Group 1 - The core viewpoint indicates that the ordinary credit bonds have declined, with spreads continuing to compress, and AAA bonds with a maturity of 3 years or less are within the 3% percentile range, suggesting a focus on short to medium-term arbitrage [1] - Ordinary commercial paper bonds have seen a general decline in yields, with spreads compressing again, currently showing AAA 3-year spreads within the 10% percentile range, indicating limited cost-effectiveness [1] - The spreads for secondary bonds have also narrowed, remaining relatively tight but offering slightly better cost-effectiveness compared to ordinary commercial paper bonds [1] Group 2 - Data as of August 8, 2025, shows the yield rates for various credit bonds, with AAA bonds yielding 1.83% for 3-year maturities, and the historical percentile for this yield is at 0.3% [2] - The credit spreads for AAA bonds are reported at 0.20% for 3-year maturities, with a historical percentile of 2.6% [2] - The yield spread for AAA bonds over 1-year to 0.5-year is 0.05%, with a historical percentile of 24.2% [2]

Group 1 - The overall credit bond market experienced a downward trend last week, with spreads mostly remaining stable or slightly widening, influenced by tax policy changes that had a limited positive effect on credit bonds due to low overall spreads (<5%) [1] - The yield on commercial paper bonds decreased overall last week, leading to a further compression of spreads, indicating limited value for commercial paper bonds at their current spread levels [1] - The yield data for various credit bonds shows that the yields for AAA-rated bonds range from 1.68% for 1-year to 1.97% for 5-year, while AA-rated bonds range from 1.75% for 1-year to 2.15% for 5-year [2] Group 2 - The recent interest tax policy has objectively improved the cost-effectiveness of credit bonds, suggesting that there may still be opportunities in the credit market, although credit spreads remain low [3] - There is a recommendation to pay attention to the performance of the Sci-Tech Innovation Board bond ETF and the investment opportunities in corporate bond ETF (511030) [3]