本报记者 方凌晨 万家可转债债券基金经理董一平在管理人报告中表示，万家可转债债券在今年5月份转为"双低转债（低价、低溢价率） +量化择时策略"进行配置，同时辅以部分主动择券策略。目前该基金转债仓位中枢维持在85%至90%。若后续转债市场回调至 合适位置，将会择机加强仓位配置。 公募基金2025年三季度报告进入密集披露期。Wind资讯数据显示，截至10月26日《证券日报》记者发稿时，已有超300只 债券型基金披露三季报，其中有157只基金在三季度实现净值增长。 在资产配置中，债券型基金是低风险偏好资金的重要选择，债市走向也因此受到更多投资者关注。东海基金相关人士对 《证券日报》记者表示："近期债市逐渐表现为修复行情。随着10年期国债收益率中枢稳定，超长端的配置盘也逐步进场，目 前30年期国债与10年期国债的利差仍维持在近一年的高点，性价比凸显。" 在上述实现净值增长的157只产品中，中长期纯债型基金泰信汇盈债券A以28.01%的净值增长率暂时领跑，但其C份额同期 净值增长率仅为7.99%，两者表现差异显著。值得关注的是，该基金A份额在报告期内赎回份额较多，这一情况或对两类份额 的净值增长率差异产生了影响。 "后 ...

Core Viewpoint - The convertible bond market is experiencing a bull market driven by institutional investors seeking opportunities in the "fixed income+" strategy, leading to increased stability and liquidity in the market [1][5][6]. Market Performance - As of July 18, the China Convertible Bond Index surpassed 450 points, closing at 454.23 points, with a year-to-date increase of 9.48%, significantly outperforming major indices like the Shanghai Composite Index and CSI 300 [2]. Institutional Participation - The influx of institutional funds, primarily from bond funds, has enhanced market liquidity and reduced volatility, contributing to a more stable upward trend in convertible bonds [3][6]. - Institutions are increasingly adopting a rational approach to investing in convertible bonds, focusing on stable returns and risk management [4][7]. Economic Context - The current economic recovery is expected to boost investment opportunities in low-risk and equity-oriented convertible bonds as the equity market improves [4][16]. Market Dynamics - The convertible bond market is supported by solid fundamentals, with a positive trend in the stock market acting as a core driver for bond price increases [9]. - As of July 18, the total outstanding convertible bonds amounted to 661.807 billion, reflecting a reduction of 71.815 billion since the beginning of the year, continuing a three-year trend of contraction [10]. Valuation Trends - There is a noticeable divergence in the valuation of convertible bonds, with some bond types experiencing increased conversion premiums while others see significant price appreciation [12][14]. - The current high absolute prices of convertible bonds indicate a complex valuation landscape, with low conversion premiums suggesting strong investment value despite reduced defensive characteristics [13][15]. Future Opportunities - Analysts suggest that future opportunities in the convertible bond market will primarily focus on growth sectors such as technology, military, and robotics, as well as bonds with strong conversion incentives [17]. - The "technology + dividend" dual strategy is favored, with technology assets showing relative valuation advantages and dividend bonds expected to become core assets in the context of ongoing demand for pure bond substitutes [17].

Core Viewpoint - The article discusses the performance of various investment strategies over the past four years, highlighting the effectiveness of certain strategies in navigating a challenging market environment, particularly in the context of a significant bear market in Chinese assets. Group 1: Investment Performance - The CSI 500 index has dropped from 6628 points to 5639 points over four years, resulting in a decline of 1000 points, but an 800-point gain from the discount strategy has helped offset this loss, leading to an overall return of 18% based on a nominal principal of 1 million [1][3]. - In the period from 2022 to 2025, the real estate market has been in decline without signs of recovery, marking a unique bear market that surpasses previous stock market downturns [3]. Group 2: Strategy Evaluation - The article rates various investment strategies, assigning a score of 70 to the IM discount strategy, 65 to the IC discount strategy, and a failing score of 50 to broad indices like the CSI 300 and CSI 500, while the low-volatility dividend and dual-low convertible bonds receive a score of 80 [2]. - The performance of different asset classes in 2021 is highlighted, showing significant losses: real estate down 40% (60% including interest), CSI 300 down 23%, Chinese concept stocks down 37%, and CSI white liquor down 48% [4].