Group 1 - The core viewpoint of the news is the implementation of interest rate cuts and reserve requirement ratio reductions, indicating a shift towards a more accommodative monetary policy to support employment, businesses, and market stability [1][2] - The Tianhong credit bond ETF (159398) experienced a net inflow of over 170 million yuan in the past five days, reflecting positive market sentiment following the monetary policy adjustments [2] - The recent interest rate cut of 0.1 percentage points and the upcoming reserve requirement ratio cut of 0.5 percentage points are expected to benefit short-term instruments and support a downward trend in interest rates [1][2] Group 2 - The credit bond default rate continues to decline, and the market has fully priced in the positive effects of the policy, leading to a significant compression of risk premiums [2] - Future assessments of the credit bond market suggest that higher coupon bonds in May still hold certainty, with potential for value recovery and further downward movement in yields [2] - The current policy aims to prevent the spread of credit risks while maintaining low credit spreads, indicating a stable outlook for the credit bond market [2]