震荡市与可转债更配，分享4只绩优可转债基金

Core Viewpoint - The article discusses the selection of convertible bond funds that provide downside protection during market declines and capture upside opportunities during rebounds, highlighting four high-performing funds based on updated screening criteria. Group 1: Fund Selection Criteria - The selection criteria for convertible bond funds have evolved, focusing on managers with strong drawdown control capabilities [1] - Only four convertible bond funds meet the updated criteria: Huabao Convertible Bond A, Zhongou Convertible Bond A, Nanfang Xiyuan Convertible Bond A, and Huitianfu Convertible Bond A [1] - The total scale of these funds as of September 30, 2025, is as follows: Huabao Convertible Bond A (2.177 billion), Zhongou Convertible Bond A (7.529 billion), Nanfang Xiyuan Convertible Bond A (1.599 billion), and Huitianfu Convertible Bond A (3.156 billion) [1] Group 2: Performance Comparison - In the past year, Zhongou Convertible Bond A has shown the best performance with a return of 39.65% and an annualized return of 39.52% [2] - The other funds' performance includes: Huabao Convertible Bond A (38.76%, 38.64%), Nanfang Xiyuan Convertible Bond A (33.98%, 33.87%), and Huitianfu Convertible Bond A (29.64%, 29.55%) [2] - The benchmark, CSI 300, had a return of 25.30% [2] Group 3: Fund Managers' Insights - Zhongou Convertible Bond's manager noted that the current valuation of convertible bonds is approaching a bubble, leading to a tightening of risk exposure while aiming for stable returns [4] - Huabao Convertible Bond's manager indicated that the bond market's performance mirrored the stock market, with high valuations prompting a reduction in positions during the second quarter [5] - Nanfang Xiyuan Convertible Bond's manager expressed a balanced growth style, focusing on high-quality individual bonds and maintaining a stable monetary environment [6][7] - Huitianfu Convertible Bond's manager remains optimistic about the market, despite high valuations, and is focusing on sectors like high-end manufacturing and consumer electronics [8]