这类产品，快速崛起

Core Viewpoint - The rise of "fixed income +" products in the investment fund market has led to a call for relaxing the investment ratio limits for non-FOF products, which can invest up to 10% in public funds, to better meet investor needs and further promote the development of the "fixed income +" market [2][8]. Non-FOF Products Growth - As of the end of Q3 this year, the market value of non-FOF products investing in public funds exceeded 3.418 billion, a year-on-year increase of 381.81%, with the number of such products growing by 29.73% [4]. - Some fund managers have replaced traditional stock enhancement strategies with fund enhancement, with certain products holding over 9% in fund positions while having zero stock positions [4]. Impact on "Fixed Income +" Market - Innovative non-FOF products have significantly promoted the development of the "fixed income +" market by introducing diverse strategies and professional research capabilities, enhancing the attractiveness and stability of these products [5]. - These products help smooth net value curves and evolve "fixed income +" strategies from simple stock-bond mixes to true multi-asset, multi-strategy models [5][10]. Call for Relaxation of Investment Ratio - There is a growing industry consensus advocating for raising the investment limit for non-FOF products from 10% to 15%-20% to better meet diverse investor needs and enhance product lines [8]. - Experts argue that increasing the proportion of rights-bearing assets is feasible in a low-interest-rate environment, as it can help hedge against interest rate volatility risks [8][9]. Future Development Potential - The future of these products is viewed optimistically, with significant growth potential, as evidenced by the 84% increase in the scale of secondary bond funds this year [12]. - Suggestions for optimization include expanding the investment scope to include Hong Kong stock ETFs and convertible bond ETFs, and improving the clarity of product strategy positioning [12][13].