权益资产波动加大，“固收+”基金这样应对

Group 1 - The A-share and convertible bond markets have experienced significant fluctuations, with the largest convertible bond ETF facing an 8-day decline, dropping to 12.908 yuan, a nearly 7% decrease from its peak on August 25 [2] - The volatility in the stock market is attributed to multiple factors, including concerns over hot stock price surges, rising margin trading data indicating increased market leverage, and a reduction in the market's profit-making effect, leading to a more cautious investor sentiment [2][3] - The adjustment in the convertible bond market has been faster and more severe than most investors anticipated, with the median price of convertible bonds dropping from around 136 yuan to approximately 128 yuan, and the premium rate decreasing from over 30% to 26% [3] Group 2 - "Fixed income +" funds are actively managing risk and seeking returns by dynamically balancing equity and debt proportions, increasing the duration of interest rate bonds to hedge against downside risks [4] - The long-term outlook for the equity market remains positive due to supportive policies, the shift of household investments, and a favorable environment for interest rate cuts, despite short-term pressures on convertible bond valuations [4] - There is a strong demand from fixed income institutional investors for assets that can enhance returns, especially in a low absolute yield environment, while the supply of new convertible bonds is currently low [3][4]