2012年至今，债券基金整体平均收益率超过6%，加之其高流动、低风险的特征，受到了投资者的青睐。中国有两个并行的债券市场，一个是银行间债券市场，一个是交易所债券市场。目前，普通的个人投资者只能进入交易所债券市场，个人想要购买银行间债券市场的债券，只能间接通过债券基金或者其他理财产品购买。

Since 2012,Bond fund overall average yield more than 6%,Together with its high flow/The characteristics of low risk,The favour of by the investors.China has two parallel bond market,One is market of the bond between the bank,One is the exchange the bond market.At present,Ordinary individual investors have access to exchange the bond market,People want to buy market of the bond between the bank bonds,Can only indirectly through the bond fund or other financial products to buy.

　　纯债基金 Pure debt fund

　　债券基金收益稳健，年化收益率在5%左右，是具有良好流动性、低风险性和收益性特点的稳健理财产品，适合投资风险偏好保守的投资者。嘉实债券基金是纯债基金的代表，2003年成立至今的9年时间获得了104%的总收益。

Bond fund income robust,Annualised rate of return at around 5%,Is a good liquidity/Low risk and profitability characteristic robust financial products,Suitable for investment risk preference conservative investors.Fine fruit bond fund is pure debt fund representative,Established in 2003 9 years got 104% of the gross income.

　　除了公募基金发行债券基金外，近两年私募基金也开始从只发行股票私募产品转向发行债券私募基金产品。以稳健著称的平安信托推出了债券投资基金集合资金信托计划“日汇金1号”，是目前唯一由信托公司自主管理的净值型纯债基金。其区别于其他信托产品的最大特色在于高流动性，每月15日开放认购及赎回，投资者可灵活掌握投资时段，提高资金运用效率。投资标的与公募基金类似，但业绩激励机制大不相同，收入主要是来源于浮动管理费，只有在产品投资收益超过收费基准的情况下才可以提取浮动管理费，投资管理人的绩效和投资者收益绑定，更好地保证了投资者利益。

In addition to public offering fund issued bond funds outside,Nearly two years private funds also began to issue shares from a private products to issue bonds private fund products.With steady for peace trust launched a bond investment fund trust plans of assembled funds"Day huijin 1",Is currently the only by trust company independent management of the net type pure debt fund.Its difference from other trust products is the biggest characteristic of high liquidity,Monthly 15 open the subscription and redemption,Investors can be flexible master investment period of time,Improve the fund use efficiency.Investment target and public offering fund similar,But performance incentive mechanism is very different,Income is mainly from the floating charge,Only in the product a return on investment of over charge reference only can extract floating charge,The investment manager performance and investors earnings binding,Better guarantee the interests of investors.

　　短期理财基金 Short-term financial fund

　　短期理财基金是时下市场炙手可热的产品。在投资范围上，可通过采用相关策略，集中投资于期限较短的存款、债券、回购，从而实现稳定收益。同时，随着利率市场化加速，银行融资成本上升，SHIBOR等工具可保持较高收益水平，使基金投资从中受益。

Short-term financial fund is nowadays market hot products.In the investment scope,But through the use of relevant strategy,Concentrated investment in a relatively short period of time deposit/bonds/buyback,So as to realize the stable income.At the same time,With the interest rate marketization accelerating,The rise in the cost of bank financing,SHIBOR etc. The tool can keep the higher income level,Make fund investment benefit.

　　它是除货币市场基金“T+1”模式外最具有限定短期期限的债券型基金，不同于完全的债券基金任何时候可以赎回，而是限定了短期的期限，但其优点是在银行间债券市场投资可按相应的期限获得确知的当期收益。与银行最具特点的债券类和固定收益理财产品比较，短期理财基金如“嘉实理财宝7天债基”自动循环模式可使投资者在需要使用资金时7天内可拿到资金，而收益现阶段基本可达到3%左右，无需到期日后再购买下一期产品。

It is in addition to money market funds"T + 1"The model has limited the short term bond fund,Different from the complete bond funds can be redeemed at any time,But a short time limit,But its advantage is in the market of the bond between the bank investment according to the corresponding period get known with certainty the current income.And the bank's most features of bonds and fixed-income financial products compare,Short-term financial funds such as"Fine fruit financial treasure 7 days debt base"Automatic cycle mode can make the investors need to use the funds within 7 days to get to the capital,While the benefits at present basic can reach 3%,No future due to buy the next phase of product.

　　分级债券基金 Classification bond fund

　　分级基金已成为目前市场上备受投资者追捧的主流基金产品之一。与带有杠杆的B类份额相比，分级基金A类份额提供了一个收益率高于市场上类似固定收益产品的工具，逐渐受到市场认可。同时，A类份额的设计及定价机制，也随着基金产品和参与群体的不断发展而趋向成熟。

Hierarchical fund has been on the market at present the mainstream fund investors are adored one of the products.And with a lever of class B compared to share,Hierarchical fund class A share provides A rate of return on the market is higher than similar fixed income products tools,Gradually recognized by the market.At the same time,Class A share of the design and pricing mechanism,Also with the fund products and participate in the development of group to mature.

　　分级债券基金是今年表现最好的基金，超过了股票型基金的收益，万家添利B债券基金（分级封闭式）更是获得了30%的收益。分级债券基金为投资者提供了保守和激进型的选择，但从A类的约定收益考虑，其实不如购买纯债型基金，A类收益只是与半年期银行理财产品收益相似；有一定风险承受力的投资者在债券市场状况良好的情况下可考虑购买B类的债券基金。

Hierarchical bond fund is one of the best fund this year,More than the stock fund earnings,Thousands of termbray B bond fund(Classification enclosed)But also got 30% of the income.Hierarchical bond fund provides investors with a conservative and radical type choice,But from A kind of contract revenue consider,In fact as buy pure debt fund,A kind of income just and its half-yearly bank financing products similar income;Have certain risk tolerance of investors in the bond market in good condition can be consider purchasing B type bond fund.

　　信用债基金 Credit debt fund

　　信用债，发债主体为公司（企业），相比国债和银行存款风险更大一些，但相对较高的收益率是对风险的补偿。虽然下半年的债市依然看好，但考虑到上半年债市已经实现了较大的涨幅，并已比较充分地反映了基本面和政策面的利好，预计未来债市的表现相比上半年而言将显得较为温和。未来票息收入将成为债基更为稳定的收益来源，而在品种选择上更看好持有期收益较高的信用债。

Credit debt,FaZhai subject for the company(enterprise),Compared with national debt and bank deposit more risk,But relatively high rate of return is to risk compensation.Although the second half of the bond market remains upbeat,But considering the bond market in the first half has achieved great increase,And has comparatively fully reflect the fundamentals and the policy, bullish,The expected future bond market performance in the first half will be compared in moderate.The future ticket interest income will be debt base more stable source of revenue,And in the selection of more value on holding higher-yielding credit debt.

　　中短期限的信用产品目前仍然是最具有吸引力的一部分。中短期限信用产品的绝对收益率目前还比较高，经过了两次降息以后，中长期限的利率产品和短久期的信用产品的收益率都下降到了比较低的水平，但中短期限信用产品收益率仍然在4.5%到5%以上。

Short term credit product at present is still the most attractive part of.Short term credit product absolute yield at present is relatively high,After two times after cut interest rates,Long term interest rate products and short duration credit product yields are dropped to low level,But the short term credit product yields are still in 4.5% to more than 5%.

　　增强型债券基金 Enhanced bond fund

　　近年发行的新型基金——增强型债券基金，例如万家强债基金，投资于债券类资产（含可转换债券）的比例不低于基金资产的80%，投资于股票等权益类证券的比例不超过基金资产的20%，现金或者到期日在1年以内的政府债券不低于基金资产净值的5%。今年收益7.9%，2007年成立5年累计收益达90%。

In recent years, issue of the new fund - enhanced bond fund,For example of strong debt fund,Investment in bonds assets(Including convertible bonds)The proportion of less than 80% of the fund's assets,Investment in stock rights and interests class securities proportion is not more than 20% of the fund's assets,Cash or the maturity date within one year government bonds not less than 5% of the net value of fund assets.This year income 7.9%,Founded in 2007 5 years accumulated earnings amounted to 90%.

　　可转债基金 The convertible bond fund

　　可转债是近年来比较热门的新型债券基金产品，除了兴业可转债(340001,基金吧)是2004年发行的，其余不到十只都是在近一年时间发行的。它是债券型基金中与股票权益市场挂钩最为密切的品种之一，适合具有成长性偏好的投资者。纯债基金中配置可转债基金能力强的富国天利(100018,基金吧)在8年多时间中达到了140%的总收益。

Convertible bonds is in recent years popular new bond fund products,In addition to the convertible bonds(340001,Fund it)Is released in 2004,The rest is less than 10 only in close to a year of issue.It is the bond fund and stock equity market most closely link up with of one of the varieties,Is suitable for members with growth preference of investors.Pure debt fund allocation convertible bonds strong ability to fund the rich countries of the day(100018,Fund it)In 8 years time reached 140% of the gross income.

　　当前较为火热的兴业可转债基金的可转债投资占比为30%～95%（其中可转债在除国债之外已投资资产中比例不低于50%），股票不高于30%，现金和到期日在1年以内的政府债券不低于基金资产净值的5%。成立以来的收益178%，2008年和2011年跌幅分别为-9.5%、-6%，总收益可与股票型基金媲美。

The current relatively hot industrial convertible bonds convertible bond fund investment accounts for more than 30% ~ 95%(The convertible bonds in addition to national debt in the outside already investment assets proportion is less than 50%),The stock is not higher than 30%,Cash and maturity in within 1 year government bonds not less than 5% of the net value of fund assets.Since the establishment of the 178% of income,In 2008 and 2011 respectively - 9.5% decline/6% -,Gross income with stock fund rival.

　　偏股型债券基金 Slant model bond fund

　　此类基金并不多，主要有南方宝元和银河收益债券基金。南方宝元债券基金主要投资于各类债券，品种主要包括国债、金融债、企业债与可转换债券。债券投资在资产配置中的比例最低为45%，最高为95%；股票投资在资产配置中的比例不超过35%。银河收益债券基金股票配置比例为60%～95%，而债券配置比例为5%～40%。

This kind of fund is not much,Mainly has the southern treasure and galaxy income bond fund.The south treasure yuan bond funds invest primarily in all kinds of bonds,The main varieties include national debt/Financial bond/QiYeZhai and convertible bonds.Bond investment in asset allocation in proportion to the lowest 45%,The highest 95%;Stock investment in asset allocation proportion of no more than 35%.Galaxy income bond fund stock allocation proportion is 60% ~ 95%,And bond allocation proportion is 5% ~ 40%.

　　南方宝元成立以来的收益达到147%，金融危机的2008年基金净值-8%，其他年度基本为正收益，在偏股型基金中抗跌性较强。风险程度适中的投资者可选择做偏股型债券基金的定投，保证风险损失较小的情况下获得成长性收益，适合对资本市场波动不敏感的投资者。

Since the establishment of the southern treasure yuan income reached 147%,The financial crisis in 2008 fund net value - 8%,Other annual basic for positive income,In the partial shares fund resistance in the fall the nature to be stronger.Degree of risk moderate investors can choose do slant model bond fund is cast surely,Guarantee risk loss under the condition of rather smaller gain growth income,For the capital market is not sensitive to the fluctuation of the investors.

　　把债基放进配置的篮子 The debt base in the configuration of the basket

　　目前，信用产品、特别是中低评级信用债，其利差正处于历史中枢水平以上，随着企业盈利能力企稳，收益率仍有进一步下行空间。加之短期利率水平有望继续下行，信用产品将存在更好的投资机会。此外，在A股有望企稳反弹之际，估值水平处于历史中低水平的可转债同样存在较大吸引力，投资者可就其中流动性较好的相关品种进行配置。

At present,Credit products/Especially low rating credit debt,The interest margin is in historical central level above,Along with the enterprise profitability stabilises,Yields are still further down space.Together with short-term interest rate level is expected to continue to descending,Credit products will be better investment opportunities.In addition,In the A shares is expected to stabilising the rebound,Valuation levels in the history of low level of convertible bonds also there is a big attraction,Investors will be the liquidity good related varieties configuration.

　　富国基金(博客,微博)公司和万家基金公司在债券型基金管理中表现优异，综合实力强的嘉实、南方、博时、兴业等基金公司也有多年表现优秀的债券型基金，近两年易方达、银华、广发等股票型基金表现较好的公司，也开始注重债券型基金的发行和管理，业绩表现达到了一流的水准。10年达到1～2倍的收益，传统债券型基金基本能保本的功能成为养老账户、教育账户、短期资金账户不错的配置类型。

Rich fund(blog,Micro bo)Companies and fund company in the bond fund management in excellent performance,Comprehensive strength strong fine fruit/south/When rich/Industrial funds such as company also have many years of excellent performance bond fund,Nearly two years YiFangDa/Yin/Guangdong development and stock fund performance good company,Also started to pay attention to the issue of bond fund and management,Performance reached the first-class level.10 years to reach 1 ~ 2 times the earnings,Traditional bond fund basic can break-even function become pension account/Education account/Short-term capital account good configuration.

　　表 表现优异的债券型基金示例 Table outstanding bond fund sample

　　序号 基金名称 今年以来收益率（%） 成立以来收益率（%） 成立时间

Serial number fund name since this year rate of return(%) Since the establishment of the rate of return(%) Time of founding

　　1 嘉实债券基金（纯债） 4.9 104 2003.7.9

1 fine fruit bond fund(Pure debt) 2003.7.9 4.9 104

　　2 万家强债基金 7.9 93 2007.9.29

2 strong debt fund 7.9 93 2007.9.29

　　3 南方多利强债(202102,基金吧)基金 10 36 2007.8.28

3 the south dolly strong debt(202102,Fund it)Fund 10 36 2007.8.28

　　4 工银强债(485105,基金吧)基金 7.2 48 2007.5.11

4 work silver strong debt(485105,Fund it)Fund 7.2 48 2007.5.11

　　5 富国天利债券基金 6.6 140 2003.12.2

Five Wells Fargo day the bond fund 6.6 140 2003.12.2

　　6 兴业可转债基金 2 178 2004.5.11

6 the convertible bond fund 2 178 2004.5.11

　　7 富国天丰债券基金（LOF） 5 36 2008.10.24

7 Wells Fargo tianfeng bond fund(LOF) 5 and 2008.10.24

　　8 南方50债券基金 2.9 9 2011.5.17

8 the south 50 bond fund 2.9 9 2011.5.17

　　9 博时信用债基金 7 10 2009.6.10

9 when rich credit debt fund and 10 2009.6.10

　　10 富国汇利B债券基金（分级封闭式） 27 22 2010.9.9

10 Wells Fargo huili B bond fund(Classification enclosed) 27 and 2010.9.9

　　11 万家添利B债券基金（分级封闭式） 30 19 2011.6.2

11 termbray B bond fund(Classification enclosed) 30 and 2011.6.2

　　12 南方宝元债券基金（偏股型） 8 147 2002.9.20

12 south treasure yuan bond fund(Slant model) 147 2002.9.20

　　13 银河收益债券基金（偏股型） 6.3 120 2003.8.4

13 galaxy income bond fund(Slant model) 2003.8.4 6.3 120

　　注：数据截至8月15日。

note:Data as of August 15,.

　　本文编辑：康会欣。如对本文有任何意见或其他精彩观点，请联系邮箱：dzlcgw@163.com。

This paper editing:KangHuiXin.If you have any comments on this paper or other wonderful views,Please contact the mail:dzlcgw@163.com.