短端票息为主，二永逢调增配

Group 1 - The report indicates that the short-end interest rates are prioritized, and there is an opportunity to increase allocation in perpetual bonds after previous adjustments, as current yield levels show certain cost-effectiveness [11][22][12] - The macroeconomic data shows that the manufacturing PMI for February is at 49.0%, a decrease of 0.3 percentage points from the previous month, indicating continued weak production activity [11][12] - The government work report emphasizes a more proactive fiscal policy and continued implementation of moderately loose monetary policy, with major fiscal tools remaining largely unchanged from the previous year, suggesting limited direct impact on the bond market [12][11] Group 2 - The report notes that the average issuance rate of credit bonds has decreased, with the average rate at 2.04%, an increase of 18 basis points from the previous week, while the average issuance period has risen to 2.97 years, an increase of 0.98 years [54][58] - The total issuance of credit bonds for the week is 296.37 billion yuan, a 272.98% increase from the previous week, but a decrease of 62.96 billion yuan compared to the same period last year [50][54] - The report highlights that the net financing amount for urban investment bonds, industrial bonds, and financial bonds has increased significantly, indicating a positive trend in these sectors [50][54]