在股票市场低迷时，投资者可考虑选择纯债基金和转债配置较少的一级债基进行投资；在股市上涨机会明显时，二级债基和转债配置较多的一级债基是不错的选择。

When the downturn in the stock market，Investors can consider to choose pure debt fund and turn debt less debt level configuration the investment；In a rising market opportunity evident，Level 2 debt and debt configuration more level to the debt is right choice。

　　今年以来，国内债券基金扩容迅速二季度以来，开放式债券基金资产规模大幅增加至2265亿元，创历史新高，债券基金在行业的规模占比也较此前的约5%提升至9.27%。

Since this year，The domestic bond fund rapid expansion since the second quarter，Open a bond fund asset scale greatly increased to 226.5 billion yuan，A record，Bond fund in the size of the industry accounts for more than 5% of the previous is up to 9.27%。

　　国内第一只债券型基金成立于2002年，2003年增加到9只，净资产规模达到96.97亿元。2004年，债券型基金遭遇大规模赎回，净资产总规模降至37.72亿元。2005年至2007年，债券基金规模逐渐回升，但增速远低于其他类型基金产品。2008年，债券型基金数量由前一年的21只增至57只，总规模由633.29亿元增至1833.27亿元。2009年，债券型基金规模大幅缩水，但近两年在产品创新推动下逐步扩容增长。

The domestic first only a bond fund was established in 2002，2003 increase to nine，The scale of net assets reached 9.697 billion yuan。2004 years，A bond fund redemption in large scale，Net assets total scale down to 3.772 billion yuan。From 2005 to 2007，Bond fund scale pick up gradually，But growth is far lower than the other type fund products。2008 years，A bond fund by a number of years before only 21 to 57 only，The total size from 63.329 billion yuan to 183.327 billion yuan。2009 years，A bond fund scale shrunk dramatically，But in the past two years in product innovation to promote the expansion and gradually increase。

　　现阶段，国内债券型基金按照投资范围可分为纯债基金、一级债基和二级债基。

At present，The domestic bond fund according to investment range can be divided into pure debt fund、Level 1 and level 2 debt and debt。

　　纯债基金 Pure debt fund

　　纯债基金在招募说明书中约定投资范围仅为固定收益类品种，如国债、央票、金融债、企业债券等（部分基金可参与可转债投资），不可参与一、二级市场股票投资，其风险收益水平在债券型基金中相对较低。目前国内纯债基金有18只，据Wind资讯统计，2009年至2011年平均年度收益依次为1.44%、3.08%、1.37%，今年以来截至7月25日的收益率平均为4.67%。

Pure debt fund in recruit manual agreed in the scope of investment is only fixed income kind varieties，Such as the national debt、Event tickets、JinRongZhai、Corporate bonds, and other（Part of the fund can participate in convertible bonds investment），Shall not participate in a、The secondary market stock investment，The risk level of income in the bond funds in the relatively low。At present domestic pure debt fund has only 18，According to statistical information Wind，2009 to 2011 the average annual earnings in turn is 1.44%、3.08%、1.37%，Since this year by July 25 yield average of 4.67%。

　　影响此类基金业绩的主要因素包括：管理人对宏观和利率周期的把握和短期波动的判断；对企业类债券信用风险的跟踪和预测等。由于国内转债市场的股性特征明显，转债投资是纯债基金业绩波动的较大扰动因素。

This kind of influence factors including fund performance：The administrator of macroscopic and interest rate cycle grasp and short-term volatility judgment；For enterprise bonds to credit risk monitoring and forecasting。Because domestic debt market shares turned features obvious，Turn debt investment is pure debt fund performance of the larger fluctuation disturbance factors。

　　例如，招商安泰债券是较早成立的纯债基金，据Wind资讯统计，2003年成立以来年化收益率达到6.63%，且在过去3年中仅有2个季度业绩负增长，把握债券市场轮动的能力较强是其业绩表现稳健的主要原因。

For example，Investment promotion antai bonds are early formed pure debt fund，According to statistical information Wind，Since the establishment in 2003 years change yield up to 6.63%，And in the past three years only two quarterly performance negative growth，Grasp the bond market move round a better ability is the performance of the main causes of the sound。

　　一级债基 Level 1 debt and

　　一级债基招募说明书约定投资范围包括国债等固定收益类品种，且可参与一级市场新股投资，风险收益水平高于纯债基金。目前一级债基有77只，据Wind资讯统计，2009年至2011年类别平均年度收益依次为4.31%、8.26%、-2.45%，今年以来至7月25日的平均收益率为6.46%。

Level 1 debt and recruit manual investment scope including national debt and agreed the fixed income breeds，And the primary market can participate in new stock investment，Risk returns level higher than pure debt fund。At present level 1 debt and have only 77，According to statistical information Wind，2009 to 2011 average annual income is in the category of 4.31%、8.26%、-2.45%，Since this year to July 25, the average yield of 6.46%。

　　影响一级债基业绩的主要因素除前述纯债基金中提到的因素之外，还包括管理人对新股以及转债正股的投资能力。

The performance of the debt level influence factors in addition to the pure debt fund mention in the outside factors，Also include the administrator for new shares and turn debt share investment ability。

　　例如，中银稳健增利属于业绩表现较好、权益类资产（转债和股票）参与度较低的一级债基，其投资组合以债券配置为主，不参与转债二级市场投资，据Wind资讯统计，2008年成立以来年化收益率为6.65%，在过去14个季度中仅有2个季度收益率为负，体现稳健的业绩增长和较强的风险控制能力。

For example，Boc robust ZengLi belong to performance is better、Rights and interests kind assets（Turn debt and stock）Participation in the lower level of debt base，Its portfolio to bond allocation mainly，Don't participate in turn debt 2 class market to investment，According to statistical information Wind，Since the establishment in 2008 years the return of 6.65%，In the past 14 quarter of a quarter only 2 return of negative，Reflect robust growth performance and strong risk control ability。

　　值得关注的是，近日证券业协会发文要求一级债基不得参与网下申购新股，此政策将推动一级债基的整体属性向纯债基金靠拢。

There is concern，Recently the securities industry association requirements level 1 debt and articles shall not participate in offline subscription offerings，This policy will promote the level of the whole to the debt attribute pure debt close fund。

　　二级债基 Level 2 debt and

　　二级债基招募说明书中约定投资范围不仅包括国债等固定收益类金融工具，且可参与股票的一、二级市场投资，风险收益水平高于一级债基。目前二级债基有79只，据Wind资讯统计，2009年至2011年类别平均年度收益分别为5.6%、6.55%、-4.13%，今年以来至7月25日的平均收益率为5.3%。

Level 2 debt and recruit manual set the investment range includes not only the national debt and fixed income class financial tools，And can participate in a stock、The secondary market investment，Risk returns level higher than the debt level。At present level 2 debt and have only 79，According to statistical information Wind，2009 to 2011 average annual income categories were 5.6%、6.55%、-4.13%，Since this year to July 25, the average yield of 5.3%。

　　影响二级债基业绩的主要因素除前述一级债基中提到的因素之外，显然还包括基金管理人的股票投资能力。

Secondary debt and the performance of the influence factors, in addition to the level 1 debt mention in the outside factors，Apparently also includes stock investment ability of fund managers。

　　例如，万家增强收益成立于2004年，据Wind资讯统计，其股票持仓占基金净值比最高曾达到22%，自成立以来年化收益率为8.73%，但过去3年中有6个季度净值为负增长。股票参与度较高使其长期收益提升，但短期的波动风险加大。

For example，Increase income was established in 2004，According to statistical information Wind，Its stock position of fund net value more than the highest ever reached 22%，Since its inception annualised rate of return of 8.73%，But in the past three years have six quarterly net value of negative growth。Stocks higher Friday the long-term benefits ascension，But short-term fluctuations risk increase。

　　债券基金投资策略 Bond fund investment strategy

　　在股票市场低迷时，投资者可考虑选择纯债基金和转债配置较少的一级债基进行投资；在股市上涨机会明显时，二级债基和转债配置较多的一级债基是不错的选择；在债券市场出现波段行情或者收益率曲线大幅下行的行情时，投资者可分别选择波段操作能力强的债券基金和杠杆比例高的债券基金。

When the downturn in the stock market，Investors can consider to choose pure debt fund and turn debt less debt level configuration the investment；In a rising market opportunity evident，Level 2 debt and debt configuration more level to the debt is right choice；In the bond market appear band market or the yield curve downward sharply when the market，Investors can select band skills were bond funds and leveraged a high proportion of bond fund。

　　目前债券市场中，长期国债收益率下行空间有限，通胀处于低位、资金面偏紧、市场预期政策放松后经济有望企稳回升等因素可能使得利率品种维持震荡走势。信用品种方面，中票、企业债等品种信用利差低于历史平均水平，同时受到低通胀、信贷放松、降准预期等因素影响，短期内可能维持震荡；在经济微观数据较低迷的情况下，低等级企业类债券需提防信用风险的显露。因此，未来波段操作能力较强或企业类债券配比较高且兼顾流动性的债券基金业绩表现可能较好，转债和股票仓位较高的债券型基金则可能存在波段机会。 （中信证券(600030,股吧)研究部金融产品组）

At present in the bond market，Long-term Treasury yields down space is limited，Low inflation、Financing area tight、The market is expected to relax economic policy is expected to rise after stabilising factors may make the interest rate varieties maintain concussion movements。Credit variety，Tickets in、QiYeZhai varieties such as lower than the average level of credit spread history，At the same time by low inflation、Credit relax、Drop must expect and other factors，The short term may sustain concussion；In the economic downturn is the micro data，Low level enterprise bonds to need to beware of credit risk revealed。so，The future operation ability strong band or enterprise bonds to a higher proportion of both the liquidity and bond fund performance may be better，Turn debt and stock positions higher bond fund may exist band opportunity。 （Citic securities(600030,Shares it)Research financial products group）

　　国内各类债券基金概况一览 All kinds of domestic bond fund survey index

　　       2009年    2010年    2011年   今年以来平均收益率 目前数量

       2009 years    2010 years    2011 years   Since this year average yield number at present

　　类别 平均收益率 平均收益率 平均收益率 （截至7月25日）      （只）

Category average yield average yield average yield （By July 25,）      （only）

　　纯债基金 1.44%   3.08%      1.37%         4.67%          18

Pure debt fund 1.44%   3.08%      1.37%         4.67%          18

　　一级债基 4.31%    8.26%    -2.45%         6.46%          77

Level 1 debt and 4.31%    8.26%    -2.45%         6.46%          77

　　二级债基 5.60%    6.55%    -4.13%         5.30%          79

Level 2 debt and 5.60%    6.55%    -4.13%         5.30%          79

　　数据来源：Wind资讯 张洁/制表

Data sources：Wind information by zhang jie/TAB