证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 04 月 28 日 预期抢跑估值提升，打造高弹性"固收+" ——基金产品分析 核心观点 本文围绕华商基金固收基金经理厉骞投资风格及其产品展开分析，从市场环境、基金 经理能力、产品特性等多维度阐述基金产品投资价值。 ❑ 市场分析 权益市场近一年走势震荡向上，整体呈现"强预期，弱现实"的趋势，自 2024 年 9 月 24 日以来在政策超预期转向后强势回升，近期受关税政策影响呈现滞涨状 态；债券市场受关税冲击驱动的债市避险行情或暂时告一段落，10 年国债收益率 核心震荡区间或为 1.65%-1.75%；转债市场历经"V"型反转，短期看好价格修复， 关注科技成长等板块。 ❑ 基金经理介绍 基金经理厉骞为经济学博士， 5.3 年证券投资经历，于 2016 年 4 月加入华商基 金，曾任研究员，现任公司多资产投资部固收投资副总监，公司公募业务固收投 委会委员，基金经理。截至 2024.12.31，厉骞在管 3 只二级债基，合计管理公募 基金规模超 66 亿元。其中明星产品华商丰利增强 A 在其管理期间任职回报 119.63%，同 ...

Performance Insights - In Q1 2025, convertible bond funds achieved a median return of 3.48%, outperforming pure bond funds which had a median return of -0.19%[1] - The first quarter saw significant growth in the scale of convertible bond funds, reaching 98.4 billion CNY, an increase of 3.6% from the previous quarter[2] - The excess return of convertible bond funds was highlighted, with a 25th percentile excess return of 1.72%[8] Fund Size and Positioning - The scale of first and second-tier bond funds increased by 331 billion CNY and 871 billion CNY, reaching 7686 billion CNY and 7692 billion CNY respectively in Q1 2025[2] - Convertible bond fund positions increased by 0.32 percentage points to 91.24%, marking a historical high[2] - Traditional bond funds saw a reduction in convertible bond positions, with first-tier bond funds decreasing by 0.04 percentage points to 8.65%[22] Market Trends and Strategies - Public funds focused on increasing positions in sectors like AI and photovoltaic components while reducing exposure to banks and brokerages[34] - The overall market environment in April 2025 is characterized by uncertainties, prompting a cautious approach among fund managers[3] - The preference for lower-risk bond funds is driven by banks' risk appetite and capital usage considerations[23] Risk Factors - Potential risks include accelerated style rotation in equity markets and unexpected adjustments in convertible bond market rules[4]