“固收+”基金，利好来了

Core Viewpoint - The "fixed income +" funds are gaining popularity among investors due to the recent recovery in the capital market, with fund companies increasing their focus on this type of fund [2][4]. Fund Issuance and Market Trends - As of August 16, 2023, nine "fixed income +" funds were established in August, raising a total of 9.756 billion yuan, which is 93.3% of the total amount raised in July [4]. - The approval timeline for secondary bond funds with equity positions between 5% and 20% is expected to be shortened to within 15 working days [4]. - The introduction of a floating fee rate mechanism for "fixed income +" funds is anticipated [4]. - Major fund companies are optimistic about the potential of "fixed income +" products, as they cater to investors with low-risk preferences who still wish to benefit from stock market gains [4][5]. Investor Demand and Fund Performance - There is a clear demand for "fixed income +" funds as deposit rates have been continuously lowered, with the one-year fixed deposit rate now below 1.2% [5]. - Recent sales of "fixed income +" products have shown significant improvement, with one product's scale increasing from approximately 500 million yuan at the beginning of the year to nearly 3 billion yuan, a fivefold increase [6]. - The demand for "fixed income +" funds is further supported by a notable increase in subscriptions from banks, insurance companies, and securities firms since June, with July's subscription amount likely exceeding the total for the first half of the year [7]. Investment Strategy and Market Outlook - "Fixed income +" funds that offer high risk-adjusted returns and long-term success rates are particularly favored by investors [8]. - The current low interest rate environment and the increasing awareness of wealth management among residents are expected to strengthen the positioning of "fixed income +" funds as alternatives to traditional savings [8]. - Mid-volatility "fixed income +" products are seen as more suitable for the current market conditions, as the bond market is likely to enter a range-bound trading phase, and stock market recovery is anticipated [9].