2026信用月报之二：2月信用，挖掘品种利差-20260202

1. Report Industry Investment Rating There is no information provided in the content about the report's industry investment rating. 2. Core Viewpoints of the Report - In February, the bond market may continue to fluctuate, and the coupon strategy may remain a relatively prudent choice. With low credit spreads and the need to control duration risk, investment strategies can focus on the refined exploration of variety spreads, increasing the allocation of low - credit - risk and high - absolute - return varieties [1][2] - Secondary perpetual bonds still have investment value, but their volatility may increase. It is recommended that trading desks control their positions according to their liability - side conditions and try reverse operations [4][5] 3. Summary by Relevant Catalog 3.1 Credit Bonds: Explore Variety Spreads, Pay Attention to Volatility Risks of Secondary Perpetual Bonds 3.1.1 Low Credit Spreads, Focus on Variety Spread Exploration - In January, the long - end interest rate showed a trend of "rapid rise → rapid fall → slow fall", credit bond yields declined, and credit spreads narrowed across the board. Medium - and low - rated bonds outperformed high - rated ones, and medium - and long - term varieties performed better [10][11] - In February, the bond market may continue to fluctuate. For accounts with unstable liability sides, it is not recommended to chase long - term credit. Focusing on medium - and short - term varieties may be relatively advantageous. After the spread compression in January, credit spreads are generally at a low level [14][15] - Investment strategies can focus on three aspects: exploring the spreads of perpetual varieties, seizing the allocation opportunities of brokerage bonds and brokerage sub - bonds, and grasping the "oversold" repair opportunities of science and technology innovation bond component bonds [18] 3.1.2 Secondary Perpetual Bonds Still Have Allocation Value, but Volatility May Increase - In January 2026, bank secondary perpetual bonds had a catch - up rally, with yields declining across the board and credit spreads narrowing, generally outperforming ordinary credit bonds. This rally was mainly driven by funds, while insurance's net buying volume gradually decreased [32][33] - 3 - 5 - year large - bank secondary perpetual bonds still have certain allocation value for accounts with stable liability sides. However, with the rapid entry of trading - desk funds such as funds and the reduction of insurance's buying volume, the volatility of secondary perpetual bonds may increase [39] 3.2 Urban Investment Bonds: Net Financing Increased Year - on - Year, Medium - and Long - Term Transaction Activity Rose - In January, the net financing of urban investment bonds was positive and increased year - on - year. The issuance proportion of medium - and long - term urban investment bonds increased, and the weighted average issuance interest rate decreased across the board [42] - The yields of urban investment bonds declined across the board in January, with medium - and long - term and low - grade varieties performing better. The trading sentiment of urban investment bonds improved, and the medium - and long - term transaction activity increased [48][54] 3.3 Industrial Bonds: Short - End Issuance Proportion Increased, Medium - and Long - Term Secondary Performance was Superior - In January, the issuance and net financing scale of industrial bonds increased year - on - year. The short - term issuance proportion of industrial bonds continued to rise, and the issuance interest rate generally declined [57] - The yields of industrial bonds declined across the board in January, with medium - and long - term varieties showing obvious repair. Most industries' public offering bond yields declined, and medium - and long - term varieties performed better [59][62] 3.4 Bank Secondary Perpetual Bonds: Transaction Sentiment Warmed Up, Medium - and Long - Term Varieties Significantly Repaired - In January 2026, there were no new bank secondary perpetual bond issuances, and the net financing was - 415 billion yuan, a year - on - year decrease of 36.1 billion yuan [65] - The yields of bank secondary perpetual bonds declined across the board in January, with medium - and long - term varieties significantly repaired. The trading sentiment of bank secondary perpetual bonds warmed up, and the transaction of city commercial bank secondary perpetual bonds spread to medium - and low - grade bonds [71][74]