固收+”战局升级：95%产品赚钱背后，策略驶入“微雕时代

Core Insights - The "fixed income +" funds have shown significant resilience in 2025, with over 95% of products achieving positive returns, driven by a recovery in the equity market [1][2][11] - Convertible bond funds have emerged as leaders, with some products reporting annual returns exceeding 38% [1][2] - The "fixed income +" strategy is increasingly recognized as an important asset allocation tool, particularly in a low-interest-rate environment [21][22] Performance Metrics - As of October 14, 2025, key indices for various "fixed income +" fund categories have shown notable increases: mixed bond type primary index (2.09%), mixed bond type secondary index (4.8%), bond-mixed fund index (5.68%), and convertible bond fund index (19.05%) [1][2] - Among the 3,800+ "fixed income +" funds, nearly 5% have achieved returns exceeding 15% this year [2] Fund Management and Strategy - The competitive landscape for "fixed income +" funds has become increasingly pronounced, with top-performing funds often focusing on technology and financial convertible bonds [3][5] - The top three "fixed income +" funds by performance include Southern Changyuan Convertible Bond A, Penghua Convertible Bond A, and招商安瑞进取A, with returns of 38.35%, 28.59%, and 28.02% respectively [4][5] Market Trends and Growth - The "fixed income +" market has experienced two significant expansion phases since its recognition as an independent product in 2019, with a potential third expansion phase underway [8][11] - The total scale of "fixed income +" funds has surpassed 2 trillion yuan, marking a clear growth trend [11][15] Investor Preferences and Risk Management - The current market conditions have led to a structural shift in investor preferences, with a notable increase in demand for "fixed income +" products as a stable investment option [15][21] - Fund managers emphasize the importance of risk management, particularly in maintaining a balance between absolute returns and risk exposure [22][23] Competitive Landscape - The "fixed income +" market has seen a shift towards a more competitive environment, with leading firms like E Fund,招商基金, and广发基金 dominating the market [16][18] - Despite the dominance of top firms, there is still room for smaller players to gain market share through differentiated strategies and product offerings [18][19]