信用债市场周度回顾 260301：配置力量支撑仍在，关注品种和条款下沉-20260302

Group 1 - The effectiveness of coupon strategies and the certainty of arbitrage space remain high, providing support for credit bond allocation [6][7] - The stability of the liability side and the effectiveness of coupon strategies contribute to the strong anti-drawdown characteristics of credit bonds [6] - The opening of amortized debt funds and the increase in allocation to credit bonds provide support for the demand for credit bonds in March [6][9] Group 2 - The credit bond market saw a net financing outflow for two consecutive weeks, with a total issuance of 917.9 billion yuan and a maturity of 1,757 billion yuan, resulting in a net financing of -839.1 billion yuan [11][12] - The issuance of short-term financing bonds, medium-term notes, and corporate bonds increased compared to the previous week, with AAA-rated issuers making up the largest proportion at 59.5% [11][12] - The secondary market showed increased trading volume, with a total transaction of 4,812 billion yuan, and the yield on medium-term notes slightly increased [14][15] Group 3 - There are opportunities to explore the yield spread of credit bond varieties, particularly in perpetual bonds, which have a higher yield spread compared to ordinary industrial bonds [7][10] - Recommended strategies for perpetual bonds include a coupon strategy for coal and steel industry entities with a remaining term of less than 2 years, and a duration strategy for public utilities and transportation central state-owned enterprises around 5 years [7][10]