债市波动下如何布局？民生理财：中短期内债市胜率偏低

Overall Performance - As of October 23, 2025, there are 982 public pure fixed-income products with a duration of 2-3 years, of which 694 have complete net value disclosures. The average net value growth rate over the past year is 3.29%, with an average maximum drawdown of 0.16% [5] - Among these products, 615 achieved positive returns each quarter, representing 88.6% of the total [5] - The top three products by net value growth rate are: Minsheng Wealth's "Fuzhu Fixed Income Stable Three-Year Closed No. 2 Product A" at 4.88%, Huaxia Wealth's "Fixed Income Debt Closed Product No. 79S" at 4.65%, and Zhongyou Wealth's "Zhongyou Wealth Hongjin Closed 2023 No. 40 (Anying Fund) RMB Financial Product" at 4.63% [5] Highlighted Product Analysis - Minsheng Wealth's "Fuzhu Fixed Income Stable Three-Year Closed No. 2 Product A" primarily invests in medium to high-grade credit bonds, achieving a net value growth rate of 6.985% since inception. As of the 2025 semi-annual report, the bond holding ratio is 91.69%, with the top ten holdings being credit bond assets, accounting for 41.94% [6] - Minsheng Wealth attributes the performance to the continuous strength of the equity market and the impact of new public fund sales regulations, leading to a decline in bond yields, particularly in long-end trading varieties. The outlook suggests that the equity market's expectations and institutional behaviors will negatively impact the bond market, indicating a lower probability of success in the short to medium term [6]