2025年一季度，公募FOF基金数量增加，规模上升，发展呈现出一定回暖迹象。据Wind数据，截至 2025年一季度末，公募FOF数量上升至512只，规模回升至1511亿元，创近一年新高，且目前延续增长 趋势，截至6月11日，公募FOF总规模为1618亿元。 进入2025年以来，郑科执掌的另一只FOF产品——鹏华易选积极3个月持有A(019247)表现同样亮眼。据 Wind数据，截至2025年6月10日，该基金年内净值增长率为7.56%，同类排名8/209。 能够打造出多只业绩抢眼的FOF产品，体现出基金经理郑科专业的投研实力。资料显示，郑科有20年证 券从业经验，17年大资金FOF/MOM一线投资经验，现任鹏华基金首席资产配置官、资产配置与基金投 资部总经理/基金经理，历经多轮牛熊，资产配置实战经验丰富，受到市场广泛认可。 分析后市投资环境，郑科指出，长期而言，人工智能时代提升增长高度，而社会主义制度提供必要的增 长宽度。前者是人民重视的，而后者恰好是被忽视的。社会主义的本质要求是共同富裕，解决公平性问 题恰好能为经济提供新的增长引擎。中国潜在的中高速增长存在可能性，权益市场理应呈现慢牛状态。 短期而言，美国 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The convertible bond market is expected to be in a period of both offense and defense in the second half of 2025, with the valuation having a bottom and upward flexibility, and the upward space will increasingly depend on the performance of the equity market. If the equity market breaks through, the convertible bond valuation will resonate accordingly [3][73]. - With the accelerated conversion of bank convertible bonds, the allocation of underlying convertible bond varieties is limited. It is necessary to seek better solutions from the strategic and industry levels [3][126]. 3. Summary by Relevant Catalogs 3.1上半年转债走势及估值分析 - **Market performance**: As of June 5, the year - to - date returns of the CSI Convertible Bond Index and the Wind Convertible Bond Equal - Weighted Index were 4.55% and 6.62% respectively, slightly higher than the median return of convertible bond funds (4.53%). The equity and convertible bond markets had a significant pullback in April due to Trump's tariff disturbances but then recovered to the highest point since the beginning of the year [12]. - **Market structure**: In the first half of the year, small - cap and low - rated convertible bonds outperformed, but they had a large pullback in April due to tariff policies and then quickly recovered their losses. The theme style switched from technology to financial real estate. From January to February, AI + robotics were dominant, and from March to May, the financial real estate style was stronger [13][18]. - **Trading volume**: The trading volume ratio of small - cap stocks continued to rise. In 2025, the trading volume ratio of small - cap stocks reached a new high. The "April decision" was completed instantaneously under the tariff disturbance and then quickly recovered [23]. - **Price**: Since May 2025, the median convertible bond price has remained above 120 yuan, approaching the stage high in March 2025. After the tariff shock and the ebb of the technology main line, the differentiation between high - and low - priced bonds was not obvious [26]. - **Valuation**: The 100 - yuan premium rate valuation has been fluctuating around 30%. Structurally, the bottom - support value of high - priced bonds was strong in the first half of the year, and the valuation tended to compress; the bottom - support value of medium - priced bonds increased slightly, and the valuation increased; the pure bond value and valuation of low - priced bonds both increased, mainly benefiting from the increase in conversion value [27][34]. 3.2下半年转债攻守兼备，估值下有底上有弹性 - **Supporting factors for valuation**: The equity market is not expected to have a deep correction, and the low - interest - rate environment will remain unchanged; the trend of supply contraction and undiminished demand remains unchanged; although institutional behaviors such as funds reflect a cautious attitude, the attention is still high; the concern about the downgrade of convertible bond ratings may be better than expected [3][73]. - **Potential suppressing factors for valuation**: The credit rating of existing convertible bonds is declining, and the scale of high - quality assets is decreasing, which restricts the institutional allocation space; the number of near - maturity convertible bonds is increasing, and the impact of time - value attenuation cannot be ignored [3][73]. - **Incremental funds**: The marginal incremental funds mainly come from securities firms and private funds [68][72]. 3.3银行转债加速退出下的底仓配置品种探索 - **Status of bank convertible bonds**: Since 2023, the balance and proportion of bank convertible bonds have been declining. As of June 2025, the proportion of bank convertible bond balances has fallen back to around 20%. The issuance rhythm has slowed down, and there have been no new issuances since 2023 [77][78]. - **Strategic level**: The valuations of convertible bonds with ratings of AA + and above are high, and the space for additional allocation is limited. It is necessary to appropriately relax the rating and market - value restrictions. In both the medium - low and high - parity ranges, the low - valuation style has long - term advantages. The valuation difference between new and old bonds is expected to further polarize [3][84][106]. - **Industry level**: The industries that can replace bank convertible bonds are mainly banking, power equipment (mainly from photovoltaics), and agriculture, forestry, animal husbandry and fishery (mainly from pork). The available bank convertible bonds with prices below 120 yuan are Xingye, Ziyin, and Qingnong convertible bonds, and their valuations are already high. Photovoltaic convertible bonds have long maturities and elasticity. Agricultural and animal husbandry convertible bonds are relatively stable, and their elasticity comes from the improvement of the underlying stock's fundamentals [3][111][122].

Group 1 - The article highlights various upcoming Bloomberg seminars and workshops scheduled for June 2025, focusing on different financial markets and tools [2][4][5][6][10]. - It emphasizes the importance of understanding the Bloomberg Terminal for analyzing bonds, foreign exchange, stocks, commodities, and derivatives [8]. - Specific sessions are dedicated to equity analysis, fixed income liquidity analysis, and the impact of tariffs on various sectors, including technology stocks [9][11]. Group 2 - The article provides a detailed schedule of events, including dates and times for each seminar, indicating a structured approach to financial education [3][7][10]. - It mentions the introduction of new data updates and application scenarios for global stock models and China's onshore fixed income market [9][10]. - The seminars aim to equip participants with essential tools and insights for effective market analysis and investment strategies [8][11].

Key Points - The core viewpoint of the article highlights the impact of external shocks on the equity market, leading to increased risk aversion and an overall market pullback in April 2025 [2][8]. Group 1: Equity Market Performance - In April 2025, the CSI 300 index experienced a monthly decline of 3.00%, while the CSI 500 index fell by 3.86%, and the CSI 1000 index saw a decrease of 4.44% [2]. - Strictly constrained monthly excess returns for the CSI 300 were 0.21%, for the CSI 500 were -0.07%, and for the CSI 1000 were 1.12% [2]. - Smart Beta strategies yielded monthly excess returns of 0.09% for the CSI 300, 0.31% for the CSI 500, and 1.20% for the CSI 1000 [2]. - Rotation strategies provided monthly excess returns of 0.13% for the CSI 300, 0.29% for the CSI 500, and 1.59% for the CSI 1000 [2]. Group 2: Private Equity Strategies - In the private equity sector, long strategies showed the least decline with the CSI 300 index down by only 2.64%, while quantitative stock selection strategies had a return of -2.72% [3]. - Absolute return strategies performed well, with ETF arbitrage strategies achieving an annualized return of 14.46% and market-neutral strategies at 6.17% [3]. - Convertible bond strategies underperformed with a return of -0.95%, but had a smaller drawdown compared to other long strategies [3]. - In commodity and derivatives strategies, quantitative CTA strategies led with an annualized return of 10.49%, while futures arbitrage strategies followed at 6.07% [3]. Group 3: Private Fund Issuance and Registration - As of the end of March 2025, there were 19,951 active private fund managers managing 142,278 funds with a total scale of 19.97 trillion yuan [4]. - In March 2025, 1,423 new private funds were registered with a total scale of 631.3 billion yuan, including 1,072 private securities investment funds with a scale of 329.78 billion yuan [4]. - A total of 2,127 private securities investment funds were liquidated, while 85,614 private securities investment funds remained active with a total scale of 5.25 trillion yuan [4].

(责任编辑：叶景) 债市方面，债券市场情绪有所缓和，收益率先上后下。周一公布的经济数据稳定，预计一季度经济 仍能保持较快增长，市场并未关注数据中的结构瑕疵，更多关注总量，叠加情绪较为脆弱，收益率大幅 调整。税期资金面偏紧，但央行连续加量投放，市场情绪转稳，收益率转而下行。 权益市场短期行情有所降温，年初以来美元走弱的宏观交易逻辑在本月逐一落地，美元下行出现边 际放缓，非美元资产的估值修复节奏同步放缓。但与此同时，需要关注总量政策落地节奏以及基本面数 据验证，市场短期仍面临"四月决断"考验。从国内看，1-2月经济基本平稳、有强有弱、分化明显，结 构上延续"供给偏强、需求偏弱"，其中：偏强的是，1-2月工业生产、基建投资、制造业投资增速维持 高位，消费、地产投资环比改善，地产销售跌幅明显收窄则可谓最大的亮点；偏弱的是，1-2月 CPI、 PPI整体延续低位，进口增速大幅走低，信贷结构未见明显改善。 从国外看，上周，3月美联储如期维 持利率不变，宣布放慢缩表，上调通胀预测、下调经济预测，点阵图显示降息次数不变。美联储决定从 4月1日开始放缓QT速度，即降低缩表速率。国债的每月赎回上限从250亿美元减少到50亿美元。 ...