Core Viewpoint - Changxin Fund's Changxin Lishang One-Year Open Mixed Fund is set to be liquidated after 7.5 years of operation due to a significant decline in fund size, which fell by 96.8% from its peak [4][6]. Fund Performance and Management - The fund was launched on November 17, 2017, and has undergone seven fund managers during its lifetime, achieving a cumulative return of 31.95% [4][6]. - The fund's size decreased from a peak of 789 million to only 25 million by the time of liquidation, failing to meet regulatory requirements [4][6]. - The current fund manager, He Zenghua, has a return rate of 9.46% since taking over on December 8, 2022, with an annualized return of 3.75% [4][6]. Industry Context - Changxin Fund has faced challenges in growing its assets compared to competitors, with total management scale at 179.03 billion as of Q1 2025, while the public fund industry surpassed 33 trillion [8][9]. - The company has seen a decline in its bond fund management scale, which dropped by 21.74 billion from the previous year [8][9]. - Changxin Fund has experienced three fund liquidations in 2025 alone, indicating ongoing struggles within its product lineup [4][7]. Fund Manager Dynamics - Newer fund managers at Changxin Fund have rapidly increased their asset management scale, while veteran managers have seen their scales shrink, highlighting a disparity in talent development [10][11]. - The fund's performance under various managers has varied, with some achieving positive returns while others have struggled, reflecting the challenges in maintaining consistent performance across the board [6][10].

在当今全球经济复苏之路荆棘丛生、地缘政治局势紧张与市场不确定性交织的复杂背景下，投资 者对于资产的稳健增值与风险控制要求日益提升，同时也给理财投资机构带来了更大的挑战，理 财公司需要不断提升专业力、陪伴力、守护力。 具体来看，年初市场对经济复苏和中美关系预期较为乐观，但同时警惕潜在冲击的情况下， 南银理财在债券配置上适度控制组合久期，增加中短期限、高票息信用债的配置；在权益部 分，注重结构性机会，而非系统性β行情，在经济下行压力较大、避险情绪升温时，增加对高 股息、低估值蓝筹股的配置；而在政策发力、新兴产业趋势明确时，适时加配科技成长、高 端制造等领域。 2 0 2 5年以来，全球及中国本土的股票和债券市场经历了波动，但 "固收+"策略，凭借其独特 的风险收益平衡机制，正在成为2 0 2 5年主流理财趋势的有力竞争者。南银理财也在近期分享 了他们的固收+投资策略。 核心优势二： 灵活应对市场波动 以上的灵活应对机制，使得"固收+"策略能够在复杂多变的市场环境中，为投资者争取到更多 收益。 核心优势一： 稳健与进取相结合 "固收+"策略的核心优势在于其巧妙地平衡了风险与收益，使得产品能够在不同市场阶段，力 求实 ...

5月21日，农银理财发布多则公告，宣布旗下多款理财产品启动投资管理费率优惠计划。其 中，"添利天天利67号"现金管理类产品投资管理费率由0.3%（年化）大幅下调至0.01%（年化）； 托管费率从0.03%（年化）降至0.02%（年化）；销售服务费率从0.3%（年化）降至0.2%（年 化）。 建信理财近日发布了10余则减免产品费率的公告，涉及的多为固收类理财产品。其中一则公告显 示，2025年6月10日至2025年9月10日，"建信理财惠众日申月赎固收类产品第4期"的管理费率由 0.20%降至0.01%，销售费率降至0。 6月以来，中银理财已发布10款理财产品降费公告，基本也多为固收类理财产品。 例如，6月9日， 中银理财发布公告称，为回馈新老客户，公司将于2025年6月10日起对"中银理财-稳富全球配置 （180天持有期）"产品D份额费率进行优惠，即产品销售服务费率由0.15%下调至0.05%。本次费 率优惠截止时间将另行公告。 自5月20日存款利率开启新一轮下调以来，民生理财等多家银行理财子公司开启降费。 有银 行理 财子将产品的固定管理费降至0.01%，也就是说每年购买1万元理财，管理费仅需1元。 民生理 ...

以下文章来源于小5论基 ，作者小5论基 小5论基 . 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 小5论基 来源：雪球 有鉴于当前银行理财 、 货币基金等传统低风险产品收益的持续走低 ， 而股票市场的高波动又让保守型投资 者望而却步 ， 于是凭借着 " 稳中求进 、 攻守兼备 " 的特性 ， " 固收+ " 产品便成为打破这个两难困局的 优选方案 。 尽管对于 " 固收+ " 这个概念市场迄今都没有一个统一且明确的定义 ， 但时至今日 " 固收+ " 产品本身却 早已深人人心 。 从概念上来看 ， " 固收+ " 本质上是一种资产配置策略 ， 即以风险较低的债券等固收类资产为底仓 ， 获 取一个基础收益 （ 固收部分 ） ； 同时通过适度配置风险较高的股票等权益类资产 ， 在控制波动与回撤的 前提下增厚收益 （ " + " 的部分 ） 。 我自己在做 " 固收+ " 类产品筛选的时候 ， 一般对权益类资产的占净比 （ 股票市值占基金资产净值比 ） 要求是10%~20% （ 中枢仓位 ） ， 下限不能低于5% ， 上限不能超过30% ； 对固收类资产的占净比 （ ...

以下文章来源于小5论基 ，作者小5论基 小5论基 . 一枚专业又好玩的基金研究自媒体 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 小5论基 来源：雪球 有鉴于当前银行理财 、 货币基金等传统低风险产品收益的持续走低 ， 而股票市场的高波动又让保守型投资 者望而却步 ， 于是凭借着 " 稳中求进 、 攻守兼备 " 的特性 ， " 固收+ " 产品便成为打破这个两难困局的 优选方案 。 尽管对于 " 固收+ " 这个概念市场迄今都没有一个统一且明确的定义 ， 但时至今日 " 固收+ " 产品本身却 早已深人人心 。 从概念上来看 ， " 固收+ " 本质上是一种资产配置策略 ， 即以风险较低的债券等固收类资产为底仓 ， 获 取一个基础收益 （ 固收部分 ） ； 同时通过适度配置风险较高的股票等权益类资产 ， 在控制波动与回撤的 前提下增厚收益 （ " + " 的部分 ） 。 我自己在做 " 固收+ " 类产品筛选的时候 ， 一般对权益类资产的占净比 （ 股票市值占基金资产净值比 ） 要求是10%~20% （ 中枢仓位 ） ， 下限不能低于5% ， 上限不能超过30 ...

Group 1 - The core viewpoint of the news highlights the performance and market activity of the credit bond ETF, Bosera (159396), which has seen a slight increase and is experiencing active trading with a recent price of 100.9 yuan and a turnover rate of 21.69% [3] - The credit bond ETF Bosera has achieved a new high in scale, reaching 90.75 billion yuan, and ranks in the top quarter among comparable funds [3] - The fund has also seen a significant increase in shares, with the latest share count at 90.01 million, marking a three-month high and placing it in the top quarter of comparable funds [3] Group 2 - In terms of capital inflow, the credit bond ETF Bosera has experienced continuous net inflows over the past nine days, totaling 1.49 billion yuan, with a peak single-day inflow of 702 million yuan [4] - The fund has been consistently attracting leveraged capital, with a latest financing balance of 5.5 billion yuan [4] - The fund's performance metrics indicate a strong profitability record, with a monthly profit percentage of 75% and a historical three-month holding profit probability of 100% [4] Group 3 - The credit bond ETF Bosera has a low management fee of 0.15% and a custody fee of 0.05%, which are among the lowest in its category [4] - The tracking accuracy of the fund is notable, with a tracking error of only 0.009% year-to-date, the highest among comparable funds [4] - The fund's maximum drawdown since inception is 0.89%, with a recovery period of 26 days [4]

Overall Performance - As of June 5, the average yield of public cash management products in RMB over the past six months is 1.58%, showing a slight decline compared to May 22 [10] - The average annualized yield of public cash management products in USD over the same period is 4.06% [10] - For pure fixed-income products with a 1-2 year investment cycle, the average yield is 3.08%, down by 0.07 percentage points from April 29 [5] Highlighted Product Analysis - The top-performing pure fixed-income product over the past year is "Nan Yin Wealth Zhulian Bihhe Xinyi Stable Two-Year 36th Closed Public RMB Financial Product C," with a net value growth rate of 4.79% [6] - The second highest is "Huaxia Wealth Fixed Income Debt Type Closed Financial Product 151th A," yielding 4.5% [6] - The third is "Happiness 99 Gain Fixed Income (Smart Enjoy Pure Debt) 540-Day Holding Period Financial Product," with a yield of 4.13% [6][7] Cash Management Products - The top three cash management products with the highest average annualized yield over the past six months are "Suyin Wealth Qiyuan Cash No. 5 J" at 2.91%, "Suyin Wealth Qiyuan Currency No. 2 (ESG Theme) G" at 2.63%, and "Bohai Wealth Silver Storage Series Add Gold Cash Management Financial Product No. 3 G" at 2.33% [11] "Fixed Income + Options" Products - The average net value growth rate for public "fixed income + options" products over the past six months is 0.6%, showing a slight decline compared to May 8 [14] - The top three products in this category are from Zhaoyin Wealth, with "Zhaoyin Global Asset Momentum Two-Year Fixed Income Plan A" leading the list [15]

Core Insights - Selecting a strong and stable fund management company is crucial for investors to achieve wealth growth in the fund investment sector [1] - The article recommends ten high-quality funds to assist investors in making informed choices [1] Fund Summaries - **J.P. Morgan Asset Management China**: Established in May 2004, it manages a total of 1759.40 billion yuan across 222 funds, with notable products achieving returns of 157.19% and 184.70% [3] - **E Fund Blue Chip Select Fund**: Managed by renowned fund manager Zhang Kun, it focuses on high-quality blue-chip stocks in A-shares and Hong Kong stocks, emphasizing long-term value investment [4] - **Fidelity Tianhui Growth Fund**: Led by Zhu Shaoxing, it targets high-growth potential small and medium-sized enterprises, utilizing a bottom-up stock selection strategy [5] - **Huaxia CSI 300 ETF Linked Fund**: Closely tracks the CSI 300 Index, covering 30 leading industries, known for its low fees and high liquidity [6] - **Harvest Money Market Fund**: Invests primarily in money market instruments, balancing yield and liquidity, suitable for cash management [7] - **Xingquan Trend Investment Fund**: Employs a "core + satellite" strategy, dynamically adjusting stock and bond ratios, demonstrating strong resilience during market fluctuations [8] - **Huaan CSI New Energy Vehicle Industry Fund**: Tracks the CSI New Energy Vehicle Index, benefiting from policy direction and industry trends [9] - **Southern Cash Management Fund**: Focuses on money market tools and short-term bonds, maintaining stable annual returns [10] - **Bosera Cash Income Fund**: Prioritizes safety, investing in high-credit short-term bonds, achieving an annual yield of 2.8% [11] - **ICBC Credit Suisse Dual Benefit Bond Fund**: Utilizes a "fixed income +" strategy, dynamically adjusting stock positions to enhance returns [12] Investment Considerations - Investors should align their choices with their risk tolerance, investment horizon, and goals, with different funds catering to varying risk profiles [12]

Core Viewpoint - The "fixed income +" wealth management products are gaining popularity among investors due to low deposit rates and high market volatility, providing a balance of stability and flexibility in investment strategies [2][3][6]. Group 1: Market Trends - The issuance of "fixed income +" products has accelerated since January, particularly short-term liquidity products with maturities of less than six months [2]. - Many wealth management companies, including Xingyin Wealth and ICBC Wealth, are launching new "fixed income +" products, emphasizing their dual role of risk management and return enhancement [2][5]. Group 2: Product Characteristics - "Fixed income +" is not a single product but an asset allocation strategy that combines fixed income assets (like government bonds and credit bonds) with a certain proportion of equity assets (like stocks and convertible bonds) or alternative assets (like gold ETFs) to enhance returns [4]. - These products are characterized by lower risk levels, smaller net value fluctuations, and the ability to utilize flexible strategies to increase yields, aligning with the risk preferences of ordinary investors [3][6]. Group 3: Performance and Strategy - Recent "fixed income +" products have shown annualized returns higher than pure fixed income products, with some emphasizing a structure of over 80% fixed income assets and around 2% selected equity assets to enhance returns [5]. - The strategy of these products includes a diversified investment approach, aiming to capture market opportunities while maintaining lower volatility compared to pure equity investments [6]. Group 4: Future Directions - Potential key asset allocations for "fixed income +" strategies include gold ETFs, high-dividend stocks, leading technology stocks, and REITs, especially in the context of current geopolitical tensions and market dynamics [8]. - The market for "fixed income +" products is expected to grow, driven by the need for stable returns amid declining traditional fixed income yields and increasing investor demand for wealth preservation and growth [7][8].

万亿理财"巨头"招银理财迎来新的总经理。记者从招银理财内部人士获悉，招商基金副总经理董方将出 任招银理财总经理，招银理财今天召开的内部会议宣布了该项任命。 此次任命为近期招商系金融机构高层人事变动中的一环。原招银理财总裁钟文岳5月20日已赴招商基金 担任总经理。董方将接替钟文岳担任招银理财总经理（总裁）。 作为银行理财行业"排头兵"，截至2024年末，招银理财管理规模2.47万亿，在理财公司中排第一。但近 年来面临规模和利润下滑压力。 董方加入或有助于加强与母行协同 董方在公募基金的任职经历或将有助于招银理财持续推进权益类布局。近年来招银理财坚持布局权益投 资，据了解，招银理财积极引入及培养专业的投研团队，搭建了专业的权益类投资团队，在理财公司中 属于积极探索权益特色的"先锋"之一。并且在多资产、多策略、大类资产配置方面积极探索。 南财理财通数据显示，2024年招银理财权益类理财产品、混合类理财产品平均回报在同业中居前，其中 权益类理财产品2024年平均回报15.14%，在同业中排第二，混合类理财产品2024年平均回报4.74%，排 第五。混合类理财产品2023年表现也不错，在同业中排第三，已经初步显现布局权 ...