“固收+成长”策略表现亮眼，公募掘金高弹性板块

Core Viewpoint - The "Fixed Income + Growth" strategy has shown remarkable performance, with public funds capitalizing on high elasticity sectors amid a recovering market [2][4]. Fund Performance - As of the end of Q3, the overall scale of "Fixed Income +" funds reached 2.5 trillion yuan, an increase of over 770 billion yuan from the end of last year, with the number of products rising to 1,775 [5]. - The average net value growth rate of 1,795 "Fixed Income +" products this year is 5.57%, with 244 funds increasing by over 10%. The "Fixed Income + Growth" strategy has outperformed, particularly those with high allocations to technology growth assets [6][8]. Investment Strategy - The top-performing fund, Huaan Zhilian A, focused on the AI industry chain with a stock allocation of 45%, achieving a net value growth rate of 48.26% this year [6]. - The "Fixed Income + Technology" and "Fixed Income + Growth" strategies have shown superior performance, with median returns of 10.29% and 7.18% respectively in Q3 [8]. Market Trends - High elasticity sectors are becoming crucial for "Fixed Income +" products to achieve excess returns, supported by ongoing trends in AI and macroeconomic conditions favoring growth styles [10]. - The investment focus is shifting towards high-quality companies in technology growth, cycles, manufacturing, pharmaceuticals, and consumer sectors, with an emphasis on maintaining a balanced portfolio [10].