本报记者 方凌晨 近日，债券市场波动加剧，多只债券基金净值出现较大幅度回撤，引发市场关注。 此外，钟恩庚认为，从长期角度来看，债券作为资产配置的"压舱石"，对于分散风险、平滑组合波动、追求稳健回报的价 值并未改变，一旦市场情绪消化完毕、政策明朗，债券市场或将回归基本面逻辑，迎来新的配置机会。 恒生前海基金债券基金经理钟恩庚向《证券日报》记者表示，近期债券市场波动加剧，长端利率持续上行，收益率曲线走 陡，显示出当前市场情绪偏弱。主导近期债券市场调整的主要因素，涉及前期市场降准降息预期尚未兑现、年底机构交易趋于 谨慎、公募基金销售费用新规潜在影响持续释放、机构行为扰动等方面，这些因素导致近期债券市场脆弱性加大，尤其对于长 端交易盘行为影响更大。 长城基金固定收益研究部副总经理、基金经理吴冰燕向《证券日报》记者表示，回顾近年来债券市场季节性运行规律，因 年末资金面边际宽松、机构配置需求集中释放等因素，过往12月份多为上涨行情。但今年保险等长期配置型机构，受跨年资金 调度规划、来年资产负债匹配策略调整等因素影响，预计配置意愿弱于历史同期，季节性效应或有所减弱。短期来看，流动性 或仍将维持宽松，债券市场大概率将维持区间 ...

近年来，投资者对债券基金认可度的持续提升，刚刚披露的2025年基金二季报数据就印证了这一趋势， 截至二季度末，公募债券型基金规模达10.93万亿元，创下历史新高，较一季度末的10.07万亿元增长 8600亿元。一批业绩表现优异、风格稳健的债券基金产品逐渐进入投资者视野，成为市场关注的焦点。 作为采用"固收+"策略的代表性二级债基，民生加银增强收益债券基金通过"自上而下"研判宏观趋势， 动态调节股债配比，"自下而上"精选个券，在债券、股票、可转债三类资产间灵活切换。保留债券资产 稳健底色的同时，亦通过 "精选可转债"、"灵活抓取权益机会"等方式力争增强收益弹性。该基金由民 生加银固定收益部总监谢志华执掌，其拥有19年证券投资经验，其中13年公募基金管理经验，擅于通过 自上而下与自下而上的有机结合，捕捉大类资产拐点与主流赛道的投资机会，实战经验丰富。据银河证 券数据显示，截至2025年二季末，民生加银增强收益债券A(690002)近一年同类(普通二级债基A类)排名 2%(12/481)。最新季报显示，截至二季末，民生加银增强收益债券A(690002)近一年涨幅达18.89%，同 期业绩比较基准2.36%，获得16 ...

Group 1 - The core viewpoint is that the "Fixed Income +" strategy is increasingly becoming a crucial link between fixed income and equity investments due to the dual pressures of the transition to net value in the wealth management market and insufficient supply of high-yield assets [1] - Market data indicates that the bond market is expected to strengthen in 2024, creating favorable conditions for the "Fixed Income +" strategy, which has successfully attracted significant capital due to its excellent risk control and above-average returns [1] - As of July 16, in a market environment where the Shanghai and Shenzhen 300 Index has a volatility of 10.09%, "Fixed Income +" strategy products, primarily bond-mixed funds, effectively controlled the average drawdown to within 1.43%, showcasing superior volatility management capabilities [1] Group 2 - Among the products employing the "Fixed Income +" strategy, the Minsheng Jianyin Enhanced Income Bond A (690002), managed by Xie Zhihua, has shown outstanding performance, ranking in the top 2% among similar funds as of the end of Q2 2025 [2] - The fund adopts a combination of top-down and bottom-up active investment management strategies, dynamically adjusting asset allocation and bond portfolio characteristics based on macroeconomic indicators [2] - As of the end of Q2 2025, the Minsheng Jianyin Enhanced Income Bond A (690002) ranked 12th out of 481 in its category, reflecting its strong performance in the fixed income market [2]