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, particularly since the second half of the year, has pressured the bond market, resulting in notable adjustments [2]. - Despite the challenges, the fundamental support for the bond market remains, with monetary policy still moderately accommodative [2]. Group 2: Investment Strategies - The leveraged carry strategy is gaining traction as the advantages become more apparent, particularly in the context of mid to short-term instruments [2]. - Long-term instruments, while lacking trend opportunities, still hold value for range trading, allowing investors to capitalize on current volatility [3]. Group 3: Fixed Income Enhancement Products - The demand for fixed income enhancement products is rising as traditional pure bond assets struggle to meet investors' needs for stable returns [4]. - Various innovative and diversified methods for enhancing returns are being explored, including commodities, quantitative strategies, and index tools [4]. - The company has developed a comprehensive fixed income enhancement investment system that includes strategies across different volatility levels, utilizing convertible bonds, stocks, and quantitative methods [4][5]. Group 4: Convertible Bonds - Convertible bonds have gained attention this year, despite their average prices and conversion premiums reaching recent highs, as their adjustments are primarily driven by structural divergences in the equity market [4]. - A new product managed by the company, focusing on a low-volatility fixed income enhancement strategy, is currently being issued, which combines fixed income with convertible bonds [5].