Report Title - The Allocation Value of Hybrid First - Tier Bond Funds Increases: Development History, Strategy Classification, and High - Performing Products [2] Report Industry Investment Rating - Not provided in the content Core Viewpoints - The development of hybrid first - tier bond funds has gone through four stages: concept birth, new - share subscription strategy, convertible bond strategy, and "pure bond +" strategy. Currently, the allocation value of such funds has increased [4]. - In terms of overall risk - return characteristics, first - tier bond funds are between second - tier bond funds and pure bond funds, but there are significant internal differences [4]. - First - tier bond funds can be classified into pure bond and quasi - pure bond strategies, convertible bond增厚 strategies, and stock增厚 strategies according to asset allocation [4]. - Some high - performing first - tier bond funds, such as Western Securities LiDe HuiXiang, Tianhong Tianli, and E Fund Enhanced Return, showcase diverse risk - return characteristics through different allocations of risky assets [4]. Summary by Relevant Catalogs 1. Development History of Hybrid First - Tier Bond Funds - **Concept Birth (2002 - 2005)**: The earliest product conforming to the concept of first - tier bond funds was Huaxia Bond, established in 2002 [12]. - **New - share Subscription Strategy (2005 - 2012)**: First - tier bond funds could participate in offline new - share subscriptions without a stock bottom position, and new - share subscription became the mainstream strategy [12]. - **Convertible Bond Strategy (2012 - 2021)**: Policy changes led to first - tier bond funds losing the qualification for new - share subscriptions, and convertible bond investment gradually became the mainstream for enhancing returns [12]. - **"Pure Bond +" Strategy (2021 - present)**: Regulatory restrictions on convertible bond investment have emerged. As of the latest data, there are 415 first - tier bond funds in the market, with a total scale of approximately 868 billion yuan [4][16]. 2. Risk - Return Characteristics of Hybrid First - Tier Bond Funds - **Overall Characteristics**: First - tier bond funds generally have risk - return indicators between second - tier bond funds and pure bond funds, and their net - value trends are most similar to those of medium - and long - term pure bond funds [31]. - **Internal Differences**: There are significant internal differences among first - tier bond funds. Some are similar to short - term and medium - and long - term pure bond funds, while others have significantly higher risk - return characteristics. The volatility range is wide, with annualized volatility ranging from less than 1% to over 10% [36]. - **Low - Volatility Products**: There are 10 large - scale low - volatility first - tier bond funds, with an average annualized volatility of 0.78% in the past three years. Most of them adopt pure bond strategies [38][40]. - **Medium - Volatility Products**: Medium - volatility first - tier bond funds are defined as those with an average annualized volatility between the 30% - 70% quantile. The average annualized volatility of representative products in the past three years is 1.66%. Most of them moderately invest in convertible bonds to enhance returns [42][44]. - **High - Volatility Products**: High - volatility first - tier bond funds are those with an average annualized volatility in the highest 30% quantile. The average annualized volatility of representative products in the past three years is 4.29%. Most of them have a convertible bond position of over 20%, and some use stock investment as the main means to enhance returns [46][48]. 3. Strategy Classification of Hybrid First - Tier Bond Funds - **Pure Bond and Quasi - Pure Bond Strategies**: There are 166 products that do not invest in any risky assets, with a total scale of 31.023 billion yuan. Some products with a convertible bond investment ratio of less than 3% are also similar to pure bond funds. Credit - bond - based strategies are more common, and there are products of various duration types [56]. - **Almost Full - Position Convertible Bond Strategies**: There are 6 products with an average convertible bond position of over 80%, with a total scale of 4.797 billion yuan. They are similar to convertible bond funds but rarely hold stocks, and they focus on the elasticity of convertible bonds [62]. - **Moderate Convertible Bond增厚 Strategies**: Excluding full - position convertible bond first - tier bond funds, other convertible bond strategies are relatively low - risk. According to the convertible bond position, they can be further divided into four categories: high, medium, low, and extremely high positions. Medium - and low - position products are large in number and scale [64][66]. - **Stock增厚 Strategies**: Only 29 products invest in stocks, with a total scale of 10.986 billion yuan. Most products have a stock position of less than 5%. Only Huafu Enhanced Return and E Fund Enhanced Return have a stock position of over 10% [77]. 4. High - Performing Funds and Representative Product Analysis - **Evaluation Method**: Six indicators are used to evaluate the comprehensive investment ability of first - tier bond funds, including absolute return acquisition ability, risk control ability, etc., and some negative screening conditions are set [82][83]. - **Representative Products**: Western Securities LiDe HuiXiang adopts a pure bond + convertible bond strategy, achieving stable returns. The fund has achieved positive returns every year since its establishment and has a high annual winning rate compared to the medium - and long - term pure bond fund index. Its convertible bond position has been relatively stable since 2023, with an average proportion of 14.96%, and it prefers to allocate medium - and small - cap convertible bonds [86][95].