Fixed Income Research - The overall yield of credit bonds has decreased, with most issuance guidance rates down by 6 to 1 basis points. The issuance scale of credit bonds in February decreased month-on-month due to holiday factors, with net financing amounts varying across different types of bonds [3] - In the secondary market, the transaction scale of credit bonds also saw a month-on-month decline, but the average yield of credit bonds improved, indicating a potential recovery trend despite some fluctuations expected [3] - The report suggests that the insufficient supply and relatively strong demand for allocation will continue to support the recovery of credit bonds, with a long-term downward trend in yields anticipated [3] Real Estate Policy - The Shanghai government has implemented new policies to optimize the real estate market, including easing purchase restrictions and increasing public housing loan limits, effective from February 26, 2026. These measures aim to promote a stable and healthy development of the real estate market [4][5] - The ongoing optimization of real estate policies is expected to support the recovery of the market, with a focus on balancing risk and return in investment strategies, particularly in real estate bonds [5] Company Research: Zhongtung High-tech (000657) - Zhongtung High-tech, a subsidiary of China Minmetals, is set to benefit from the injection of high-quality tungsten resources starting in 2024, which is expected to significantly enhance its profit scale and profitability [10] - The tungsten industry is characterized by strong supply rigidity and supported demand, with China holding over 80% of global tungsten supply. The report highlights the strategic importance of tungsten in high-tech and defense sectors, indicating a positive outlook for the industry [10] - The company is also expanding its production capacity in PCB micro-drills, with significant growth expected due to the increasing demand driven by AI advancements [11]