Group 1: Credit Strategy and Market Overview - The credit bond market has experienced narrow fluctuations in yields, with a divergence in credit spreads. The market is currently influenced by geopolitical tensions and a pullback in US equities, leading to a weakened risk appetite for equities, while the bond market lacks a clear trading direction [1][8] - The excess spread of credit bond ETFs has risen significantly, indicating a rebound after a period of decline. This is attributed to the overall weak performance of credit bonds and the good liquidity of constituent bonds, which have seen a significant drop in valuation [1][9] - The current period is seen as a good window for accumulating interest-bearing assets, with the yield spread for 3-year bonds compressed below the lowest point expected for 2024, suggesting a low cost-performance ratio [1][12] Group 2: Long-term Credit Opportunities - There is a notable increase in the allocation of long-term credit bonds (10 years and above) by insurance and other products, indicating a trend towards extending duration for yield enhancement. Funds have shown a net buying trend for bonds with maturities of 5-7 years while slightly selling off 7-10 year bonds [2][21] - The yield for long-term credit bonds rated AA+ and above is currently in the range of 2.14%-2.66%, with credit spreads between 22-60 basis points, indicating sufficient spread protection [2][21] Group 3: Key Policies and Events - Jilin Province has met the conditions to exit the list of high-risk debt provinces, which is expected to open up new financing opportunities for regional development and bond issuance [3][27] - The support from Shenzhen Metro Group for Vanke's healthy development is crucial as Vanke faces significant operational challenges and debt repayment pressures [3][27] - CICC plans to merge with Dongxing Securities and Xinda Securities, which is expected to enhance market recognition and resource integration following regulatory support for brokerage mergers [3][27]