Description: This episode is based on the host’s original research report, titled “Structuring Dual-End Allocation from 1,700 FI+ Funds — In-depth Convertible Bond Strategy No.13.” It explores how different volatility styles of “Fixed Income Plus” funds manage bond and equity allocations, and what this implies for convertible bond investing. Summary: 1. How are FI+ funds classified?By equity exposure: low-vol (<10%), mid-vol (10–20%), high-vol (>20%).Low-vol favors safety, mid-vol balances risk and return, high-vol targets growth. 2. Bond allocation differences?Low-vol focuses on short-duration, high-grade debt; mid-vol pursues coupon income with moderate credit exposure; high-vol takes on duration and credit risk to seek returns. 3. Equity-side behavior?Low-vol avoids equity risk; mid-vol picks stable sectors; high-vol rotates into cyclicals for upside. 4. Performance across cycles?High-vol excels in bull markets, lags in downturns. Low-vol provides downside protection.Mid-vol delivers the most balanced risk-reward over time. 5. Strategic takeaway for convertibles:Apply a similar structure: pair bond-like and stock-like convertibles according to macro signals to balance stability and growth. Investment Tip: In today’s uncertain market, lean toward a mid-vol strategy: build a bond core and rotate into equity-linked convertibles tactically. ⸻ Bond Party Host: Yan Ziqi (147) ⸻ 本期播客基于主播原创研报 《从1700只“固收+”基金，挖掘股债两端配置结构策略——转债策略精研（十三）》， 通过分析“低中高波”三类固收+基金，梳理其在不同市场环境下的股债配置框架，为可转债投资提供结构化思路。 内容梗概： 1. 三类基金怎么分？按权益仓位分为低波（<10%）、中波（10–20%）、高波（>20%）；低波稳健，中波均衡，高波进取。 2. 债端如何配置？低波强调安全垫，中波追求票息性价比，高波下沉拉久期博弹性。 3. 股端如何运作？低波规避波动，中波精选稳健板块，高波博弈周期成长。 4. 牛熊表现怎样？牛市高波领涨，熊市低波抗跌，中波穿越周期表现更平衡。 5. 对转债有何启发？借鉴“固收+”基金的结构化框架，构建“偏债+偏股”组合，动态轮动应对宏观变化。 操作建议： 当前环境建议参考中波策略：债为底、转债增强，实现进可攻、退可守。 ⸻ 债券派对 BOND PARTY 主播：颜子琦（147）

Description: This episode of the podcast is based on the host’s original research report. The report, originally titled “Alternative Timing Factors: Rotation Between Bond-like and Stock-like Convertibles Driven by Panic Sentiment—In-depth Convertible Bond Strategy No. 12”, focuses on how to use market sentiment indicators to enhance convertible bond strategies in 2025. Summary: 1. Why analyze sentiment in 2025? Global macro uncertainty and tariff shocks have kept market sentiment volatile. High-frequency shifts in investor panic have become key to capturing structural opportunities in the convertible bond market. 2. What makes the convertible bond market attractive now? Since 2019, the convertible bond index has shown a steady upward trend, outperforming equities with lower volatility. In 2025, with shrinking supply and weak issuance, value re-rating potential is emerging. 3. How does the sentiment-timing strategy work? The strategy uses a locally adapted VIX-based panic index as a signal. When fear rises, the portfolio shifts to bond-like convertibles for defense; when fear fades, it rotates to stock-like convertibles for growth. 4. How are convertibles selected and categorized? Based on credit rating, pricing, and volatility filters, the universe is split into stock-like and bond-like baskets. The top 30 from each category are selected every six months to form the rotation portfolio. 5. What does the backtest show? From 2019 to 2025, the sentiment-driven strategy outperformed the benchmark in both absolute return and risk-adjusted metrics like Sharpe and Calmar ratios. It provided smoother returns, especially during periods of market stress. Investment recommendations: In the current high-fear environment, favor bond-like convertibles with defensive characteristics. Be ready to pivot to stock-like names as sentiment stabilizes. The strategy offers a balance of protection and upside potential. ⸻ Bond Party Host: Yan Ziqi (147) ⸻ 中文版本 本期播客内容基于主播的原创研报生成 报告原标题为**《择时另类因子：恐慌情绪驱动下的债性股性轮动——转债策略精研（十二）》**，聚焦如何在2025年利用情绪因子进行可转债策略优化，实现稳健与进攻兼具的投资收益。 内容梗概： 1. 为何2025年要关注市场情绪？ 全球宏观不确定性加剧，关税扰动频繁，市场情绪波动显著。恐慌情绪成为识别转债市场结构性机会的重要信号。 2. 当前可转债市场的吸引力何在？ 2019年以来，中证转债指数走势稳健，波动小于权益市场，展现出“进可攻、退可守”的配置价值。2025年供需结构紧张，估值修复机会显现。 3. 情绪择时策略是如何运作的？ 通过本土化的“恐慌情绪指数”，在情绪上行阶段持有偏债型转债，抵御风险；在情绪回落阶段切换至偏股型转债，博取上涨。 4. 如何进行偏股型与偏债型转债的划分？ 依据转股溢价率与纯债收益率双因子模型进行筛选，并每半年轮换持仓，形成动态轮动组合。 5. 历史回测结果如何？ 2019至2025年回测表明，该策略在收益水平与风险控制上均优于中证转债指数。夏普比率、卡尔马比率等指标表现更优，尤其在市场波动阶段更具稳健性。 操作建议： 当前市场情绪高位震荡，建议配置偏债型可转债防御为主，同时关注情绪修复带来的偏股型轮动机会，在攻守之间实现收益优化。 ⸻ 债券派对 BOND PARTY 主播：颜子琦（147）

Description: This episode of the podcast is based on the host’s original research report. The report, originally titled “Enhancing Returns on Financial Bonds: Four Key Strategies—2025 Annual Report on Financial Bonds”, focuses on strategies to optimize financial bond investments in 2025. Summary: 1. Why focus on the 2025 financial bond market? The financial bond market in 2024 approached a low-yield environment. With policy support and an improving macroeconomic backdrop, 2025 is expected to offer significant opportunities for enhanced returns. 2. What are the key elements of the “riding” strategy? Historical data reveals that optimal duration combinations can maximize returns. Is it always better to choose longer durations? The podcast answers this and explores the best practices for applying riding strategies. 3. Can leveraging strategies enhance returns? While leverage can amplify gains, it may not always outperform duration-based strategies. The podcast provides an in-depth comparison to help investors make informed decisions. 4. How can government bond futures support strategies? Insights are shared on using bond futures to smooth yield curves and improve the risk-return profile of portfolios. 5. What is the role of institutional behavior? The host analyzes institutional investor preferences and their impact on constructing financial bond strategies. Investment recommendations: Focus on bonds with yield recovery potential and policy-backed sectors. Defensive yet opportunistic strategies are critical in volatile markets. ——— Bond Party Host: Yan Ziqi (147) 本期播客内容基于主播的原创研报生成 报告原标题**《金融债增厚收益的四大交易策略——2025年金融债年度报告》**，探讨了如何在2025年通过优化策略实现金融债投资收益的最大化。 内容梗概： 1. 为何关注2025年的金融债市场？ 2024年金融债收益率接近历史低位。在政策支持和宏观环境改善的推动下，2025年将带来显著的收益优化机会。 2. 骑乘策略的关键要素是什么？ 历史数据显示，不同期限组合能够实现最大化收益。是否选择更长久期总是更优？本期节目深入解析骑乘策略的最佳实践。 3. 杠杆策略是否可以增厚收益？ 杠杆策略虽能放大收益，但并非总能优于久期策略。本期节目通过深度对比，帮助投资者找到适合自身需求的选择。 4. 如何利用国债期货支持投资策略？ 节目分享了使用国债期货平滑收益率曲线的方法，助力优化投资组合的风险收益比。 5. 机构行为在策略构建中的作用是什么？ 主播通过分析机构投资者偏好，探讨其对金融债策略设计的启发意义。 操作建议： 建议关注具备收益率修复潜力的金融债，优先选择政策支持领域。同时，在波动市场中平衡防御性与进攻性策略至关重要。 债券派对 BOND PARTY Host/主播: 颜子琦 (147)

Description: This episode of the podcast is based on the host’s original research report. The report, originally titled “Convertible Bond Waves, Dreams of a New Journey—2025 Convertible Bond Annual Strategy,” focuses on the opportunities and challenges of the 2025 convertible bond market. Summary: 1. Why focus on the 2025 convertible bond market? The 2024 convertible bond market experienced significant volatility but showed an overall upward trend. With improved policy environment and recovering demand, the 2025 market is expected to perform even better. 2. Is there room for valuation recovery in convertible bonds? Low-priced convertible bonds are becoming increasingly attractive, with premium rates likely to rise. High-rated and high-dividend convertible bonds are standing out, indicating signs of market valuation recovery. 3. What are the supply and demand dynamics of the convertible bond market? On the supply side, the issuance scale of convertible bonds has contracted significantly, with industry distribution becoming more diversified. On the demand side, funds remain the dominant force, while insurance institutions are increasing their share of holdings, reflecting significant changes in demand structure. 4. Which strategies deserve attention? The “double low” strategy and the improved “three low” strategy combine stability and return potential. The high-dividend strategy emphasizes long-term value, while enhanced equity- and debt-biased strategies excel in different market environments. 5. Investment recommendations: It is recommended to prioritize low-priced convertible bonds with valuation recovery potential while focusing on policy-supported sectors, such as high-tech and domestic demand-related industries. In volatile markets, strategies that balance defensiveness and aggressiveness are particularly critical. ——— Bond Party Host: Yan Ziqi (147) 本期播客内容基于主播的原创研报生成 报告原标题《转债波澜，梦启新程——2025年可转债年度策略》，重点讨论了2025年可转债市场的机遇与挑战。 内容梗概： 1. 为何关注2025年的可转债市场？ 2024年转债市场波动较大，但整体呈现上涨趋势。随着政策环境改善和需求回暖，2025年可转债市场有望进一步向好。 2. 转债估值是否具备修复空间？ 低价转债吸引力增加，溢价率有望上行；高评级和高股息转债价值凸显，市场估值逐步显现修复迹象。 3. 转债市场的供需动态如何？ 供给端转债发行规模大幅收缩，行业分布更加多元化；需求端基金仍为主力，保险机构持仓占比抬升，需求结构发生显著变化。 4. 哪些策略值得关注？ 双低策略和改良三低策略兼具稳健与收益潜力；高股息策略突出长期价值；强化偏股与偏债策略在不同市场环境下表现优异。 5. 操作建议： 建议优先选择估值修复潜力大的低价转债，同时关注政策支持领域如高科技和扩内需相关板块。在波动市场中，防御性与进攻性兼备的策略尤为重要。 ——— 债券派对 BOND PARTY 主播 颜子琦147

Description: This episode of the podcast is based on the host’s original research report. The report, originally titled “The Arrow Once Released, Following the Trend—2025 Rates Bond Investment Strategy,” focuses on the trends and strategies for the 2025 rates bond market. Summary: 1. Interest Rate Anchor: Can it drop further after breaking 1.8%? From the perspective of Total Factor Productivity (TFP), the interest rate anchor still shows a downward trend. 2. Low interest rates as a prerequisite for growth stabilization: This aligns with policy logic and is deemed necessary. 3. Familiar patterns in growth stabilization: A renewed focus on growth stabilization, avoiding balance sheet shrinking, tackling inefficiencies, and maintaining low interest rates, but with new implications. 4. Unique insights: Key focuses on the relationship, sequencing, and equivalence between monetary and fiscal policies. 5. Policy-driven strategies: In a policy-intensive year, how should the bond market adapt? We propose three policy analysis tools: • Tracking policy language • Bond market calendars • Retrospective sentiment analysis 6. Institutional behavior strategies: With intensified competition, how are behavioral patterns evolving? • Undervaluation of allocation demand: Shrinking balance sheets and short-term trading by banks. • Insurance investment behavior: Correlation with yields; seasonal trends are “disrupted.” • Tracking trading wins: Rural commercial banks still perform well, with reduced bidirectional volatility. • Brokerages: Lower borrowing costs in a low-rate environment create more room for short selling. • Fund and wealth management: Monitoring redemption pressure in slow bull and sharp correction markets. • Foreign investors: Hedging impacts short-term bond allocation intensity. 7. Liquidity balancing strategies: How should the market balance liquidity tides, pricing relationships, and supply-demand dynamics? ——— Bond Party Host: Yan Ziqi (147) 本期播客内容基于主播的原创研报生成 报告原标题《开弓之箭，顺势而为——2025年利率债投资策略》生成，重点讨论了2025年利率债市场的趋势与策略。 内容梗概： 1.利率中枢——1.8%告破，还能继续向下吗？TFP视角下利率中枢仍有下移趋势。 2.稳增长模式下，低利率是前置条件，符合逻辑且很有必要。 3.似曾相识——稳增长、防缩表、抗空转、低利率的全新意涵。 4.领异标新——货币与财政的各自重点、先后关系、等价关系。 5.政策驱动策略——政策大年，债市如何纵横捭阖？我们提出政策分析三大工具，一是表述跟踪，二是债市日历，三是舆情回测。 6.机构行为策略——内卷日甚，规律又有哪些迭代？ ①配置盘的欠配刻画——银行资负两端收缩、微观买短卖长。 ②配置盘的欠配刻画——保险买债行为与收益率相关，季节性规律“失效”。 ③交易盘的胜率追踪——农商行胜率依然高，双向高频幅度降低。 ④券商——低利率环境下借贷成本降低，借券+卖空可操作空间更大。 ⑤基金理财——债市慢牛+急跌环境下的赎回压力跟踪。 ⑥外资——锁汇后收益影响其对短债配置力度。 7.资金配平策略——资金潮汐、比价关系、供需关系如何配平？ ——— 债券派对 BOND PARTY 主播 颜子琦147

Description: This episode of the podcast is based on the host’s original research report. The report, originally titled “Exploring the ‘Comfort Zone’ of Credit Bond Investment—The Credit Strategy Handbook (Part 1),” focuses on the risks and opportunities in credit bond investment. Summary: 1. Why explore the “comfort zone” of credit bonds? This year, with declining yields, investors have been forced to take on higher risks in pursuit of greater returns. This departure from the “comfort zone” increases the risk of market corrections. 2. Where is the “comfort zone” of credit bonds? The market prefers short-term bonds rated AA(2) or higher. When risk-adjusted returns fall short, investors adjust strategies, and market sentiment shifts to a more conservative stance. 3. Is the current market suitable for aggressive investment? Although the risk-return profile of some credit bonds has improved, short-term market volatility remains high. It is recommended to prioritize bonds with strong stability. 4. How to assess correction risks? Monitoring market spreads and investor sentiment can help anticipate correction risks. 5. Investment recommendations: In the current volatile market, it is advisable to focus on medium-to-high-grade short-term bonds and maintain liquidity. ——— Bond Party Host: Yan Ziqi (147) 本期播客内容基于主播的原创研报生成 报告原标题《探寻信用债投资的“舒适圈”——信用策略宝典（一）》生成，重点讨论了信用债投资中的风险与机会。 内容梗概： 1. 为何要探寻信用债的“舒适圈”？ 今年收益率下降，投资者为了追求更高回报，被迫提升风险。这种离开“舒适圈”的现象增加了债市回调的风险。 2. 信用债的“舒适圈”在哪里？ 市场偏好AA(2)及以上评级的短期债券，一旦风险回报不足，投资者会调整策略，市场情绪转向保守。 3. 当前市场是否适合进攻？ 虽然部分信用债性价比有所回升，但短期内市场波动较大，建议优先选择稳定性强的债券。 4. 如何判断回调风险？ 通过监测市场利差和投资者情绪，可以提前预判回调风险。 5. 操作建议： 当前市场震荡，建议以中高等级短期债券为主，保持流动性。 —————— 债券派对 BOND PARTY 主播 颜子琦147

Description: This episode of the podcast is based on the host’s original research report. Summary: 1. How can macroeconomic research guide interest rate trend predictions? • Indicators like GDP growth, total social financing growth, and industrial output growth are not effective anchors for interest rate pricing. • Output rate serves as a better anchor for interest rate pricing. • Total Factor Productivity (TFP) in the Solow Model is the ideal indicator within the output rate. • Methods to approximate TFP in China using alternative indicators are discussed. 2. What fundamental changes are China’s economic challenges undergoing? • Financial balance sheet contraction has entered the first stage, characterized by slowing deposit and loan growth. • A mismatch between credit money and the foundation of money creation leads to two interpretations: 1. Passive monetary over-issuance, or “mismatched money.” 2. Deterioration in the quality of bank balance sheets, without monetary over-issuance. 3. Why is now the time to amplify policy efforts? • The Federal Reserve’s rate cuts are a critical factor. • Issues like financial contraction and mismatched money demand immediate resolution. 4. How do we view interest rate trends under stronger policy efforts? • Policy strength does not equal policy effectiveness; discussing impacts without outcomes is mere speculation. • Policy effectiveness also depends on the input-output ratio. Stronger policies increase the denominator of this ratio, and even if effective, they may not reverse the trend of declining interest rates. ——— Bond Party Host: Yan Ziqi (147) 本期播客内容基于主播的原创研报生成 内容梗概 1、如何基于宏观经济研究得出利率趋势判断？ ①GDP增速、社融增速、工业增加值增速等同比增速不可能是利率的有效定价锚 ②产出率是比同比增速更好的利率定价锚 ③索洛模型中的全要素生产率是产出率中的理想指标 ④如何通过其他指标近似测算中国的全要素生产率 2、中国经济面临的挑战发生了怎样的质变？ ①金融缩表已经呈现出了第一阶段的特征，也就是存贷款增速的回落。 ②信用货币和创造货币的基础不匹配，进而会带来两个可能性的理解。 ③一种理解是认为货币被动超发了，即俗话说货不对板；另一种理解是货币没有超发，是银行资产负债表质量下降了。 3、为什么是现在，选择加大政策力度？ ①美联储降息是不可忽视的关键变量。 ②上述金融缩表和货不对板的问题亟待解决。 4、在政策力度加大的背景下，我们又如何看待利率的走势？ ①政策力度不代表政策效果，脱离效果谈影响完全是空炒预期。 ②政策效果也要看投入产出比，千钧之力是加大了投入产出比的分母，即使见效也不一定改变利率继续下行的趋势。 —————— 债券派对 BOND PARTY 主播 颜子琦147