股债震荡“固收+”热度攀升，红利、港股科技成增强主线

Core Insights - The increasing interest in "fixed income +" products reflects investors' desire for stable returns amid a low-interest-rate environment and market volatility [1][3][5] - "Fixed income +" products have seen significant growth, with market size increasing from 1.6 trillion yuan at the end of Q4 2024 to 2.5 trillion yuan by Q3 2025, marking a 52% increase [3][4] Market Trends - The bond market has faced pressure, with the 10-year government bond yield fluctuating above 1.8%, while equity markets have shown active performance, with the Shanghai Composite Index surpassing 4000 and 4100 points [2][6] - The average return for pure bond funds since the beginning of the year is only 0.11%, with some funds experiencing significant losses, indicating a challenging environment for traditional bond investments [2][6] Investor Sentiment - Investors are increasingly cautious yet optimistic, seeking products that balance risk and return, which aligns with the characteristics of "fixed income +" offerings [3][5] - The demand for "fixed income +" products is driven by both institutional and retail investors, highlighting a shift in wealth allocation strategies [4][5] Product Development - The "fixed income +" product matrix is diversifying, with offerings categorized by risk-return profiles and thematic strategies, such as "fixed income + technology" and "fixed income + dividends" [5][6] - Fund managers are focusing on enhancing product features to meet varying investor needs, with a particular emphasis on low to medium volatility strategies [6][7] Future Outlook - The bond market is expected to remain volatile, while the equity market may present structural opportunities, suggesting that "fixed income +" products will continue to attract attention as a new avenue for wealth reallocation [6][7] - The emphasis on strategy differentiation within the industry is likely to become more pronounced, with a focus on maintaining absolute return strategies to build long-term investor trust [7]