「固收+」创新高，现在还值得投资吗？

Group 1 - The core viewpoint of the article is that "Fixed Income +" funds have gained popularity due to declining deposit and wealth management yields, with nearly 200 such funds reaching new highs in net asset value as of April 2025 [1][29] - "Fixed Income +" funds are characterized by a combination of low-risk fixed income assets and higher-risk assets like stocks and convertible bonds, aimed at enhancing returns while maintaining a defensive posture [6][7] - The popularity of "Fixed Income +" funds has surged as RMB assets enter a low-interest-rate environment, with 10-year government bonds yielding only 1.6%-1.7% as of June 2025 [8][9][12] Group 2 - The three sources of returns for "Fixed Income +" funds include: 1. Stock component, which focuses on value-style stocks that provide stable dividends and lower volatility [17][19] 2. Bond component, primarily consisting of short to medium-term bonds with yields around 1.6% [20] 3. Rebalancing strategy that allows for buying low and selling high during market fluctuations, contributing to overall returns [21][22] Group 3 - The article suggests that investment in "Fixed Income +" funds is suitable when the underlying stocks and bonds are relatively inexpensive, indicating a favorable entry point for investors [24][31] - As of June 2025, short-term RMB bonds remain a viable investment option, and value-style stocks are either returning to normal valuations or still undervalued [25][26][27]