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]

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 ...