Core Insights - Bond funds have shown increasing average returns over the past 3, 5, and 7 years, with a widening gap between the best and worst performers [2][4][5] - The recent recovery in the A-share market has heightened investor interest in equity investments, but bond funds remain essential for stabilizing asset allocation [2][4] - The report titled "China Fund Industry Marathon Master Gathering 2025" analyzes extensive data to assess the long-term performance of bond funds [2] Performance Analysis - The average returns for the entire bond fund market over the past 3, 5, and 7 years are 8.37%, 17.32%, and 32.36% respectively, with a notable increase in the proportion of funds yielding positive returns [4][5] - Specific categories of bond funds, such as pure bond funds and mixed bond funds, have also demonstrated improved performance over time, with average returns of 9.49%, 17.64%, and 28.12% for pure bond funds over the past 3, 5, and 7 years [5][6] - The number of bond funds with positive returns has increased significantly, with 99.42% of funds achieving positive returns over the past 7 years [4] Risk and Performance Discrepancies - "Rights-containing" bond funds have shown mixed results, with some experiencing significant declines during market adjustments [6][7] - A total of 203 bond funds reported negative returns over the past 3 years, with a concentration in "rights-containing" funds [6][7] - Notably, some "rights-containing" funds have also achieved outstanding performance, with several funds exceeding 30% returns over the past 7 years [8][9] Top Performing Funds - The top-performing bond funds over the past 3 years include 富国久利稳健配置 A (41.20%), 华夏大中华信用精选 A 人民币 (34.97%), and 华商恒益稳健 (32.51%) [10] - Over the past 5 years, 华商丰利增强定开 A (131.24%) and 华商恒益稳健 (95.43%) lead the performance rankings [10] - For the past 7 years, 华商丰利增强定开 A (170.07%) and 汇丰晋信 2026 (127.30%) are among the top performers [10]

Group 1 - The overall performance of A-shares has been lackluster this year, with major indices such as the Shanghai Composite Index and Shenzhen Component Index declining, while the convertible bond market has shown strong performance, with the China Convertible Bond Index rising over 3% year-to-date, significantly outperforming A-share indices [1] - As of May 25, 2023, 10 bond funds (Class A shares) have seen net values increase by over 7% this year, with notable funds including Bosera Convertible Bond Enhanced A, China Europe Convertible Bond A, and Huabao Convertible Bond A [1] - Some non-convertible bond funds also heavily invest in convertible bonds, such as Huashang Fengli Enhanced Open A, which has seen a net value increase of 11.45% this year, ranking first among bond funds [1] Group 2 - Private equity firms are also heavily invested in convertible bonds, with data showing that by the end of last year, nine hundred billion private equity firms collectively held 49 convertible bonds among the top ten holders, with a total market value of approximately 3.181 billion yuan [2] - Specific private equity firms like Ruijun Asset and He Sheng Asset hold more than five convertible bonds each, with significant market values, including Ruijun Asset holding 19 convertible bonds with a total market value of about 2.545 billion yuan [2] - Despite the overall strength of the convertible bond market, some bonds have been downgraded due to deteriorating fundamentals, with several bonds being placed on watch lists this year due to issues such as performance losses and increased debt pressure [2] Group 3 - Convertible bonds have been recognized as an important investment category for "fixed income plus" funds this year, benefiting from an optimized supply-demand structure, with a focus on low price and low valuation strategies [3] - Current market analysis indicates that the prices of balanced and debt-oriented convertible bonds are at neutral points from a long-term perspective, while equity-oriented convertible bonds still have room for price increases [3] - The overall supply of convertible bonds has weakened in recent years, and in a low-interest-rate environment, the motivation for companies to finance through convertible bonds may decrease, potentially impacting future valuations [3]

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 ...

Group 1 - The core viewpoint of the article highlights the strong performance of the Huashang Fengli Enhanced Open A fund, which has generated good returns for investors, with a year-to-date return of 9.09% as of April 25, 2025, ranking first among its peers [1][4] - The fund has an annualized return of 9.75% since its inception in September 2016, significantly outperforming its benchmark, the China Bond Index, by over 70 percentage points [2][4] - As of the end of Q1 2025, the fund's asset allocation consisted of 73.79% in fixed income investments, primarily in convertible bonds, and 16.62% in equity investments [6][7] Group 2 - The fund manager, Li Qian, has been managing the Huashang Fengli Enhanced Open A since December 2019 and focuses on actively managing the fund to achieve stable returns [5] - The fund's investment strategy emphasizes a mix of medium to short-duration bonds with a focus on AAA-rated credit to control credit risk while also participating in interest rate bonds and equity assets to enhance returns [8]