CITIC Securities: If credit spreads adjust to 50bps, the value of credit bond allocation may reappear

Jinshi data news on October 10th, CITIC Securities pointed out that the credit bond market performed well in the first 9 months of 2024, and the trend of declining spreads was stable. In the context of the unexpected stability of the rise policy before the cross-season, the stock and bond seesaw effect is prominent, and the credit market has once again come to a watershed, and the credit spread has been adjusted from the low point. Looking ahead, on the one hand, the take-profit sentiment of institutional investors has warmed up, and on the other hand, potential redemption behavior under the pressure of asset reallocation may trigger further upward credit spreads. In the short term, it is more appropriate to focus on asset liquidity for defense. If the credit spread adjusts to 50bps, the value of credit bond allocation may reappear.