丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 增量资金驱动，3-5Y 普信债相对吸引力凸显 报告要点 [Table_Summary] 近期债市震荡中信用债表现分化，3-5 年期普通信用债的配置吸引力相对凸显。核心驱动在于， 12 月将迎来摊余成本法债基的开放高峰期，这批规模超千亿的增量资金因其负债端特性和运作 规则，天然偏好配置剩余期限相匹配、现金流稳定的高等级普信债，从而对其估值构成支撑。 相比之下，二永债虽存在补涨行情，但其波动较大且受后续基金赎回费率新规等潜在政策扰动。 投资策略上，建议以票息策略为核心，并可重点关注 3-4 年期普信债的骑乘收益机会。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 增量资金驱动，3-5Y 普信债相对吸引力凸显 [Table_Summary2] 11 月 10 日-11 月 14 日，债市步入定 ...

Group 1 - The core phenomenon observed is the revival of previously dormant fund products, such as Huian Hengli 39-month open-end fund, which attracted significant capital after resuming operations, triggering a proportional allotment mechanism [1][2] - The revival of these bond funds is attributed to several factors, including flexible institutional design, the need for institutional capital allocation, and fluctuations in the bond market [1][4] - The recent increase in attention towards bond funds is evident, with new bond fund issuance in the past month rising nearly 20% compared to the previous month, and bond ETFs seeing a net inflow of over 40 billion yuan in May, a 45% increase [1][6] Group 2 - Huian Hengli 39-month open-end fund saw a significant turnaround, with subscription applications exceeding 8 billion yuan during its recent open period, leading to a confirmation ratio of 92.81% [2][3] - The fund had previously faced challenges, including a drastic reduction in fund shares from 4.2 billion to 100 million and a decrease in the number of holders from 236 to 183 due to insufficient holders during its first open period [3][4] - The fund management announced a fee reduction upon resuming operations, lowering the management fee from 0.3% to 0.15% and the custody fee from 0.06% to 0.05% [3][4] Group 3 - The underlying logic for the revival of these funds is linked to the temporary suspension due to low bond yields, which made the products less competitive, leading to institutional redemptions [5][6] - Once the bond market adjusts and yields become more attractive, fund managers can restart operations, allowing institutional capital to re-enter [5][6] - The recent surge in bond fund popularity is reflected in the public offering market, where bond fund issuance accounted for over 55% of the total in May, an increase of 18.53 percentage points from the previous month [5][6]