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 has shown a trend of oscillation and recovery, with overall trading sentiment remaining optimistic, characterized by "configuration bottoming + trading relay" [7][8] - The yield curve has exhibited a steepening downward repair, with credit spreads continuously compressing under the support of configuration demand, and most grades and term spreads are at historically low levels [7][8] - The core logic of the market revolves around "yield is king," with strong institutional willingness to hold bonds during the holiday period, seeking excess returns while extending duration within controllable risk [7][8] Group 2 - In the primary issuance segment, net financing has significantly decreased, with a total issuance of 1262.5 billion and a net financing of 292.9 billion during the week before the holiday, down from 2462 billion the previous week [11] - The secondary market saw a slight increase in transaction volume, with total transactions amounting to 8255.04 billion, up by 120.65 billion from the previous week, while most credit spreads have declined [14][15] - There were two issuers with upgraded ratings during the week, and no new defaults were reported, indicating a stable credit environment [19][20]