信用债市场周度回顾 260223：票息行情未止：接续力量和可挖掘的标的-20260224

Group 1 - The report indicates that the credit bond market continues to show a recovery trend, characterized by a combination of "configuration bottoming" and "trading support," with overall trading sentiment remaining optimistic [7][8] - The yield curve has shown a steepening downward repair, and credit spreads have continued to compress under the support of configuration demand, with most grades and term spreads at historically low levels [7][8] - Institutional investors are showing a strong willingness to hold bonds over the holiday period, with a preference for extending duration within controllable risk limits to seek excess returns [7][8] Group 2 - In the primary issuance market, net financing decreased significantly, with a total issuance of 1,262.5 billion yuan and a net financing of 292.9 billion yuan during the week of February 9 to February 14, 2026, down from 2,462 billion yuan the previous week [11] - The secondary market saw a slight increase in trading volume, with total transactions amounting to 8,255.04 billion yuan, up by 120.65 billion yuan from the previous week [14] - The report highlights that the majority of credit ratings were upgraded for two issuers, while no new defaults were reported during the same period [11][14] Group 3 - The report suggests maintaining a short-end carry strategy, as the liquidity environment is expected to remain loose, making mid-to-short-term credit bonds a priority for base configuration [8] - It recommends a shift towards more precise digging in the credit bond market, focusing on sectors with fundamental support, such as urban investment and industrial bonds, to uncover higher coupon returns [8] - The report also points out opportunities in the technology innovation bonds, as some components have seen significant price adjustments, making them attractive for potential investment [8]