According to reports from Jin10 data, CITIC Securities research report indicates that there is still room for interest rate cuts by the central bank within the year, the behavior of residents 'moving deposits' will continue, and asset management institutions will expand their liabilities, increasing the demand for credit bond allocation.
Under the narrow fluctuations of short-end categories, medium- to long-term credit varieties have a higher win rate, with stronger coupon offensive attributes. As credit bond ETF products are launched, actively managed credit bond fund products are expected to expand.
Currently, holders of medium- to long-term credit bond funds are mainly institutional investors. With the growth of FOF funds and the continued 'moving deposits' behavior, the incremental institutional and individual funds may promote a strong supply and demand for medium- to long-term credit bond funds, highlighting the investment cost-effectiveness.