“固收+”为何受宠？长城基金张棪：股债双轮驱动捕捉机遇

Core Insights - The "fixed income +" funds have rapidly developed this year, becoming a key choice for investors seeking stable asset allocation in a volatile market, with total scale surpassing 2 trillion yuan by Q3 2025 [1][2] - The launch of the new "fixed income +" product by Great Wall Fund aims to provide investors with more quality investment options [1] Group 1: Market Conditions - The appeal of "fixed income +" funds is driven by a continuous decline in risk-free interest rates, which compresses the yield space of pure debt assets, failing to meet the income needs of conservative investors [2] - The recovery of the equity market, particularly in themes like technology innovation and green low-carbon, enhances the yield potential of "fixed income +" products [2] Group 2: Future Outlook - The long-term trend indicates that the domestic economy is transitioning towards high-quality development, with ongoing pressure on real estate investment and consumption, suggesting a continued downtrend in market interest rates [3] - The overall market may experience fluctuations, with a shift from broad-based gains to more rational differentiation, necessitating a focus on individual stock selection [4] Group 3: Investment Strategy - The investment strategy for "fixed income +" will involve proactive portfolio management, focusing on building a stable bond base with an emphasis on medium to short-duration bonds and high-grade corporate bonds [5] - The strategy will also include enhancing allocations in convertible bonds, targeting those with high yields and low conversion premiums to leverage their asymmetric characteristics [6] - The final layer of the strategy will focus on selecting high-quality dividend stocks that are stable and financially healthy, adapting to market changes [6]