Bohai Securities: The gradual warming of the debt-municipal market does not change the weak pattern

April industrial value and export growth decline, as well as CPI, PPI deflation deepened last week, the bond market has warmed up, but the bond market is only phased. Overall economic shocks upward, as well as CPI, PPI, the gradual improvement of the chain is a negative factor in the bond market. In addition, Zhou Xiaochuan 15th to attend the "2009 Lujiazui Forum", said that a moderately loose monetary policy will continue, the specific operational strength needs to take a step by step, according to the actual needs of dynamic fine-tuning.　　This suggests that the "overly loose" monetary policy, which was essentially implemented, would return rationality to a sustainable "moderately loose" monetary policy.　　Therefore, we believe that the bond market as a whole remains weak, the yield curve is expected to flatten the upward, only the existence of structured investment opportunities in credit debt. For funds, securities and other trading investors, the bond market is to reduce the period of long-term national debt, financial debt, shorten the long period of opportunity, proposed to reduce and avoid more than 1 years of interest rate varieties.　　For the allocation of banks and other investors, long-term national debt, financial debt still has a certain investment value, investors can be properly configured. Credit market, economic shocks in the context of the proposal to pay attention to the low level of credit debt. Specifically speaking, the focus on a-plus, a-level short, the reduction of AAA, aa+, AA in the vote, concerned about the 1-5-year AA secured enterprise debt and the exchange within 5 years AA class and the following credit debt.