固收-年末“最后一跌”，或可配置

Summary of Conference Call Notes Industry Overview - The current market presents a favorable configuration window, with the 10-year government bond yield rising to approximately 1.83%, which is considered a safe protection point. Attention should be paid to the buying levels of rural financial institutions at year-end, as this will determine whether a wave of configuration will start [1][3][4]. Key Points and Arguments - Fiscal Policy Outlook for 2026: The fiscal policy is expected to maintain a positive tone, with a deficit rate around 4%. The government bond issuance is projected to be approximately 5 trillion RMB, with total government funding needs increasing by about 1.3 trillion RMB compared to this year [1][5]. - Government Support: The fiscal support from government departments is anticipated to rise from about 68% in 2025 to 70.5% in 2026, indicating an upward trend despite a slowdown in growth [1][9]. - Bond Issuance Plans: The issuance of ordinary government bonds is expected to reach 7.1 trillion RMB in 2026, with local debt totaling around 7.5 trillion RMB. The financing pace in the first quarter is expected to be rapid, necessitating attention to supply pressure [1][10]. - Investment Strategies: Recommended strategies include focusing on 7-10 year government bonds and 3-5 year varieties, as well as 10-year government bonds, which are seen as having good cost-performance ratios. Specific recommended products include short-term 3-5 year government bonds and 30-year old government bonds [1][6]. - Market Conditions: The current market has a high win rate but limited odds, suggesting a gradual accumulation strategy for next year's coupon income. Monitoring the buying behavior of rural financial institutions is crucial for timely adjustments to investment strategies [1][7][8]. Additional Important Insights - Credit Market Performance: The credit bond market is currently weak, but liquidity in credit bond ETFs is good, with opportunities in 4-5 year and long-term credit bonds. The final version of the fund fee rate regulations should also be monitored [2][15][16]. - Future Credit Market Trends: The credit market may enter a year-end configuration period from late November to early December, with a focus on institutional allocation behavior changes. The current environment is seen as a good window for accumulating coupon assets [17]. - Local Government Debt: Recent developments indicate a significant reduction in hidden debts in Jilin Province, with a nearly 90% decrease in stock hidden debt and over 70% reduction in financing platforms. This aligns with market expectations and suggests potential regional development opportunities [20]. This summary encapsulates the key insights and projections from the conference call, providing a comprehensive overview of the current state and future outlook of the bond and credit markets.