Core Insights - The "Fixed Income +" funds have seen significant performance and scale growth this year, particularly the "Fixed Income + Growth" strategy, which has effectively captured opportunities in the technology growth sector [1][2]. Fund Performance - As of the end of Q3, the overall scale of "Fixed Income +" funds reached 2.5 trillion yuan, an increase of over 770 billion yuan from the end of last year, with the number of products rising to 1,775 [3]. - The average net value growth rate for 1,795 "Fixed Income +" products this year is 5.57%, with 244 funds increasing by over 10%. Funds with higher allocations to stocks and convertible bonds have shown significant performance advantages [4]. Investment Strategies - The "Fixed Income + Growth" strategy has outperformed, with the top-performing products heavily investing in technology growth assets. For instance, the Huaan Zhilian A fund, which focuses on the AI industry chain, achieved a net value growth rate of 48.26% this year [4][5]. - In Q3, "Fixed Income +" funds with higher equity allocations (≥25%) had a median return of 6.45%, compared to 3.13% and 0.78% for balanced and conservative strategies, respectively [6]. Market Trends - The technology sector is transitioning from "structural opportunities" to a "full upward cycle," with AI productivity rapidly evolving and entering a new phase of application innovation [5]. - High elasticity sectors are becoming crucial for "Fixed Income +" products to achieve excess returns, supported by macroeconomic conditions of low growth and low inflation [7]. Future Outlook - Industry experts recommend focusing on high elasticity sectors and "Fixed Income + Growth" strategies, as the narrative around AI continues to evolve. The emphasis on technological innovation in the "14th Five-Year Plan" further supports this trend [7][8]. - Fund managers suggest maintaining a balanced portfolio with a focus on technology growth, cyclical, manufacturing, and consumer sectors, while gradually increasing investments in midstream manufacturing industries as the economy recovers [8].

21世纪经济报道记者杨娜娜 2025年，在权益市场回暖的带动下，"固收+"基金收益弹性凸显，逾95%的产品实现正收益。其中，可 转债基金更是凭借其突出的弹性成为领跑者，部分产品年内收益甚至超过38%。 Wind数据显示，截至2025年10月14日，用以衡量不同类别"固收+"基金表现的核心指数年内均实现显著 上涨。具体来看，Wind混合债券型一级指数、万得混合债券型二级指数、万得偏债混合型基金指数、 万得可转债基金指数年内涨幅分别达到2.09%、4.8%、5.68%和19.05%。 自2019年作为独立产品形态被市场广泛认知以来，"固收+"基金已见证了两轮明显的扩张。如今，随着 债市资金外溢和权益资产走牛，它已经迎来规模连续三个季度的增长，并有望开启第三轮扩容周期。 从基金公司的竞争格局来看，"固收+"市场的头部效应日益明显，但也有不少基金公司凭借特色策略实 现弯道超车。在低利率与市场波动并存的当下，多家机构认为，"固收+"策略以其"稳中求进"的特性， 依然是投资者资产配置工具箱中的重要选择。 据国金证券团队介绍，"固收+"本质上是一类平衡收益与风险的策略，以利率债、信用债等固定收益资 产构建"安全垫"，"+" ...

Core Viewpoint - Convertible bond funds have shown strong performance in 2025, with the average return of these funds outperforming other bond funds and even some mixed funds, driven by a bullish A-share market and active trading sentiment [5][6]. Group 1: Performance Overview - As of August 25, 2025, the Shanghai Composite Index reached over 3800 points, marking a nearly 10-year high with a year-to-date increase of 15.87%. The convertible bond market also performed well, with the China Convertible Bond Index rising over 18% [5]. - The average return of convertible bond funds this year is 21.50%, with all 76 funds achieving positive returns [5]. Group 2: Large Scale Funds - Among funds with over 1 billion yuan in assets, the average return is 24.50%. The top three funds are: 1. Southern Fund's Changyuan Convertible Bond A (006030) managed by Liu Wenliang with a return of 40.69% [6][7]. 2. Bosera Fund's Enhanced Convertible Bond A (050019) managed by Gao Hui and Guo Jun with a return of 30.67% [6][7]. 3. Penghua Fund's Convertible Bond D (022156) managed by Wang Shiqian with a return of 30.27% [6][7]. Group 3: Mid Scale Funds - For funds with assets between 100 million and 1 billion yuan, the average return is 20.08%. The top three funds are: 1. Yinhua Fund's Convertible Bond A (005771) managed by Sun Hui with a return of 28.22% [11][12]. 2. Huafu Fund's Convertible Bond A (005793) managed by Dai Hongyi with a return of 24.53% [11][12]. 3. Baoying Fund's Rongyuan Convertible Bond A (006147) managed by Wang Hao with a return of 23.73% [11][12]. Group 4: Small Scale Funds - For funds with assets between 10 million and 100 million yuan, the average return is 19.06%. The top three funds are: 1. Dongfang Fund's Convertible Bond A (009465) managed by Yang Guibin and Xu Ao Qian with a return of 28.92% [13][15]. 2. Jiao Yin Fund's Convertible Bond A (007316) managed by Wei Yumin and Wang Lijing with a return of 26.64% [13][15]. 3. Dacheng Fund's Enhanced Convertible Bond A (090017) managed by Cheng Qi with a return of 23.71% [13][15].

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]

Group 1 - Convertible bond funds are a type of fund that invests in convertible bonds, which have characteristics of both bonds and stocks, providing fixed interest income while allowing conversion to stocks under certain conditions, offering a "defensive and offensive" advantage [1] - As of August 25, 2025, the A-share market has shown active trading sentiment, with the Shanghai Composite Index reaching over 3800 points, a nearly 10-year high, and a year-to-date increase of 15.87%, while the convertible bond market has also performed well, with the China Convertible Bond Index rising over 18% [1] - The average return of convertible bond funds this year has outperformed other bond funds and even some mixed funds, with an average return of 21.50% for 76 convertible bond funds as of August 25, 2025, all achieving positive returns [1] Group 2 - Among convertible bond funds with a scale of over 1 billion, the average return this year is 24.50%, with the top three funds being "Southern Changyuan Convertible Bond A" managed by Liu Wenliang, "Bosera Convertible Bond Enhanced A" managed by Gao Hui and Guo Jun, and "Penghua Convertible Bond D" managed by Wang Shiqian [3][5] - "Southern Changyuan Convertible Bond A" achieved a return of 40.69% this year, significantly higher than the benchmark return of 13.87%, with a cumulative return of 90.86% since its inception [5] - "Penghua Convertible Bond D" has a return of 30.27% this year, with a cumulative return of 51.61% since its establishment in September 2024 [6] Group 3 - For convertible bond funds with a scale between 1-10 billion, the average return this year is 20.08%, with the top three funds being "Yinhua Convertible Bond A" managed by Sun Hui, "Huafu Convertible Bond A" managed by Dai Hongyi, and "Baoying Rongyuan Convertible Bond A" managed by Wang Hao [7][9] - "Yinhua Convertible Bond A" achieved a return of 28.22% this year, outperforming the benchmark return of 15.38%, with a cumulative return of 64.97% since its inception [9] Group 4 - Among convertible bond funds with a scale of 10 million to 1 billion, the average return this year is 19.06%, with the top three funds being "Oriental Convertible Bond A" managed by Yang Guibin and Xu Ao Qian, "Jiaoyin Convertible Bond A" managed by Wei Yumin and Wang Lijing, and "Dacheng Convertible Bond Enhanced A" managed by Cheng Qi [11][13] - "Oriental Convertible Bond A" achieved a return of 28.92% this year, significantly higher than the benchmark return of 12.30%, with a cumulative return of 27.47% since its inception [13]

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].