公募基金年度策略报告：固收+基金：2025年度策略回顾与2026年度策略展望-20260107

Group 1 - The total scale of fixed income + funds reached 1.93 trillion by Q3 2025, with low-positioned funds experiencing the fastest growth in Q1 and Q2, while mid-high positioned funds saw significant inflows in Q3, primarily in secondary bond funds [2][11] - In 2025, 21 funds increased their scale by over 10 billion, indicating a diverse market with various strategies gaining investor interest, including Hong Kong stock strategies, technology growth themes, and cyclical themes [2][14] - The average return of fixed income + funds in 2025 was 4.86%, with a maximum drawdown median of -2.03%, showcasing a "steady progress" characteristic [3][7] Group 2 - The top-performing fixed income + funds included Yongying Stable Enhancement, Jingshun Longcheng Jingyifengli, and others, with absolute returns being notably high [3][14] - Jingshun Longcheng Fund saw its fixed income + fund scale increase by over 100 billion in 2025, characterized by multi-team competition and collaboration between equity and bond fund managers [3][18] - Zhongou Fund is actively developing a professional, industrialized, and intelligent research system to empower the diversified development of fixed income + business [3][18] Group 3 - The industry-themed funds, particularly in technology innovation and advanced manufacturing, performed well due to structural market conditions [3][21] - Small-cap strategy products are relatively scarce, but those available outperformed similar-positioned fixed income + funds in 2025 [3][22] - Quantitative strategies are increasingly being adopted, with about 20% of new products in 2025 utilizing quantitative strategies, indicating a rich strategy pool [3][24] Group 4 - In 2025, the issuance of fixed income + funds increased significantly, with 104 new funds launched, reflecting a 42.47% year-on-year growth [21][24] - The top three funds by net subscription in 2025 were Yongying Stable Enhancement, Zhongou Fengli, and Jingshun Longcheng Jingyifengli, with net subscription amounts ranging from 150 to 300 billion [24][25] - Institutional investors have shown a higher interest in fixed income + funds since the second half of 2022, with significant growth in both institutional and individual holdings in 2025 [29][31]