信用债收益率跟随利率下行 7 年期品种表现强势 —— 信用利差周度跟踪 [[Table_R Table_Report eportTTime ime]] 2025 年 6 月 21 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 歌声ue 证券研究报告 债券研究 3信用债收益率跟随利率下行 7 年期品种表现强势 [Table_ReportDate] 2025 年 6 月 21 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 箱： zhujinbao@cindasc.com [➢Table_Summary] 信用债收益率跟随利率下行，7 年期品种表现强势。本周利率债收益率整体 下行，1Y 和 3Y 期国开债收益率下行 2BP，5Y、7Y 和 10Y 期国开债收益率 下行 3BP。信用债收益率跟随下行，7Y 期品种下行幅度最大。1Y 期各等 级信用债收益率下行 2BP；3Y 期各等级信用债收益率下行 2-3BP；5Y 期 各等级信用债收益率下行 1-3BP；7Y 期各等级收益率下行 4BP；10Y 期 AAA、AA+和 AA 等级收益率 ...

Group 1 - The core idea emphasizes the importance of foundational knowledge in selecting investment funds, suggesting that a solid understanding of fund basics is crucial for successful investing [2] - Key indicators to focus on when selecting funds include win rate, return rate, and drawdown data. A stable product should demonstrate the ability to consistently outperform benchmarks, with daily win rates relative to benchmarks serving as a significant reference [3] - The frequency of net value hitting new highs is also highlighted as an important metric, indicating smoother return curves [3] Group 2 - The article promotes an event called "中泰资管616宠粉节," encouraging fund holders to participate for a chance to win various prizes, which may enhance engagement and interest in the fund offerings [5]

Core Viewpoint - The Bank of Japan indicates a readiness to increase bond purchases if yields rise rapidly, while also preparing to modify its plans as necessary [1] Group 1 - The Bank of Japan continues to reduce its bond purchasing scale while maintaining flexibility, which is deemed appropriate [1]

日本内阁官房长官林芳正对美国外汇报告、收益率、债券发行不予置评。 ...

日本财务大臣加藤胜信拒绝对收益率和债券发行问题置评。 ...

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - In the current bond market, short - term credit bond yield decline and spread narrowing space are limited. Traders can wait for a better position after market adjustment to participate in the game, and currently focus on certain coupon opportunities and consider allocation from the perspective of absolute yield [3][27] - Different investment strategies should be adopted according to the stability of the liability side. For those with weak liability - side stability, focus on 2 - 3y medium - and low - grade varieties and some 4 - 5y high - coupon, medium - quality individual bonds; for those with strong liability - side stability, allocate 4 - 5y varieties [3][4][27] Group 3: Summary by Relevant Catalogs I. How to Allocate Credit Bonds after a Significant Narrowing of Spreads (1) Credit Bond Market Review - This week, the capital price was low at first and then high. The Sino - US economic and trade joint statement significantly reduced bilateral tax rates, boosting risk appetite. Under the stock - bond seesaw effect, the bond market was under pressure. Interest - rate bond yields rose across the board, while credit bond yields showed a differentiated trend and performed better than interest - rate bonds. Bank secondary and perpetual bonds with significantly narrowed spreads performed weakly, with yields rising slightly and spreads narrowing passively. The yields of other credit varieties generally declined for 1 - 4y and rose for 5 - 15y, with spreads narrowing significantly for 1 - 4y and passively narrowing for 5 - 15y, with a smaller narrowing amplitude at the long end [1][11] (2) Credit Strategy: Focus on Certain Coupon Opportunities - **Current Credit Spread Level**: 1 - 2y variety spreads have been compressed to an extreme level, while the medium - and long - term spreads still have some room compared to last year's lowest point. In a volatile bond market environment, the further compression space of credit spreads may be relatively limited [14][24] - **Current Credit Bond Yield Level**: Currently, the yields of various credit varieties can generally achieve positive carry. Different varieties have different yield levels compared to R007 [25] II. Key Policies and Hot Events - On May 15th, the General Office of the Communist Party of China Central Committee issued the "Opinions on Continuously Promoting Urban Renewal Actions", which mentioned improving diversified investment and financing methods and encouraging financial institutions to participate in urban renewal [33] - On May 15th, Vanke announced that its major shareholder, Shenzhen Metro Group, would provide a loan of up to 1.552 billion yuan to the company to repay the principal and interest of bonds issued in the public market [33] - On May 13th, seven departments jointly issued policies to include high - quality enterprise science and technology innovation bonds in the benchmark market - making varieties to improve their liquidity [34] III. Secondary Market - This week, credit bond yields showed a differentiated trend, and credit spreads generally narrowed. Different types of bonds, such as urban investment bonds, real - estate bonds, cyclical bonds, and financial bonds, had different yield and spread changes [36][37] IV. Primary Market - This week, the issuance scale of credit bonds was 122.3 billion yuan, a decrease of 47.5 billion yuan compared to the previous week, and the net financing amount was - 15.7 billion yuan, a decrease of 19.7 billion yuan compared to the previous week. The issuance scale of urban investment bonds was 30.2 billion yuan, a decrease of 50.9 billion yuan compared to the previous week, and the net financing amount was - 24.6 billion yuan, a decrease of 5.4 billion yuan compared to the previous week [6] V. Trading Liquidity - This week, the trading activity in the inter - bank market and the exchange market of credit bonds increased. The trading volume in the inter - bank market increased from 432 billion yuan last week to 550.1 billion yuan, and the trading volume in the exchange market increased from 234.1 billion yuan last week to 336.2 billion yuan [6] VI. Rating Adjustment - This week, there were 2 entities with downgraded ratings and 3 entities with upgraded ratings [6]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Credit bond yields have followed the upward trend, and credit spreads have slightly widened again. This week, interest rates have generally fluctuated upward, and credit bond yields have generally followed suit. Except for the AA- credit bonds with 1Y and 5Y tenors, the spreads of other varieties have rebounded [2][5]. - The spreads of urban investment bonds have increased, with higher-grade varieties showing a relatively larger increase. This week, the spreads of urban investment bonds have generally increased, with the spreads of external subject-rated AAA platforms increasing by 3BP, and those of AA+ and AA platforms increasing by 1BP [2][9]. - The spreads of industrial bonds have diverged, and the spreads of private real estate bonds have continued to rise. This week, the spreads of central and state-owned enterprise real estate bonds have slightly increased by 2 - 3BP, the spreads of mixed-ownership real estate bonds have significantly decreased by 124BP, and the spreads of private real estate bonds have increased by 44BP [2][18]. - The spreads of secondary perpetual bonds have adjusted slightly upward, with a slightly higher increase in the 3 - 5Y tenors. This week, secondary perpetual bonds have adjusted, and their spreads have slightly increased, with a relatively higher increase in the 3 - 5Y tenors [2][27]. - The excess spreads of industrial perpetual bonds have basically remained flat, while the excess spreads of urban investment perpetual bonds have increased. This week, the excess spreads of industrial AAA3Y perpetual bonds have slightly increased by 0.01BP to 9.21BP, and those of urban investment AAA3Y and AAA5Y perpetual bonds have increased [2][29]. Summary According to Relevant Catalogs I. Credit Bond Yields Follow the Upward Trend, and Credit Spreads Slightly Widen Again - Interest rates have generally fluctuated upward. The yields of 3Y, 5Y, 7Y, and 10Y China Development Bank bonds have increased by 2BP, 3BP, 1BP, and 2BP respectively, while the yield of 1Y bonds has remained basically the same as last week [5]. - Credit bond yields have generally followed the upward trend. The yield of 1Y AA- credit bonds has decreased by 1BP, while the yields of other varieties have increased by 2BP; the yields of 3Y credit bonds of all grades have increased by 5 - 6BP; the yields of 5Y AAA and AA- credit bonds have increased by 1 - 3BP, and those of AA+ and AA varieties have increased by 5 - 6BP; the yields of 7Y credit bonds of all grades have increased by 3 - 4BP; the yields of 10Y bonds of all grades have increased by 5 - 6BP [5]. - Credit spreads have shown a mixed trend. Except for the slightly decreased spreads of 1Y and 5Y AA- credit bonds, the spreads of other varieties have rebounded. The spreads of 1Y AA- credit bonds have decreased by 1BP, while those of other varieties have increased by 2BP; the spreads of 3Y credit bonds of all grades have increased by 3 - 4BP; the spreads of 5Y AA- varieties have decreased by 2BP, while those of other varieties have increased by 1 - 3BP; the spreads of 7Y bonds of all grades have increased by 2 - 3BP; the spreads of 10Y bonds of all grades have increased by 3 - 4BP [5]. - Rating spreads and term spreads have shown a divergent trend. Most rating spreads have slightly decreased, and term spreads have shown different trends among different grades and tenors [5]. II. The Spreads of Urban Investment Bonds Increase, with Higher-Grade Varieties Showing a Relatively Larger Increase - Overall, the spreads of urban investment bonds have increased. The spreads of external subject-rated AAA platforms have increased by 3BP, and those of AA+ and AA platforms have increased by 1BP [9]. - Provincial AAA platform spreads: Most have increased by 1 - 3BP, with Tianjin, Xinjiang, and Shanxi increasing by 4 - 5BP [9]. - AA+ platform spreads: Most have increased by 0 - 1BP, with Jilin and Guizhou increasing by 8BP, and Yunnan, Heilongjiang, and Shaanxi decreasing by 5BP, 2BP, and 1BP respectively [9]. - AA platform spreads: Most have increased by 0 - 2BP, with Hunan and Liaoning increasing by 3BP, and Shaanxi and Shandong decreasing by 7BP and 3BP respectively [9]. - By administrative level: The spreads of provincial, municipal, and district-level platforms have increased by 3BP, 2BP, and 1BP respectively. Most provincial platform spreads have increased by 1 - 3BP, with Shanxi increasing by 8BP, and Shaanxi and Tianjin increasing by 5BP; most municipal platform spreads in various regions have increased by 1 - 2BP, with Jilin increasing by 7BP, and the spreads in Shanxi, Heilongjiang, Yunnan, and Guizhou decreasing by 1 - 5BP; most district-level platform spreads in various regions have remained flat or increased by 1 - 2BP, with Liaoning increasing by 3BP, Guizhou decreasing by 9BP, and Shaanxi decreasing by 4BP [15]. III. The Spreads of Industrial Bonds Diverge, and the Spreads of Private Real Estate Bonds Continue to Rise - The spreads of industrial bonds have shown a divergent trend. The spreads of central and state-owned enterprise real estate bonds have slightly increased by 2 - 3BP, the spreads of mixed-ownership real estate bonds have significantly decreased by 124BP (Vanke's spreads have decreased by 278BP), and the spreads of private real estate bonds have increased by 44BP (Longfor's spreads have decreased by 27BP, Midea Real Estate and Huafa Co., Ltd.'s spreads have remained flat, and CIFI's spreads have increased by 563BP) [18]. - The spreads of coal and steel bonds of all grades have increased by 1 - 2BP; the spreads of AAA-grade chemical bonds have decreased by 5BP, and those of AA+ have decreased by 13BP. The spreads of Shaanxi Coal have increased by 3BP, those of Jinkong Coal Industry have increased by 2BP, and those of HBIS have increased by 2BP [18]. IV. The Spreads of Secondary Perpetual Bonds Slightly Increase, with a Slightly Higher Increase in the 3 - 5Y Tenors - This week, secondary perpetual bonds have adjusted, and their spreads have slightly increased, with a relatively higher increase in the 3 - 5Y tenors. Specifically, the yields of 1Y medium- and high-grade commercial bank secondary capital bonds and perpetual bonds have increased by 0 - 1BP, the yield of AA-grade secondary capital bonds has increased by 2BP, and the spreads of 1Y secondary perpetual bonds have generally increased by 0 - 2BP. The yields of 3Y secondary capital bonds have increased by 5 - 6BP, and the spreads have increased by 3 - 4BP; the yields of 3Y AAA- and AA+-grade perpetual bonds have increased by 4BP, and that of AA has increased by 2BP, with the spreads of 3Y perpetual bonds increasing by 0 - 2BP. The yields of 5Y secondary capital bonds have increased by 4 - 5BP, and the spreads have increased by 1 - 2BP; the yields of 5Y perpetual bonds have increased by 2 - 4BP, and the spreads have increased by 0 - 2BP [27]. V. The Excess Spreads of Industrial Perpetual Bonds Basically Remain Flat, while the Excess Spreads of Urban Investment Perpetual Bonds Increase - This week, the excess spreads of industrial AAA3Y perpetual bonds have slightly increased by 0.01BP to 9.21BP, at the 9.83% quantile since 2015; the excess spreads of industrial AAA5Y perpetual bonds have remained the same as last week at 8.72BP, at the 6.53% quantile since 2015; the excess spreads of urban investment AAA3Y perpetual bonds have increased by 0.75BP to 8.99BP, at the 9.68% quantile; the excess spreads of urban investment AAA5Y perpetual bonds have increased by 1.19BP to 10.92BP, at the 10.12% quantile [29]. VI. Credit Spread Database Compilation Instructions - The overall market credit spreads, commercial bank secondary perpetual spreads, and urban investment/industrial perpetual bond credit spreads are calculated based on ChinaBond medium- and short-term notes and ChinaBond perpetual bond data, with historical quantiles since the beginning of 2015; the credit spreads related to urban investment and industrial bonds are compiled and statistically analyzed by Cinda Securities R & D Center, with historical quantiles since the beginning of 2015 [36]. - The credit spreads of industrial and urban investment individual bonds are calculated as the individual bond's ChinaBond valuation (exercise) minus the yield to maturity of the same-term China Development Bank bond (calculated by linear interpolation method), and finally the credit spreads of the industry or regional urban investment are obtained by the arithmetic mean method [36]. - The excess spreads of bank secondary capital bonds/perpetual bonds are calculated as the credit spreads of bank secondary capital bonds/perpetual bonds minus the credit spreads of bank ordinary bonds of the same grade and term; the excess spreads of industrial/urban investment perpetual bonds are calculated as the credit spreads of industrial/urban investment perpetual bonds minus the credit spreads of medium-term notes of the same grade and term [37]. - Sample selection criteria: Industrial and urban investment bonds both select medium-term notes and public corporate bond samples, and exclude guaranteed bonds and perpetual bonds; if the remaining term of an individual bond is less than 0.5 years or more than 5 years, it will be excluded from the statistical sample; industrial and urban investment bonds are both externally subject-rated, while commercial banks use ChinaBond implicit bond ratings [38].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Credit bond yields increased slightly, and the credit spreads of medium - and short - term bonds declined slightly. The long - end of interest rates performed better than the short - end this week [2][5]. - Urban investment bond spreads generally continued to decline slightly, with the spreads of Guizhou's low - grade varieties slightly rising [2][9]. - Industrial bond spreads were relatively stable, while the spreads of private real - estate bonds increased [2][18]. - The yield curve of secondary and perpetual bonds became slightly steeper, with medium - and high - grade bonds performing better, and the spreads of 3Y medium - and high - grade secondary bonds compressed significantly [2][28]. - The excess spreads of industrial perpetual bonds were basically flat, while those of urban investment perpetual bonds increased [2][31]. Summary by Directory 1. Credit bond yields increased slightly, and the 3Y spreads compressed most significantly - Interest rates fluctuated within a narrow range this week, with the long - end performing better than the short - end. The yields of 1Y, 3Y, and 5Y China Development Bank bonds increased by 2BP, 3BP, and 2BP respectively, while those of 7Y and 10Y decreased by 1BP and 2BP respectively [2][5]. - Credit bond yields increased slightly overall. The yields of 1Y AA - grade and above credit bonds increased by 1 - 2BP, and the AA - grade remained the same as last week; the yields of 3Y AA and AA + grade credit bonds increased by 2 - 4BP, and the AAA and AA - varieties remained flat; the yields of 5Y AA + and above grade varieties increased by 0 - 1BP, and the AA and AA - varieties increased by 2 - 4BP; the yields of 7Y all - grade credit bonds decreased by 0 - 1BP; the yields of 10Y all - grade varieties increased by 4BP [2][5]. - In terms of credit spreads, the medium - and short - term spreads declined slightly, while those of long - term varieties increased. The spreads of 1Y AA and above varieties remained the same as last week, and the AA - spread decreased by 1BP; the spreads of 3Y AA - grade varieties remained flat, and the other varieties decreased by 1 - 4BP; the spreads of 5Y AAA and AA + grades decreased by 1 - 2BP, the AA - grade increased by 3BP, and the AA - spread remained the same as last week; the spreads of 7Y all - grade increased by 0 - 1BP; the spreads of 10Y all - grade increased by 6BP [2][5]. 2. Urban investment bond spreads declined slightly, and some weakly - qualified regions rebounded and widened - This week, the spreads of urban investment bonds continued to decline slightly. The credit spreads of externally - rated AAA and AA - grade platforms decreased by 1BP, and the spreads of AA + - grade platforms remained the same as last week [2][9]. - Among provinces, the spreads of most AAA - grade platforms decreased by 0 - 1BP, with Yunnan decreasing by 3BP and Gansu increasing by 2BP; the spreads of most AA + - grade platforms decreased by 0 - 1BP, with Tibet and Shaanxi decreasing by 3BP and 4BP respectively, and Anhui, Beijing, and Heilongjiang increasing by 1 - 2BP; the spreads of most AA - grade platforms decreased by 0 - 2BP, with Shanxi decreasing by 5BP, Gansu decreasing by 15BP, and Guizhou increasing by 5BP [2][9]. - In terms of administrative levels, the credit spreads of provincial platforms decreased by 1BP, and the spreads of prefecture - level and district - county - level platforms remained the same as last week. The spreads of most provincial platforms decreased by 0 - 1BP, with Yunnan decreasing by 3BP; the spreads of most prefecture - level platforms in various regions decreased by 0 - 2BP, with Gansu decreasing by 15BP; the spreads of most district - county - level platforms remained flat or increased by 1BP, with Hebei and Liaoning decreasing by 3BP, Shaanxi decreasing by 4BP, and Guizhou increasing by 8BP [2][9][15]. 3. Industrial bond spreads declined overall, and the spreads of private real - estate bonds increased - Industrial bond spreads were relatively stable, while the spreads of private real - estate bonds increased. This week, the spreads of central - state - owned and local - state - owned real - estate bonds decreased by 0 - 1BP, and the spreads of mixed - ownership real - estate bonds decreased by 69BP. The spreads of private real - estate bonds increased by 14BP overall, with the spread of Longfor decreasing by 6BP, the spreads of Midea Real Estate and Huafa Co., Ltd. remaining flat, and the spread of CIFI increasing by 384BP [2][18]. - The spreads of all - grade coal bonds decreased by 0 - 1BP; the spreads of AAA - grade steel bonds remained flat; the spreads of AAA - grade chemical bonds increased by 1BP, and the AA + spreads decreased by 2BP. The spread of Shaanxi Coal Industry increased by 1BP; the spread of Jinkong Coal Industry decreased by 1BP; the spread of HBIS increased by 2BP [2][18]. 4. The yields of secondary and perpetual bonds showed a long - short differentiation, and most credit spreads declined - This week, the yield curve of secondary and perpetual bonds became slightly steeper, with medium - and high - grade bonds performing better, and the spreads of 3Y medium - and high - grade secondary bonds compressed significantly. Specifically, the yields of 1Y commercial bank secondary capital bonds decreased by 0 - 3BP, the yields of perpetual bonds decreased by 2BP, and the spreads of 1Y secondary and perpetual bonds decreased by 2 - 4BP overall [2][28]. - The yields of 3Y AAA - and AA + - grade secondary capital bonds decreased by 0 - 2BP, the AA yield increased by 1BP, and the spreads of 3Y secondary bonds decreased by 2 - 5BP; the yields of 3Y AAA - and AA + - grade perpetual bonds increased by 1BP, the spreads decreased by 2BP, the AA - grade yield increased by 4BP, and the spread increased by 1BP; the yields of 5Y commercial bank secondary capital bonds increased by 0 - 2BP, the spreads decreased by 0 - 2BP, the yields of perpetual bonds increased by 2BP, and the spreads were basically flat [2][28]. 5. The excess spreads of industrial perpetual bonds were basically flat, and the excess spreads of urban investment perpetual bonds increased - This week, the excess spreads of industrial AAA3Y perpetual bonds decreased slightly by 0.01BP to 9.20BP, at the 8.80% quantile since 2015; the excess spreads of industrial AAA5Y perpetual bonds remained flat at 8.72BP, at the 6.38% quantile; the excess spreads of urban investment AAA3Y perpetual bonds increased by 1.25BP to 8.24BP, at the 6.02% quantile; the excess spreads of urban investment AAA5Y perpetual bonds increased by 0.89BP to 9.73BP, at the 7.92% quantile [2][31]. 6. Credit spread database compilation instructions - The overall market credit spreads, commercial bank secondary and perpetual spreads, and the credit spreads of urban investment/industrial perpetual bonds are calculated based on the data of ChinaBond Medium - and Short - Term Notes and ChinaBond Perpetual Bonds. The historical quantiles are since the beginning of 2015; the relevant credit spreads of urban investment and industrial bonds are compiled and statistically analyzed by the R & D Center of Cinda Securities, and the historical quantiles are since the beginning of 2015 [38]. - The credit spreads of industrial and urban investment individual bonds = the individual bond's ChinaBond valuation (exercise) - the yield to maturity of the same - term China Development Bank bond (calculated by the linear interpolation method), and finally the credit spreads of the industry or regional urban investment are obtained by the arithmetic average method [38][39]. - The excess spreads of bank secondary capital bonds/perpetual bonds = the credit spreads of bank secondary capital bonds/perpetual bonds - the credit spreads of bank ordinary bonds of the same grade and term; the excess spreads of industrial/urban investment perpetual bonds = the credit spreads of industrial/urban investment perpetual bonds - the credit spreads of medium - and short - term notes of the same grade and term [39]. - Sample selection criteria: Both industrial and urban investment bonds select samples of medium - term notes and public - offering corporate bonds, and exclude guaranteed bonds and perpetual bonds; if the remaining term of an individual bond is less than 0.5 years or more than 5 years, it will be excluded from the statistical sample; industrial and urban investment bonds are externally - rated by the issuer, while commercial banks use ChinaBond's implied bond ratings [40].

Core Viewpoint - The article highlights the results of the 2024 Seventh New Wealth Best Investment Advisor Competition, showcasing the achievements of investment advisors and emphasizing the importance of professional skills in wealth management [2][5]. Group 1: Competition Overview - The competition involved 36,616 investment advisors from 96 securities companies, indicating a highly competitive environment [2]. - Li Xianghui, a senior investment advisor from Beijing Jinsong Nine District Securities Branch, achieved an impressive 9th place nationally among nearly 40,000 participants [2][5]. Group 2: Performance Metrics - The simulated ETF portfolio managed by Li Xianghui recorded a cumulative return of 32.93% from May 6, 2024, to October 31, 2024, ranking 65th out of 2,038 participants [7][8]. - The stock selection success rate for the portfolio was 80.43%, with a maximum drawdown of 11.80% and a turnover rate of 2742.11% [8]. Group 3: Investment Philosophy - The investment philosophy emphasizes a short-term, low-buying strategy while avoiding high chasing, focusing on technical analysis and market timing [12][13]. - The advisor combines Elliott Wave Theory and Chan Theory to create a comprehensive investment advisory system, focusing on the integration of volume, price, time, and space [14][15]. Group 4: Strategy and Analysis - The competition strategies included fundamental analysis of macroeconomic factors and technical analysis for timing trades, highlighting the need for a balanced approach [17]. - A multi-directional hedging strategy was also mentioned as a means to reduce market risk, although it is noted that retail investors often lack effective short-selling tools [17].

哪些信用债更加抗跌 ——信用策略周报 一、上周资金面仍然偏紧，长端信用债表现优于短端 证券研究报告 | 债券专题报告 2025 年 2 月 18 日 由于资金面偏紧、社融数据超预期等因素，上周信用债收益率跟随利率债整体上 行，短端高评级收益率上行幅度较大，信用债收益率曲线趋于平坦化。上周信用 利差大多被动收窄，中长久期中低评级信用债利差压缩幅度大于短久期，3 年期 及以上 AA+级及以下中短票信用利差收窄幅度为 4-8bp，1 年期各评级中短票利 差全周累计收窄 2-4bp。分品种来看，中长久期低评级以及超长久期城投债的信 用利差收窄幅度较大；短久期中高评级二永债利差走阔幅度较大。 2）金融债：上周除短久期外，其他期限二永债信用利差普遍被动收窄，3 年期 中低评级二永债利差收窄幅度较大，约为 4bp。短久期中高评级二永债利差走阔 幅度较大，1 年期 AA+级及以上二永债信用利差的走阔幅度为 2-5bp。此外 3-7 年期各评级券商次级债利差收窄幅度同样较大，为 4-8bp。 二、近期债市调整后，短久期信用债性价比有所提升 机构行为方面，上周基金、其他产品类（包含企业年金、社保基金、养老基金等）、 理财是信用债 ...