信用周报20251207：关注赎回扰动变化，逢高储备票息资产-20251207

Group 1: Credit Strategy - The report emphasizes the need to monitor redemption disturbances and suggests seizing the value of coupon assets during high points [2][11] - Current yields for 1-year products range from 1.73% to 1.82%, with spreads within 20 basis points, which is lower by 10-16 basis points compared to the lowest point in 2024, indicating low cost-effectiveness [2][32] - For 2-3 year products, yields are between 1.87% and 2.12%, with spreads from 17 to 35 basis points, still having 1-8 basis points of room compared to 2024's lowest spreads [2][32] - The 4-5 year products show yields from 2.03% to 2.31%, with spreads between 23 and 47 basis points, which have compressed slightly due to institutional configurations, enhancing cost-effectiveness [2][32] - Long-term credit products (5 years and above) offer coupon advantages but test the stability of liabilities, with institutions needing to be cautious in the current volatile market [3][34] Group 2: Market Overview - The credit bond market has seen a general rise in yields, with a divergence in credit spreads, influenced by new fund sales regulations and policy expectations ahead of major meetings [11][12] - Short and medium-term pure bond fund net values have declined, with a cumulative drop of 1.71 basis points and 11.82 basis points respectively over the week [12][18] - The report notes that institutional investors have been net sellers of bonds, with a total net sell-off of 22.477 billion yuan, particularly in the 7-10 year category, while insurance and wealth management products continue to increase their credit bond allocations [22][24] Group 3: Key Policies and Events - The report highlights the optimization of merger note mechanisms by the China Interbank Market Dealers Association, which broadens the support for mergers and enhances funding flexibility [4][36] - The restructuring of state-owned enterprises in Shanxi province aims to improve strategic decision-making efficiency and clarify regulatory boundaries [4][37] - In Chongqing, several state-owned enterprises have consolidated financial equity through stock transfers, leading to more effective management of financial resources [4][37]