信用债市场周度回顾 260112：信用债抗跌或有持续性：逻辑和应对-20260112

Group 1 - The core view of the report suggests that the resilience of credit bonds observed at the beginning of the year may continue, with a recommendation to focus on riding opportunities in the 3Y-1Y segment [1] - The net financing for major credit bond varieties turned positive last week, with a total issuance of 2507.8 billion and a net financing of 1280.8 billion, reversing from a negative net financing of -636.4 billion in the previous week [5][6] - The issuance of short-term financing bonds, medium-term notes, and corporate bonds increased compared to the previous week, indicating a growing market activity [5][6] Group 2 - Secondary market transactions saw a significant increase, with total transactions reaching 7959 billion, up from 2964 billion in the previous week, indicating a warming market [8][9] - The yield on medium-term notes showed mixed movements, with the 3-year AAA medium-term note yield rising by 0.03 basis points to 1.89%, while the 3-year AA+ medium-term note yield fell by 0.97 basis points to 1.98% [8][9] - The credit rating adjustments showed no changes in issuer ratings, and there were no reported defaults during the week [5][6]