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 ...

Core Viewpoint - The article emphasizes the importance of setting a reasonable and scientific performance benchmark for public funds, particularly in the context of the growing scale of the CSI 300 index. It discusses how active equity funds can consistently outperform benchmarks by managing style and industry deviations effectively [1][17]. Group 1: Benchmark and Performance - The CSI 300 index serves as the primary benchmark, composed of various style factors. Active fund managers primarily focus on quality, prosperity, and momentum factors, while dividend and low valuation factors can lead to underperformance when they are strong [1][17]. - The difficulty of beating benchmarks is a common challenge for asset management institutions globally, with only about 50% of active equity funds in A-shares outperforming their benchmarks over the past 20 years [17][18]. Group 2: Style and Industry Deviation - Controlling style deviation is more critical than controlling industry deviation for fund managers aiming to outperform benchmarks. Excessive deviation can significantly impact performance negatively [3][22]. - Successful fund managers tend to exhibit smaller deviations in style and industry, maintaining a balanced approach regardless of market conditions [5][24]. Group 3: Stock Selection and Market Timing - Stock selection is more impactful on performance than industry selection, with a focus on identifying high-potential stocks rather than frequently rotating industries [26]. - Market timing is debated among fund managers, with evidence suggesting that while many lack timing ability, strategic timing can enhance returns during volatile periods [12][34]. Group 4: Risk Management and Strategy - A U-shaped risk convexity strategy is proposed to enhance the risk-return profile of portfolios, emphasizing the importance of managing volatility in equity assets [27][28]. - The relationship between volatility and returns is highlighted, with low volatility stocks often yielding better returns in the A-share market, contrary to the general belief that higher volatility equates to higher returns [9][29]. Group 5: Future Considerations - The article suggests that in the absence of clear industry trends, public funds must balance their strategies to achieve stable excess returns by leveraging combination management approaches [20][21].

Core Viewpoint - The article discusses the common concerns of investors during a bull market, particularly regarding the performance of their holdings and the need for alignment with their risk preferences [3][4]. Group 1: Portfolio Assessment - Investors should regularly review their portfolio structure to ensure it aligns with their true risk tolerance, especially during significant market changes [4]. - A mismatch between current market conditions and the investor's portfolio style can lead to underperformance, which is normal in a bull market [7][8]. Group 2: Investment Strategy - Investors need to clarify their goals: whether they seek quick profits or stable long-term returns, as this will influence their decision to adjust their holdings [9]. - The article emphasizes the importance of maintaining a clear investment strategy and avoiding emotional trading, especially during volatile market conditions [10][14]. Group 3: Market Dynamics - The article highlights that not all assets will rise during a bull market, and structural market conditions often dictate performance rather than a general uptrend [10][11]. - It is crucial for investors to remain calm and not be swayed by the performance of others, as this can lead to poor decision-making [10][12]. Group 4: Long-term Perspective - The focus should be on avoiding significant losses during bear markets rather than chasing short-term gains in bull markets [11]. - A well-diversified portfolio should be evaluated for its resilience and stability, rather than solely on immediate performance [13][14].

Core Insights - The asset management industry is focusing on enhancing competitiveness through systematic construction and product optimization to meet client needs [1][4] Group 1: Company Performance - As of June 30, the company served 25 million clients and generated an investment return of 23.5 billion yuan in the first half of 2025, outperforming the market [3] - The product scale achieved reasonable growth, with medium to long-term products exceeding 700 billion yuan, accounting for over 30% of the total, promoting a long-term investment mindset among clients [3] - The company has strengthened its traditional fixed income research capabilities while expanding its multi-strategy and multi-asset investment framework, with "fixed income +" products reaching a scale of over 200 billion yuan by the end of June [3] Group 2: Strategic Focus - The company aims to enhance its capabilities in customer service, channel management, product development, research, asset management, and risk control, leveraging digital intelligence for business growth [4] - The company positions itself as a major supplier of fixed income products and an important provider of rights-containing products, catering to both conservative and high-net-worth clients [5][6] Group 3: Market Trends and Client Preferences - The company recognizes the importance of portfolio management in the current volatile market, emphasizing the need for a balanced approach to risk and return [6] - There is a growing demand among clients for products with lower volatility and moderate returns, while some clients are open to accepting slightly higher volatility for better returns [6] - The company plans to enhance its product offerings to meet diverse client needs, including the development of rights-containing products [6][7] Group 4: Industry Positioning - The company aims to complement the competitive advantages of public funds, securities firms, and insurance asset management by offering differentiated fixed income and rights-containing products [7] - The company envisions fixed income products as the primary growth driver and rights-containing products as a secondary growth avenue, promoting sustainable development in bank wealth management [7]

Core Viewpoint - The article emphasizes the increasing importance of trading ability in bond investment as the market transitions into a low-interest-rate environment and the era of credit expansion comes to an end [1][4]. Group 1: Investment Framework Characteristics - The investment framework of Chen Sixing is characterized by a strong ability to judge investor behavior and sentiment, utilizing trading spreads to gauge market emotions [3][16]. - Chen identifies a single main contradiction in the market at each stage, which is crucial for refined trading strategies [3][18]. - The framework includes flexible portfolio management, adjusting bond duration exposure based on the characteristics of equity assets [3][35]. Group 2: Career Development and Learning - Over 15 years, Chen has developed her investment philosophy through various roles, learning to balance profit maximization with risk management across different investment types [6][11]. - The transition from proprietary trading to pension fund investment allowed her to establish a macroeconomic cycle and asset allocation system [9][10]. - Joining Huatai Fund introduced the necessity of managing liabilities and liquidity constraints in investment decisions [10][11]. Group 3: Market Dynamics and Trading Strategies - The bond market has shifted from being influenced by macroeconomic data to being driven by micro-level factors such as trading structures and investor behavior [13][14]. - Chen's investment framework has evolved to incorporate a micro-level database for assessing investor sentiment, moving beyond traditional macroeconomic indicators [14][30]. - The identification of the main contradiction in the market is essential for forming effective trading strategies, with a focus on the most impactful data at any given time [19][20][30]. Group 4: Portfolio Management and Risk Control - The management of bond portfolios requires an understanding of the correlation between equity styles and bond performance, leading to differentiated management strategies [32][35]. - Chen emphasizes the importance of adjusting bond positions based on the performance of equity assets, particularly during periods of market volatility [36][37]. - The team at Huatai Fund operates with a specialized division of labor, enhancing collaboration and efficiency in investment strategies [39][41]. Group 5: Market Outlook - The outlook for bond assets remains optimistic, with expectations of continued downward pressure on interest rates, although the absolute returns may be lower due to increased market volatility [44][45]. - The market is currently in a phase of re-evaluating lower funding costs, with future directions uncertain until new signals emerge [45].

Group 1: Consumption Trends - Consumption has led the market since April and year-to-date, with personal care products, animal health, feed, snacks, and cosmetics showing the highest gains[1] - Recommended consumption sectors include apparel, automobiles (including two-wheeled electric vehicles), retail, food, beauty care, aquaculture, feed, and snacks since the Spring Strategy Outlook on February 12[1] Group 2: Fiscal Impact on Consumption - Retail sales growth is highly elastic to fiscal spending cycles, with elasticity increasing during fiscal expansion periods[2] - The expected fiscal deficit rate for 2025 is around 4%, up from approximately 3% in 2024, indicating a significant increase in central government spending[21] - Local government debt pressures have historically suppressed consumption, but debt relief efforts are expected to drive internal recovery in consumption, particularly in high-debt provinces[2] Group 3: Investment Strategy - The investment strategy suggests focusing on domestic consumption sectors, technology growth, cost improvement drivers, and structural opportunities abroad[32] - Recommended sectors include domestic consumption (apparel, automobiles, retail, food, beauty care), technology (AI, robotics, semiconductors), and cost-driven sectors (aquaculture, energy metals)[32]

Core Viewpoint - The 30-year Treasury ETF (511090) shows active trading and significant inflows, indicating a favorable market environment for long-term government bonds [1][2][3]. Group 1: Market Performance - As of May 14, 2025, the 30-year Treasury ETF increased by 0.02%, with the latest price at 123.36 yuan [1]. - The ETF's trading volume reached 18.10 billion yuan, with a turnover rate of 10.53%, reflecting active market participation [1]. - The average daily trading volume over the past week was 89.72 billion yuan [1]. Group 2: Fund Size and Inflows - The latest size of the 30-year Treasury ETF reached 171.73 billion yuan, marking a one-month high [2]. - The ETF's shares increased to 1.39 million, also a one-month high [3]. - There was a net inflow of 10.75 billion yuan into the ETF [3]. Group 3: Market Outlook and Analysis - According to Minsheng Securities, the easing of the US-China tariff dispute may alter the pricing logic in the bond market, with short-term bonds expected to have some support while long-term bonds may face volatility [3]. - The central bank's stance on liquidity will be influenced by domestic and international economic conditions, impacting short-term bonds and certificates of deposit [3]. - The article suggests maintaining caution in the bond market due to potential headwinds, while also identifying trading opportunities when the 10-year Treasury yield approaches the 1.7%-1.8% range [3]. Group 4: Investment Characteristics - The 30-year Treasury ETF is viewed as an effective tool for portfolio management, suitable for balancing duration and hedging equity positions [4]. - The ETF has a low trading threshold, allowing individual investors to participate with a minimum unit of 100 shares, approximately 10,000 yuan [4]. - High trading efficiency is noted, with instant execution and T+0 trading capabilities, supported by multiple market makers ensuring liquidity [4].