这类品种能在股市下跌时提供一定的债底保护，又在市场反弹时通过股性捕捉上涨机遇，在此前的文章《从全市 场34只可转债基金里挑出4只绩优基》分享过4只绩优的可转债基金。随着市场的变化，对可转债基金的筛选条件 有所变化，当前市场需要选择控回撤能力更强的基金经理，接下来我们筛选一下： 筛选条件： Wind数据显示，全市场仅有4只可转债基金满足要求，分别为：华宝可转债A、中欧可转债A、南方希元可转债 A、汇添富可转债A，如下图： | | | 其全规模合计 (报告期) | 最大回撤 [起始交易日期] | 最大回撤 | | 今年以来回报 [交易日期] | | --- | --- | --- | --- | --- | --- | --- | | | | | | [起始交易日期] | | [是否年化] 否 | | 证券代码 | 草金周称 | [报告期] 2025 | 截止日1年前 | 2023-9-30 | 成立年限 | | | | | 中报 | [截止交易日期] | 截止交易日期 | [单位] 年 | 2025-9-30 | | | | [单位] 亿元 | 2025-9-30 | 2025-9-30 | | [单位] % ...

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]

Core Viewpoint - Convertible bond funds have gained significant attention in the capital markets this year, with the A-share market experiencing a surge in trading sentiment, leading to the Shanghai Composite Index surpassing 3,800 points, marking a nearly ten-year high with an annual increase of over 15% [1] Group 1: Performance of Convertible Bond Funds - The China Convertible Bond Index has seen an annual increase of over 18%, also reaching a nearly ten-year high [1] - As of August 25, the average return of convertible bond funds this year is 21.5%, significantly outperforming other bond funds and even some mixed funds [1] - All 76 convertible bond funds (excluding newly established funds this year) have achieved positive returns [1] Group 2: Top Performing Convertible Bond Funds - In the category of funds with a scale exceeding 1 billion, "Southern Changyuan Convertible Bond A" managed by Liu Wenliang leads with a return of 40.69% [2] - "Bosera Convertible Bond Enhanced A" ranks second with a return of 30.67%, managed by Gao Hui and Guo Jun [2] - "Penghua Convertible Bond D" ranks third with a return of 30.27%, having been established for less than a year and already exceeding 60 billion in scale [3] Group 3: Performance of Smaller Scale Funds - In the category of funds with a scale between 100 million and 1 billion, "Yinhua Convertible Bond A" tops the list with a return of 28.22%, managed by Sun Hui [3] - "Oriental Convertible Bond A" also performs well among smaller funds, achieving a return of 28.92% [5]

Core Insights - The convertible bond market has become a significant source of excess returns for "fixed income +" fund managers in 2023, with several convertible bond-themed funds reporting returns exceeding 15% year-to-date as of August 8 [1][2] - There is a noticeable divergence in fund managers' strategies regarding convertible bonds, with some reducing their positions while others are increasing them, reflecting a re-evaluation of valuation systems and investment strategies [1][3] Group 1: Performance of Convertible Bonds - Multiple convertible bond-themed funds have performed well in 2023, with specific funds like Southern Changyuan Convertible Bond A and Bosera Convertible Bond Enhanced A achieving returns over 20% [2] - The average price of convertible bonds is currently high, leading to challenges for fund managers in deciding whether to chase high prices or take profits [2][3] Group 2: Fund Manager Strategies - Many fund managers have explicitly stated in their reports that they are reducing their convertible bond positions, with examples including Hai Fu Tong and Hua An Convertible Bond, which saw significant decreases in their convertible bond allocations [3][4] - Conversely, some funds like Fu Guo Convertible Bond and Dongfang Hong Ju Li have increased their convertible bond holdings, indicating a split in strategy among fund managers [3][4] Group 3: Market Dynamics - The convertible bond market is experiencing structural changes due to a decrease in bank convertible bond supply, prompting funds to seek alternative assets to fill the gap in their portfolios [4][5] - The overall allocation to convertible bonds in fixed income portfolios has decreased, with a shift towards sectors like non-bank financials and healthcare [5][6] Group 4: Future Outlook - Fund managers express concerns about the high average prices of convertible bonds, suggesting that the probability of achieving positive returns in the next six months is lower when prices are at current levels [3][4] - Despite the high valuations, some fund managers remain optimistic about the convertible bond market, citing the potential for continued demand driven by favorable equity market conditions [7][8]

Group 1 - The core viewpoint of the articles highlights the significant rise in the convertible bond market, with the China Convertible Bond Index reaching a ten-year high, driven by strong performance in the A-share market and a favorable investment environment for convertible bonds [1][2][3]. - The China Convertible Bond Index has seen a year-to-date increase of 7.18%, with a notable rise of over 22% since September 24, 2024, indicating strong market momentum [2]. - The convertible bond market is characterized by low volatility and low drawdown, attracting continuous inflow of new capital, which is expected to further enhance investment experiences [2][3]. Group 2 - Several funds tracking convertible bonds have reported positive returns this year, with the top-performing fund, China Europe Convertible Bond A, achieving a return of 13.11% [4][5]. - A total of 14 convertible bond funds have recorded returns exceeding 10%, showcasing the strong performance of this asset class [4][5]. - The performance of convertible bond ETFs has also been commendable, with returns exceeding 7% for the Bosera China Convertible Bond ETF and over 5% for the Haifutong Shanghai Investment Grade Convertible Bond ETF [5]. Group 3 - The supply-demand imbalance in the convertible bond market is a key factor supporting the rising valuations, with supply expected to contract while demand continues to grow [2][3]. - Historical data indicates that most convertible bonds exit through conversion to equity rather than actual repayment, suggesting manageable credit risk in the current market environment [3]. - The market's confidence in convertible bonds has strengthened due to reduced risks of delisting or default, further enhancing investor sentiment [3].

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]

Core Viewpoint - The bond fund market experienced a contraction in Q1 2025 after a strong performance in Q4 2024, but convertible bond funds led the market due to favorable conditions from both equity and bond markets [1][5]. Market Overview - In Q1 2025, a total of 54 bond funds were issued, a decrease of 11.48% from Q4 2024, with a total issuance of 1131.17 billion units, down 28.16% [2]. - The total share of bond funds reached 90.3 trillion units by the end of Q1 2025, a reduction of 4379.80 billion units compared to the end of 2024 [2]. - The share of medium- and long-term pure bond funds decreased by 2786.38 billion units, while short-term pure bond funds decreased by 1580.26 billion units [2]. Fund Performance - Convertible bond funds achieved the highest returns in Q1 2025, with a yield of 3.89%, outperforming other types of bond funds [5]. - The top-performing bond funds included products from Huabao and Fuguo, which focused on high-growth sectors like new energy and advanced manufacturing [7][8]. Investment Trends - There is a notable increase in the issuance of passive index bond funds, reflecting a growing demand for tool-based investment products among institutional investors [2][3]. - Short-term pure bond funds maintained popularity, with four new funds issued totaling 117.1 billion units, significantly above the market average [2]. Market Dynamics - The bond market is expected to maintain a volatile trend in the short term, with structural investment opportunities in the credit bond sector [10][11]. - The yield on 10-year government bonds rose from approximately 1.60% to 1.90% in Q1 2025, influenced by high funding rates and shifting expectations regarding monetary policy [6]. Future Outlook - Analysts predict that the bond market will continue to perform well throughout 2025, supported by economic stabilization and the implementation of expansionary fiscal policies [10][11]. - The focus on short-duration credit bonds is expected to provide attractive investment opportunities due to their favorable risk-return profile [10][11].