晨会报告：哪些二级债基适配高波环境?-20251112

Core Insights - The report discusses the adaptability of secondary bond funds in high volatility environments, emphasizing diverse strategies for selecting aggressive products [3][12]. - It highlights the importance of high allocation and growth styles in secondary bond funds, suggesting that funds with a weighted average stock PE above 30 times are classified as growth style funds [4][12]. - The report also notes the increasing investment in Hong Kong stocks by secondary bond funds, with a stock market value ratio reaching 11.21% in Q3 2025 [12]. Summary by Sections High Allocation Strategy - High allocation secondary bond funds typically maintain high positions, with an average convertible bond allocation exceeding 30% across 64 funds, including both conservative and aggressive styles [3][12]. - A three-dimensional selection system is recommended, focusing on high elasticity, favorable holding experience, and cost-effectiveness, evaluated through three core indicators and five sub-indicators [12]. Growth Style - Growth style funds are identified by their holding stocks with a PE ratio above 30, with evaluations based on holding experience and risk-return ratios, particularly the Sharpe ratio [4][12]. - The report emphasizes the need to consider industry rotation, portfolio construction methods, and the balance between growth and quality [4][12]. Hong Kong Stock Strategy - The report indicates a continuous increase in the proportion of Hong Kong stock investments within secondary bond funds, with specific funds maintaining stable positions in this market [12]. - It mentions that the investment limit for Hong Kong stocks is capped at 50% of the stock assets for products that can invest in Hong Kong stocks [12]. Tool-based Products - Tool-based products within secondary bond funds include strategies focused on innovation and micro-cap stocks, with specific funds targeting these areas [12]. - The report identifies representative products for micro-cap strategies and highlights the unique index-enhanced strategy products focused on innovation [12].