2025年7月小品种策略：适当牺牲流动性挖收益

Group 1 - The report suggests a strategy of sacrificing liquidity to seek returns in credit small varieties, as the market sentiment is optimistic and supported by factors such as liquidity easing and the expansion of fixed-income asset management products [5][11][12] - The corporate perpetual bond strategy recommends a maturity selection of 4-5 years, focusing on high-quality urban investment bonds and mainstream industries like electricity and construction [5][12][20] - The ABS strategy emphasizes capturing liquidity premium compression opportunities, particularly in ABS types with higher standardization of underlying assets, with a notable increase in transaction volume observed since June [5][14][15] Group 2 - In the primary market for corporate perpetual bonds, issuance volume increased significantly, with 148 bonds issued in June, raising a total of 151.6 billion yuan, a 54% increase from the previous month [20][21] - The secondary market for perpetual bonds saw continued exploration of yield spreads, with a significant increase in turnover rates, indicating a strong market interest in credit products [31][32] - The report highlights that the majority of newly issued corporate perpetual bonds in June were from state-owned enterprises, with a notable focus on urban investment and construction sectors [23][26][31]