今年最大的“固收+”黑马

Core Insights - The report highlights a significant shift in fund flows, with active funds experiencing net redemptions while "fixed income plus" funds have gained popularity due to declining bond yields [1][2][20] Fund Type Analysis - Active funds such as ordinary equity, mixed equity, flexible allocation, and balanced mixed funds saw a net decrease in shares, indicating a trend of investors opting for capital preservation amidst a rising market [1] - "Fixed income plus" funds, particularly secondary bond funds, saw a substantial increase of 374.3 billion shares, representing a growth rate of 56.7%, as investors sought higher returns in a low-yield environment [2][3] - The total shares for various fund types in Q3 2025 showed notable changes, with money market funds increasing by 3.3%, secondary mixed bond funds by 56.7%, and passive index funds by 9.26% [3] Company Performance - Top fund companies capitalized on the "fixed income plus" trend, with notable growth in assets under management. For instance, Invesco Great Wall and Fortune Fund doubled their sizes, while E Fund, China Merchants Fund, and GF Fund saw increases exceeding 10 billion [5][6] - China Universal Fund emerged as a surprising player in the "fixed income plus" space, with a growth of 28.8 billion, nearly doubling its size, indicating a shift from its traditional focus on active equity [5][6] - The "China Universal Fengli" fund demonstrated exceptional growth, increasing from 52.77 billion to 314.89 billion in just three quarters, marking a 497% increase, outperforming its peers [8][10] Investment Strategy and Trends - The "China Universal" fund's success is attributed to its diversified asset allocation strategy, which includes a significant allocation to Hong Kong stocks, contributing to its high returns [10] - The report notes a trend of new investors entering the market with a low-risk appetite, primarily investing in "fixed income plus" products, validating the strategy of using these funds as a gateway to the market [20] - The "China Universal" fund's multi-asset investment approach, characterized by a systematic and industrialized process, has led to rapid growth while maintaining performance levels [16][17]