彻底火了，创十年新高！

Core Viewpoint - The China Convertible Bond Index has reached a ten-year high, leading to impressive performance from convertible bond funds, with over ten thematic funds achieving a net asset value growth rate exceeding 10% this year, the highest being 13.42% [1][3]. Group 1: Market Performance - On July 11, the China Convertible Bond Index peaked at 452.27 points, marking an 8.75% increase year-to-date [3]. - Several convertible bond thematic funds have shown remarkable performance, with 中欧可转债债券A leading at 13.42%, followed by others like 博时转债增强A and 南方昌元可转债A, all exceeding 12% growth [3][4]. - Convertible bond ETFs have also performed well, with 博时中证可转债及可交换债券ETF achieving an 8.58% return and 海富通上证投资级可转债ETF at 6.71% year-to-date [3]. Group 2: Market Dynamics - The market environment has favored active management funds, allowing them to capture excess returns by leveraging the characteristics of convertible bonds in a market with significant structural differentiation and active small-cap stocks [1][4]. - The demand for "fixed income plus" products has surged due to the challenges in obtaining capital gains from pure bond assets, with convertible bonds seen as a viable option for generating returns [4]. Group 3: Investment Strategies - Fund managers suggest focusing on "technology + dividends + domestic demand" for investment strategies, highlighting sectors such as AI, semiconductors, automotive parts, and new consumption trends [6][7]. - The outlook for the second half of the year remains positive, with expectations of continued opportunities in the convertible bond market, particularly in small-cap themes [6][7]. - There is a consensus on the importance of structural opportunities over mere positioning, with a focus on sectors like precious metals, military industry, and innovative pharmaceuticals [7].