2024年上半年高收益债指数表现分析：房地产板块触底反弹，下沉和久期策略挖掘高收益

Group 1: Market Overview - The central bank's interest rate cut is expected to improve the financing environment, indicating a downward trend in bond market yields[1] - The high-yield bond market is experiencing a scarcity of high-interest assets, with total high-yield bonds amounting to CNY 1.27 trillion, a decrease of approximately 26% since March[21] - The overall performance of high-yield bonds in the first half of 2024 shows a significant recovery, with non-state-owned enterprises achieving a cumulative return of 5.13%[9] Group 2: Investment Strategies - Investors are advised to adopt flexible strategies, either focusing on short-term credit downgrades or extending duration to enhance returns[20] - The "one-package debt resolution" policy has shown positive effects, particularly in weaker regions like Guizhou, Yunnan, and Guangxi, where high-yield bond indices have performed well[22] - Caution is advised regarding potential credit risks from downgrades, overdue non-standard debts, and bond extensions, especially for tail-end enterprises[21] Group 3: Sector Performance - The real estate sector has shown signs of recovery, with a notable increase in capital gains of 4.78% in the second quarter, outperforming other sectors[16] - High-yield bonds in the construction and financial sectors have also performed well, with returns exceeding 2.60%[19] - The performance of high-yield bonds in weak regions continues to lead, with Guizhou, Guangxi, and Yunnan showing capital gains of over 6.50% in the first half of 2024[10]