【申万固收|信用周报】二永行情转弱，中短端弱资质普信债表现较优——信用债市场周度跟踪（20260126-20260201）

Group 1 - The net supply of ordinary credit bonds increased on a month-on-month basis, while there were no new issuances or maturities for perpetual bonds [3][5][6] - The total issuance and net financing of ordinary credit bonds for the period from January 26 to February 1, 2026, were 307.4 billion yuan and 183.6 billion yuan, respectively, compared to 328.8 billion yuan and 140.9 billion yuan in the previous period [3][5] - The issuance of industrial bonds decreased to 196.5 billion yuan, while the issuance of urban investment bonds slightly increased to 110.9 billion yuan, with net financing for urban investment bonds significantly rising to 64.3 billion yuan [3][5] Group 2 - In the secondary market, yields and credit spreads showed differentiation, with high-quality bonds performing better than perpetual bonds [3][5][6] - Most yields for high-quality bonds decreased, except for certain maturities, with the best performance seen in 5-year urban investment bonds, which saw a decline of 6.32 basis points [3][5] - The credit spreads for various categories varied, with short-term low-quality high-quality bonds showing better performance, particularly in the 3-year AA-rated medium-term notes and urban investment bonds [3][5][6] Group 3 - The overall pressure in the bond market for February is manageable, with limited room for compression in credit spreads, but the certainty of carry value in short- to medium-term credit bonds remains [3][5] - Recent positive performance in the bond market has been driven by allocation and a cooling equity market, with expectations for stable liquidity from the central bank [3][5] - The real estate sector may see a relaxation of financing restrictions, particularly with new loan support for major developers, which could benefit the valuation recovery of leading state-owned enterprises in the sector [3][5] Group 4 - The strategy suggests focusing on short- to medium-term coupon assets, with a recommendation to extend the duration of high-quality bonds to 3-5 years under the current market conditions [3][5] - There is a cautious outlook on perpetual bonds, with a recommendation to wait for better valuation opportunities as supply increases [3][5] - The demand for high-quality bonds is supported by the need for amortized bond funds, with expectations for a delayed start in related credit market activities [3][5]