——信用分析周报（2026/3/23-2026/3/29）：中长端信用收益率显著下行-20260330

Report Industry Investment Rating The provided text does not mention the industry investment rating. 2. Core Viewpoints of the Report - The central bank had a net withdrawal of 281.9 billion yuan in the open - market operations this week [5]. - The yield of medium - and long - term credit bonds decreased significantly, while the short - term yield mostly decreased slightly [2][22]. - The credit spread of the AA+ non - bank financial industry widened significantly, and the fluctuations of credit spreads of other industries and ratings were within 5BP [2][24]. - After the end of the quarter, the scale of wealth management products in April 2026 is expected to resume positive monthly growth, which will support the allocation of credit bonds [3]. - The current credit spreads of different varieties are at a relatively low historical level, and the credit spreads of 4 - 5Y credit bonds may still have some room to decline [3]. 3. Summary by Directory 3.1 Primary Market - The net financing of traditional credit bonds increased, and the net financing of asset - backed securities decreased by 36.2 billion yuan compared with last week [1][8]. - The net financing of urban investment bonds increased by 69.1 billion yuan, and that of industrial bonds increased by 55.8 billion yuan, while the net financing of financial bonds decreased by 64.2 billion yuan [8]. - The issuance volume of urban investment bonds increased by 47, and the redemption volume decreased by 49; the issuance volume of industrial bonds decreased by 21, and the redemption volume decreased by 36; the issuance volume of financial bonds decreased by 3, and the redemption volume remained unchanged [10]. 3.2 Secondary Market 3.2.1 Trading Volume - The trading volume of credit bonds decreased by 60.5 billion yuan compared with last week. The trading volume of urban investment bonds decreased by 6.7 billion yuan, that of industrial bonds decreased by 0.5 billion yuan, and that of financial bonds decreased by 53.4 billion yuan. The trading volume of asset - backed securities increased by 3.1 billion yuan [17]. - The turnover rate of traditional credit bonds decreased, while that of asset - backed securities increased slightly [17]. 3.2.2 Yield - The yields of 1Y AA, AAA -, and AAA+ credit bonds decreased by no more than 1BP; the yields of 5Y AA, AAA -, and AAA+ credit bonds decreased by 4BP, 3BP, and 2BP respectively; the yields of 10Y AA, AAA -, and AAA+ credit bonds decreased by 4BP [22]. - Taking AA+ 5Y bonds of various varieties as an example, the yields of different varieties decreased to varying degrees [23]. 3.2.3 Credit Spread - The credit spread of the AA+ non - bank financial industry widened by 10BP, and the fluctuations of credit spreads of other industries and ratings were within 5BP [24]. - For urban investment bonds, the credit spreads of different maturities fluctuated slightly within 2BP. The credit spreads of most regions decreased, except for Hainan AA+ and Xinjiang AAA [30][32]. - For industrial bonds, the short - term credit spreads continued to narrow, and the 10Y long - term spreads decreased slightly [35]. - For bank capital bonds, the credit spreads of medium - and long - term bank Tier 2 and perpetual bonds decreased slightly [38]. 3.3 Bond Market舆情 - The implied ratings of 15 debt issues issued by AVIC Industry Finance Holdings Co., Ltd. were downgraded, and the implied rating of "Gucanal A" issued by Wuxi Chengnan Construction Investment and Development Co., Ltd. was downgraded [40]. 3.4 Investment Suggestions - Overall, the credit spread of the AA+ non - bank financial industry widened significantly, and the fluctuations of credit spreads of other industries and ratings were within 5BP. - For urban investment bonds, the credit spreads of different maturities fluctuated slightly within 2BP. - For industrial bonds, the short - term credit spreads continued to narrow, and the 10Y long - term spreads decreased slightly. - For bank capital bonds, the credit spreads of medium - and long - term bank Tier 2 and perpetual bonds decreased slightly [5][42].