景顺：看好短期亚洲高收益债券 关注前沿主权债券、可再生能源及博彩等行业

Group 1 - The core viewpoint of the article is that Asian high-yield bonds are expected to continue outperforming, with short-term Asian high-yield bonds (1-2 years) offering greater investment value compared to BBB-rated bonds, providing a stable yield increase of over 1-2% [1] - Year-to-date, as of November 7, 2025, the Asian high-yield bond market has consistently outperformed both the European and US high-yield bond markets, and is expected to record the highest total return for the second consecutive year [1] - Despite strong total return performance, the Asian high-yield bond market is continuously shrinking, with the market size as of the end of October 2025 being $118 billion, approximately half of its size in December 2021 [1] Group 2 - The focus should be on whether there is additional capital appreciation potential within the Asian high-yield bond category, particularly in quality credits priced between 80 and 100, which represent over 50% of the index and are expected to benefit from price recovery towards par [2] - The default rate for Asian high-yield bonds (excluding real estate) remains low, but there is caution regarding companies with insufficient cash to cover short-term debt and negative free cash flow [2] - Emphasis is placed on the importance of credit structure and creditor protection, as private credit investors may be in a more favorable position during potential credit restructurings [2]