长端信用为何强势？

Key Points of the Report 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Since May, credit bonds have performed well, especially long - term credit bonds. As of May 22, both the yield and credit spread of credit bonds have declined this month, with a divergence in short - and long - term trends. Long - term credit bonds are strong and have anti - decline properties [2]. - The strong performance of long - term credit bonds is due to the imbalance between supply and demand. The supply is relatively weak in May, while the configuration demand is growing. In June, the supply may increase, but the impact is expected to be limited. The demand for credit bonds is expected to continue, but potential changes in wealth management behavior around the mid - year point need attention [4]. - The strong performance of long - term credit bonds may continue in the short term, but the valuation fluctuation risk may increase. Factors such as the supply of credit bonds, the continuation of the "deposit transfer" phenomenon, and changes in wealth management behavior at the mid - year point should be focused on. It is recommended to prioritize the allocation of 5 - year high - grade credit bonds and appropriately select urban investment bonds for credit sinking around 2 - 3 years [6]. 3. Summary by Related Catalogs Market Performance - The yield of 1 - year urban investment bonds with various implicit ratings has generally declined by 12 - 13bp, with about 7 - 8bp from spread compression and about 5bp from the decline in risk - free interest rates. The yield of 5 - year urban investment bonds has also declined, but the decline is less than the spread compression [2]. - In the secondary market, the trading of credit bonds has shifted from the short - end to the long - end. As of May 22, the proportion of credit bonds with a remaining term of less than 1 year (considering exercise) has reached a one - year low, while the proportion of those with a term of more than 3 years has reached 30%, the third - highest in the past year [3]. Supply and Demand Analysis - On the supply side, May is a small month for credit bond issuance. As of May 22, the net financing scale of the five major types of credit bonds is less than 30 billion yuan. The change in approval and supervision policies also indicates weak supply [4]. - On the demand side, the loose capital situation highlights the configuration value of credit bonds. The seasonal increase in wealth management scale in April and the "deposit substitution" effect brought about by the reduction of deposit interest rates support the strong demand for credit bonds [4]. Outlook and Strategy - In June, the supply of credit bonds may increase due to the peak maturity, but the impact on the supply side is expected to be limited. The "deposit substitution" effect may continue to drive the growth of wealth management scale and the demand for credit assets, but potential changes in wealth management behavior around the mid - year point need attention [4]. - It is recommended to prioritize the allocation of 5 - year high - grade credit bonds and appropriately select urban investment bonds for credit sinking around 2 - 3 years, and make comprehensive decisions based on the liquidity of individual bonds [6].