Huatai Securities: Some commercial financial floating-rate bonds offer thicker yield compensation and are more suitable for allocation-oriented accounts that can tolerate certain liquidity constraints and focus primarily on holding to maturity.

Huatai Securities pointed out that this round of floating-rate bond expansion is jointly driven by policy banks and commercial banks, accommodating both issuers' liability cost management and investors' asset allocation needs. Currently, the yields on policy bank floating-rate bonds and comparable fixed-rate bonds are basically on par, offering limited compensation for potential rate cuts; some commercial bank financial floating-rate bonds provide thicker yield compensation and are more suitable for allocation-oriented accounts that can tolerate certain liquidity constraints and focus primarily on holding to maturity.