转债创10年新高，长城积极增利近一年收益率达12%

Core Viewpoint - The A-share market has shown signs of recovery, stabilizing above 3500 points, which has positively impacted convertible bonds, with the China Convertible Bond Index reaching a nearly 10-year high and increasing by nearly 12% since its low on April 8 [1] Group 1: Convertible Bonds Characteristics - Convertible bonds, which can be converted into stocks, possess dual investment value: they have the characteristics of bonds with fixed interest payments and principal, and they also offer the potential for equity value through conversion during the conversion period [1] - This unique nature of convertible bonds provides a favorable risk-return profile, effectively filling the gap for medium-risk, moderate-return assets in investment portfolios [2] Group 2: Performance Metrics - Since 2003, the China Convertible Bond Index has increased by 359.59%, with an annualized return of 7.21% and an annualized volatility of 16.29%, outperforming both the China All Bond Index and the Shanghai Composite Index during the same period [3] Group 3: Fund Management and Strategy - The Changcheng Active Growth Fund, managed by experienced fixed-income fund managers, focuses on convertible bonds and employs an elastic strategy to capture opportunities in this asset class [4] - The proportion of convertible bonds in the Changcheng Active Growth Fund's net asset value increased significantly from 68.97% at the end of Q3 last year to 99.82% by the end of Q4, maintaining above 93% in the following three quarters, coinciding with a 12.95% rise in the China Convertible Bond Index [4] Group 4: Recent Performance and Outlook - The Changcheng Active Growth Fund has shown steady net value growth, with returns of 7.24% over the past six months and 12.00% over the past year, significantly outperforming its benchmark [5] - The current economic recovery in China, with a GDP growth of 5.3% in the first half of the year, along with a relatively loose monetary policy, is expected to support the convertible bond market, although some bonds may be overvalued after recent increases [5]