信用债策略转向“以守为攻”

Group 1 - The report suggests a shift in credit bond strategy towards a defensive coupon strategy, focusing on mid to high-grade varieties to avoid interest rate fluctuation risks while waiting for opportunities in ultra-long local government bonds and high-quality industrial bonds [3][5] - As of May 30, the credit spread for 3-year AA(2) urban investment bonds compared to the same maturity national development bonds was only 48 basis points, indicating limited room for further compression [5] - The report highlights that the recent decline in deposit rates is driving funds towards wealth management and insurance products, benefiting AA+ and above urban investment bonds, but warns of the differentiation risks in weaker regional urban investment and low-grade industrial bonds [6] Group 2 - The current interest rate bond market is in a "vacuum of expectations," with potential upward pressure on yields due to external events and the central bank's pause in bond purchases [7] - Investors are advised to slightly reduce duration exposure and avoid excessive downgrading of credit quality, while paying attention to special clauses in credit bonds to enhance safety margins [7] - The report emphasizes the need for institutional investors to prioritize stable mid to high-grade credit bonds with low valuation volatility and to use coupon income to offset potential capital loss [5][7]