Core Insights - The report emphasizes the complexity of investing in local government bonds, highlighting the need to understand pricing logic, regional differences, and market dynamics [6] - The entry of more trading institutions, such as wealth management subsidiaries and public funds, has significantly improved the liquidity of local government bonds, especially in the second half of last year [6] - The report expresses a cautious outlook for pure bond investments in the fourth quarter, citing potential market adjustments and increased volatility risks due to liquidity pressures from wealth management products [7] Summary by Sections Fund Manager Profile - Li Yulu, the fund manager of Manulife Fund, has a decade of experience in fixed income and holds a master's degree in international banking and monetary economics from the University of Birmingham [6] - Li has previously worked in various roles related to credit analysis and investment management before joining Manulife in 2021 [6] Investment Strategy - The report discusses the current allocation strategy, focusing on convertible bonds primarily in the banking and aquaculture sectors, with a positive outlook on their performance due to low PB valuations [7] - It also mentions a portion of the portfolio allocated to environmental and state-owned enterprise reform themes, driven by strong government intentions to reduce debt [7] Market Performance - The report indicates a favorable view on the overall performance of fixed income products, particularly convertible bonds, which align with current market trends [8] - It notes that the median returns of primary and secondary bond funds are similar this year, but primary bond funds have experienced less drawdown, making them more attractive to certain investors [8] Sector Focus - The report highlights significant changes in the holdings of actively managed equity funds, with a decrease in large-cap stocks and an increase in positions in industry leaders within the AI hardware and communication sectors [11][12] - It points out that the non-bank financial sector has seen substantial increases in holdings, reflecting a recovery in valuations and performance expectations [13] Investment Recommendations - The report suggests focusing on four main investment themes: communication and hardware sectors benefiting from AI expansion, non-bank financials, new consumption trends in Hong Kong, and defense and military sectors [14]

宏利基金李宇璐:纯债为基,增强为刃 证券研究报告/转债专题报告 2025年07月23日 分析师:吕品 执业证书编号:S0740525060003 Email: Ivpin@zts.com.cn 分析师:宋康泰 执业证书编号:S0740525070003 Email: songkt01@zts.com.cn | 重要指数收盘价及涨跌幅 | | | | --- | --- | --- | | 简称 | 收盘价 | 涨跌幅% | | 中证转债 | 459.59 | 0.02 | | 上证指数 0.02 | 3.581.86 | | 转债及相关指数走势对比 报告摘要 基金经理简介:李宇璐,固收部甚金经理;英国伯明翰大学国际银行货币学硕士;10 年固定收益从业经验,具有基金从业资格。2012年至 2014年任职于大公国际资信评 估有限公司工商企业二部担任分析师、行业组长;2015年任职于安邦保险集团股份有 限公司信用险部,担任信用评审经理;2016年3月加入建信养老金管理有限责任公 司投资管理部,担任信用研究员、投资经理助理及投资经理,18年起管理年金及养老 金产品:2021年4月加入泰达宏利固定收益部,担任甚金经理助 ...