近期上证指数在"反内卷"、"两重"、"两新"等政策引导下，接连突破新高站上3500点，A股亮点不断， 风险偏好持续回升，不过也有不少小伙伴觉得这个点位有点"畏高"，却又不想踏空上涨行情，站在当前 的时点，如何配置资产？ 为什么说当下更适合一级债基？ 一、国内外市场不确定性增加，"稳健增值"需求凸显。 2025年全球贸易政策反复、地缘冲突等不确定性贯穿全年，投资者风险偏好虽回暖但仍偏谨慎。上证指 数突破3500点后波动加剧，单一资产配置难度增大。中低风险偏好者可借一级债基增强组合收益，高风 险投资者可将其作为底仓平滑组合波动。 二、低利率环境下纯债收益不足，一级债基投资性价比更高。 当前全球利率处于下行周期，我国定期存款利率进入"1时代"，纯债类产品收益中枢不断降低,难以满足 投资者的收益需求，部分投资者希望在纯债的基础上，利用可转债及可转债转股增强组合收益，在控制 波动的前提下争取更高阿尔法。 作为资产配置的典型选手，一级债基这类以债券投资为主，为组合积累大量安全垫的同时，又能积极配 置可转债进行增强，力争为组合带来进攻性，受到市场偏爱。 7月21日，方正富邦瑞实90天持有期债券型基金正式开售，据悉，这只基金 ...

在债基家族中，一级债基相当于"纯债+转债"的"双债"增强策略。这类产品主投债券资产，不直接投资股票，但有部分仓 位投资可转债资产，通过可转债"上可转化成股票，下有债底支撑"的特征，以追求更高的收益。 如何在可转债仓位有限的情况下，提升策略有效性做到收益增强？据悉，景顺长城安悦180天持有期债基在转债投资上更 为精细，通过采取"杠铃"式的转债配置结构，一端持有偏稳健型的大盘转债和高到期收益率转债，力争为组合提供稳定收益； 另一端则精选股性较强的成长转债，为组合增加弹性，整体追求稳中有进。 同时，为了给投资者更好的持有体验，景顺长城安悦180天持有期债基一方面引入了风险预算机制，即每天判断当下的风 险并据此进行资金分配，从而约束组合的风险敞口，进一步降低组合的波动。另一方面设置了持有满180天即可免除赎回费， 并且0.20%/年的管理费率+0.05%托管费率也大幅低于市场上同类型基金的平均水平。 资料显示，景顺长城安悦180天持有期债基拟任基金经理米良，拥有11年证券、基金从业经验，6.6年投资经验，投资风格 积极稳健，对资金面敏感，擅长短端利率机会把握，交易灵活果断。米良管理过包括货币基金、指数型债基、主动管理 ...

Core Viewpoint - The recent decline in interest rates has led to increased interest in convertible bond strategies, particularly through the launch of new bond funds like the 景顺长城安悦180天持有期债基, which aims to enhance returns for investors [1][2]. Group 1: Market Context - As of July 14, 2025, the 10-year government bond yield stands at 1.68%, reflecting a downward trend in interest rates [1]. - The total scale of primary bond funds reached approximately 800 billion yuan by the end of Q1, marking an increase of over 100 billion yuan compared to the same period last year [1]. Group 2: Product Features - The 景顺长城安悦180天持有期债基 employs a strategy combining bond investments with flexible allocation to convertible bonds, targeting stable returns for conservative investors [1][2]. - This fund utilizes a "barbell" approach in its convertible bond allocation, balancing between stable large-cap convertible bonds and high-yielding convertible bonds, while also including growth-oriented convertible bonds for added flexibility [2]. Group 3: Risk Management and Fees - The fund incorporates a risk budgeting mechanism to assess daily risks and adjust fund allocation accordingly, thereby reducing portfolio volatility [2]. - Investors can avoid redemption fees if they hold the fund for at least 180 days, and the management fee is set at 0.20% per year, significantly lower than the average for similar funds [2]. Group 4: Manager Profile - The fund manager, 米良, has 11 years of experience in securities and fund management, with a strong track record in managing various types of funds, including money market and actively managed bond funds [3]. - Since its inception on April 27, 2022, the 景顺长城30天滚动持有 fund managed by 米良 has achieved a net value growth rate of 9.06%, outperforming its benchmark [3]. Group 5: Future Outlook - The manager maintains an optimistic outlook for the bond market, anticipating continued monetary easing and a significant probability of interest rate cuts by the Federal Reserve [3]. - Attention will be given to the pace of interest rate declines and the potential impact of equity market recovery on the bond market, with a focus on high elasticity and liquidity in the portfolio [3].