Report Industry Investment Rating - The investment rating for the US dollar bond industry is "Underperform the Market" [1][4] Core Viewpoints - US employment data continues to cool, with weak employment growth and a rising unemployment rate. In November, non - farm payrolls increased by about 64,000, and the unemployment rate rose unexpectedly to 4.6%, the highest since September 2021. In October, non - farm data weakened significantly, with a decrease of 105,000 jobs [1] - Inflation data unexpectedly cooled. The US CPI in November rose 2.7% year - on - year, and the core CPI rose only 2.6% year - on - year, the lowest since 2021, providing room for interest rate cut expectations next year [2] - The US GDP in the third quarter grew at an annualized quarterly rate of 4.3%, the fastest in two years, mainly driven by consumer and business spending resilience and more stable trade policies [2] - In the US dollar bond market, it is recommended to prioritize defense. Corely allocate medium - and short - duration investment - grade bonds (5 - 7 - year investment - grade bonds currently have a yield of about 4.3%) and moderately allocate TIPS while keeping low allocations for long - duration varieties over 10 years [3] Summary by Related Catalogs 1. US Macro - economy and Liquidity - Employment: US employment data shows a cooling trend. In November, non - farm payrolls increased slightly, and the unemployment rate reached a new high. In October, non - farm data was significantly weak, affected by the sharp reduction in federal government employment [1] - Inflation: The US CPI and core CPI in November showed significant cooling, providing room for future monetary policy adjustments and interest rate cut expectations next year [2] - GDP: The US GDP in the third quarter grew at an annualized quarterly rate of 4.3%, the fastest in two years, with strong consumer and business spending [2] 2. Exchange Rate - The report presents multiple figures related to non - US currency trends, Sino - US sovereign bond spreads, and the relationship between the US dollar index and other indicators, but no specific analysis content about exchange rates is provided [50][55][57] 3. Chinese - funded US Dollar Bonds - The report shows figures such as the return trends of Chinese - funded US dollar bonds since 2023 (by level and industry), the yield and spread trends of investment - grade and high - yield Chinese - funded US dollar bonds, and the returns in the past two weeks (by level and industry), but no specific analysis content is provided [63][65][67] 4. Rating Actions - In the past two weeks, the three major international rating agencies took 16 rating actions on Chinese - funded US dollar bond issuers, including 2 rating revocations, 6 rating upgrades, 5 rating downgrades, and 3 initial ratings. Specific rating actions for each issuer are listed in the table [71][72]