基金四季报详细拆解：如何在定位和投资上做好一只“固收+”

1. Report Industry Investment Rating - The report does not mention the industry investment rating. 2. Core Viewpoints of the Report - In 2025, the scale of "Fixed - Income Plus" funds increased significantly for four consecutive quarters, reaching a record high at the end of Q4. The core driving force for this expansion comes from changes in liability - side behavior. With the decline in deposit interest rates and the compression of pure - bond return space, low - risk funds from residents and institutions are seeking alternative assets. The peak of fixed - deposit maturities from 2025 - 2026 provides ample liquidity, and "Fixed - Income Plus" funds have great potential for scale growth [3][9]. - Different types of "Fixed - Income Plus" products have distinct risk - return characteristics. High - equity - content products have elastic return repairs, while "Neutral Fixed - Income Plus" offers good cost - effectiveness. "Robust Fixed - Income Plus" has excellent drawdown control capabilities [5]. - In Q4 2025, "Neutral Fixed - Income Plus" funds with an equity position between 10% - 20% became the main growth force, with a single - quarter scale increase of 147.9 billion yuan. In the next stage of the bull market, neutral, elastic, and radical equity - biased "Fixed - Income Plus" funds are expected to continue to attract funds [6]. - The industry allocation preferences of six types of "Fixed - Income Plus" funds change over time, and most of the heavily - weighted industries are in line with the market trend. As of the end of 2025, the stock - part allocation strategies of these funds show a high degree of consensus, with a "dumbbell - shaped" structure focusing on the AI industry chain and dividend assets [6][40]. 3. Summary by Directory 3.1 "Fixed - Income Plus" Funds and Multi - Asset Co - existence - In the context of multi - asset investment and the movement of residents' deposits, the scales of "Fixed - Income Plus" funds and passive index funds have maintained high - speed growth. In Q4 2025, the total scale of public funds in the whole market reached a new high of 22.48 trillion yuan. Among them, the scale of "Fixed - Income Plus" funds was 2.47 trillion yuan, with a quarter - on - quarter growth rate of 11.2%, indicating a transfer of funds from low - risk to high - risk assets [10]. 3.2 Comparison of Risk - Return Characteristics of "Fixed - Income Plus" Funds - Based on the holding styles of "Fixed - Income Plus" funds, the report re - classifies and defines them, unifying stock and convertible bond positions as equity positions. Different types of "Fixed - Income Plus" funds show obvious stratification in risk - return characteristics, with risks and returns increasing step - by - step [13][15]. - In 2025, the overall return variance of "Fixed - Income Plus" funds increased compared to the past three years. The return difference between radical equity - biased and conservative bond - biased funds was about 8%. The maximum drawdown was basically controlled within 9%, and the Sharpe and Calmar ratios increased significantly. "Neutral Fixed - Income Plus" is a good choice for balancing drawdown, return, and obtaining relatively high Sharpe and Calmar ratios [17][19]. - In terms of annualized return, in 2025, the return of "Fixed - Income Plus" products with an equity position greater than 20% increased significantly. Convertible bond funds outperformed the equity market, while the returns of conservative bond - biased, robust, and neutral "Fixed - Income Plus" funds were slightly lower than in 2024 [20]. - In terms of maximum drawdown, in 2025, the drawdown of "Fixed - Income Plus" products narrowed significantly compared to 2022 - 2024. Convertible bond funds had a relatively large drawdown [22]. - In the long - term, conservative bond - biased "Fixed - Income Plus" funds have higher Sharpe and Calmar ratio centers. In the past year, robust "Fixed - Income Plus" funds had a higher Calmar ratio [23]. 3.3 Which Type of "Fixed - Income Plus" Funds are in Favor as They Return to the Peak? - The "Fixed - Income Plus" funds are entering a new expansion cycle. From Q1 to Q4 2025, the scale increased continuously, exceeding the high point in 2021. In Q4 2025, the "Neutral Fixed - Income Plus" funds with an equity position between 10% - 20% had the largest scale increase, with a growth of 147.9 billion yuan [25]. - In the previous expansion cycle from 2019 - 2022, neutral and elastic "Fixed - Income Plus" funds contributed the most to the scale increase. The growth drivers at that time included excess returns in the equity bull market, the transfer of demand from bank wealth management and trust products, and the development of convertible bonds [28][30]. - The core logic of this round of expansion includes the decline in fixed - deposit interest rates leading to residents' asset re - allocation, the joint drive of the capital and fundamental aspects increasing the expectation of a bull market, and the outflow of funds from pure - bond products due to their low returns [35]. - Looking forward, as the bull market is gradually confirmed, neutral, elastic, and radical equity - biased "Fixed - Income Plus" funds are expected to continue to attract funds [38]. 3.4 Industry Allocation Characteristics of "Fixed - Income Plus" Funds - Historically, the heavily - weighted industries of six types of "Fixed - Income Plus" funds are mostly in line with the market trend and change over time. In 2025, the heavily - weighted industries expanded to include the AI industry chain and dividend assets [40]. - The style preferences of the six types of "Fixed - Income Plus" funds vary greatly. Conservative bond - biased, robust, and neutral "Fixed - Income Plus" funds have more conservative risk preferences, while elastic, radical equity - biased, and convertible bond funds have more aggressive allocation preferences [42]. - The style preferences of these funds change frequently and are strongly correlated with the market trend. In a rising market, the consensus among funds is strong, and the allocation is more concentrated; in a falling market, the funds tend to diversify their investments [43]. - As of the end of 2025, the stock - part allocation strategies of the six types of "Fixed - Income Plus" funds show a high degree of consensus, with a "dumbbell - shaped" structure focusing on the AI industry chain and dividend assets. Each type of fund has different preferences in dividend asset allocation [46]. - In Q4 2025, the allocation preferences of "Fixed - Income Plus" funds diverged. Neutral "Fixed - Income Plus" funds continued to increase their positions, elastic "Fixed - Income Plus" funds reduced their positions to realize profits, and radical equity - biased "Fixed - Income Plus" funds held their positions. The three types of funds had different views on industry allocation, and neutral "Fixed - Income Plus" funds had a stronger pricing influence on the stock market [48][52].