固收+及纯债基金月度跟踪（2025年5月）：转债型产品领跑固收+，债基信用下沉策略操作分化-20250507

Group 1: Fixed Income Plus Funds Tracking - Convertible bond products lead the Fixed Income Plus funds, showing more stable net value performance compared to stock and mixed funds, with a 0.32% increase in April, outperforming mixed and stock products [1][2][14] - The overall stock position of Fixed Income Plus funds has slightly increased, while exposure to market capitalization styles has decreased [3][19] - The selected Fixed Income Plus fund combination outperformed the secondary bond index by 0.19% in April, indicating a more stable performance [5][28] Group 2: Pure Bond Funds Tracking - The mid-to-long-term pure bond fund index showed a significant divergence in performance, with a 0.57% increase in April and a 0.28% increase year-to-date, while the short-term pure bond fund index rose by 0.29% in April and 0.42% year-to-date [38][39] - In terms of risk exposure, pure bond funds have shifted from a defensive strategy to a more aggressive stance, with increased exposure to credit and default risks [6][45] - The selected pure bond fund combination has outperformed the mid-to-long-term pure bond fund index, with a year-to-date excess return of 0.08% [7][49]