可转债基金，业绩亮眼！热门个券成收益关键

Core Viewpoint - Convertible bond funds are breaking the stereotype of low returns associated with bond funds, showcasing strong performance in a challenging market environment for bond funds [1][2]. Group 1: Performance of Convertible Bond Funds - The China Convertible Bond Index has seen a growth of approximately 23% over the past year, aligning closely with the performance of the Shanghai Composite Index [1][4]. - In 2025, notable convertible bond funds such as Southern Changyuan Convertible Bond, Minsheng Jiayin Enhanced Income, and Bosera Convertible Bond Enhanced achieved returns of 48.77%, 35.89%, and 35.24% respectively [2]. - As of January 30, 2026, Southern Changyuan Convertible Bond led with a cumulative return of 63.74%, followed by Huaxia Convertible Bond at 49.21% and Bosera Convertible Bond Enhanced at 45.03% [2]. Group 2: Investment Strategies and Holdings - The success of convertible bond funds is attributed to their focus on high-performing sectors such as technology, military, and non-ferrous metals, with specific bonds showing significant returns [4][5]. - For instance, the Ruichuang Convertible Bond and Dazhong Convertible Bond, held by Southern Changyuan Convertible Bond, saw cumulative increases of 1.82 times and 2.13 times respectively from January 1, 2025, to January 30, 2026 [4]. - Huaxia Convertible Bond's performance was bolstered by the Weice Convertible Bond, which more than doubled in value over the past six months [4]. Group 3: Market Outlook and Manager Insights - Fund managers express optimism regarding the continuation of the convertible bond market's upward trend, citing a tight supply-demand balance and a favorable low-interest-rate environment [7][8]. - The market is expected to maintain high valuations for convertible bonds, with managers focusing on sectors like technology, new energy, military, and chemicals for investment opportunities [7][8]. - The overall sentiment is that the convertible bond market will benefit from the stock market's movements, with expectations of further price increases [8].