金融产品｜“固收+”产品回暖，重视多资产配置

Core Viewpoint - The "fixed income +" fund market shows signs of recovery in Q1 2025, with total assets reaching 1.61 trillion yuan, indicating a positive trend in fundraising and asset allocation strategies [1][2]. Group 1: Industry Landscape and Development - The total management scale of public fixed income funds slightly decreased to 10.37 trillion yuan, while the management share was 9.27 trillion units, reflecting a minor decline compared to the end of 2024 [2]. - The active pure bond fund scale was approximately 7.52 trillion yuan, down by 556 billion yuan, a 6.88% decrease from the end of 2024 [2]. - The "fixed income +" fund management scale increased by 151.4 billion yuan compared to the end of 2024, reaching 1.61 trillion yuan [2]. - Significant growth was observed in mixed bond secondary funds, mixed bond primary funds, and convertible bond funds, with increases of 13.59%, 12.94%, and 8.19% respectively [2]. Group 2: Fund Performance Review - In Q1 2025, the performance of "fixed income +" funds varied significantly, with median returns for medium- and long-term pure bond funds, short-term pure bond funds, and mixed bond primary funds at -0.19%, 0.19%, and -0.11% respectively [3]. - The average returns for mixed bond secondary funds, mixed bond primary funds, and mixed bond secondary funds were 0.58%, 0.69%, and 0.53%, with median returns of 0.23%, 0.38%, and 0.28% respectively, indicating notable performance differences [3]. - Convertible bond funds showed a median return of 3.69%, with the top quartile achieving 5.22% and the bottom quartile at 1.83%, reflecting strong overall performance [3]. Group 3: Fund Issuance Market - The issuance scale of public fixed income funds in Q1 2025 was approximately 121 billion yuan, with the top three fund companies being Jianxin Fund, Hongli Fund, and Dacheng Fund, raising 14.7 billion yuan, 11 billion yuan, and 10.7 billion yuan respectively [4]. - The average fundraising scale for mixed bond primary funds increased from 390 million yuan to 644 million yuan, while mixed bond secondary funds rose from 1.52 billion yuan to 2.064 billion yuan [4]. Group 4: Asset Allocation of Funds - In Q1 2025, the stock positions of "fixed income +" funds remained stable, while convertible bond positions saw a slight decrease [5]. - The allocation to the non-standardized debt asset class increased by 0.2 percentage points to 5.6% compared to the end of 2024 [7]. - Significant increases in allocations to the non-ferrous metals and basic chemicals sectors were noted, with increases of 3.95 and 0.66 percentage points respectively [6]. Group 5: Multi-Asset Allocation Strategy - Public fixed income and mixed FOF funds are increasingly focusing on multi-asset allocation strategies, utilizing commodity funds, QDII funds, and long-duration bond ETFs [8].