同样值得关注的是，鹏华基金的"鹏华可转债D"以30.27%的收益率位列第三，该基金成立不到一年时间，规模已突破60亿。基金经理表示，可转债市场受益 于相对紧张的供给和持续增加的配置需求，展望三季度，转债市场的配置需求仍有增加可能。 可转债基金，这一结合了债券与股票特性的投资工具，在今年的资本市场上大放异彩。随着A股市场交投情绪的持续高涨，沪指已突破3800点大关，创下近 十年新高，年内涨幅超过15%。在这一背景下，可转债市场同样表现出色，中证转债指数年内涨幅超过18%，同样刷新了近十年来的高点。 可转债基金凭借其在股市上涨时可将债券转换为股票的特性，为投资者提供了灵活的投资选择。数据显示，截至今年8月25日，可转债型基金的平均收益远 超其他债券型基金，甚至部分混合型基金也望尘莫及。具体来看，市场上共有76只可转债型基金（剔除当年新成立的基金），这些基金今年以来的平均收益 率高达21.5%，且全部实现正收益。 为了更直观地展示可转债基金的收益情况，我们按照基金规模进行了分类，并梳理出了不同规模下今年收益排名前十的可转债型基金。在规模超过10亿的基 金中，南方基金的"南方昌元可转债A"以40.69%的收益率夺得榜 ...

可转债基金是一种投资于可转换债券的基金，可转换债券兼具债券和股票特性，投资者可在特定条件下将其转换为发行公司的股票，既能提供固定的债券利 息收益，又能在股市上涨时，根据一定条件将债转成股，享受股价上涨带来的收益，有着"进可攻退可守"的优势特点。 今年以来，A股市场交投情绪持续活跃，市场表现"吸睛"。截至2025年8月25日，沪指已站上3800多点，创近10年新高，年内涨幅达15.87%，带有"股性"的 可转债市场同样表现优异，中证转债指数年内涨超18%，指数点位创近10年新高。 可转换债券型基金年内收益均值跑赢其他债券型基金，甚至跑赢部分混合型基金（资产配置有股票、债券）。公募排排网数据显示，截至2025年8月25日， 可转换债券型基金（剔除2025年以后成立的基金）共有76只，今年来平均收益达21.50%，且全部实现正收益。 为了给予投资者参考，本文按照基金规模（1000万-1亿、1-10亿、10亿以上）分类，梳理出不同规模下今年来收益前10的可转换债券型基金。 10亿以上：南方基金刘文良第一！鹏华可转债D基金规模超60亿！ 公募排排网数据显示，截至2025年8月25日，10亿及以上规模的可转换债券型基金有 ...

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].

Core Viewpoint - The convertible bond market is gaining significant attention as it reaches a ten-year high, driven by a combination of strong equity market performance and a supply-demand imbalance in the market [1][2][3]. Group 1: Market Performance - The China Convertible Bond Index has continuously set new ten-year highs, reaching a peak of 116.05 points on July 1, with a year-to-date increase of 7.18% and over 22% since September 24, 2024 [4]. - The convertible bond market has shown low volatility and low drawdown this year, indicating a potential influx of new capital and a favorable investment experience that may attract more funds [4]. Group 2: Fund Performance - All funds tracking convertible bonds have reported positive returns this year, with the highest return exceeding 13%. Notable funds include China Europe Convertible Bond A at 13.11% and several others with returns above 12% [2][6][8]. - The performance of convertible bond ETFs has also been strong, with returns exceeding 7% for the Bosera China Convertible Bond ETF and over 5% for the Hai Fu Tong Shanghai Investment Grade Convertible Bond ETF [9]. Group 3: Market Dynamics - The current strong performance of convertible bonds is attributed to the "debt protection and equity appreciation" characteristics, making them an attractive asset class amid an asset shortage [2]. - The supply-demand imbalance is expected to continue supporting the valuation of convertible bonds, with supply shrinking since 2024 and increasing demand from new capital [4][5].