备战巨量到期资金，“固收+”策略成新宠

Core Insights - A significant competition for over 30 trillion yuan in maturing deposits has begun, with "fixed income +" becoming a favored choice for bank wealth management products [1][2] - Investors are showing a preference for low-volatility and stable financial products despite a recovery in equity markets and strong performance in assets like gold [1] - The bond market has experienced a notable shift in style, with the pricing power of 10-year government bonds transitioning from trading desks to banks [1][4] Group 1: Maturing Deposits - It is estimated that approximately 32 trillion yuan in two-year, three-year, and five-year fixed deposits will mature in 2026, with 20.7 trillion yuan, 9.6 trillion yuan, and 2.0 trillion yuan respectively [2] - The influx of maturing deposits is expected to create a demand for stable financial products, which banks are well-positioned to fulfill [2] Group 2: Investment Trends - The top 14 wealth management companies have seen a growth of nearly 4 trillion yuan in low-volatility, short-holding period open-end products in 2024, and over 3 trillion yuan in the first 11 months of 2025, accounting for nearly 90% of the overall growth in wealth management scale [3] - The average duration of fixed income products is expected to remain around 0.7 years, maintaining a stable market positioning [3] Group 3: "Fixed Income +" Strategy - The "fixed income +" fund category has experienced a remarkable growth rate of 39.5% year-on-year as of September 30, 2025, while pure bond funds have seen a decline of 10% [4] - The contribution of A-shares to the returns of "fixed income +" products exceeded 60% in the third quarter of 2025, with many products achieving significant excess returns [4][5] - The demand for 10-year government bonds from banks is acting as a stabilizing force in the market, leading to a trend of reduced volatility in government bond yields [4][5]