Group 1: Report Industry Investment Rating - Not mentioned in the report Group 2: Core Viewpoints of the Report - The concentrated opening of amortized fixed - term open - end bond funds may directly benefit general credit bonds, and the spread of general credit bonds may decline. After the opening of these funds drives up the price of general credit bonds, the medium - and long - term cost - performance of secondary perpetual bonds will be passively improved, attracting medium - and long - term allocation funds such as annuities and insurance companies, with the market of secondary perpetual bonds lagging behind that of general credit bonds [2][26][27]. - The concentrated opening of amortized fixed - term open - end bond funds may form a strong allocation demand for 3 - 5Y medium - and long - term credit bonds [20][30]. Group 3: Summary According to the Directory 1. Changes in the Holding Varieties of Amortized Fixed - Term Open - End Bond Funds - Since the beginning of 2024, the proportion of interest - rate bonds (especially policy - financial bonds) held by amortized fixed - term open - end bond funds has significantly decreased, while the proportion of general credit bonds has increased substantially. From 2024Q1 - 2025Q3, the proportion of financial bonds held decreased from 89% to 78% (the proportion of policy - financial bonds decreased from 73% to 61%), and the proportion of credit bonds increased from 2% to 14% [8]. - The proportion of medium - term notes held by amortized fixed - term open - end bond funds has steadily increased. From the perspectives of implicit rating and remaining term, the proportion of credit bonds with an implicit rating of AAA - and above and a remaining term of 3 - 5 years has significantly increased. The proportion of medium - term notes increased from 43% in 2024Q1 to 61% in 2025Q3, the proportion of high - grade bonds increased, and the proportion of credit bonds with a remaining term of 1 year or less decreased from 80% in 2024Q3 to 30% in 2025Q3, while the proportion of 3 - 5Y credit bonds increased to 42% in 2025Q3 [11]. 2. Impact of the Concentrated Opening of Amortized Fixed - Term Open - End Bond Funds - From 2025Q4 - 2026Q2, a round of opening days for amortized fixed - term open - end bond funds will be concentrated. Among the funds with a closed - end period of more than 1 year, 76 funds will open, with a total fund asset value of 7,433 billion yuan. In 2026Q1 and before, 53 funds with a closed - end period of more than 1 year will open [14][15]. - The concentrated opening of these funds may form a strong allocation demand for 3 - 5Y medium - and long - term credit bonds. After the opening days end and the funds enter the closed - end period to start building positions, they may have a relatively strong demand for such bonds [20]. - In terms of variety structure, the concentrated opening may directly benefit general credit bonds, and it is expected that general credit bonds may experience a good spread compression market. The medium - and long - term cost - performance of secondary perpetual bonds will be passively improved, attracting allocation funds [26][27]. - It is estimated that the opening of existing amortized fixed - term open - end bond funds will bring about 119.8 billion yuan of stable allocation funds to the credit bond market, and the funds entering the opening period before 2026Q2 are expected to bring about 51.8 billion yuan [29]. 3. Investment Suggestions - From 2025Q4 - 2026Q2, the concentrated opening of amortized fixed - term open - end bond funds may directly benefit credit bonds matching their closed - end periods, especially 3 - 5Y medium - and long - term credit bonds [30]. - The concentrated opening may directly benefit general credit bonds such as urban investment bonds and industrial bonds. High - grade (AAA - and above) medium - term notes are recommended as key trading targets in the future market [31][32].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In November, credit bonds are expected to show a volatile trend, but there are certain participation opportunities. It is recommended to seize the opportunity to buy medium - and high - grade varieties on dips. The ticket - coupon strategy is the main approach, and attention should be paid to the investment opportunities brought by the centralized position - building of amortized fixed - open bond funds [1][28]. - The supply of credit bonds in November may increase seasonally, but the incremental supply is not expected to be large. The demand side shows that bank wealth management still has increments, and the impact of the new public offering regulations on bond funds is expected to be limited [20]. 3. Summary According to Relevant Catalogs 3.1 Credit Bond Market Review and Outlook 3.1.1 October Credit Bond Market Review - In October, credit bond yields declined across the board, with the decline more than that of the same - term interest - rate bonds. Medium - and long - term bonds performed better than short - term bonds, and general credit bonds outperformed financial bonds [11]. - By week, the performance of credit bonds was affected by factors such as holiday data, tariff frictions, equity markets, risk - aversion sentiment, policy expectations, and the restart of treasury bond trading. The yields and spreads of credit bonds showed different trends in each week [10]. - As of November 2, the full - caliber wealth management scale dropped to 31.5 trillion yuan, a decrease of 6.1 billion yuan from the previous week. The net - breaking rates of all bank wealth management products and wealth management subsidiaries decreased [13]. 3.1.2 November Credit Bond Market Outlook - Supply: Seasonally, credit bond supply usually increases in November, but considering the continuous contraction of urban investment bond supply, the supply increment this year may not be large [20]. - Demand: Bank wealth management is expected to have positive growth in November, but the incremental growth may continue to narrow. If the new public offering regulations are mitigated, the impact on bond funds may be limited [20]. - Overall, credit bonds are expected to fluctuate in November. There are participation opportunities, but it is difficult to have an independent trend. It is recommended to buy medium - and high - grade varieties on dips. Pay attention to the investment opportunities brought by the centralized position - building of amortized fixed - open bond funds [28]. 3.2 Primary Market 3.2.1 Issuance Volume - In October 2025, the credit bond issuance scale was 1492.311 billion yuan, an increase of 161.8 billion yuan year - on - year and a decrease of 270.9 billion yuan month - on - month. The net financing amount was 310.974 billion yuan, a decrease of 132.1 billion yuan year - on - year and an increase of 140.4 billion yuan month - on - month [34]. - By type, the net financing amount of urban investment bonds was - 5.838 billion yuan, while that of industrial bonds and financial bonds was 300.042 billion and 16.77 billion yuan respectively [34]. 3.2.2 Issuance Cost - From October 1 to 31, the average issuance interest rate of credit bonds was 2.22%, a decrease of 8.4bp compared with September. The average issuance interest rates of industrial bonds and urban investment bonds decreased, while that of financial bonds increased [39]. 3.2.3 Issuance Term - From October 1 to 31, the average issuance term of credit bonds was 2.95 years, a decrease of 0.01 year compared with September. The average issuance terms of industrial bonds and financial bonds increased, while that of urban investment bonds decreased [48]. 3.2.4 Cancellation of Issuance - In October, 27 credit bonds were cancelled for issuance, with a cancellation scale of 10.687 billion yuan, a decrease of 26 bonds and 17.993 billion yuan respectively compared with the previous month [49]. 3.3 Secondary Market 3.3.1 Trading Volume - In October, the trading volume of all credit bond varieties except insurance sub - bonds decreased compared with the previous month. The trading volume of bank secondary capital bonds decreased the most, followed by bank perpetual bonds [54]. - By trading term, 1 - 5 - year urban investment bonds were more popular. The trading performance of industrial bonds varied by term, and the trading terms of bank perpetual bonds and some other bonds also showed different trends [54]. - By implied rating, the trading of urban investment bonds shifted from medium - rated to other ratings, while that of industrial bonds shifted to high - rated bonds [55]. 3.3.2 Trading Liquidity - In October, the turnover rates of urban investment bonds, industrial bonds, and financial bonds all decreased. By trading term, the turnover rate of 1 - 3 - year urban investment bonds decreased the most, and that of less than 1 - year industrial and financial bonds decreased the most [57]. 3.3.3 Spread Tracking - In October, the spreads of all urban investment bond varieties narrowed, with medium - and long - term spreads narrowing more significantly. The 5 - year AA - rated variety had the largest narrowing amplitude of 22bp [62]. - By region, most spreads in October narrowed, with the narrowing amplitude of each province not exceeding 5bp [66]. - In October, the spreads of AAA - rated and AA - rated industrial bonds in all industries narrowed, with the AA - rated bonds having a larger average narrowing amplitude [67]. - In October, the spreads of bank secondary and perpetual bonds narrowed, with medium - and long - term spreads narrowing more significantly [70]. - In October, most spreads of securities sub - bonds narrowed, while those of insurance sub - bonds narrowed across the board [72]. 3.4 October Hot Bonds Overview - The report selects the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of liquidity scores for investors' reference [74]. 3.5 Credit Rating Adjustment Review - In October, 7 bonds had their debt ratings upgraded, and there were no downgrades [78].