彻底火了，创十年新高！

Core Viewpoint - The China Convertible Bond Index has reached a ten-year high, leading to strong performance in related convertible bond funds, with over ten thematic funds achieving a net value growth rate exceeding 10% this year, the highest being 13.42% [1][3]. Group 1: Market Performance - On July 11, the China Convertible Bond Index peaked at 452.27 points, marking an 8.75% increase year-to-date [3]. - Several convertible bond funds have shown impressive performance, with the top fund, China Europe Convertible Bond A, achieving a 13.42% growth rate this year [3]. - Convertible bond ETFs have also performed well, with the Bosera China Convertible Bond and Exchangeable Bond ETF returning 8.58% year-to-date, and the Hai Fu Tong Shanghai Investment Grade Convertible Bond ETF at 6.71% [3]. Group 2: Market Dynamics - The market environment has favored active management funds, allowing them to capture excess returns by exploiting industry cycle opportunities and the characteristics of convertible bonds [1][3]. - The demand for "fixed income plus" products has surged due to the challenges in obtaining capital gains from pure debt assets, coupled with a low-interest-rate environment [4]. - The strong performance of the banking sector has contributed to the rise in convertible bond indices, as a significant portion of convertible bonds are linked to small and mid-cap stocks [4][6]. Group 3: Investment Strategies - Fund managers suggest focusing on sectors such as technology, dividends, and domestic demand for the second half of the year, with a "technology + dividend + domestic demand" strategy [6][7]. - Key areas of interest include AI glasses, semiconductors, automotive parts, and robotics, which are expected to see growth due to strong market catalysts [6][7]. - The overall sentiment indicates that while convertible bond valuations may not continue to rise, there are still ample opportunities in sector-specific and small-cap convertible bonds [7][8].