1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The re - allocation strategy of amortized bond funds has shifted towards credit bonds, which may be the result of a two - way choice between funds and institutional investors in a low - interest - rate environment. The opening rhythm of amortized bond funds and their impact on the credit bond market are the focuses of this report. The shift in the investment strategy of amortized bond funds to credit bonds helps boost the allocation demand for credit bonds with a remaining term similar to the closed - end period of the funds, driving an excess return market for corresponding - term varieties [2][8][44]. 3. Summary According to the Directory 3.1 Amortized Bond Funds Enter a Concentrated Opening Period - Amortized bond funds were mainly issued intensively from 2019 - 2020, with a relatively high proportion of products with a closed - end period of 3 - 5 years and over 5 years. From September 2025 to September 2026, the monthly opening scale of amortized bond funds generally exceeded 40 billion yuan. Specifically, from November 2025 to March 2026, the expected opening scales are 72.7 billion yuan, 107.7 billion yuan, 89.2 billion yuan, 51 billion yuan, and 116.2 billion yuan respectively [3][15][19]. - The opening of amortized bond funds is related to their issuance time. For example, products with a 24 - month, 36 - month, 39 - month closed - end period issued in 2019 and a 63 - month, 66 - month closed - end period issued in 2020 are entering a concentrated opening period [3][19]. 3.2 The Allocation Strategy of Amortized Bond Funds Shifts to Credit Bonds - Amortized bond funds are products that benefited from the transition period of the asset management regulations. New issuance has been strictly restricted, and they are currently in a state of stock operation with a small overall scale increase. The increase in credit bond allocation mainly comes from the style shift [21][26]. - At the beginning of their establishment, amortized bond funds preferred to allocate interest - rate bonds (mainly policy - financial bonds). Since 2025, their asset allocation has tilted towards credit bonds, with the credit bond holding scale and proportion continuously rising. By the end of 2024, the market value of credit bonds held by amortized bond funds was only 3.55 billion yuan, accounting for only 1.8%. As of the third quarter of 2025, the market value climbed to 29.28 billion yuan, accounting for 15.4% [4][26]. - Among the amortized bond funds that opened in the first three quarters of 2025, the credit style has become the mainstream strategy. Among 40 amortized bond funds with available data, 19 funds (63%) have a credit bond holding proportion of over 70%. Among 10 amortized bond funds that restarted operations in 2025, 8 funds (80%) have a credit bond holding proportion of over 80% [31]. 3.3 The Concentrated Opening of Amortized Bond Funds Drives the Demand for Medium - and Long - Term Credit Bonds - Amortized bond funds mainly prefer medium - and high - grade credit bonds, with moderate downward adjustment in medium - and short - term durations. In the top five credit bond holdings, the proportion of bonds with an implied rating of AA + and above is relatively high. For example, in the 3 - 5 - year period, all are AA + and above, with AA A - and above accounting for 86% [6][36]. - Amortized bond funds usually choose bonds with a remaining term close to their closed - end period for investment. The weighted average remaining term of the top five credit bond holdings of most amortized bond funds is very close to the remaining term of the fund until the next opening day [37][39]. - In October 2025, the opening scale of amortized bond funds was about 53.4 billion yuan, and the opening scale of 63 - month closed - end products was 32.4 billion yuan, accounting for 61%. Since late October, the net purchase of 3 - 5 - year credit bonds by funds has significantly increased, pushing down yields and narrowing spreads. On November 5th compared to October 21st, the yield of the 5 - year medium - and short - term note AAA dropped by 19bp, the credit spread narrowed by 18bp, and the 5Y - 1Y term spread also significantly narrowed by 17bp [8][40]. - In the future, the opening rhythm of amortized bond funds will affect the demand for credit bonds of corresponding terms. For example, in November 2025, the opening scale of 63 - month amortized bond funds is relatively large, which may still have a demand for medium - and high - grade 5 - year - old credit bonds; in December, the opening scale of 36 - month and 24 - month amortized bond funds is relatively large, which may boost the demand for 2 - 3 - year credit bonds [9][44].