信用债“补涨”可持续吗？

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - From October 13th to 17th, the "catch - up" market in the credit bond market was mainly due to valuation restoration brought by loose capital, but its sustainability is under test. The current market relies more on capital gains rather than fundamental drivers and is vulnerable to fluctuations in the fund's liability side and potential policy implementation [1][6]. - Credit bond valuation restoration still has some sustainability as the market is in a transition stage where negative factors are being digested and positive factors are not fully priced. However, the fund's liability side is relatively fragile, and the inflow of wealth - management funds is prudent [6]. - In mid - to late October, the credit bond investment strategy should focus on the allocation opportunities of 3 - 5Y varieties, with a core principle of being stable and structured. It is necessary to balance risk control and return certainty [7]. 3. Summary by Relevant Catalogs 3.1 Yield and Spread Overview 3.1.1 Yields and Changes of Each Maturity - Yields of various bonds such as treasury bonds, local government bonds, and corporate bonds at different maturities (0.5Y, 1Y, 2Y, 3Y, 5Y) showed different degrees of change compared to the previous week, with historical quantiles ranging from single - digit percentages to around 50% [14]. 3.1.2 Spreads and Changes of Each Maturity - Credit spreads of different bonds also changed compared to the previous week, and historical quantiles varied widely, from less than 1% to over 70% [16]. 3.2 Credit Bond Yields and Spreads Classified by Category (Hermite Algorithm) 3.2.1 Yields and Spreads of Urban Investment Bonds by Region - Yields and spreads of urban investment bonds in different provinces showed different trends. For example, in Anhui, yields at various maturities decreased compared to the previous week, and credit spreads also showed corresponding changes [20][23]. 3.2.2 Yields and Spreads of Industrial Bonds by Industry - Not provided in the current content 3.2.3 Yields and Spreads of Financial Bonds by Issuer - Not provided in the current content 3.2.4 Yields and Spreads of Credit Bonds Classified by Category (Balance Average Algorithm) - Not provided in the current content 3.3 Key Indicator Tracking of the Credit Bond Market 3.3.1 Performance of Major Bond Indexes - Not provided in the current content 3.3.2 Wealth - Management Scale and Break - Even Rate - Not provided in the current content 3.3.3 Capital and Market Sentiment Index - Not provided in the current content