导读：伴随着债券收益率的不断下降，含权的债券型产品需求出现了爆发。越来越多低风险偏好的投资者，希望通过购买这类产品，获得更高的收益。这 就让我们想到了：可转债。 如何利用好转债，是这类产品控制回撤，又能力争带来收益增厚的关键。带着这个问题，我们找到了非常善于在组合中使用转债做投资的中银基金范锐。 从2015年加入中银基金后，范锐就一直在研究可转债。他不仅擅长做转债投资，其投资理念也有很深的"转债烙印"。截至6月30日，他管理的中银产业债 A过去一年取得了9.31%的收益率，业绩比较基准收益率2.36%，相对基准跑赢了6.95%。（数据来源：基金定期报告；数据截止：2025年6月30日） 那么，范锐是怎么实现这样的收益，他在转债投资上又有什么不同呢？ 在底层的投资观上，范锐认为未来可持续的业绩不能过度依赖对未来的预测。世界是高度不确定的，需要构建一个具有风险收益比的组合。那么，如果他 看对了，组合能实现好的表现，而即便他看错了，也不会出现太大的伤害。这种底层投资观，恰好就对应了转债的不对称性。 不对称性的关键，在于做赔率的朋友。范锐在转债的择时和择券，都关注了赔率优先的理念。他会在转债资产显著低估的时候，加转债 ...

用 一 句 话 总 结 我 的 转 债 择 券 理 念 : 基 于 正 股 特 征 的 风 险 收 益 比 分 析 SE 基 金 经 理 英 雄 榜 第 5 7 6 期 导读：伴随着债券收益率的不断下降，含权的债券型产品需求出现了爆发。越来越多低风险偏好的投资者，希望通过购买这类产品，获得更高的收 益。这就让我们想到了：可转债。 如何利用好转债，是这类产品控制回撤，又能力争带来收益增厚的关键。带着这个问题，我们找到了非常善于在组合中使用转债做投资的中银基金 范锐。从2015年加入中银基金后，范锐就一直在研究可转债。他不仅擅长做转债投资，其投资理念也有很深的"转债烙印"。截至6月30日，他管理 的中银产业债A过去一年取得了9.31%的收益率，业绩比较基准收益率2.36%，相对基准跑赢了6.95%。 （数据来源：基金定期报告；数据截止：2025年6 月30日） 那么，范锐是怎么实现这样的收益，他在转债投资上又有什么不同呢？ 在底层的投资观上，范锐认为未来可持续的业绩不能过度依赖对未来的预测。世界是高度不确定的，需要构建一个具有风险收益比的组合。那么， 如果他看对了，组合能实现好的表现，而即便他看错了，也不会出现太 ...

Group 1 - The sentiment around the A-share market has shifted, with doubts about the bull market emerging after recent declines [1] - Investors are encouraged to adopt a long-term perspective, emphasizing the importance of patience and the potential for profits over a 3-5 year horizon [1][3] - The current market environment is characterized by volatility, with significant fluctuations in stock prices, particularly in sectors like technology and healthcare [3][5] Group 2 - The market is expected to continue its upward trend, with a likelihood of reaching new highs in the near future [5] - There is a notable divergence in market performance, with individual stocks exhibiting different rhythms and behaviors compared to index investments [7] - The discussion highlights the importance of understanding the distinction between index investing and stock trading, suggesting that investors should be aware of their strategies and market conditions [7]

Core Insights - Xu Zhongxiang is a key figure in the international quantitative investment circle, known for his contributions to the RAFI fundamental quantitative strategy and Smart Beta strategies, demonstrating a strong strategic confidence in the Chinese market [1] - The investment philosophy emphasizes a "slow money" approach, advocating for sustainable profit rather than chasing quick returns, which aligns with the long-term growth of companies [2][4] Group 1: Investment Philosophy - Xu advocates for a "slow money" investment philosophy, arguing that true growth often comes from companies that do not experience explosive growth in the short term [4] - The belief is that the pursuit of quick profits is unsustainable, and the focus should be on continuous profitability [4][5] - The investment approach is based on the understanding that high returns without risk are a myth, and investors must choose between high-risk, high-reward or low-risk, low-reward options [5] Group 2: Market Analysis - The analysis of various market data indicates that no investment strategy can consistently outperform the market, and all popular investment methods carry inherent risks [5] - Xu emphasizes the importance of understanding market dynamics and the need for a diversified investment strategy to mitigate risks [7] - The Chinese market is viewed as being in a critical development phase, with regulatory improvements and a shift towards institutionalization and professionalism [10][12] Group 3: Quantitative Investment - The core of quantitative research lies in validating patterns through vast amounts of data, which is more reliable than anecdotal success stories [8][9] - Xu's firm focuses on fundamental quantitative and low-frequency quantitative strategies, which involve long holding periods and deep engagement with companies' growth cycles [9] - The firm leverages extensive data from both domestic and international markets to adapt investment strategies to local conditions [9][11] Group 4: Regulatory Environment - The regulatory environment in China is seen as increasingly sophisticated, with a focus on protecting investors and ensuring market stability [10] - Xu argues that the perception of "weak regulation" in overseas markets is misleading, as it is built on a foundation of market maturity that China is still developing [10][12] - The evolution of the Chinese market is expected to follow a natural progression towards maturity, similar to that of established overseas markets [12]

Group 1 - The core viewpoint is that the company has maintained a bullish stance on A-shares since 2023, advising others to exit the market instead of entering at a late stage [1][3]. - The company emphasizes a left-side investment strategy, focusing on ETFs, QDIIs, FOFs, and REITs, rather than individual stocks [3][5]. - The company plans to return to A-shares in 2024, having prioritized investments in Hong Kong stocks and the Nasdaq index previously [5]. Group 2 - The company asserts that investment is a personal endeavor, and individuals should recognize their own needs and not blindly follow popular opinions [5][7]. - It highlights that no one can earn profits outside their cognitive range, as each investor has different capital, expectations, costs, and trading logic [7]. - The company warns against the futility of seeking advice that does not align with one's own investment style or goals, comparing it to irrelevant education for a specific exam [7].

Group 1 - The number of public fund managers in China has surpassed 4,000, highlighting the importance for investors to understand different investment styles [1] - Yang Chao, a fund manager at Jinxin Fund, prefers a conservative investment style focused on identifying undervalued assets with significant future return potential [1][2] - Yang emphasizes the importance of investment efficiency, balancing the time it takes to realize returns with the potential for profit [2][3] Group 2 - Yang's investment philosophy involves seeking undervalued assets during industry downturns, with a focus on sectors like chips, military, and domestic consumption for future investments [1][4] - The recovery of inventory levels and demand growth are key indicators for identifying investment opportunities in specific industries [3][5] - Yang's experience in the chip industry has shown that revenue improvements and inventory reduction can lead to significant investment returns [4][5] Group 3 - Yang's investment strategy includes a broad coverage of industries, including pharmaceuticals, consumer goods, automotive, and new energy, with a recent focus on chips and military sectors [6] - The performance of Jinxin's funds has been significantly influenced by investments in the chip and military sectors, based on the framework of identifying undervalued stocks [7] - Yang's cautious and research-driven approach to investing reflects his personality and preference for left-side opportunities rather than chasing market trends [8][9] Group 4 - The investment landscape for fund managers has become more challenging, with the need for a cyclical perspective to navigate industry highs and lows [9][10] - Despite current challenges, there is optimism about the long-term prospects of the asset management industry [10]

Group 1 - The core viewpoint is that the Chinese innovative pharmaceutical industry is on a long-term upward trend due to policy support, technological breakthroughs, and international collaboration, although some listed companies may have inflated valuations [1] - The number of Chinese innovative drugs selected for the 2025 American Society of Clinical Oncology (ASCO) annual meeting has reached a new high, indicating that Chinese pharmaceutical companies are rapidly advancing in international innovative research and development [1] - Increased funding has flowed into innovative pharmaceutical companies this year, but there is a risk of overlooking the high investment, high risk, long cycle, and intense competition characteristics of R&D in this sector [1] Group 2 - The fund manager prefers a left-side investment style, focusing on undervalued assets and long-term holding, rather than chasing short-term gains [2] - The investment strategy emphasizes safety and rational, value-based, long-term investment principles, aligning with the best interests of investors [2] - The fund manager has demonstrated commitment to the fund's performance by purchasing a total of 3 million yuan worth of shares over three consecutive years from 2021 to 2023, creating a shared interest with investors [2]

Group 1 - The current sentiment towards A-shares is pessimistic, with margin trading balances returning to historical lows after a peak two months ago, indicating a rapid shift in market confidence [1] - The TMT sector experienced a significant drop in trading volume from 1.1 trillion to 270 billion, reflecting a trend where investors often enter the market at peaks [1] Group 2 - The demand for housing remains strong, with over 90% of homes lacking investment value and primarily serving as residences, suggesting a persistent need for better housing options [3] - The real estate market is expected to undergo a transformation, as income growth will drive consumers to seek improved housing, indicating that the industry will continue to evolve rather than decline [3] Group 3 - Key sectors such as liquor, banking, and real estate are showing signs of recovery, with the A-share index expected to stabilize and potentially rebound to 3,400 points [5] - The market is characterized by a clear divergence in individual stock performance, with significant movements in key industries likely to drive overall market sentiment [5] Group 4 - Left-side investing focuses on identifying certain upward trends in the bottom range, emphasizing the importance of having a safety margin when building positions [7] - Investors need to overcome the mindset of buying only on dips to succeed in left-side investing, as this approach requires patience and a long-term perspective [7]

Group 1 - The overall market sentiment is mixed, with the Shanghai Composite Index closing down 0.57% for the week, indicating a lack of strong bullish momentum [1] - The large-cap index remains in a sideways trend, with frequent occurrences of broad declines in individual stocks, suggesting a cautious approach to stock trading [3][5] - Large institutional investors, including state-owned funds and insurance companies, are increasing their positions, indicating a potential accumulation phase rather than distribution [5][7] Group 2 - The current market environment shows limited downside for the index, with institutional support likely to prevent significant declines, especially in the context of global market volatility [7] - The banking sector has seen some upward movement, while other sectors like liquor, insurance, and telecommunications remain stagnant, suggesting potential for future rebounds [7] - A focus on financial strength and patience is emphasized as key to navigating the market, with a recommendation for investors to consider ETF strategies for simpler trading [8][9]