Core Insights - The overall credit spread has narrowed, with the 1-year spread experiencing the most significant contraction [1][2] - Despite concerns about supply, the credit bond market has shown resilience, with short-term bonds outperforming longer-term ones [1][2] Group 1: Credit Bond Market Performance - In the first week after the New Year, credit bond ETFs experienced a significant outflow of funds, totaling 55.3 billion yuan over four days, nearly 50% of the inflow seen in December 2025 [2] - The yield on various credit bonds has shown mixed performance, with 7-year bonds performing the best, while 5-year bonds have seen an overall increase [1] - The turnover rate for public credit bonds and bank perpetual bonds has decreased this week [1] Group 2: Investment Strategies and Recommendations - The current market environment is favorable for investing in medium to short-term credit bonds, with a focus on capturing the certainty of interest rate spreads [2][3] - There is an opportunity to invest in high-grade public credit bonds with maturities of 3-5 years, particularly those rated AAA [3] - The overall leverage in the market remains low, indicating potential for increased leverage in credit bond investments [2][3] Group 3: ETF Performance Metrics - As of January 9, 2026, the company bond ETF has seen a 0.05% increase, marking three consecutive days of gains, with a current price of 106.74 yuan [5] - The latest scale of the company bond ETF reached 33.999 billion yuan, with a net inflow of 277 million yuan over the past five trading days [6] - The ETF closely tracks the China Bond - High-Grade Corporate Bond Spread Factor Index, providing a benchmark for high-grade corporate bond investments [6]