[Table_Main] 证券研究报告 | 固定收益点评 2025 年 5 月 12 日 固定收益点评 证券分析师 吕品 资格编号：S0120524050005 邮箱：lvpin＠tebon.com.cn 严伶怡 资格编号：S0120524110003 邮箱：yanly＠tebon.com.cn 研究助理 货币资金面 请务必阅读正文之后的信息披露和法律声明 本周（5.6-5.9，下同）共有 16178 亿元逆回购到期。周二至周五央行分别投放逆 回购 4050、1955、1586、770 亿元，期间累计投放 8361 亿元逆回购，全周净回 笼流动性 7817 亿元。本周资金价格下行，截至 5 月 9 日，R001、R007、DR001、 DR007 分别为 1.52%、1.58%、1.49%、1.54%，较 4 月 30 日分别变动-33.21BP、 -25.91BP、-29.45BP、-25.77BP，分别位于 22%、9%、20%、3%历史分位数。 本周资金主要融出方净融入规模减少。本周资金主要融出方净融入规模减少。主要 融出机构（大行/政策行与股份行）全周（5.6-5.9）净融入-4639 亿元，与前一周 ...

Group 1 - The report indicates that the recent credit bond market has experienced a significant yield adjustment, with the duration and magnitude of this adjustment being the second highest since 2022 [2][8][19] - The adjustment has lasted for 14 days as of the end of February 2025, with the maximum drawdown of the medium to long-term pure bond fund index reaching 61 basis points [8][9][10] - The report highlights that the tightening of the funding environment is a common factor influencing the recent adjustments, similar to the situation observed in August to October 2023 [13][14] Group 2 - In the primary market, the issuance scale of credit bonds in February decreased month-on-month but increased year-on-year, with a total of 44 credit bonds canceled, marking the fifth highest cancellation scale since 2022 [2][6][12] - The secondary market saw a decline in transaction activity for city investment bonds and financial bonds, while the turnover rate for industrial bonds increased [2][4][6] - The report suggests that the core variables affecting credit bond trends are the funding environment and institutional behavior, with limited potential for further significant increases in credit bond yields [17][19][20] Group 3 - The report recommends a strategy of focusing on short-duration bonds and selectively timing investments in medium to long-duration bonds, particularly after the release of policy signals from the National People's Congress [5][17] - It is anticipated that the adjustment space for short-duration non-financial credit bonds may be within 20 basis points, while medium to long-duration bonds are expected to have a limited adjustment space of around 10 basis points [14][19] - The report emphasizes that the demand for credit bonds remains supported by the net buying activity of wealth management products during the recent market adjustment [20][21]