Jinshi data news on February 21st, Ping An Securities stated that the source of the improvement in liquidity lies in the Central Bank injecting Liquidity. In the short term, the demand for funds may decrease after the tax period and government bond payments fall back, and in the medium term, there is a possibility of the implementation of reserve cuts after important meetings. Looking ahead, the yield curve may transmit from short to long, and it is recommended to focus on defense. In terms of credit bonds, the recent credit spread has risen, there is still a risk of falling from the short end to the medium to long end, and it is also recommended to focus on defense in the short to medium term, following the pace of improvement in liquidity.
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