点评报告：顺风中稳健前行，积极布局中长久期信用债

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints - From June 16th - 20th, the credit bond market continued the spread compression trend driven by the "asset shortage" and loose funds. It is recommended to maintain an active allocation stance from June 23rd - 27th, prioritizing the layout of medium - long - term credit bonds and diversifying duration and bond types to control risks [3][7]. - Long - term interest - rate bonds need stronger policy signals to break through the previous lows, and may remain volatile in the short term. In contrast, the credit bond market is driven by multiple factors and has stronger continuity. It is advisable to focus on internal structural opportunities in credit bonds [8]. - Non - bank institutions dominate the short - term credit bond market. At the end of the quarter, banks' selling pressure creates allocation opportunities for non - bank institutions. It is recommended to actively seize the window period from late June to early July [9]. - In the current bond market, a positive strategy should be adopted, focusing on medium - long - term credit bonds and low - grade varieties, while strengthening individual bond screening and industry rotation, and paying attention to potential risks [10]. 3. Summary by Relevant Catalogs 3.1 Yield and Spread Overview - Yield and Changes of Each Term - Yields of various bond types and classifications at different terms (0.5Y, 1Y, 2Y, 3Y, 5Y) are presented, along with their changes compared to last week and historical quantiles. For example, the 1 - year yield of local government bonds is 1.47%, down 6.0bp from last week, with a historical quantile of 5.4% [18]. 3.2 Yield and Spread Overview - Spread and Changes of Each Term - Credit spreads of various bond types and classifications at different terms are provided, including their changes compared to last week and historical quantiles. For instance, the 1 - year credit spread of public non - perpetual urban investment bonds is 23bp, down 1.2bp from last week, with a historical quantile of 4.6% [20]. 3.3 Credit Bond Yield and Spread by Category (Hermite Algorithm) - Urban Investment Bonds by Region - Yield and Changes of Each Term: Yields of public non - perpetual urban investment bonds in different provinces at key terms are shown, along with their changes compared to last week and historical quantiles. For example, the 1 - year yield of Anhui's urban investment bonds is 1.82%, down 1.7bp from last week, with a historical quantile of 2.0% [23]. - Spread and Changes of Each Term: Credit spreads of public non - perpetual urban investment bonds in different provinces at key terms are presented, including their changes compared to last week and historical quantiles. For example, the 1 - year credit spread of Anhui's urban investment bonds is 33.20bp, down 0.1bp from last week, with a historical quantile of 6.6% [26]. - Yield and Changes of Each Implicit Rating: Yields of public non - perpetual urban investment bonds in different provinces with different implicit ratings are given, along with their changes compared to last week and historical quantiles. For example, the AAA - rated 1 - year yield of Anhui's urban investment bonds is 1.76%, down 1.7bp from last week, with a historical quantile of 3.2% [30]. - Spread and Changes of Each Implicit Rating: Credit spreads of public non - perpetual urban investment bonds in different provinces with different implicit ratings are provided, including their changes compared to last week and historical quantiles. For example, the AAA - rated 1 - year credit spread of Anhui's urban investment bonds is 27.76bp, down 0.1bp from last week, with a historical quantile of 30.0% [35].