信用策略周报20250413：信用加久期仍占优-20250413

Group 1 - The report indicates that credit bonds are experiencing a downward trend in yields, particularly in short-term credit bonds, ultra-long perpetual bonds, and ultra-long municipal investment bonds, reflecting different allocation logic [1][10][13] - The report highlights that the overall credit spread has widened passively due to the underperformance of short credit bonds compared to interest rate bonds in the latter half of the week [1][11] - The report notes that institutions are cautiously increasing their purchasing power for ultra-long credit bonds, but overall transaction durations have not significantly increased due to strong liquidity demands in the current market environment [2][15] Group 2 - The report maintains the view that after the quarter-end, with seasonal recovery in wealth management scale, the allocation power for credit bonds will strengthen, leading to further narrowing of credit spreads [3][19] - It is observed that the issuance of credit bonds has improved, with a net financing of 830 billion yuan for the week, indicating a positive trend in corporate financing [25][37] - The report suggests that the current supply-demand dynamics favor credit bonds, and it is recommended to continue increasing allocations in this sector [21][22]