信用策略周报20250824：把握调整后的信用票息-20250825

Group 1 - The report indicates that credit bond yields have adjusted significantly, with the adjustment magnitude exceeding that of interest rate bonds, leading to a widening of credit spreads. Notably, long-term credit bonds experienced a marked decline, with some mid-to-high grade 7-10 year bonds dropping over 10 basis points, while 3-5 year credit bonds also saw substantial declines [1][9]. - Recent buying behavior shows that funds, representing trading positions, have been net sellers, particularly of certain interest rate products, while wealth management and insurance sectors continue to buy on dips, focusing mainly on short-term bonds with maturities of three years or less [2][15]. - The static "downside protection" for various credit products has been calculated, showing that short-term bonds within one year have robust protection, generally exceeding 50 basis points. The downside protection for 2-3 year credit products has improved by 2-5 basis points since July 18, now ranging from 20-40 basis points [3][31]. Group 2 - As of August 22, 2025, certain AA and AA(2) credit bonds with maturities of two years or less have seen yields drop to over 1.9%, indicating a value in short-term coupons that also possess defensive attributes amid market volatility. The report suggests that the bond market may still be influenced by equity market fluctuations, necessitating careful liquidity management [4][34]. - The report highlights that the yield curve for 3-4 year perpetual bonds has become more attractive, with current valuations exceeding those of similarly rated short-term and urban investment bonds. It anticipates that the 1.8% resistance level in the bond market may be difficult to breach, suggesting higher trading value once interest rates stabilize [4][34].