outlook - The demand from amortized cost bond funds has significantly increased net purchases of 3-5 year credit bonds, with net buying exceeding 11 billion yuan for two consecutive weeks [4] - The opening of these funds is expected to boost demand for 2-3 year credit bonds in December, with a combined opening scale exceeding 80 billion yuan [5] - The ongoing influx of bank wealth management funds into amortized cost bond funds necessitates a shift towards credit bonds to enhance yield attractiveness, particularly for medium to high-rated credit bonds [6]