2026年1月小品种策略：债基费率新规落地后短二永或迎补涨行情

Group 1 - The report indicates that after the implementation of the new bond fund fee regulations, there may be a rebound opportunity for short-term perpetual bonds, as previous negative sentiments have eased slightly [5][11][17] - The overall attitude towards credit bonds is cautiously optimistic, with a focus on three main areas: short-term perpetual bonds, short-end credit assets, and opportunities in private and perpetual bonds [11][12][15] - In December, the credit bond market experienced fluctuations, with yields showing a general "N" shape trend, influenced by monetary policy expectations and significant meetings [5][10][29] Group 2 - The issuance of corporate perpetual bonds in December saw a decrease, but net financing remained positive at 602 billion yuan, reflecting a 13% increase from the previous month [19][20] - The financing costs for AAA and AA+ rated perpetual bonds increased by 8 basis points and 15 basis points respectively, indicating a rising trend in borrowing costs [19][20] - The sectors with the highest issuance of perpetual bonds in December were urban investment, oil and petrochemicals, and construction decoration, with urban investment bonds showing significant activity across multiple provinces [21][22] Group 3 - The report highlights that the yield spread for perpetual bonds remains high, with certain bonds offering attractive value despite a general widening trend in spreads [12][15][31] - ABS (Asset-Backed Securities) have seen a widening premium compared to ordinary credit bonds, with limited opportunities for excess returns in the short term [15][16] - The report suggests prioritizing ABS types with lower risk profiles, such as urban investment ABS and those related to affordable housing, while also considering the liquidity of various ABS types [15][16]