股债震荡“固收+”热度攀升，红利、港股科技成增强主线

Core Viewpoint - The article highlights the increasing interest in "fixed income +" products among investors, driven by the desire for stable returns amid a low-interest-rate environment and market volatility [3][5]. Group 1: Market Trends - The bond market has been under pressure, with the 10-year government bond yield fluctuating above 1.8%, impacting pure bond funds significantly [4]. - As of January 19, 2026, the average return for pure bond funds since the beginning of the year was only 0.11%, with some funds experiencing losses of over 5% [4]. - In contrast, the equity market has shown activity, with the Shanghai Composite Index breaking through 4000 and 4100 points [4]. Group 2: "Fixed Income +" Product Characteristics - "Fixed income +" products are characterized by a strategy of "bonds as a foundation, equities as an offensive," aiming to balance risk and return [5][9]. - The market size for "fixed income +" funds has increased significantly, from 1.6 trillion yuan at the end of Q4 2024 to 2.5 trillion yuan by the end of Q3 2025, marking a 52% growth [5][6]. Group 3: Investor Sentiment - Investors are increasingly cautious yet optimistic, seeking products that offer both stability and potential for higher returns, which "fixed income +" products provide [5][10]. - The demand for these products is reflected in the inflow of funds, with a notable increase in the scale of secondary bond funds [6]. Group 4: Future Outlook - The bond market is expected to remain volatile, while the equity market may present structural opportunities, making "fixed income +" funds a key focus for wealth reallocation [9][10]. - The industry is anticipated to emphasize strategy differentiation, with a clearer gradient from low to high volatility products [10].