债市调整不改长期逻辑，民生加银鑫享多维度业绩领跑同类

Group 1 - The Chinese bond market has transitioned from adjustment to recovery this year, driven by changes in market logic and funding environment [1] - The funding environment has shifted from tight balance to balanced easing, with monetary policy expectations strengthening, leading to a revaluation of asset prices [1] - Institutions are optimistic about the continuation of the bond "bull tail" in 2025, with a gradual shift in trading focus towards fundamentals in the second half of the year [1] Group 2 - Bond funds are increasingly favored by investors as a key asset allocation choice due to their relatively fixed income from bond coupons, which is less affected by short-term market fluctuations [1] - Over the past decade, the total index of bond funds has increased by 40.11%, while the Shanghai and Shenzhen 300 index has only risen by 5.62%, indicating superior long-term performance [1] - The annualized volatility of the total index of bond funds is only 1.51%, compared to 19.15% for the Shanghai and Shenzhen 300 index, highlighting the stability of bond funds [1] Group 3 - After the market correction last year, equity market valuations have largely recovered, with policy support potentially fostering a "slow bull" market [2] - High-dividend assets are becoming increasingly popular amid uncertainty, with a focus on opportunities in technology growth sectors [2] - The Minsheng Jianyin Xinxiang Bond Fund, managed by Xie Zhihua, has shown strong performance and strict risk control, making it a focal point for investors [2]