Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - After the current round of adjustment, credit bonds have certain cost - effectiveness, but the bond market may still be adjusted in the short term, so investors are advised to adopt a defensive strategy. Short - duration bonds have good cost - effectiveness for capital preservation, and for those with yield requirements, short - duration bonds of medium - and low - grade can be further explored, while 3 - year bonds can balance defensive attributes and yield requirements [6] Group 3: Summary According to Relevant Catalogs Current Situation of Credit Bond Spreads - Since August, affected by the capital market and the adjustment of the equity market, credit bonds have shown a volatile market, and credit spreads have continued to widen. The static yield of credit bonds is at a phased high, and the cost - effectiveness of mining income is gradually increasing. However, due to the end - of - quarter factor and the equity market, the bond market is still difficult to stabilize in the short term [1] Yield Changes of Urban Investment Bonds - As of September 4, for 1 - year AAA - rated urban investment bonds, the yield was 1.70%, up about 3.65bp from the previous low, and the 3 - year yield rose from 1.77% to 1.91%, up about 14.33bp. For 1 - year AA - rated bonds, the yield was up about 3.58bp from the previous low, and the 3 - year AA - rated bonds were up about 19.82bp. Short - end credit bond varieties showed better stability during bond market fluctuations [2] Investment Suggestions for Different Institutions - For institutions with stable liability ends, the cost - effectiveness of medium - and long - term credit bonds is relatively significant, and there is a significant riding income around 3 years. The term spreads of 3 - year and 5 - year bonds of each grade are at a high level this year, so relevant assets can be appropriately allocated if the subsequent valuation fluctuation risk can be borne [2] - For valuation - sensitive institutions with unstable liability ends, short - end varieties have sufficient spread protection. It is recommended to maintain a defensive strategy before the right - side signal appears. Short - end varieties still have good cost - effectiveness in terms of defense [3] Spread Protection Analysis - When calculating the maximum spread increase that each implied - rating bond can accept at the break - even point for a 1 - month holding period, the spread protection of 1 - year varieties is significantly higher than that of other terms. Generally, the spread protection increases slightly as the rating decreases [3] - When calculating with the yield of the same - term China Development Bank bonds as the implied minimum yield requirement, the spread protection difference between terms decreases, while the difference between grades increases [6]

Group 1 - The overall credit bond market experienced a downward trend last week, with spreads mostly remaining stable or slightly widening, influenced by tax policy changes that had a limited positive effect on credit bonds due to low overall spreads (<5%) [1] - The yield on commercial paper bonds decreased overall last week, leading to a further compression of spreads, indicating limited value for commercial paper bonds at their current spread levels [1] - The yield data for various credit bonds shows that the yields for AAA-rated bonds range from 1.68% for 1-year to 1.97% for 5-year, while AA-rated bonds range from 1.75% for 1-year to 2.15% for 5-year [2] Group 2 - The recent interest tax policy has objectively improved the cost-effectiveness of credit bonds, suggesting that there may still be opportunities in the credit market, although credit spreads remain low [3] - There is a recommendation to pay attention to the performance of the Sci-Tech Innovation Board bond ETF and the investment opportunities in corporate bond ETF (511030) [3]