12月信用债策略月报：优先关注中短端票息，4-5y品种逢高配置-20251203

Group 1 - The report highlights that the current market conditions present a good window for credit bond allocation, despite limited room for a year-end rally due to cautious central bank policies and stable institutional funding [1][19][20] - The focus is on short to medium-term bonds (1-3 years) for their strong demand potential, while 4-5 year bonds should be considered for allocation at higher yield points due to expected volatility [2][23] - The report indicates that long-term bonds (5 years and above) may face challenges in demand stability, suggesting cautious participation from institutions with weaker funding stability [3] Group 2 - The strategy emphasizes prioritizing short-term credit bonds (3 years and below) and opportunistically allocating to 4-5 year bonds when yields are favorable [21][23] - The report notes that the credit spread for 1-year bonds is currently low, while 2-3 year bonds have shown a marginal recovery in spreads, indicating potential for investment [21][22] - The analysis of various sectors suggests that municipal investment bonds (城投债) and real estate bonds (地产债) present specific opportunities, particularly in lower-rated segments and those with strong regional backing [4][5]