大量定期存款到期，“固收+”再迎爆发式增长？

Core Viewpoint - The article discusses the potential surge in "fixed income +" products as a new destination for capital, driven by a significant amount of deposits maturing in 2026, amidst a low-interest-rate environment [2][3]. Group 1: Market Context - In 2026, approximately 75 trillion yuan of resident fixed-term deposits are expected to mature, with 67 trillion yuan being one year or longer, marking a 12% and 17% increase compared to 2025, respectively [2]. - The current weak consumer sentiment and limited real estate demand suggest that a substantial portion of these funds may flow into investment areas, indicating a market consensus on "deposit migration" [2][3]. Group 2: Growth of "Fixed Income +" Products - The "fixed income +" products have evolved over the past decade, adapting to investor needs and enhancing asset allocation and value discovery capabilities, positioning them for renewed popularity in 2026 [2][3]. - The macroeconomic environment is expected to show marginal improvement, with a "restorative growth" pattern, leading to a low-risk appetite among bank depositors who prioritize capital preservation [3]. Group 3: Regulatory Support and Investor Education - The China Securities Regulatory Commission's 2025 action plan emphasizes the development of low-volatility and asset allocation products, which aligns with the investment strategies of many "fixed income +" products [3][4]. - Increased investor education and acceptance of "fixed income +" products are anticipated to further drive their adoption [3]. Group 4: Performance of "Fixed Income +" Products - By the end of 2025, the total market size of "fixed income +" funds reached a historical high of 2.735 trillion yuan, reflecting a growing trend in multi-asset allocation [4]. - Several "fixed income +" products from博时基金 (Bosera Fund) have shown strong performance, with notable returns exceeding their benchmarks, indicating effective asset management strategies [9][10]. Group 5: Investment Strategy and Team Expertise - 博时基金 emphasizes two core capabilities in its "fixed income +" product strategy: broad asset allocation and relative pricing ability, supported by a seasoned investment research team [5][8]. - The team is led by experienced professionals who focus on balancing risks and returns, utilizing a comprehensive approach to asset management that includes both fixed income and equity investments [6][7][8].