Core Insights - The credit bond market is experiencing polarization, with the value gap shifting towards the "middle ground" of 30%-70% yield range, which is now seen as a new source of value [1] - The strategy focuses on investing in AA/AA(2) rated municipal bonds in strong provinces like Jiangsu and Zhejiang, particularly in county-level platforms [1] - There is a significant amount of municipal bond inventory in the middle ground, making it a key area for investment [1] Investment Strategy - The investment approach involves selectively moving down to county-level platforms in high-quality provinces, targeting AA/AA(2) rated bonds with maturities of 0-4 years [1] - The focus is on regions such as Suzhong, Subei, and cities like Nanjing and Ningbo, where there are numerous suitable bonds available for bulk investment [1] - For supplementary investments, industry bonds should be chosen carefully, with a focus on higher-rated (AA and AA+) and shorter-duration (0-3 years) bonds concentrated in traditional sectors like infrastructure, real estate, and finance [2]