10月，信用策略如何布局？：信用策略系列报告

Group 1 - The core view of the report emphasizes that short-end sinking strategies have outperformed in September 2025, with various credit strategies yielding positive returns due to sufficient coupon income covering capital loss, although the contribution to overall returns was limited [2][3][4] - Historical performance of credit strategies in October since 2021 shows that most strategies have achieved positive returns, with a notable success rate for bullish credit positions in October [10][24] - The report suggests that in the current steep yield curve environment, increasing allocation to medium and long-term credit bonds and utilizing bond repurchase agreements to introduce leverage could significantly enhance the returns of the strategies [10][24] Group 2 - In September 2025, the market was cautious due to concerns over new public fund sales regulations, leading to a tightening of credit bond market sentiment [3][4] - The report highlights that the performance of various credit strategies in September was negatively impacted by rising interest rates, with some strategies recording capital losses exceeding 1% [3][4][5] - The anticipated liquidity support from the central bank's operations in October 2025 is expected to bolster the bullish logic for credit investments, despite potential constraints from institutional behavior and policy impacts [17][24]