1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the documents. 2. Core Viewpoints of the Report - During the period from September 15 to September 21, the issuance guidance rates announced by the National Association of Financial Market Institutional Investors mostly increased, with an overall change range of -5 BP to 5 BP. The issuance scale of credit bonds increased month - on - month, while corporate bonds remained at zero issuance, and the issuance amounts of other varieties increased. The net financing of credit bonds increased month - on - month, with an increase in the net financing of corporate bonds and commercial paper, and a decrease in the net financing of corporate bonds, medium - term notes, and private placement notes. The trading volume of credit bonds in the secondary market increased month - on - month, and the yields of most credit bonds rose. Credit spreads showed a differentiated trend, with short - to - medium - term spreads narrowing and long - term spreads widening. [1][61] - On September 19, the Shanghai, Shenzhen, and Beijing Stock Exchanges issued a notice to optimize bond repurchase business. When the closing price of corporate bonds drops by 5% compared to the 20th trading day before, the repurchaser can repurchase bonds to stabilize market fluctuations. [2][64] - The central and local governments are actively optimizing real estate policies, which are playing a positive role in stabilizing the real estate market. For real estate bonds, investors with high - risk tolerance can consider early layout, focusing on high - quality bonds of central and state - owned enterprises and some high - quality private enterprises. [2][65][66] - Against the background of stable growth and prevention of systemic risks, the probability of urban investment bond defaults is low, and they can still be a key allocation variety. However, during the process of local financing platform clearance and transformation, some urban investment bonds may face valuation fluctuations. [3][66] 3. Summary According to the Directory 3.1 First - level Market Situation 3.1.1 Issuance and Maturity Scale - From September 15 to September 21, a total of 407 credit bonds were issued, with an issuance amount of 326.433 billion yuan, a month - on - month increase of 25.20%. The net financing of credit bonds was 88.638 billion yuan, an increase of 17.911 billion yuan month - on - month. [12] - Corporate bonds remained at zero issuance, with a net financing of - 4.241 billion yuan, an increase of 2.288 billion yuan month - on - month. The issuance amount of corporate bonds, medium - term notes, commercial paper, and private placement notes increased, but the net financing of corporate bonds, medium - term notes, and private placement notes decreased. [12] 3.1.2 Issuance Interest Rates - The issuance guidance rates announced by the National Association of Financial Market Institutional Investors mostly increased, with an overall change range of -5 BP to 5 BP. The rate changes varied by term and rating. [14] 3.2 Second - level Market Situation 3.2.1 Market Trading Volume - From September 15 to September 21, the total trading volume of credit bonds was 896.955 billion yuan, a month - on - month increase of 22.76%. The trading volumes of all varieties increased. [17] 3.2.2 Credit Spreads - For medium - and short - term notes, corporate bonds, and urban investment bonds, the credit spreads showed a differentiated trend, with 1 - year and 3 - year spreads narrowing and 5 - year and 7 - year spreads widening. [20][28][38] 3.2.3 Term Spreads and Rating Spreads - For AA+ medium - and short - term notes, the 3Y - 1Y term spread narrowed, while the 5Y - 3Y and 7Y - 3Y spreads widened. For rating spreads, the 3 - year (AA - )-(AAA) and (AA)-(AAA) spreads remained unchanged, and the (AA+)-(AAA) spread narrowed. [45] - For AA+ corporate bonds, the 3Y - 1Y, 5Y - 3Y, and 7Y - 3Y term spreads widened. For rating spreads, the 3 - year (AA - )-(AAA) and (AA)-(AAA) spreads widened, and the (AA+)-(AAA) spread remained unchanged. [50] - For AA+ urban investment bonds, the 3Y - 1Y term spread narrowed, while the 5Y - 3Y and 7Y - 3Y spreads widened. For rating spreads, the 3 - year (AA - )-(AAA) and (AA)-(AAA) spreads widened, and the (AA+)-(AAA) spread remained unchanged. [53] 3.3 Credit Rating Adjustments and Default Bond Statistics 3.3.1 Credit Rating Adjustment Statistics - From September 15 to September 21, the rating of one company was downgraded. [57] 3.3.2 Default and Extension Bond Statistics - Wuhan Contemporary Science & Technology Investment Co., Ltd.'s credit bond "H20 Technology 4" defaulted, with a default balance of 650 million yuan. There were no credit bond extensions during this period. [59][60] 3.4 Investment Views - In terms of absolute returns, the supply shortage and strong allocation demand support the strength of credit bonds. Although fluctuations are inevitable, the conditions for a full - scale bear market in credit bonds are still insufficient. In the long run, yields will enter a downward channel, and the strategy of increasing allocation during adjustments is still feasible. [1][61] - In terms of relative returns, due to the low historical levels of rating spreads, credit risk - taking is not effective at present. High - grade long - term bonds have certain advantages, and the duration can be appropriately extended, but the rhythm needs to be grasped. [1][61] - For real estate bonds, with the market gradually stabilizing, investors with high - risk tolerance can consider early layout, focusing on high - quality bonds of central and state - owned enterprises and some high - quality private enterprises. [2][66] - For urban investment bonds, they can be a key allocation variety, but attention should be paid to the valuation fluctuations during the clearance and transformation of local financing platforms. [3][66]

Group 1 - The report indicates that the credit bond market is experiencing a divergence in trends, with most credit bond yields rising and credit spreads showing mixed performance, particularly in the short-end segment [10][21] - It is suggested to focus on the 2-3 year credit bonds for yield opportunities, as their spreads are higher than the lowest points in 2024 and lower than the average spread since 2024, indicating potential for value [12][21] - The report highlights that the financial bonds have shown some recovery after significant adjustments, but the sentiment remains cautious with limited room for bullish positions [10][21] Group 2 - Key policies include the announcement of a loan from Shenzhen Metro Group to Vanke for debt repayment, totaling up to 2.064 billion yuan, with cumulative loans since 2025 reaching 25.941 billion yuan [3][14] - The Ministry of Finance reported that from January to August, the national general public budget revenue was 1.48198 trillion yuan, a year-on-year increase of 0.3%, with tax revenue slightly up by 0.02% [15][20] - The central bank is guiding commercial banks to provide loans to state-owned enterprises and financing platforms to settle overdue accounts, with a total debt scale of approximately 1.8 trillion yuan [4][16] Group 3 - The report notes that the secondary market for credit bonds is active, with a significant increase in trading volume observed [21] - The report emphasizes the importance of monitoring the adjustments in the credit bond market, particularly in the context of the upcoming policy changes and market conditions [10][21] - The report also mentions that the Shanghai Stock Exchange has optimized the bond repurchase business to stabilize market prices, which may lead to a narrowing of spreads for lower-rated bonds [4][13]

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - Short - term bond market may still be volatile, but credit can be relatively more optimistic. The 2Y - 3Y segment has adjusted to a certain level of cost - effectiveness, and allocation investors can increase their credit bond positions when yields are high. It is recommended to be conservative in terms of maturity selection, focusing on sinking credit in urban investment bonds within 3Y instead of exposing to large duration risks. [5][8] - The valuation stability of 3Y credit bonds varies among different provinces. It is advisable to use regions with stronger stability as the foundation and appropriately explore regions where the 3Y - 1Y spread has widened. [5][10] - The 3Y public bonds have further adjusted to show cost - effectiveness, and the coupon protection has reached a relatively high level, which is suitable for products with stable liability sides and high - risk preferences. Many AA + and above public bonds with a 3Y - 1Y spread of about 20bp already have investment value. [5][14][17] 3. Summary of Each Section 3.1 Credit Bond Weekly Viewpoint: Riding on the Steep 2Y - 3Y Yield Curve - Short - term bond market repair may not be smooth, but allocation investors can increase credit bond positions when yields are high. It is recommended to be conservative in maturity selection and focus on urban investment bond sinking within 3Y. The 2Y - 1Y spread has widened significantly, and the 2Y - 3Y segment of the yield curve has adjusted to show cost - effectiveness. [5][8] - Different regions have different 3Y valuation stabilities. Regions with strong stability include Shanghai, Fujian, Hubei, Sichuan, and Hainan, while regions with a relatively fast 3Y valuation increase include Shaanxi and Ningxia. [10] - 3Y public bonds are suitable for products with stable liability sides and high - risk preferences. AA + and above public bonds with a 3Y - 1Y spread of about 20bp have investment value. [14][17] 3.2 Credit Bond Weekly Review: Valuation Faces New Challenges, and Low - Grade Bonds Have Stronger Valuation Stability 3.2.1 Negative Information Monitoring - There were no bond defaults, overdue payments, or downgrades of corporate or bond ratings during the week from August 11 to August 17, 2025. However, several companies, including Fanhai Holdings, Ningxia Shengyan Industrial Group, and Guangzhou R & F Properties, announced negative events such as debt repayment difficulties, new cases of being listed as dishonest executors, and asset auctions. [20][21][22] 3.2.2 Primary Market Issuance: Net Financing Turns Negative, and New Bond Financing Costs Rise Across the Board - From August 11 to August 17, the primary issuance of credit bonds decreased by 29% month - on - month to 261.1 billion yuan, while the total repayment amount increased significantly to 276.4 billion yuan, resulting in a net financing outflow of 15.3 billion yuan, turning negative for the first time since July. [22] - The number of cancelled or postponed bond issuances was 10 last week, with a total scale of 11.65 billion yuan, doubling month - on - month. The average coupon rates of AAA and AA + new bonds last week were 2.09% and 2.49% respectively, up 3bp and 19bp from the previous week. [22][23] 3.2.3 Secondary Market Transactions: Valuation Adjusts Again, and Credit Spreads Narrow Passively - The valuations of credit bonds across all grades and maturities adjusted upwards again, with a central increase of about 3bp, while spreads mostly narrowed passively by about 1bp. High - grade medium - and long - term bonds had larger adjustment amplitudes. [26] - The term spreads of medium - and high - grade bonds widened across the board, with the 3Y - 1Y and 5Y - 1Y spreads of AAA bonds widening by 4bp, while the low - grade spreads narrowed. The AA - AAA grade spreads of medium - and long - term bonds narrowed significantly, with the 5Y spread narrowing by up to 6bp, indicating that the urban investment sinking strategy continued to be dominant. [28] - The credit spreads of urban investment bonds in each province narrowed by about 1bp last week, with small differences among provinces. High - valuation regions such as Guizhou and Heilongjiang saw their spreads narrow by about 2bp, but the median spreads of many provinces widened. The credit spreads of industrial bonds also mostly narrowed by 1bp, similar to urban investment bonds, and the real estate industry's spreads remained unchanged month - on - month. [30][33] - The liquidity of credit bonds continued to decline, with the turnover rate dropping by 0.04 percentage points to 1.72% month - on - month. The top ten bonds in terms of turnover rate were mainly issued by central and local state - owned enterprises. There were 8 credit bonds with a discount of more than 10% last week, mainly issued by Sunshine City and Country Garden. Among individual entities, the top five entities with widening spreads in the industrial sector were all real estate companies. [34][35][37]

Group 1 - The Shanghai Composite Index opened lower and saw an expanded decline, while the ChiNext Index reversed its early 1% gain, indicating a clear "stock-bond seesaw" effect [1] - China's official manufacturing PMI for July was reported at 49.3, a decrease of 0.4 percentage points month-on-month, indicating a decline in manufacturing sentiment [1] - Huachuang Securities believes that there are no signs of a trend reversal in the economic fundamentals, and the central bank's stance remains supportive, suggesting no trend adjustment risk in the bond market [1] Group 2 - The Credit Bond ETF (511200) includes large-scale, AAA-rated bonds listed on the Shanghai Stock Exchange, with 245 underlying bonds covering a maturity range of 0-30 years, reflecting a comprehensive yield curve [2] - The Science and Technology Innovation Bond ETF (551550) selects AAA-rated and above bonds from technology innovation companies listed on the Shanghai and Shenzhen exchanges, indicating a strong quality of underlying assets, with state-owned enterprises accounting for about 99% of the issuance [2]

Group 1 - The report highlights that the bond market is currently experiencing fluctuations, with interest rates on government bonds mostly declining, particularly in the short end, while the long end, especially the 30-year government bonds, is under adjustment pressure [1][9] - The launch of the Sci-Tech Innovation Bond ETF has led to a significant increase in trading demand for credit bonds, particularly for the related component bonds, resulting in a decrease in credit bond yields and credit spreads [1][9] - The report notes that the average valuation yield of high-grade short-end component bonds is lower than that of 1-year AAA time deposits by 3-5 basis points, indicating limited trading space and potential risks of negative carry [4][35] Group 2 - The report indicates that the secondary capital bonds with a 5-year yield of 1.9% have regained value for funds, with funds being the main buyers of these bonds, particularly in the long end [2][11] - The component bonds have shown significant trading activity, with some experiencing an "over-increase" of more than 20 basis points, while perpetual bonds, especially those with subordinate attributes, have seen limited increases, mostly within 5 basis points [3][33] - The report suggests that in the context of crowded trading in component bonds, there may be opportunities to select non-component bonds from the same issuers, which could have price differences of up to 20 basis points compared to component bonds [4][35] Group 3 - The report emphasizes that the recent surge in the scale of the Sci-Tech Innovation Bond ETF, which increased by nearly 600 billion yuan in the week following its launch, has catalyzed a rush for component bonds [3][18] - The trading volume of component bonds has been notably higher than that of benchmark market-making component bonds and non-component bonds, indicating a strong market interest [22][29] - The report also highlights that the average valuation and credit spreads of component bonds are generally lower than those of non-component bonds, with significant differences observed in the long end compared to the short end [29][33] Group 4 - The report suggests that for other credit varieties, assets with a maturity of around 2 years may still be selected, as the funding environment remains favorable for the bond market [5][44] - It notes that the yield of short-term perpetual bonds has declined, and the yield curve has steepened, opening up space for riding strategies [5][44]

Fixed Income Research - The issuance rates for credit bonds mostly increased, with an overall change range of 0 BP to 8 BP during the period from May 5 to May 11 [2] - The issuance scale of credit bonds increased on a month-on-month basis, with corporate bonds showing zero issuance while other varieties saw an increase in issuance amounts [2] - The net financing amount for credit bonds increased month-on-month, with corporate bonds showing negative net financing while other varieties showed positive net financing [2] - In the secondary market, the transaction amount of credit bonds increased month-on-month, with all varieties seeing an increase in transaction amounts [2] - The yield of credit bonds decreased across the board, with a relatively larger decline in the short end [2] - The credit spread showed differentiation among various types of bonds, with short-term spreads widening and medium to long-term spreads narrowing overall [2] - The report suggests that despite market fluctuations, the conditions for a comprehensive bear market in credit bonds are not sufficient, and future yields are expected to enter a downward channel [2] Industry Research - Metals - The steel industry is under significant profit pressure, with a projected year-on-year decline of 131.74% in net profit for 2024, while Q1 2025 shows a substantial recovery with a year-on-year increase of 549.88% [5] - The non-ferrous metals industry is expected to see a year-on-year net profit growth of 1.77% in 2024, with a significant increase of 68.55% in Q1 2025 [6] - The precious metals sector performed well, with a year-on-year net profit increase of 40.68% in 2024 and 44.88% in Q1 2025, supported by geopolitical factors and central bank gold purchases [6][11] - The report highlights the strategic value reassessment of medium and heavy rare earths due to export control policies, leading to price increases in the overseas market [8][11] - The investment strategy suggests focusing on high-quality state-owned enterprises and bonds with strong guarantees, as well as considering opportunities in undervalued real estate bonds [3][5] Industry Research - Light Industry & Textiles - The light industry and textile sectors outperformed the CSI 300 index, with the light industry gaining 3.02% and textiles gaining 3.47% during the period from May 5 to May 9 [12][13] - The report indicates a positive outlook for the home furnishing sector, with a significant increase in contract liabilities and cash flow from operating activities in Q1 2025 [14] - The easing of US-China tariff risks is expected to benefit export-oriented companies, improving export data and capacity utilization [13][14]

Core Viewpoint - The credit bond ETF from Bosera has shown active trading and a significant increase in scale and shares, indicating a positive market sentiment and potential investment opportunities in the credit bond sector [3][4]. Group 1: Market Performance - As of May 12, 2025, the Bosera credit bond ETF (159396) decreased by 0.10%, with a latest price of 100.52 yuan [3]. - The ETF recorded a turnover of 56.3% during the trading session, with a total transaction volume of 3.127 billion yuan, reflecting active market participation [3]. - The average daily transaction volume over the past month reached 2.072 billion yuan as of May 9, 2025 [3]. Group 2: Yield and Investment Strategy - Credit bond yields experienced a rapid decline in early April, influenced by improved liquidity and U.S. tariff policies, but later followed a "V" shaped trend with most yields rising [3]. - The outlook suggests that credit bond yields may decline in line with interest rates due to expected easing in the financial environment, recommending a gradual shift in credit bond allocation from short to long durations [3]. - The ETF closely tracks the Shenzhen benchmark market-making credit bond index, reflecting the operational characteristics of the credit bond market in Shenzhen [3]. Group 3: Fund Metrics - The latest scale of the Bosera credit bond ETF reached 5.837 billion yuan, marking a new high since its inception and ranking it in the top quarter among comparable funds [4]. - The ETF's latest share count reached 58.1031 million, also a new high in the past three months [4]. - The fund has seen a net inflow of 286 million yuan recently, with three out of the last four trading days showing net inflows totaling 351 million yuan [4]. Group 4: Performance and Fees - Since its inception, the Bosera credit bond ETF has recorded a maximum drawdown of 0.89%, with a recovery period of 26 days [4]. - The fund's management fee is 0.15% and the custody fee is 0.05%, both among the lowest in comparable funds [4]. - The tracking error over the past three months is 0.008%, indicating the highest tracking precision among comparable funds [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since the beginning of the year, banks have faced certain pressure on their liabilities. The central bank has a strong desire to maintain a tight balance of liquidity in the short - term, with the capital interest rate running higher than the policy rate. The market has re - priced the previously optimistic liquidity expectations. Currently, the yield of credit bonds is at a relatively low percentile since 2022, while the credit spread is relatively high. After the Politburo meeting on April 25, it can be inferred that interest rate cuts and reserve requirement ratio cuts may not be urgent for the time being. The economic fundamentals are in a relatively good state, and the capital market may maintain a tight balance in the short - term. Investors should pay attention to the possible impact of tariffs in the second quarter, domestic demand policies, monetary policies, stock market trends, and changes in the risk appetite of the bond market. The allocation value of credit bonds has become prominent after the valuation recovery. It is recommended to strengthen the flexibility of the portfolio and seize trading opportunities based on the expected timing of capital loosening [3][16]. 3. Summary According to the Directory 3.1 Credit Bond Market Adjustment - Last week (April 18 - 25), the bond market adjusted. The 2 - 5 - year Treasury bonds had relatively large adjustment amplitudes, such as a 3.7BP adjustment for the 3 - year Treasury bond. Credit bonds also adjusted with a relatively larger amplitude. For example, among medium - term notes, the 3 - year AAA medium - term note had the largest valuation increase of 5.5BP, the 10 - year AA + medium - term note had the largest valuation increase of 6BP, and the 2 - year AA medium - term note had the largest valuation increase of 6.3BP. Since April 7, 2025, the 30 - year Treasury bond has had the largest adjustment amplitude, while medium - term notes generally show that the longer the term, the larger the adjustment amplitude, and the valuations of many varieties within one - year have even slightly narrowed [2][10][12]. - As of April 25, the yields of 1 - year, 3 - year, and 5 - year AAA - rated medium - term notes were 1.82%, 1.94%, and 2.04% respectively; the yields of 1 - year, 3 - year, and 5 - year AA + - rated medium - term notes were 1.9%, 2.1%, and 2.2% respectively. From April 7 to April 25, the credit spreads of credit bonds also slightly widened [11]. 3.2 Credit Bond Trading Characteristics - Recently, the trading proportion of credit bonds within one - year has significantly increased, while the trading proportion of long - term credit bonds has significantly decreased, especially for those over 5 - year. The trading proportion of 3 - 5 - year credit bonds has been relatively volatile and slightly decreased compared to March 2025. The reason may be that investors' credit bonds over 5 - year are generally issued by high - credit - rated and high - quality entities with relatively good liquidity, which are more likely to be sold during the adjustment period. The 3 - 5 - year period combines relatively short duration and many high - yield entities, making it the main range for market band trading [2][12]. 3.3 Individual Bond Analysis - The valuations of entities such as AVIC Industry Finance Holdings Co., Ltd., Zunyi Tourism Investment (Group) Co., Ltd., Guangxi Liuzhou Investment Holding Group Co., Ltd., and Zoucheng City Assets Holding Group Co., Ltd. are mostly high, with large adjustment amplitudes. The valuations of many bonds of entities such as Jiangsu Hanrui Investment Holding Co., Ltd., China Resources Power Investment Co., Ltd., and Chongqing Longfor Enterprise Development Co., Ltd. have narrowed [2][13]. 3.4 Investment Recommendations - Investors can choose secondary perpetual bonds with better liquidity, urban investment bonds with good liquidity, central and state - owned enterprise real estate, central and state - owned enterprise energy materials, central and state - owned enterprise cultural and tourism bonds, and individual bonds with large previous adjustment amplitudes, and seize trading opportunities based on the expected timing of capital loosening [3][16]. - For institutions with high return requirements, they can focus on high - quality entities at the provincial level in Yunnan, the municipal level in Kunming, the provincial level in Shandong, and the municipal level in Weifang, as well as central and state - owned enterprise real estate and steel within three - year. Some entities have large previous adjustment amplitudes and can be appropriately deployed on the left side. They can also consider district and county entities in regions with strong debt - resolution efforts, such as districts and counties in Tianjin and Guangxi. In the cultural and tourism sector, some central and state - owned enterprise entities can be selected based on the support from shareholders [4][17].

Summary of Key Points from Conference Call Records Industry Overview - The conference call primarily discusses the credit bond market, particularly focusing on the second quarter of 2025 and the dynamics of local government financing platforms [1][2][3]. Core Insights and Arguments - **Credit Bond Market Dynamics**: The second quarter is expected to experience a mismatch in supply and demand for credit bonds, influenced by seasonal factors and tightening policies. The demand side benefits from the expansion of wealth management products and the development of credit ETFs, suggesting that credit bonds may outperform interest rate bonds [1][4]. - **Investment Strategy**: It is recommended to extend the duration of credit bonds to 3-5 years to achieve higher yields, while also being cautious of market volatility risks due to tariff disturbances since April [1][5]. - **Technology Innovation Bonds**: Despite being labeled as "technology innovation" bonds, most issuers do not possess true innovation attributes. The majority serve mature quality entities transitioning, with state-owned enterprises dominating and private enterprises having lower participation [1][6][9]. - **Use of Proceeds**: Funds raised through technology innovation bonds are primarily used for repaying old debts and enhancing liquidity, with a low proportion directed towards equity fund investments and project construction [1][10]. - **Pricing and Liquidity**: The pricing gap between technology innovation bonds and ordinary credit bonds is minimal, with private enterprise bonds showing a premium of 10-15 basis points. Recent liquidity levels are comparable to the overall credit bond sector [1][12]. Additional Important Content - **Future Development of Technology Innovation Bonds**: The future direction includes supporting small and medium enterprises by quality entities and fostering high-yield characteristics in small enterprises' technological innovations. The involvement of banks may compress the valuation of technology innovation bonds, similar to trends observed in the green loan market [1][13][14]. - **Local Government Financing Platforms**: The management of local government debt is characterized by a simultaneous increase in central leverage and a decrease in local leverage, with strict regulation on hidden debts. The supply of urban investment bonds may be tight due to these regulatory measures [2][17][21]. - **Market Performance of Urban Investment Bonds**: Urban investment bonds are expected to have limited new issuance, with a focus on refinancing existing debts. The market for these bonds remains constrained due to regulatory scrutiny and the need for local governments to manage their financing carefully [21][22]. This summary encapsulates the critical insights and trends discussed in the conference call, providing a comprehensive overview of the credit bond market and local government financing dynamics.

近日，深交所发布《关于融资融券标的证券205年第一季度定期调整有关事项的通知》，信用债ETF博 时（159396）成功入选两融标的名单。信用债ETF博时是4只跟踪深证基准做市信用债指数基金中，唯 一被纳入两融标的的品种。 截止当前，信用债ETF博时（159396）上涨0.004%，最新价报100.35元。流动性方面，信用债ETF博时 盘中换手率26.50%，成交11.19亿元。 兴业证券认为，市场避险情绪快速加码，资金价格松动带来债市情绪显著升温。具体来看，一方面资金 面均衡偏宽松，叠加上央行态度的变化带来市场预期的变化，市场对中期资金面相对更为乐观。另一方 面，本周经历了海外宏观经济与资本市场大幅波动的一周，关税问题不断加码的影响下各类资产宽幅震 荡，避险情绪快速上升利好债市表现。 1） 近期债市情绪改善，短期内投资者建议结合资金面的变化，在低杠杆水平中适度平滑套息策略的收 益。 2）当前的信用债市场从独立行情转向跟随债市整体行情的方向演绎，从Carry、流动性以及市场弹性等 多方面考虑，现阶段可以随着利率下行趋势的明朗化而逐步由短及长进行信用债配置，选择中等期限中 相对流动性更好的品种。 华创证券指出：展 ...