Huaxi Securities(SZ:002926) Zheng Quan Shi Bao·2025-10-26 17:41Core Viewpoint - The performance of "fixed income +" funds has varied significantly this year, with some funds achieving high returns through equity and convertible bond investments, while others focusing on long-duration bonds have underperformed [1][2]. Group 1: Performance of "Fixed Income +" Funds - As of now, the average return of 1,749 "fixed income +" products is approximately 4.8% for the year, with notable performers like Huaan Zhilian at 47.77% and Huashang Shuangyi at 44.4% [2]. - Funds with a high allocation to equity assets have outperformed, such as Huaan Zhilian, which allocated over 40% of its assets to stocks, including high-volatility tech stocks [2]. - Conversely, funds like Fangzheng Fubang Hongyuan A have been more conservative with equity holdings, primarily investing in interest rate bonds, resulting in lower performance [3]. Group 2: Risk Levels and Adjustments - Despite strong performance, some "fixed income +" products have seen increased risk levels, with funds like Huatai Baoxing Kelong experiencing a drawdown of over 8% [4]. - Several funds have had their risk ratings adjusted from R2 (medium-low risk) to R3 (medium risk), reflecting changes in market conditions and fund performance [4]. Group 3: Market Trends and Future Outlook - The total scale of "fixed income +" funds reached 1.48 trillion yuan by the end of Q2, with a quarterly increase of over 100 billion yuan, indicating growing investor interest [5]. - The demand for "fixed income +" products is driven by a shift from preservation to value growth in household financial management, as traditional fixed-income yields decline [5]. - Looking ahead, the market is expected to maintain a weak recovery, with a focus on selecting convertible bonds with higher safety margins and balanced equity investments [6].