FCSC(SZ:002797) Zheng Quan Shi Bao Wang·2026-01-16 04:40Core Viewpoint - The domestic bond market in China is experiencing rapid development driven by financial disintermediation and interest rate marketization, with significant growth potential compared to the stock market [1] Group 1: Market Overview - As of September 30, 2025, the total bond market size in China exceeds 190 trillion yuan, while the stock market surpasses 100 trillion yuan [1] - The bond market's value is close to 130% of nominal GDP, and the stock market's value is nearly 80% of GDP [1] - In comparison, the U.S. bond market's value has consistently exceeded 150% of GDP, and the stock market's value has surpassed 200% of GDP, indicating that China's bond and stock markets still have significant room for growth [1] Group 2: Investment Trends - During the past two low-interest-rate periods, public bond funds rapidly entered the "fixed income plus" sector, utilizing multi-asset investments to enhance returns and achieve rapid product expansion [1] - In the context of market fluctuations in 2025, with a rising stock market, the "fixed income plus" fund size has seen a notable increase, with a year-on-year growth rate of 39.5% as of the end of the third quarter [1]