逆袭！创十年新高

Core Viewpoint - The convertible bond market in China has reached a ten-year high, leading to impressive performance from convertible bond funds, with over ten thematic funds achieving a net value growth rate exceeding 15% this year, and the top performer reaching nearly 25% [2][6]. Market Performance - As of August 7, the China Convertible Bond Index peaked at 469.56 points, marking a 12.74% increase year-to-date [4]. - The top-performing convertible bond funds include: - Southern Changyuan Convertible Bond A with a performance of 24.78% this year [6]. - Other notable funds such as Bosera Convertible Bond Enhanced A, Oriental Convertible Bond A, and others have growth rates around 20% [6][7]. Fund Manager Insights - Fund managers attribute the strong performance of convertible bonds to a combination of a favorable interest rate environment and strong market support, which provides a high margin of safety [8]. - The market is expected to maintain a solid bottom, enhancing the holding experience for convertible bonds [8]. Future Outlook - Managers suggest that convertible bond valuations are unlikely to drop to the lows seen in Q3 2024, with expectations of trading within a higher valuation range over the next 3-4 years [10]. - Opportunities are identified in low-priced convertible bonds, with a focus on sectors like technology and new consumption as market conditions evolve [10][11]. - The convertible bond market is anticipated to experience three phases: price recovery of low-priced bonds, balanced valuation expansion, and eventual high volatility and high returns [10].