Group 1 - The core view of the report emphasizes that the 2-3 year medium-rated entities remain suitable for investment, balancing both defensive and offensive strategies. Current high-grade, short-duration spreads have compressed to very low levels, with some high liquidity central enterprises' valuations nearly indistinguishable from similar-term government bonds, indicating limited room for further compression [6][9]. - The report notes that the absolute yield attractiveness of high-grade, medium-term spreads has diminished, with most spreads now below 2.2%. There are still some medium to low-rated entities yielding between 2.15% and 2.3% that can be explored, as evidenced by recent performance [6][9]. - The report highlights that the credit bond market's attention is currently low, with a strong preference for controlling duration and maintaining liquidity, leading to weak buying power. The focus remains on 2-3 year medium-rated entities [6][9]. Group 2 - The weekly review indicates a rebound in issuance volume post-holiday, with net financing increasing to 184.7 billion yuan, marking a return to levels close to 200 billion yuan after a two-month period [11][13]. - The report states that credit spreads across various grades and maturities have continued to narrow, with the average spread compression around 1-3 basis points, while low-rated and long-term bonds remained stable [11][17]. - The report also mentions that the average credit spread for city investment bonds has narrowed by approximately 4 basis points, with minimal differentiation among provinces, while industry credit spreads have also contracted by 3 basis points [22][23].

// 债市综述 // 1. 公开市场操作 央行3月20日以固定利率、数量招标方式开展了2685亿元7天期逆回购操作，操作利率为 1.5%。Wind数据显示，当日359亿元逆回购到期，据此计算，单日净投放2326亿元，为连续 三日净投放。 2.资金面 海外方面，最新美国隔夜融资担保利率为4.31%。 （*数据来源：Wind-央行动态PBOC） 3.同业存单 全国和主要股份制银行一年期同业存单二级市场上最新成交在1.95%附近，较上日明显下行。 （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 4.银行间主要利率债收益率普遍大幅下行。 | | 1Y | | 2Y | | ЗУ | | ર્ટેન | | 78 | | 10Y | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国债 | 1.5525 ▼1.75 | 45 | 1.5600 ▼4.00 | 190 | 1.6150 ▼3.50 | 244 | 1.6700 ▼1.75 | 319 | 1.7700 ▼3.00 ...