1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The new regulations on science - innovation bonds are beneficial for scale expansion and structural improvement. With the optimization of rules in the inter - bank and exchange markets, along with support from the central bank's risk - sharing tools and local incentives, the scale of science - innovation bonds is expected to continue to expand this year, and the structure of issuers and maturities is likely to improve further [1][23]. - Last week, credit bond yields generally declined, and most credit spreads widened passively. The net financing of general credit bonds started to increase, while financial bonds maintained net repayment. In the secondary market, medium - and short - duration bonds were actively traded, and the trading of long - duration bonds increased slightly [1][42][68]. 3. Summary by Directory Credit Hotspots: New Regulations on Science - Innovation Bonds Benefit Scale Expansion and Structural Improvement - On March 2, 2026, the National Association of Financial Market Institutional Investors optimized the inter - bank science - innovation bond mechanism, broadening the scope of technology - based enterprises, strengthening patent requirements, and implementing hierarchical and classified management of the use of raised funds [1]. - Since the launch of the "technology board" in the bond market, the issuance of science - innovation bonds as a proportion of credit bonds has significantly increased. As of March 6, 2026, the outstanding amount of science - innovation bonds has exceeded 3.6 trillion yuan [1][22]. - With the optimization of rules and the improvement of supporting mechanisms, along with policy support, the scale of science - innovation bonds is expected to continue to expand this year, and the issuer and maturity structures are expected to improve [23]. Market Review: Credit Bond Yields Generally Declined, and Most Spreads Widened Passively - From February 27 to March 6, 2026, due to the end of the Two Sessions and the fermentation of the Iran situation, interest - rate bonds declined overall, credit bond yields generally decreased, and most credit spreads widened passively. The spreads of 5 - 10Y general credit bonds declined [42]. - The yields of secondary perpetual bonds also generally declined, with the yields of medium - and short - term varieties decreasing by about 4BP, and the spreads widening slightly by about 2BP [42]. - Last week, wealth management products had a net purchase of 7.7 billion yuan, and funds had a net purchase of 61.2 billion yuan. The scale of credit bond ETFs was 524.5 billion yuan, an increase of 1.8 billion yuan from the previous week [42]. Primary Issuance: Net Financing of General Credit Bonds Started to Increase, and Financial Bonds Maintained Net Repayment - From March 2 to March 6, 2026, the total issuance of corporate - type credit bonds was 100.2 billion yuan, a 220% increase from the previous week; the total issuance of financial - type credit bonds was 22.1 billion yuan, a more than 1000% increase from the previous week [2][68]. - The total net financing of corporate - type credit bonds was 40.3 billion yuan, a 134% increase from the previous week. Among them, the net financing of urban investment bonds was 4.4 billion yuan, and that of industrial bonds was 34.3 billion yuan [2][68]. - In terms of financial - type credit bonds, commercial bank bonds had a net repayment of 10.3 billion yuan, commercial bank sub - bonds had no net financing, and insurance and securities company bonds had a net financing of 3.5 billion yuan [2][68]. Secondary Trading: Medium - and Short - Duration Bonds Were Actively Traded, and the Trading of Long - Duration Bonds Increased Slightly - Active trading entities were mainly medium - and high - grade, medium - and short - term, and central and state - owned enterprises [77]. - For urban investment bonds, active trading entities were mainly divided into two types: mainstream high - grade platforms in economically strong provinces and core platforms in regions with relatively high spreads in large economic provinces [77]. - For real - estate bonds and private - enterprise bonds, active trading entities were mainly AAA - rated, with trading maturities mostly in the medium - and short - term [77]. - Among actively traded urban investment bonds, the proportion of bonds with a maturity of more than 5 years increased slightly from 2% to 3% compared with the previous week [77].