到底哪类“固收+”最受欢迎？

Core Insights - The "fixed income +" products, particularly those including rights debt funds, are experiencing explosive growth and significant performance differentiation, driven by a low interest rate environment and structural opportunities in the equity market, becoming the core track of the public fund market in 2025 [1] Group 1: Growth of Rights Debt Funds - The total scale of rights debt funds exceeded 2.45 trillion yuan by November 25, 2025, marking an increase of 761.9 billion yuan since the beginning of the year, representing a growth rate of nearly 45% [2] - The mixed bond secondary funds showed the most significant growth, increasing from approximately 695.77 billion yuan at the beginning of the year to about 1.34 trillion yuan by year-end, a rise of approximately 590.46 billion yuan [2] - The mixed bond primary funds also saw growth, increasing from about 732.88 billion yuan to approximately 854.43 billion yuan, an increase of about 105.76 billion yuan [2] Group 2: Performance of Rights Debt Funds - The performance of rights debt funds is notably differentiated, with products having higher equity positions leading in returns; those with 10%-20% equity allocation are favored by both institutional and individual investors [3] - The top-performing rights debt funds in 2025 include: - Minsheng Jianyin Enhanced Income A with a net value growth rate of 30.96% [5] - Huashang Fengli Enhanced Open A with a growth rate of 27.44% [5] - Jinying Yuanfeng A with a growth rate of 26.86% [5] Group 3: Characteristics of Preferred Products - Investors are concentrating on rights debt funds that exhibit low drawdown, high Sharpe ratios, and flexible equity allocations, with a focus on products that have a maximum drawdown lower than the industry average [6][8] - The ideal equity allocation is maintained between 10%-20%, allowing for the capture of equity market opportunities while minimizing volatility [8] - Products with a scale between 5 billion and 20 billion yuan are preferred to avoid liquidity risks associated with smaller funds and to maintain strategy flexibility [9] Group 4: Investor Dynamics - There is a significant presence of individual investors in these products, with some funds having over 77% of their holdings from individual investors [9] - Institutional investors have increased their holdings in rights debt funds by over 200 billion yuan in the third quarter of 2025, showing a clear preference for products with a "fixed income base + equity enhancement" strategy [9]