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]

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].