固收+基金四季报分析：增配债底强化防御，业绩分化凸显结构机遇

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core Viewpoints of the Report - In Q4 2025, the fixed - income plus fund market showed increased issuance enthusiasm and steady scale growth, with significant performance differentiation and clear risk - preference stratification in asset allocation [63][64] Group 3: Summary of 2025 Q4 Fixed - Income Plus Fund Basic Situation 1. Increased Issuance Enthusiasm - As of Q4 2025, there were 2,091 fixed - income plus funds, accounting for 15.4% of the entire fund market. In Q4, 85 funds were issued, a significant increase compared to the same period last year. In 2025, 192 funds were issued, also showing a clear year - on - year increase [10] 2. Further Increase in Fund Scale - As of Q4 2025, the total assets and net assets of disclosed fixed - income plus funds were 32,023 billion yuan and 28,442 billion yuan respectively, with an increase of 3,430 billion yuan and 2,525 billion yuan compared to the previous quarter. The average total assets and net assets were 16 billion yuan and 14 billion yuan respectively, with an increase of 1 billion yuan each. The hybrid bond - type secondary fund had the largest scale of 17,331 billion yuan, accounting for 54.1% [12][13] 3. Leverage Ratio - At the end of Q4 2025, the average leverage ratio of fixed - income plus funds was 1.13 under the overall method, an increase of 0.03 compared to the previous quarter, and 1.11 under the average method, an increase of 0.01 [18] 4. Net Value Growth Rate - In Q4 2025, the single - quarter average net value growth rate of fixed - income plus funds was 0.46%, a decline compared to the previous quarter. 73.9% of the funds had a positive net value growth rate. The net value growth rate of balanced hybrid funds and convertible bond - type funds led, reaching 1.0% and 1.23% respectively. In 2025, convertible bond - type funds had an average return rate of 31.34%, followed by balanced hybrid funds with 24.22%. The returns of partial - debt funds with lower equity asset allocation were generally low [30][32][33] Group 4: Summary of 2025 Q4 Fixed - Income Plus Fund Asset Allocation 1. Increase in Bond - Based Positions - In Q4 2025, fixed - income plus funds increased bond positions significantly, with a slight increase in equity assets. Bonds (excluding convertible bonds) accounted for 70.4%, a 1.9 - percentage - point increase; convertible bonds accounted for 6.8%, a 0.7 - percentage - point decrease; stocks accounted for 11.5%, a 0.2 - percentage - point decrease [39] 2. Significant Differentiation and Overall Defensive Adjustment - The six sub - types of fixed - income plus funds showed differentiated asset allocation and a defensive adjustment trend. For example, hybrid bond - type secondary funds had a high - bond and low - stock structure; hybrid bond - type primary funds had the highest bond allocation ratio; balanced hybrid funds had the strongest equity attribute; convertible bond - type funds were centered around convertible bonds [43][45][48] Group 5: Summary of 2025 Q4 Treasury Bond Futures Holdings Analysis - Only three types of bond - oriented funds (hybrid bond - type primary funds, hybrid bond - type secondary funds, and partial - debt hybrid funds) held treasury bond futures, with the hybrid bond - type secondary funds having the most participants. Most funds' treasury bond futures holdings accounted for less than 10% of their total assets, and the holding purposes were mainly hedging and inter - term hedging [57][59]