基金早班车丨新债中签收益率创八年新高，可转债打新难度同步升级

Group 1: Market Overview - The A-share market has shown signs of recovery, positively impacting the convertible bond market, with new bonds achieving record performance. The average first-day increase for convertible bonds listed in 2025 reached 37%, marking the highest yield since 2018. The subscription rate has dropped to 0.0048%, indicating a significant increase in the difficulty of new bond issuance [1] - On December 25, the Shanghai Composite Index opened lower but closed higher, recording a seven-day winning streak. The index rose by 0.47% to 3959.62 points, while the Shenzhen Component Index and the ChiNext Index increased by 0.33% and 0.3%, respectively. The total trading volume in both markets reached 19,245.23 billion yuan, an increase of 44.3 billion yuan from the previous trading day [1] Group 2: Fund News - On December 25, five new funds were launched, primarily mixed and bond funds. The Ping An Tianxiang 6-month holding period bond A fund aimed to raise 3 billion yuan. A total of 77 funds distributed dividends, with the highest dividend payout being 6.5420 yuan per 10 fund shares from the Shanghai 5-year Treasury ETF [2][4] - The bond market in 2025 is expected to have thin yields and increased volatility, highlighting the value of "fixed income +". This strategy, which includes a small equity position to hedge against rising interest rates, has yielded returns of 4%-6%, outperforming pure bond indices by over 3 percentage points [2] Group 3: Performance of Multi-Asset Strategies - As of December 12, nearly 1500 multi-asset strategy products reported an average annual return of 19.55%, with over 90% achieving positive returns. Leading institutions have consistently surpassed 30% returns for two consecutive years, indicating strong performance in this strategy [3] - Looking ahead to 2026, top private equity firms anticipate a complex macro environment with continued high volatility in stock, bond, and commodity prices. They plan to enhance strategy diversification and dynamically adjust risk budgets to capture absolute returns through various assets, including convertible bonds and REITs [3]