二季报出炉！含权债基吹响反攻号角

Core Viewpoint - The public fund industry is witnessing a resurgence in the "equity-linked bond funds" sector, with total market size approaching 2 trillion yuan, reflecting a growth of nearly 240 billion yuan since the end of 2024 [1][2] Group 1: Market Overview - As of June 30, the total scale of equity-linked bond funds (including primary bond funds, secondary bond funds, mixed bond funds, and convertible bond funds) is close to 2 trillion yuan, marking an increase of nearly 240 billion yuan compared to the end of 2024 [1] - The proportion of equity-linked bond funds has been rising for two consecutive quarters, driven by declining risk-free yields and a recovering equity market [1][20] Group 2: Company Performance - Guotai Fund has shown exceptional performance in the equity-linked bond fund sector, with its products growing by over 9 billion yuan in the first half of the year, a growth rate of 64%, significantly higher than the industry average of 14% [1][2] - Guotai Fund's secondary bond funds have an average yield of 7.47%, outperforming the industry average of 5.49%, with a maximum drawdown of -2.36%, lower than the industry average of -2.73% [8][9] - Guotai Fund's primary bond funds have an average yield of 5.40%, exceeding the industry average of 4.01%, with a maximum drawdown of -1.39%, also lower than the industry average of -1.46% [12][9] Group 3: Fund Strategies and Management - Guotai Fund's strategy for its secondary bond fund, Guotai Shuangli, includes a bond base combined with multi-asset rotation, achieving a one-year yield of 11.97%, ranking in the top 8% of its category [10] - The fund manager, Chen Zhihua, utilizes asset allocation strategies to enhance risk management and diversify returns, focusing on gold stocks in the current market environment [10][11] - The Guotai Jinlong bond fund employs a dual strategy of pure bonds and convertible bonds, achieving a one-year yield of 9.13%, ranking in the top 6% of its category [13] - The Guotai Zhaoxiang Tieli fund focuses on a credit bond base and macro asset rotation, achieving a one-year yield of 9.78%, ranking 8th in its category [16][17] Group 4: Market Outlook - The macroeconomic environment shows resilience, with expectations of stable funding rates and further declines in bond market yields [14][19] - The equity market is recovering, with the Shanghai Composite Index reaching 3600 points, highlighting the value of equity-linked bond funds for conservative investors [20]