信用债"抗跌"或有持续性：逻辑和应对 [Table_Authors] 王宇辰(分析师) 信用债市场周度回顾 260112 本报告导读： 年初信用抗跌性提升或能持续，继续推荐关注 3Y-1Y 的骑乘机会。 投资要点： 010-83939801 wangyuchen4@gtht.com 登记编号 S0880523020004 张紫睿(分析师) 021-23185652 zhangzirui@gtht.com 登记编号 S0880525040068 [Table_Report] 相关报告 趋势不改，精做结构 2026.01.11 关注技术形态上 T 和 TL 合约的差异 2026.01.11 债市企稳能否持续——"先为不可胜" 2026.01.11 强动量持续占优，补涨效应显现 2026.01.10 赎回新规落地，3-5 年修复窗口打开 2026.01.04 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 债 券 研 究 市 | 1. | | 信用债市场周度回顾 3 | | --- | --- | --- | | | 1.1. | 一级发行：净融资转正 3 | | | 1.2. | 二级交易：成交升温，利 ...

Group 1 - The overall performance of credit bonds has shown structural differentiation, with short-term credit outperforming long-term and ultra-long-term credit [1][8] - The secondary market for credit bonds has seen a decline in trading duration since mid-July, particularly for public credit bonds, indicating a significant pressure on ultra-long credit [2][9] - Credit bonds have demonstrated enhanced "anti-drawdown" and "resilience" characteristics this year, with short-term credit showing independent performance during market adjustments [3][32] Group 2 - The current market sentiment remains cautious, with expectations of limited chances for significant overcorrection or negative feedback from redemptions [4][42] - Selected mid-to-short-term credit assets are recommended for consideration, with a focus on 3-5 year bonds that have adjusted to a favorable risk-return profile [4][42] - Caution is advised for ultra-long credit, as trading profitability is not evident and there is a tendency for increased allocation at high levels [4][42]