Group 1 - The banking sector has seen a significant trend of convertible bonds being converted into shares since the second quarter, with Nanjing Bank and Hangzhou Bank being notable examples [1][2] - The strong performance of bank stocks has created favorable conditions for the conversion of convertible bonds, with several banks triggering redemption clauses [2][5] - Analysts predict that approximately 100 billion yuan of bank convertible bonds may complete conversion this year, leading to a reduction in the overall market size [4][5] Group 2 - The acceleration of convertible bond conversions poses challenges for bank wealth management subsidiaries and fund companies, as the scarcity of convertible bonds increases the difficulty of asset allocation [3] - The market currently has around 10 bank convertible bonds, with predictions that the total market size may shrink to about 100 billion yuan as several bonds complete conversion or reach maturity [5][6] - There are ongoing developments in the issuance of new convertible bonds, with banks like Changsha Bank and Minsheng Bank having their applications accepted for new issuances [6]

Core Viewpoint - The recent reduction in deposit rates by major banks marks a shift towards a low-interest-rate environment, prompting investors to reconsider traditional savings and explore "fixed income +" strategies in public funds as a viable investment option [1][11]. Group 1: "Fixed Income +" Fund Characteristics - "Fixed Income +" is not an official fund type but a strategy that combines low-volatility fixed income assets with equities and other instruments to enhance returns [1]. - The strategy typically includes mixed bond funds, with equity investments capped at 30% to qualify as "fixed income +" products [2]. - The average annualized return of "fixed income +" funds over the past five years is 16.35%, outperforming both pure bond funds and mixed equity funds [5][6]. Group 2: Performance Metrics - As of May 28, "fixed income +" funds have an average annualized volatility of 4.55% and a maximum drawdown of -8.61%, which is lower than that of mixed equity funds [4]. - Among 1,253 "fixed income +" funds, 64.53% reported positive returns in the first quarter of 2025 [1][5]. Group 3: Growth Phases of "Fixed Income +" Funds - The first rapid growth phase occurred from 2014 to 2016, driven by a favorable market environment and significant liquidity, leading to a doubling of "fixed income +" fund numbers [8]. - The second growth phase from 2019 to 2021 was fueled by regulatory changes and a strong equity market, resulting in a 134.41% increase in the number of "fixed income +" funds [9]. Group 4: Current Market Opportunities - The current market conditions, characterized by low deposit rates and increased volatility, present a favorable environment for "fixed income +" strategies, similar to previous growth phases [11]. - Analysts suggest that the focus on diversified asset allocation within "fixed income +" strategies can enhance return potential amid uncertain economic conditions [11]. Group 5: Recommended "Fixed Income +" Products - A selection of 103 "fixed income +" products with above-average performance metrics has been identified for potential investment, including several mixed bond funds [12][14]. - The top-performing mixed bond funds over the past five years include those managed by Tianhong Fund, Dongfanghong Asset Management, and others, showcasing strong returns and low volatility [14][16].

2025年，投资者似乎面临着两难局面：一方面是部分银行一年期定存利率跌破"1%大关"，获取稳健收 益的难度不断提升；另一方面，全球政策不确定性因素仍存，权益市场波动高企，令中低风险偏好投资 者驻足观望。 在此背景下，求稳又求胜的"固收+"策略重新回到了投资者的视野。这类产品用债券资产构筑收益安全 垫，通过精选股票、可转债等弹性标的获取增强收益，以实现攻守兼备的目标。 海富通悦享一年持有期混合（A类：019752 C类：019753）大部分投资于债券，权益类资产及可转换债 券、可交换债券资产占比为10%-30%，是一只投资者体验不错的"固收+"产品。截至2025年一季度末， A类份额近一年收益率5.11%，最大回撤仅-1.88%，还有多个风险收益指标在同类产品中脱颖而出。 （数据来源：Wind，基金定期报告） 延续稳健底色，打造优质"固收+" 近年来，资产管理行业对收益风险比的认识愈发深刻，而年金投资则长期贯彻这一理念，即在充分控制 风险的基础上，最大程度为客户追求资产的保值增值。 海富通基金长期深耕养老领域，已实现养老金三大支柱全面布局。依托公司全方位业务体系，公司已将 养老金投资的稳健诉求和投资经验，深度植 ...

近期，存款利率持续下行引发银行理财市场深度变革，银行理财子公司纷纷以创新策略抢占市场先机。 一方面，通过发行长封闭期理财产品，搭配"固收+非标"策略，合理配置非标债权资产，挖掘长期收益 潜力；另一方面，积极创新分红模式，推出按月或按季分红产品，为投资者提供更灵活的收益获取方 式。 受访业内人士表示，银行理财子公司的创新举措，不仅优化了理财市场产品生态，更精准对接了投资者 在低利率环境下的资产配置需求，或将成为推动理财规模阶段性增长的重要驱动力。此外，理财子公司 的策略调整，亦是其强化服务实体经济能力的重要实践，通过长期资金的有效配置，为实体经济发展注 入动能。 记者梳理发现，农银理财、徽银理财、渤银理财等机构纷纷布局"固收+非标"领域，推出长封闭期产 品。其中，农银理财"农银安心·灵珑2025年第9期理财产品（鑫享）"聚焦高评级非标资产配置；徽银理 财"智盈添金目标盈19号理财"将非标债权类资产占比控制在50%以内；渤银理财"财收有略系列固定收 益类二年封闭式理财产品"则将非标资产配置比例锁定在49%以下，精准平衡收益与风险。 银行理财创新突围"双路径" 长封闭期设计为资金运作带来多重优势：对理财子公司而言， ...

分析师：孙书娜 登记编号：S0890523070001 分析师：冯思诗 登记编号：S0890524070001 分析师：顾昕 登记编号：S0890524040001 投资要点 市场回顾： 上周（2025.05.26-2025.05.30）债券市场震荡收跌，中债-综合财富指数（CBA00201）基本收平，中债-综合全价指数 (CBA00203)收跌0.08%。利率债收益率普遍上行，且短端上行幅度高于长端。信用债收益率上周普遍上行，主要信用债信用利差以压缩为 主。 市场观察： 资金面相对宽松，基本面仍偏弱；关税政策反复，美债震荡承压；REITs热度延续，资产加速入市。 公募基金市场动态： 首批9只信用债ETF通用质押回购业务于2025年5月29日正式落地。信用债ETF纳入通用质押库，可以为场内投资者拓 宽融资渠道，提高资金使用效率，同时补齐了信用债ETF发展短板，有利于信用债ETF市场快速发展。应用场景包括：（1）通过质押份额 获取流动性。（2）通过质押份额快速切换资产配置。（3）通过质押加杠杆来增厚收益。 泛固收基金指数表现跟踪 短期债基优选：上周收涨0.01%，成立以来累计录得3.79%的收益。 中长期债基优 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Last week (2025.05.26 - 2025.05.30), the bond market oscillated and closed lower. The CBA00201 index basically closed flat, while the CBA00203 index closed down 0.08%. Yields of interest - rate bonds generally rose, with short - term yields rising more than long - term ones. Credit bond yields also generally increased, and major credit spreads mainly compressed [3][10]. - The capital market was relatively loose, but the economic fundamentals remained weak. The tariff policy was volatile, putting pressure on US Treasury bonds. The popularity of REITs continued, and assets were accelerating into the market [3]. - On May 29, 2025, the general pledge repurchase business of the first 9 credit bond ETFs was officially launched, which is conducive to the rapid development of the credit bond ETF market [4]. Summary by Directory 1. Weekly Market Observation 1.1. Pan - fixed - income Market Review and Observation - **Bond Market Review**: The bond market oscillated and closed lower last week. Interest - rate bond yields generally rose, and credit bond yields also increased. Major credit spreads mainly compressed. Specifically, from Monday to Wednesday, short - term credit bond yields rose, and long - term ones oscillated. On Thursday and Friday, due to the change in Trump's tariff policy, credit yields fluctuated significantly following interest rates [10]. - **Capital and Economic Fundamentals**: In May, the capital market was generally loose. After the interest rate cut and reserve requirement ratio cut, the monthly central levels of R001 and R007 declined. Affected by the end - of - month effect last week, the central level of R007 rose slightly to 1.70%. The economic fundamentals were still weak. Although the high - frequency data rebounded due to the rush to export after the reciprocal tariff reduction, domestic demand remained weak. The May PMI rebounded seasonally, but the manufacturing PMI was still below 50%. The new export orders in the manufacturing industry rebounded but were still lower than the March data and the first - quarter average. High - frequency data showed an increase in container shipping bookings to the US, which might improve the June fundamentals. However, domestic demand - priced commodities such as rebar, cement, glass, and asphalt saw price declines. The bond market faces both positive and negative factors, and a cautious approach of high - selling and low - buying may be appropriate [11]. - **Tariff Policy and US Treasury Bonds**: Since the reciprocal tariff implementation, US Treasury bonds have experienced two significant declines. In May, after the three major rating agencies downgraded US Treasury bonds, the market re - evaluated US debt risks. Last week, due to stable US economic data and a court ruling, US Treasury bonds rebounded slightly. Currently, the trading focus of US Treasury bonds has shifted back to the US fundamentals. There are risks of disorderly increases in US Treasury bond yields due to fiscal risks and tariff uncertainties. The stable US fundamentals have postponed the expected time of the Fed's interest rate cut, and tariff issues may reduce overseas demand for US Treasury bonds and cause short - term liquidity problems [12]. - **REITs Market**: REITs have both equity and bond characteristics. This year, due to factors such as the decline in bond yields and the expectation of economic recovery, the popularity of REITs has continued, with property - type assets performing better. After the asymmetric interest rate cut, REITs have entered a high - level consolidation phase, but some specific assets still have upward momentum. In the primary market, high - quality assets are entering the market at an accelerated pace. Last week, the expansion of two REITs was approved. Overall, the C - REITs market is in a stage of rapid expansion, but there are risks in the primary and secondary markets [13]. 1.2. Public Fund Market Dynamics - On May 29, 2025, the general pledge repurchase business of the first 9 credit bond ETFs was officially launched, expected to take effect on June 6. This business can broaden financing channels for investors, improve capital efficiency, and promote the development of the credit bond ETF market. Its application scenarios include obtaining liquidity through pledge, quickly switching asset allocation, and increasing returns through leverage [4][15]. 2. Pan - fixed - income Fund Index Performance Tracking | Index Classification | This Week | Last Month | YTD | Since Strategy Launch | | --- | --- | --- | --- | --- | | Short - term Bond Fund Preferred Index | 0.01% | 0.12% | 0.39% | 3.79% | | Medium - and Long - term Bond Fund Preferred Index | - 0.02% | 0.21% | 0.55% | 6.18% | | Low - volatility Fixed - income + Preferred Index | - 0.02% | 0.35% | 0.58% | 1.84% | | Medium - volatility Fixed - income + Preferred Index | - 0.01% | 0.53% | 0.56% | 1.08% | | High - volatility Fixed - income + Preferred Index | - 0.13% | 0.90% | 2.49% | 2.25% | | Convertible Bond Fund Preferred Index | - 0.03% | 1.05% | 3.68% | 6.92% | | QDII Bond Fund Preferred Index | 0.48% | - 0.48% | 2.21% | 7.14% | | REITs Fund Preferred Index | 0.90% | 5.80% | 29.00% | 37.79% | 2.1. Pure Bond Index Tracking - **Short - term Bond Fund Preferred Index**: Aims at liquidity management, pursues a smooth upward curve while controlling drawdowns. It consists of 5 funds with stable long - term returns, strict drawdown control, and significant absolute return capabilities. The performance benchmark is 50% * Short - term Pure Bond Fund Index + 50% * General Money Market Fund Index [17][18]. - **Medium - and Long - term Bond Fund Preferred Index**: Seeks stable returns by investing in medium - and long - term pure bond funds while controlling drawdowns. It aims for excess returns relative to the medium - and long - term bond fund index and a smooth upward net value curve. It selects 5 funds each period, balancing coupon strategies and band operations, and adjusting the duration and the ratio of credit bond funds to interest - rate bond funds according to market conditions [19]. 2.2. Fixed - income + Index Tracking - **Low - volatility Fixed - income + Preferred Index**: The equity center is set at 10%, and 10 funds are selected each period. It focuses on fixed - income + funds with an equity center of less than 15% in the past three years and recently, emphasizing both risk - return ratios and investment experience [23]. - **Medium - volatility Fixed - income + Preferred Index**: The equity center is 20%, and 5 funds are selected each period. It selects fixed - income + funds with an equity center between 15% and 25% in the past three years and recently, aiming for a certain level of performance elasticity while considering risk - return ratios [24]. - **High - volatility Fixed - income + Preferred Index**: The equity center is 30%, and 5 funds are selected each period. It selects fixed - income + funds with an equity center between 25% and 35% in the past three years and recently, focusing on funds with strong stock - picking abilities in the equity part and stable returns in the bond part [28]. 2.3. Convertible Bond Fund Preferred Index It selects 5 convertible bond funds from a sample space of funds with a high proportion of convertible bonds in their bond portfolios. The selection is based on an evaluation system considering factors such as fund performance, fund manager capabilities, and market adaptability [30][31]. 2.4. QDII Bond Fund Preferred Index Tracking It consists of 6 QDII bond funds with stable returns and good risk control, investing in overseas bonds in regions such as the global market, Asia, and emerging markets, including investment - grade and high - yield products [32]. 2.5. REITs Fund Preferred Index Tracking It consists of 10 REITs funds with stable operations, reasonable valuations, and a certain degree of elasticity, based on the types of underlying assets [36].

证券研究报告|宏观研究报告 [Table_Date] 2025 年 06 月 03 日 [Table_Title] 25Q1，固收+基金崛起 [Table_Title2] 基金档案之五 [Table_Summary] 固收+基金 2025Q1 整体业绩表现中规中矩，收益率中位数为 0.29%。分品类来看，可转债基金表现领先，收益率中位数达 3.48%，且相关产品基本获得正收益；激进转债增强型基金表 现次之，收益率中位数为 1.27%；温和转债增强型基金和股票 增强型基金收益率中位数分别为 0.17%和 0.14%。 ►2025Q1 固收+规模占比显著回升 2025Q1 固收+基金业绩平稳增长。规模方面，从绝对水平来 看，固收+基金总规模上升至 13807.34 亿元，规模环比增加 1560.29 亿元。从相对水平看，2025Q1 固收+基金在广义债 基中的占比环比上升 2 个百分点。值得注意的是，这是固收+ 基金规模占比在 2022Q1 以来首次显著回升，指向今年以来 固收+基金明显受到市场青睐。 分类来看，固收+基金规模的增长，主要由温和转债增强型和 股票增强型产品贡献。2025Q1，温和转债增强型、股票增 ...

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Core Viewpoint - The "fixed income +" funds are experiencing a resurgence, with significant net subscriptions and a return to a total scale of over 2 trillion yuan for the first time since 2024 [1][2]. Group 1: Market Performance - As of the end of the first quarter, there were 2,161 "fixed income +" funds with a net subscription of 49.9 billion units, marking a 6.7% quarter-on-quarter increase [1]. - The CSI Convertible Bond Index achieved a year-to-date increase of 3.08%, outperforming the pure bond fund index, which only rose by 0.38% [2]. - Specific funds managed by Huafu Fund, such as Huafu Convertible Bond A and Huafu Anxin A, reported year-to-date returns of 6.13% and 6.45%, respectively, with one-year returns of 11.49% and 11.09% [2]. Group 2: Investment Strategy - The strong performance of "fixed income +" products is attributed to several factors, including the optimization of supply and demand for convertible bonds and positive contributions from bond investments [3]. - The investment strategy emphasizes a systematic approach, focusing on macro hedging and risk parity to manage market volatility and control drawdowns [4]. - The strategy also includes a diversified asset allocation, targeting structural opportunities in AI technology, new consumption, and value dividend stocks [5]. Group 3: Fund Management Insights - Fund manager Dai Hongyi highlights the importance of disciplined investment strategies, including clear risk budgets and dynamic safety margins to manage risk exposure [4][6]. - The investment approach is inspired by Bridgewater's all-weather strategy, tailored to the Chinese market, utilizing macroeconomic indicators to construct diversified asset portfolios [6]. - Huafu Fund has developed a robust team with extensive experience in product creation and investment management, contributing to its growth and innovation in the asset management industry [7].

以下文章来源于懒人养基 ，作者懒人养基 懒人养基 . 雪球21年度十大新锐用户、22年度基金影响力用户，私企业主，经济学硕士，《基金投资全攻略》作者。早期靠创 业获取主动收入，从17年开始，逐步将经营产生的余钱、闲钱，几乎全部逢低买入权益基金，从赚取主动收入慢慢 向赚取被动收入过渡。价值投资践行者 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： 懒人养基 来源：雪球 顾名思义 ， 偏债基金的收益来源主要是债 ， 投资股票的收益算是 " 锦上添花 " 部分 ， 所以我们可以看 到 ， 在2022-2024年偏股基金出现大幅下跌时 ， 偏债基金虽然业绩也并不出彩 ， 但持有体验会好得多 。 根据我的观察 ， 偏债基金虽然也是主动管理型基金 ， 对经验丰富的老将而言 ， 其业绩稳定性要比偏股基 金好得多 ， 出现大起大落的概率并不大 ， 因此对偏债基金而言 ， 基金经理的任职年限是一个相对较为可 信的选基指标之一 ， 读者朋友可以在以下的表格数据中重点关注下 。 当然 ， 也会有少量偏债基金追求业绩弹性 。 我认为选择偏债基金本来就是求稳的 ， 对于业绩大起大落的 偏债 ...