“固收+”基金研究：25Q3，绩优“固收+”盘点

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - In 2025Q3, the performance of major asset classes showed a "strong stocks, weak bonds" characteristic. Equity and convertible bond funds led the market, while pure bond funds and first - and second - tier bond funds underperformed. The scale of "fixed income +" funds rebounded, and the convertible bond strategy was advantageous. Convertible bond - enhanced funds performed brightly, but with relatively high volatility [11][23][42]. 3. Summary According to the Table of Contents 3.1 2025Q3, How Did "Fixed Income +" Funds Perform? 3.1.1 Stock - Strong, Bond - Weak, Equity Funds Led the Market - In 2025Q3, major asset classes showed a "strong stocks, weak bonds" characteristic. The equity market rose from July to August and entered a shock - adjustment period in September, while the bond market oscillated and corrected. The Wande All A, ChiNext Index, and Science and Technology Composite Index rose by 19.46%, 50.40%, and 39.61% respectively. The CSI Convertible Bond Index rose by about 9.43%. Equity and convertible bond funds led the market, with median returns of stock - type and partial - stock hybrid funds generally over 20% and that of convertible bond funds reaching 13%. Pure bond funds and first - and second - tier bond funds underperformed. Passive index - type stock funds and second - tier bond funds saw an increase in net asset value and shares, while pure bond funds were redeemed [11]. 3.1.2 "Fixed Income +" Scale Rebounded, Convertible Bond Strategy was Advantageous - After re - defining "fixed income +" funds based on post - event asset allocation, 1424 funds were selected for analysis. As of 2025Q3, the total share of these funds was 151.5461 billion, a 32.22% increase from the end of Q2, and the total net asset value was 2.0363 trillion yuan, a 36.5% increase. The convertible bond positions of "fixed income +" funds generally decreased at the end of Q3. Over 93% of "fixed income +" funds had positive returns in 2025Q3, and convertible bond - enhanced funds performed brightly but with relatively high volatility [23][24][31]. 3.2 Which High - Performing "Fixed Income +" Funds Led the Market? 3.2.1 Performance Review of Existing "Fixed Income +" Funds - Among the top 30 "fixed income +" funds with the highest returns in 2025Q3, convertible bond - enhanced funds dominated. Southern Changyuan Convertible Bond, Huashang Shuangyi, etc. had nearly 29% positive returns, and Huashang Shuangyi had a maximum drawdown within 4%. In the top 30 stock - enhanced funds, Huaxia Fund had multiple products on the list. The top 30 ordinary "fixed income +" funds were more scattered [47][52]. 3.2.2 Performance Review of Newly - Issued "Fixed Income +" Funds - Among the potential "fixed income +" funds newly established since 2024, Shangzheng Zhengtai Balanced Allocation and Quanguo Research Selection had over 11% positive returns in 2025Q3 and a maximum drawdown of about 2%. The remaining top 30 were mostly second - tier bond funds, with over 80% bond positions and about 10% equity positions, and their Q2 returns were mostly within 5% and the maximum drawdowns were mostly within 2% [56]. 3.3 What Were the Characteristics of the Holdings of High - Performing "Fixed Income +" Funds? 3.3.1 History: Which Directions Did High - Performing Funds Invest in? - At the end of 2025Q2, top "fixed income +" funds and convertible bond - enhanced funds significantly over - allocated manufacturing - chain convertible bonds and under - allocated financial convertible bonds. They also over - allocated partial - stock and high - price convertible bonds and under - allocated high - rated convertible bonds. In terms of stock industry allocation, they over - allocated metals, steel, power equipment, electronics, and computers [4]. 3.3.2 Present: Which Directions Are High - Performing Funds Investing in? - High - performing "fixed income +" funds continued to significantly over - allocate convertible bonds in metals, mid - stream manufacturing, and TMT sectors and under - allocate bank convertible bonds. They over - allocated high - price convertible bonds above 130 yuan and partial - stock convertible bonds and under - allocated medium - price convertible bonds between 110 - 130 yuan. They also over - allocated stocks in metals and electronics and under - allocated cyclical and financial stocks. Seventeen convertible bonds such as Haoyuan Convertible Bond were held by over 15 top "fixed income +" funds, and 17 convertible bonds such as Yunji Convertible Bond and Daotong Convertible Bond were held by over 20% of top "fixed income +" funds [4].