西部利得基金严志勇： 精选可转债 把握防守反击机会

Core Viewpoint - The current low interest rate environment and increased volatility in the bond market have led to a growing interest in fixed income enhancement products, with strategies such as leveraged carry becoming more prominent [1][2]. Group 1: Market Conditions - The bond market has experienced significant fluctuations this year, contrasting with last year's upward trend, leading to a negative holding experience for many investors [2]. - The rise in risk appetite, driven by "anti-involution" policies, has resulted in a notable pullback in the bond market, although the fundamental support for bonds remains intact [2][4]. - The lack of trend opportunities in the bond market has increased investment difficulty, prompting a defensive investment approach focused on controlling drawdowns [2][3]. Group 2: Investment Strategies - Leveraged carry strategies are becoming increasingly advantageous as the negative carry issue for mid-to-short duration bonds is alleviated, providing stability in the absence of capital gains [2]. - Long-duration bonds, while lacking trend opportunities, still hold value for range trading, allowing investors to capitalize on current volatility [3]. - Fixed income enhancement products are gaining traction as they combine traditional bond assets with equities and convertible bonds to meet investor demand for stable returns [4]. Group 3: Product Development - The company has developed a comprehensive fixed income enhancement investment system that includes strategies across low, medium, and high volatility, utilizing various methods such as convertible bonds and quantitative approaches [4]. - A new product, managed by the investment director, is being launched that employs a low-volatility fixed income enhancement strategy, focusing on high-quality credit bonds and a small allocation to convertible bonds for yield enhancement [5].