National Grid(US:NGG) Minsheng Securities·2025-04-27 14:18Group 1 - The overall performance of credit bonds remains weak, with credit spreads showing a slight upward trend despite a balanced and loose funding environment [1][11][13] - The total market size of wealth management products reached 30.84 trillion yuan as of April 20, 2025, reflecting an increase of 1.82 trillion yuan since the end of March, indicating a significant growth compared to the same period in previous years [2][16] - Wealth management has shifted its investment direction, showing increased buying power for secondary capital bonds and commercial paper, while the buying interest for certificates of deposit has decreased [3][20] Group 2 - The demand for credit bonds is expected to improve, supported by wealth management needs and allocation forces, although the pace and types of bonds require careful consideration [4][27] - The issuance of credit bonds totaled 537.2 billion yuan during the week, with a net financing of 114.8 billion yuan, indicating a stable issuance environment [32][34] - The supply of urban investment bonds continues to be tight, with a net outflow of 409 billion yuan, reflecting a decrease in net financing compared to previous weeks [43][45]