鹏华祝松构建三层“固收+”产品体系，锚定差异化风险收益目标

Core Insights - The public fund market has shown significant structural growth in 2023, with "fixed income +" products driving this expansion, reflecting strong investor demand for stable returns and moderate risk [1] - As of November 24, 2023, the total scale of "fixed income +" funds reached 2.57 trillion yuan, a growth of over 40% since the beginning of the year [1] Group 1: Product Characteristics - "Fixed income +" products are strictly categorized to control drawdown risks, with three main types: low volatility, medium-low volatility, and quantitative strategies [2] - Low volatility products aim for a maximum drawdown of no more than 2%, while medium-low volatility products target a drawdown of 3%-4% [2] Group 2: Performance and Growth - The performance of "fixed income +" products is positively correlated with their scale, attracting more funds to high-performing products [3] - For example, the Penghua Industrial Bond has maintained a positive net value growth rate for 11 consecutive years, with a year-to-date growth rate of 4.93% as of November 30, 2025, and a cumulative return of 103.82% since inception [3] Group 3: Management Strategies - The management team, led by Zhu Song, employs dynamic asset allocation and multiple strategies to enhance returns while controlling risks [4] - The Penghua Dual Bond product adjusted its stock holdings from approximately 19% in the first two quarters to around 17% in the third quarter, demonstrating proactive management based on market conditions [4] Group 4: Market Outlook - The "fixed income +" products are expected to continue thriving in 2026 due to favorable market conditions, including optimistic stock market expectations and strong demand for stable products [4] - The combination of stable characteristics and potential for enhanced returns positions "fixed income +" products as a core focus for public fund market expansion [4]