Group 1 - The current credit market shows a stronger "anti-drawdown" characteristic compared to previous years, with credit adjustments being more synchronized with interest rate adjustments in 2025 [1][9][28] - The recent relative restraint in credit adjustments may be attributed to a stable liquidity environment and reduced pressure on the liability side of wealth management products [10][11] - The expansion of the Sci-Tech Innovation Bond ETF has slowed down, leading to decreased trading activity and liquidity in the market [2][15] Group 2 - The synchronization of credit and interest rate adjustments indicates a waiting period for interest rates to stabilize, with potential signals for credit investment once rates stabilize [3][25] - Seasonal factors suggest a higher probability of market weakness in September, but the extent of credit adjustments may be limited due to lower financing demand and expectations for incremental policy support [25][28] - The recent widening of credit spreads has been relatively limited, with adjustments mostly within 10 basis points, indicating insufficient "cost-effectiveness" for investors [4][31]