南方基金刘盈杏：转债市场将进入精细化挖掘阶段

Core Viewpoint - The article discusses the investment strategies and outlook for convertible bond funds in 2026, highlighting the advantages of these funds in volatile markets and the expected performance of the convertible bond market amid changing economic conditions [1][4]. Group 1: Investment Strategy - The South China Xi Yuan Convertible Bond Fund focuses on flexible allocation of "stable base assets," "balanced convexity assets," and "high-growth stocks" to enhance absolute returns [2][5]. - The fund employs stock position timing and structured layout to achieve absolute return enhancement [2][5]. Group 2: Market Performance - In 2025, the convertible bond market performed strongly with the China Convertible Bond Index rising by 18.66%, while the overall bond market faced pressure [2][5]. - The South China Xi Yuan Convertible Bond A fund achieved a net value growth rate of 79.27% since inception, outperforming its benchmark by 34.61 percentage points [2][5]. Group 3: Future Outlook - The convertible bond market is expected to maintain a high valuation level in 2026, driven by positive expectations for the equity market and a mismatch in supply and demand for convertible bonds [1][4]. - The market will shift from "high elasticity" to "steady enhancement" in return expectations, emphasizing detailed tracking and differentiated analysis of individual bonds [1][4][6]. - The fund aims to utilize active enhancement and quantitative support to achieve stable excess returns in a high valuation environment [3][6].