“固收+”规模突围 主动产品热点频现

Core Viewpoint - The "fixed income +" products, led by secondary bond funds, have achieved significant growth in Q4 2025, with secondary bond funds adding over 250 billion yuan in scale, reaching a total of 1.5 trillion yuan by the end of 2025 [1] Group 1: Growth of "Fixed Income +" Products - Secondary bond funds experienced explosive growth in Q4 2025, with Invesco Great Wall Fund being a leading public institution in this sector [2] - By the end of 2025, Invesco Great Wall Fund's secondary bond fund management scale surpassed 190 billion yuan, ranking first in the public fund industry [2] - The fund "Invesco Great Wall Jing Sheng Shuang Xi" was the only secondary bond fund to add over 20 billion yuan in scale during Q4 2025, with a stock position of 14.63% and an A-class share return of 10.24% for the year [2] Group 2: Performance of Other Fund Managers - Other fund managers like Huatai PineBridge, China Merchants Fund, and others are also advancing their "fixed income +" business, with notable achievements in Q4 2025 [3] - The "Yongying Stable Enhancement Fund" managed by Gao Nan and Yu Guohao added over 14 billion yuan in scale, becoming the largest secondary bond fund in the market by the end of 2025 [3] - By the end of 2025, there were 14 secondary bond fund products with scales exceeding 20 billion yuan, with stock positions generally above 16% [3] Group 3: Active Equity Funds - Active equity funds faced significant redemptions and scale shrinkage in Q4 2025, but some focused products successfully attracted investments [4] - Funds focusing on sectors like storage chips and satellite internet saw substantial scale increases, with returns exceeding 56% for some products [4] - Other growth-style funds in technology and resource sectors also reported scale increases of over 15 billion yuan in Q4 2025 [5] Group 4: Stock Selection Products - Stock selection products like "Anxin Rui Jian You Xuan" and "Yongying Rui Xin" attracted significant investments, with the latter's A-class share return exceeding 90% in 2025 [6] - The fund's strategy focuses on company growth potential and earnings realization, with a diversified approach to industry concentration [6]