“固收+”走强，景顺长城21只含权固收基金净值创历史新高

Core Insights - The stock market has surpassed 3600 points, with fixed income plus funds becoming a platform for equity firms to showcase their strength [1] - As of July 22, 2025, 21 out of 25 fixed income funds under Invesco Great Wall achieved historical net asset value highs, representing over 80% [1] - The Invesco Great Wall Jingyi Fengli A fund has delivered a year-to-date return of 11.27%, significantly outperforming its benchmark of 1.58% [1] Fund Performance - The Invesco Great Wall Jingyi Fengli A fund focuses on AI computing power and innovative pharmaceuticals, achieving a return of 11.27% this year [1] - The Invesco Great Wall Stable Income A and Invesco Great Wall Anying Return A funds, which primarily invest in convertible bonds and cyclical industries, reported year-to-date returns of 8.30% and 7.41%, respectively, against benchmarks of 1.17% and 2.88% [1] - Eleven funds, including Invesco Great Wall Huacheng Stable A and Stable Gain A, have all exceeded a 4% return this year [1] Fund Management and Strategy - The total management scale of Invesco Great Wall's fixed income plus funds reached 93.5 billion yuan, with a growth of 35.66 billion yuan in the first half of the year [1] - The number of shares increased from 46.187 billion at the end of 2024 to 66.074 billion by the end of Q2 2025, indicating a net subscription of nearly 19.9 billion shares [1] - The investment strategy combines different equity assets such as dividends, growth, and value on a bond base, creating a diverse product line with varying risk-return characteristics [1] Specific Fund Insights - The Invesco Great Wall Stable Gain fund, managed by Peng Chengjun, focuses on dividend characteristics in sectors like non-bank financials and transportation, achieving a net value growth rate of 4.64% this year [2] - The Invesco Great Wall Jingyi Shuangli fund, managed by Li Yiwen and Dong Han, employs a balanced allocation strategy, achieving a net value growth rate of 3.86% this year [2] - The Invesco Great Wall Jingyi Fengli fund, managed by Li Yiwen, Jiang Shan, and Xu Dong, has a growth-oriented investment style, with a one-year net value growth rate of 24.80% [3] Market Outlook - In a low-interest-rate environment, fixed income plus funds are seen as a viable option for investors seeking to diversify their income sources [4] - The Invesco Great Wall fixed income investment team aims to enhance investment capabilities by offering various fixed income products and solutions to meet different investor needs [4]