Group 1: Credit Bond Strategy - The credit bond market is expected to continue in a volatile state, with a focus on interest rate strategies and band trading being more favorable than pure selection of varieties [5][38] - The strategy suggests focusing on short to medium-term credit bonds and high-grade long-term bonds to seek opportunities for interest rate compression [5][38] - The recommendation is to increase allocation in high-grade bonds from local government financing vehicles, real estate, and stable industries during market adjustments [5][38] Group 2: Local Government Financing Bonds - The transformation of local government financing vehicles is entering a complex phase, with potential pricing discrepancies as platforms adapt to new regulations [2][43] - The issuance of local government bonds is expected to remain low due to strict regulatory oversight and the ongoing transition of platforms [2][43] - Focus on short to medium-term bonds from regions with stable cash flows, particularly in Guangdong, Hubei, Jiangsu, and Henan, is recommended [2] Group 3: Financial Bonds and Varieties - High-grade perpetual bonds can be traded in response to interest rate fluctuations, but the trading space is limited and requires high trading standards [3][39] - The strategy includes focusing on high-grade bonds with a maturity of 3-5 years for stable institutions, while actively trading lower-grade bonds during market adjustments [3][39] - The expansion of TLAC non-capital instruments and their comparison with secondary capital bonds is highlighted as an area of interest [3][39] Group 4: Industrial Bonds - Industrial bonds have shown some recovery in profitability, but performance remains varied across sectors, with strong performance in automotive, machinery, and utilities, while real estate and construction sectors lag [4] - The recommendation is to focus on high-quality state-owned enterprises and stable private enterprises for medium-term investments [4] Group 5: Real Estate Bonds - The real estate sector is under pressure, with a recommendation to focus on high-grade bonds from state-owned enterprises while monitoring the recovery of the sector [4] - The potential for policy support in the real estate market could enhance recovery in core cities, but caution is advised for lower-tier cities [4] Group 6: Asset-Backed Securities (ABS) and Public REITs - The market for consumer finance ABS is expanding, with opportunities for variety exploration in a volatile market [3][39] - Public REITs are recommended to balance opportunities in both primary and secondary markets, focusing on stable projects [3][39]

截至2025年6月5日 11:30，信用债ETF博时(159396)上涨0.02%，最新价报100.78元。流动性方面，信用债ETF博时盘中换手25.49%，成交20.03亿元，市场交 投活跃。拉长时间看，截至6月4日，信用债ETF博时近1月日均成交26.66亿元。 渤海证券指出，地产债方面，销售复苏进程将对债券估值产生较大影响，随着市场逐步企稳的信号出现，风险偏好较高的资金已可考虑提前布局，需注重风 险与收益的平衡。配置重点仍是历史估值稳定的业绩优异的央企、国企，以及含有强力担保的优质民企债券，可拉长久期增厚收益，也可适当博弈超跌房企 债券估值修复带来的交易机会。 城投债方面，稳增长和防系统性风险的背景下，城投违约的可能性很低，城投债仍可作为信用债重点配置品种。城投债大势将由化债与发展的合力决定，短 期信用风险无虞，现阶段城投债策略依然可以积极。 从资金净流入方面来看，信用债ETF博时近4天获得连续资金净流入，最高单日获得1.25亿元净流入，合计"吸金"3.10亿元，日均净流入达7755.82万元。 数据显示，杠杆资金持续布局中。信用债ETF博时连续13天获杠杆资金净买入，最新融资余额达55.00元。 从收 ...

新华财经上海5月29日电 近期，利率债表现偏弱，但信用债整体走强——城投债热度依旧不减。分析人 士指出，5月以来，信用债的利差优势逐渐显现，目前3年至5年期城投债的票息性价比依然显著，各机 构可把握介入机会。 城投债仍具性价比 可以看到，5月以来，较之于利率债市场的持续震荡，信用债则继续走强，收益率下行、信用利差收 窄。 城投债表现缘何如此"坚挺"？ 记者观察发现，供需关系向好是重要的支撑因素。 就需求端来看，信用债买盘热度继续回升。具体而言，上周城投债的TKN占比为77%，其中低估值占比 更由74%升至81%。分期限结构看，各机构于城投债继续拉久期操作，城投债2年期以内的占比由57%降 至50%，而3年至5年期、5年期以上的占比分别增加了5、1个百分点至24%、4%。 供给端方面，"城投债的净融资规模或将连续3个月为负。"姜丹指出，"2025年5月1日至25日，城投债的 发行规模为1815亿元，到期量达2525亿元，净融出扩大至710亿元，由于5月仅剩下几日，因此城投债的 净融资规模或将连续3个月为负，这在历史上比较罕见。反观城投债的一级发行市场，现阶段新债全场 认购倍数达3倍以上的产品占比已升至72%，接 ...

Group 1 - The core viewpoint of the news highlights the active trading and significant inflow of funds into the Tianhong Credit Bond ETF (159398), which has seen a net inflow of over 570 million yuan in the last five trading days and has a trading volume exceeding 1.5 billion yuan [1] - The Tianhong Credit Bond ETF has a latest circulating scale of 5.672 billion yuan, meeting the criteria for inclusion in the general repurchase pledge library for bond transactions [1] - The implementation of the general pledge-style repurchase business for credit bond ETFs is expected to enhance liquidity and trading opportunities in the market [1] Group 2 - Citic Securities forecasts an influx of incremental funds into the domestic credit market due to the central bank's "double reduction" policy and the upcoming deposit rate cuts, which may lead to a further narrowing of credit spreads [2] - The bond market is expected to remain volatile, with short-term funding rates stabilizing around 1.5%, and the focus will be on the central bank's liquidity injections at the end of the month [2] - It is recommended to seize opportunities in credit spread compression, particularly in high-grade credit bonds with maturities of over three years [2]

数据显示，截至5月27日，8只交易所基准做市公司债ETF自上市以来净流入额达到367亿元，最新规模 达到586亿元。其中，易方达上证基准做市公司债ETF（511110）自上市以来交投活跃，日均成交额达 28亿元，净流入额达73亿元，仅4个月时间规模从不到30亿元迅速突破百亿元，达到103亿元，在同类8 只产品中持续领先。 数据显示，截至5月27日，全市场11只信用债ETF年内净流入额近600亿元，最新总规模超1300亿元，较 去年末激增近150%。信用债ETF的迅猛发展，直接受益于交易所基准做市公司债ETF的推出。今年年 初，易方达上证基准做市公司债ETF等首批8只交易所基准做市公司债ETF成立，并于2月前后陆续上 市，之后持续获资金流入。 中证网讯 随着资金加速涌入信用债ETF，首只百亿交易所基准做市公司债ETF诞生。数据显示，截至5 月27日，跟踪沪做市公司债指数的易方达上证基准做市公司债ETF（511110）规模达到103亿元，突破 100亿元大关，成为首只百亿交易所基准做市公司债ETF，也是全市场第4只百亿信用债ETF。 易方达固定收益特定策略投资部李一硕介绍，信用债ETF之所以被越来越多投资者认可， ...

Core Viewpoint - Despite recent positive performance in credit bonds, the overall performance of industrial bonds remains weak compared to municipal investment bonds, with analysts suggesting a focus on high-quality central state-owned enterprise bonds and leading private enterprise bonds as investment opportunities [1][2][4]. Group 1: Industrial Bond Performance - The credit bond market has shown a "strong credit but weak interest rate" characteristic since May, with slight fluctuations in yields [2]. - As of May 26, the yield curve for AAA-rated medium and short-term notes remained stable, with 3-month yields at 1.67%, 3-year yields down 1 basis point to 1.81%, and 5-year yields down 1 basis point to 1.94% [2]. - Industrial bond issuers are facing significant pressure, with 2024 revenue growth declining to -1.79% and net profit growth contracting to -10.47% [2]. Group 2: Sector-Specific Risks - Industries such as textiles, light manufacturing, and real estate continue to experience weak demand, impacting related sectors like construction and materials [3]. - The construction sector is particularly affected, with both revenue and net profit expected to decline in 2024, alongside rising debt ratios and slow project rollouts [3]. Group 3: Investment Strategies - Analysts recommend focusing on high-quality central state-owned enterprise bonds and leading private enterprise bonds due to the overall low yield of industrial bonds compared to municipal bonds [4]. - Investment strategies should prioritize long-duration bonds (5 years and above) with AA+ ratings or higher, particularly in sectors like utilities and transportation [4]. - The issuance of perpetual bonds, especially those rated AAA or AA+, is also encouraged due to their strong financing capabilities and tax advantages [4]. Group 4: Technology Innovation Bonds - The issuance of technology innovation bonds has surged, with a total issuance of 320.5 billion yuan in May, contributing significantly to net financing [5][6]. - Approximately 90% of technology innovation bond issuers have external ratings of AAA, with central state-owned enterprises accounting for about 57% of the issuance [5]. - The current environment is favorable for investing in technology innovation bonds, as they offer higher yields compared to government bonds and are expected to alleviate the "asset shortage" in the bond market [5][6].

Group 1: Overview of Credit Bonds - As of May 12, 2025, the total outstanding credit bond market, including financial bonds, is 431396 billion, with local government bonds (城投债) at 186206 billion, industrial bonds at 103498 billion, and financial bonds at 141692 billion [8][12] - Among local government bonds, 63480 billion are valued above 2.2%, accounting for 34.1% of the total [10][12] - The report categorizes local government bonds into four tiers based on their valuation and distribution across provinces [16] Group 2: Distribution of Local Government Bonds - In Jiangsu, Zhejiang, Anhui, and Fujian, the proportion of bonds valued above 2.2% is below 30%, but the total scale is relatively large, with Jiangsu having a rich supply of 1-3 year AA(2) bonds [10][17] - In Sichuan, Hunan, Hubei, and Jiangxi, the valuation is in the mid-range, with 30-40% of bonds valued above 2.2%, and Sichuan alone has over 4800 billion in such bonds [10][21] - In Henan, Shandong, and Shaanxi, the overall valuation is higher, with bonds valued between 2.29% and 2.40%, and the proportion of bonds above 2.2% ranges from 47% to 63% [10][12] Group 3: Industrial Bonds - As of May 12, 2025, the total outstanding industrial bonds amount to 103498 billion, with 21368 billion valued above 2.2%, representing 20.6% of the total [3][12] - The real estate sector has over 5300 billion in bonds valued above 2.2%, while sectors like construction, non-bank financials, coal, steel, and retail also show significant amounts [3][12] Group 4: Financial Bonds - The total outstanding financial bonds is 141692 billion, with 9093 billion valued above 2.2%, which is 6.4% of the total [4][12] - Among bank subordinated bonds, over 3400 billion are valued above 2.2%, primarily concentrated in bonds with a maturity of over three years [4][12] - Insurance bonds valued above 2.2% exceed 1500 billion, with major issuers including Ping An Life, Taikang Life, and Sunshine Life [4][12]

Core Viewpoint - The recent adjustments in bond review policies by regulatory authorities have led to a more stringent requirement for issuers regarding debt repayment capabilities and information disclosure, impacting the approval pace for weaker credit quality platforms [2][3]. Group 1: Market Performance - As of May 13, 2025, the credit bond ETF Boshi (159396) rose by 0.01%, with a latest price of 100.56 yuan [2]. - The trading volume for the credit bond ETF Boshi reached 10.26 billion yuan, indicating active market participation, with an average daily transaction of 20.52 billion yuan over the past month [2]. - The latest scale of the credit bond ETF Boshi reached 5.918 billion yuan, marking a new high since its inception and ranking it in the top quarter among comparable funds [2]. Group 2: Fund Inflows and Performance - The credit bond ETF Boshi has seen continuous net inflows over the past three days, totaling 407 million yuan, with a peak single-day inflow of 286 million yuan [3]. - The fund has recorded a maximum drawdown of 0.89% since inception, with a recovery period of 26 days [3]. - The management fee for the credit bond ETF Boshi is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [3]. Group 3: Index Tracking and Holdings - The credit bond ETF Boshi closely tracks the Shenzhen benchmark market-making credit bond index, which reflects the operational characteristics of the credit bond market in Shenzhen [3]. - As of April 30, 2025, the top ten weighted stocks in the Shenzhen benchmark market-making credit bond index accounted for 8.59% of the total index [4].

流动性方面，信用债ETF基金盘中换手64.08%，成交25.77亿元，市场交投活跃。拉长时间看，截至5月9日，信用债ETF基金近1周日均成交34.49亿元。 从资金净流入方面来看，信用债ETF基金近7天获得连续资金净流入，最高单日获得1.43亿元净流入，合计"吸金"4.04亿元，日均净流入达5778.55万元。份额 方面，信用债ETF基金最新份额达4001.75万份，创近3月新高。规模方面，信用债ETF基金最新规模达40.17亿元，创成立以来新高。 截至2025年5月12日13:58，信用债ETF基金(511200)上涨0.02%， 冲击4连涨。最新价报100.52元。拉长时间看，截至2025年5月9日，信用债ETF基金近2周累 计上涨0.40%，涨幅排名可比基金1/4。 华福证券分析称，1-3年期兼具久期相对不长且高收益主体多，是市场波段交易的主要区间，因而成交热度并未大幅下降、且相对抗跌。另一方面，我们认 为基本面和资金水平或是5月债市交易的主要逻辑，预计后续监管层面将会继续出台稳增长政策，4月央行也积极投放流动性，整体环境或有利于后续短端继 续震荡下行。 信用债ETF基金（511200）紧密跟踪上证基准 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the credit spreads of AA+ steel industry credit bonds significantly contracted, while those of AA+ electrical equipment industry credit bonds significantly widened. The credit spreads of other industries fluctuated within 5BP or less [2][22][41]. - For urban investment bonds, the short - end credit spreads slightly widened, and the long - end slightly contracted. Maintaining the short - end sinking coupon strategy still has a relative advantage [2][26][41]. - For industrial bonds, the credit spreads showed an overall compression trend this week. However, in a low - interest - rate environment, the duration strategy has limited cost - effectiveness. It is recommended to focus on the coupon income of high - grade short - duration industrial bonds [2][30][41]. - For bank capital bonds, the credit spreads compressed overall this week. It is recommended to continue to focus on short - duration and highly liquid varieties for defense [2][34][41]. 3. Summary by Relevant Catalogs 3.1 Primary Market 3.1.1 Net Financing Scale - The net financing of credit bonds (excluding asset - backed securities) this week was 14.1 billion yuan, a decrease of 54.3 billion yuan compared with last week. The total issuance was 217.1 billion yuan, a decrease of 104.1 billion yuan, and the total repayment was 203 billion yuan, a decrease of 49.8 billion yuan. The net financing of asset - backed securities was 10.3 billion yuan, an increase of 23.7 billion yuan [6]. - By product type, the net financing of urban investment bonds was 5.3 billion yuan, an increase of 50.1 billion yuan; that of industrial bonds was 52.6 billion yuan, an increase of 29.7 billion yuan; and that of financial bonds was - 43.8 billion yuan, a decrease of 134.1 billion yuan [6]. - In terms of the number of issuances and redemptions, the number of urban investment bond issuances increased by 1, and redemptions decreased by 34; the number of industrial bond issuances increased by 36, and redemptions increased by 4; the number of financial bond issuances decreased by 16, and redemptions decreased by 4 [7]. 3.1.2 Issuance Cost - The issuance rates of AA and AA+ urban investment bonds and AAA industrial bonds increased significantly this week, while those of other bond types and ratings decreased significantly. Specifically, the issuance rate of AA urban investment bonds increased by 21BP, mainly due to high - interest bonds like "25 Jinghe 01" and "25 Liaocheng 04"; the issuance rate of AA+ urban investment bonds increased by 14BP due to large - scale high - interest issuances; the issuance rate of AA industrial bonds decreased the most, mainly due to low - cost bonds like "25 Fengnong 01" and "25 Zumiao 01" [14]. 3.2 Secondary Market 3.2.1 Transaction Volume - The trading volume of credit bonds (excluding asset - backed securities) increased by 175.8 billion yuan compared with last week. Specifically, the trading volume of urban investment bonds was 197.4 billion yuan, an increase of 35 billion yuan; that of industrial bonds was 269.6 billion yuan, an increase of 55.6 billion yuan; and that of financial bonds was 379 billion yuan, an increase of 85.2 billion yuan. The trading volume of asset - backed securities was 5.9 billion yuan, a decrease of 7.4 billion yuan [15]. 3.2.2 Turnover Rate - The turnover rate of traditional credit bonds increased overall this week, while that of asset - backed securities decreased. Specifically, the turnover rate of urban investment bonds was 1.26%, an increase of 0.22pct; that of industrial bonds was 1.61%, an increase of 0.33pct; that of financial bonds was 2.7%, an increase of 0.62pct; and that of asset - backed securities was 0.18%, a decrease of 0.2pct [16]. 3.2.3 Yield - The yields of credit bonds with different maturities and ratings decreased to varying degrees this week. The yield of AA credit bonds with a maturity of over 10 years decreased the most, by 13BP. The yields of credit bonds with a maturity of less than 1 year all decreased by 7BP or more. The yields of 1 - 3Y credit bonds decreased by 5 - 8BP, and the yield of 5 - 7Y AA credit bonds decreased by 6BP. The yields of other credit bonds decreased by less than 5BP [20]. - Taking AA+ grade 5Y bonds of each variety as an example, the yields of different varieties decreased to varying degrees this week. The yields of privately - issued industrial bonds and perpetual industrial bonds decreased by 4BP and 2BP respectively; the yield of AA+ grade 5Y urban investment bonds decreased by 3BP; the yields of commercial bank ordinary bonds and secondary capital bonds decreased by 4BP and 4BP respectively; and the yield of AA+ grade 5Y asset - backed securities decreased by 4BP [22]. 3.2.4 Credit Spreads - Overall, the credit spreads of AA+ steel industry credit bonds significantly contracted, while those of AA+ electrical equipment industry credit bonds significantly widened. The credit spreads of other industries fluctuated within 5BP or less [2][22][41]. - **Urban Investment Bonds**: By maturity, the short - end credit spreads slightly widened, and the long - end slightly contracted. The 0.5 - 1Y urban investment credit spread was 47BP, a 3BP widening from last week; the 1 - 3Y spread was 54BP, compressing by less than 1BP; the 3 - 5Y spread was 80BP, compressing by less than 1BP; the 5 - 10Y spread was 71BP, compressing by 2BP; and the spread for over 10Y was 52BP, compressing by 2BP. By region, the credit spreads of urban investment bonds in most regions slightly widened, and those in a few regions narrowed. The AA - grade urban investment credit spread in Shanghai compressed by 7BP, and the fluctuations of urban investment credit spreads of different ratings in other regions were within 4BP [26][27]. - **Industrial Bonds**: The credit spreads of industrial bonds showed an overall compression trend this week, with a slight widening of 5Y AA industrial bonds. The credit spreads of private - placement industrial bonds and perpetual industrial bonds with a 5Y AA rating widened by 1BP compared with last week. The credit spreads of industrial bonds with other maturities and ratings compressed slightly within 5BP. In a low - interest - rate environment, the duration strategy has limited cost - effectiveness, and it is recommended to focus on the coupon income of high - grade short - duration industrial bonds [30]. - **Bank Capital Bonds**: The credit spreads of bank capital bonds with different ratings and maturities compressed to varying degrees this week. For secondary capital bonds, the 3Y AA+ credit spread compressed by 6BP; for bank perpetual bonds, the 3Y AAA -, 3Y AA+, 10Y AA+, and 10Y AA credit spreads compressed by 8BP, 6BP, 6BP, and 6BP respectively. The compression of other bank Tier 2 and perpetual bonds was no more than 5BP. In the current low - interest - rate environment, the cost - effectiveness of extending the duration is not high, and it is recommended to continue to focus on short - duration and highly liquid bank Tier 2 and perpetual bonds for defense [34]. 3.3 This Week's Bond Market Sentiment - China Oceanwide Holdings Group Co., Ltd.'s "PR19 Fan 1A" and "19 Fan Hai 1B" as the original equity holders defaulted, and Shanghai Xiangyuan Investment Holding Co., Ltd.'s "Xiangyi You" defaulted. The reasons were the failure of investors to receive asset - backed securities income and the non - performance of payment obligations by relevant parties respectively [38][39][40]. - The China Overseas Chinese Town Group Co., Ltd.'s 24 debt issues and Shenzhen Overseas Chinese Town Co., Ltd.'s 4 debt issues had their ChinaBond implicit ratings lowered. The ChinaBond implicit ratings of "21 Xin Guang B" and "PR Xin Guang A" issued by Quzhou Xin'an Development Co., Ltd., and 3 debt issues issued by Yulin Transportation and Tourism Investment Group Co., Ltd. were also lowered. The "H20 Tianying 2" issued by Wuhan Tianying Investment Group Co., Ltd. was extended [2][39][40]. 3.4 Investment Recommendations - The central bank achieved a net withdrawal of 781.7 billion yuan this week. On May 7, 2025, the central bank announced a 0.5 - percentage - point reserve requirement ratio cut, releasing about 1 trillion yuan in long - term liquidity, and a 10BP OMO interest rate cut [2][41]. - For urban investment bonds, maintain the short - end sinking coupon strategy. For industrial bonds, focus on the coupon income of high - grade short - duration industrial bonds. For bank capital bonds, focus on short - duration and highly liquid varieties for defense [2][30][41].