哪些二级债基适配高波市场环境？

1. Report Industry Investment Rating - No information provided about the industry investment rating in the report. 2. Core Views of the Report - Secondary bond funds have diverse strategies and significant differences in risk - return indicators. Higher -仓位 products generally perform better in 2025, with products having an excessively high convertible bond position achieving an average return of 14.43%, while low -仓位 products only have an average return of 3.88% [3][4]. - There are four strategies to select offensive secondary bond funds: high -仓位 convertible bond strategy, growth - style strategy, Hong Kong stock strategy, and tool - type product strategy [3][10]. 3. Summary by Related Catalogs 3.1 Strategy 1: High -仓位 Convertible Bond Funds - High -仓位 convertible bond funds vary in style. There are currently 64 secondary bond funds with an average convertible bond position exceeding 30%, including conservative, aggressive, and extreme - style products [20]. - A three - dimensional selection system is used to evaluate high - elasticity products based on three core indicators and five sub - indicators, focusing on high elasticity, good holding experience, and high cost - effectiveness [19][20]. - Some high - performance high -仓位 convertible bond funds are recommended, such as Huabao Enhanced Income A, with a 924 - since return of 50.44%, and Guangda Tianyi A, with a 924 - since return of 55.05% [22]. 3.2 Strategy 2: Growth - Style Funds - Growth - style funds are identified by a weighted average stock PE above 30 times. Fund evaluation focuses on holding experience (number of new high days, maximum drawdown recovery speed) and risk - return cost - effectiveness (Sharpe ratio) [52]. - Many growth - style secondary bond funds are listed, such as Invesco Great Wall Jinyi Yuli A, with a 924 - since return of 8.53%, and Penghua Enjoy A, with a 924 - since return of 11.92% [51]. - Different investment strategies of growth - style funds are analyzed, including industry rotation (e.g., Yongying Steady Enhancement, Huashang Credit Enhancement), industry concentration and stock dispersion (e.g., Huashang Credit Enhancement, Huashang Anheng), and the balance between booming growth and quality growth (e.g., Invesco Great Wall Jinyi Fengli, Penghua Double Debt Plus) [55][58]. - Some growth - style funds' investment in popular technology tracks is studied. For example, Yongying Steady Enhancement invests more in the cloud - computing theme, and Xingye Income Enhancement invests more in the semiconductor theme [64][65]. 3.3 Strategy 3: Hong Kong Stock Strategy Funds - The proportion of Hong Kong stock investment in secondary bond funds has been increasing continuously, reaching 11.21% in Q3 2025. Secondary bond funds invest in Hong Kong stocks through the Hong Kong Stock Connect, with an investment limit of up to 50% of the stock assets [98][99]. - Some secondary bond funds with relatively stable Hong Kong stock positions are mentioned, such as Huatai - PineBridge Double - Xin Tianli, Invesco Great Wall Jinyi Zunli, and China - Europe Fengli [99]. - The investment style of Hong Kong - stock secondary bond funds focuses on scarce, low - valuation, high - dividend, and high - quality growth stocks. They do not only invest in scarce Hong Kong - listed assets but also in stocks listed in both Hong Kong and A - shares, and prefer sectors such as technology innovation, finance, and medicine [100][103]. 3.4 Strategy 4: Tool - Type Products - Some secondary bond funds have clear track/style characteristics, such as the dual - innovation strategy (e.g., Fuguo Xingli Enhancement, Penghua Enjoy (Science and Technology Innovation 100 Enhancement)) and the micro - cap strategy (e.g., CITIC Prudential Anxin Return) [3]