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 ...

募排排网"。（点击↑↑上图查看详情） 5月20日，六家国有银行和招商银行同步下调了存款挂牌利率，其中活期存款利率下调至0.05%， 1年期整存整取定期存款利率下调至0.95%，首次跌破1%。 低利率时代重塑了资产配置格局，对于个人投资者而言，纯粹靠传统的银行存款理财将面临收 益"缩水"的问题。如果把目光放到权益市场上，虽然近几年有不少的结构性机会，但是越来越高 的波动性又让许多风格较为稳定的投资者望而却步。 面对日益复杂的市场环境，"固收+"策略的公募基金受到不少投资者的关注。从规模来看，公募 排排网根据Choice整理的数据显示， 截至 2025年一季度末，受到债市调整影响，债基规模有所 下降，但"固收+"基金的规模相比2024年末增长7.14%，总规模约为1.8万亿元。 从业绩来看，在 3451只有一季度业绩展示的"固收+"公募基金（含所有份额基金）中，收益为正 的基金共有2227只，占比64.53%。 那么，"固收+"产品到底有什么特点和优势呢？现在应该布局"固收+"策略的产品吗？哪些"固收 +"产品值得投资者参与呢？ 一 "固收+"基金："进可攻退可守"的理财神器 首先需要明确的是， "固收+"不是一 ...

Core Viewpoint - The banking sector is facing a "redemption" wave, including preferred shares and convertible bonds, exacerbating the ongoing "asset shortage" in wealth management products, leading to challenges in asset allocation for investors [1][2][3]. Group 1: Wealth Management Products - As of May 23, the total scale of wealth management products reached 31.32 billion, with fixed income and cash management products accounting for 75.03% and 22.65% respectively [1]. - The decline in overall interest rates has intensified the "high-yield asset shortage," making non-risky assets with yields above 2.5% increasingly scarce [1]. - Investors still view wealth management as a "deposit alternative," seeking yields above deposit rates while demanding high safety for product returns [1]. Group 2: Preferred Shares - On May 24, Industrial Bank announced plans to redeem a total of 56 billion in preferred shares, which adds to the pressure on the already limited supply of preferred shares [2]. - The total issuance of bank preferred shares peaked at 837.1 billion in January 2020, but no new issuances have occurred since, leading to a reduction in available options [4]. - The redemption of preferred shares has raised concerns among equity investors, as these shares were previously favored for their high yields and low volatility [3][4]. Group 3: Convertible Bonds - Convertible bonds are becoming an important source for enhancing fixed income investment returns, with banks showing significant interest in this asset class [5]. - The market for convertible bonds has seen increased volatility, with a shift towards higher valuations, necessitating improved active management capabilities [6]. - The redemption of convertible bonds is linked to rising bank stock prices, with the banking sector index increasing over 63.66% since early 2024 [7]. Group 4: Investment Opportunities - In response to the increased redemption of preferred shares, banks are beginning to explore investment opportunities in perpetual bonds, which have seen a slight increase in trading volume [8]. - Other potential investment avenues include public REITs, gold, equity ETFs, and private placements, which are gaining traction due to their favorable characteristics and historical performance [9].

Core Viewpoint - The continuous growth of bank wealth management products is driven by the recent decrease in deposit interest rates, which has created short-term benefits while posing long-term challenges for the industry [1][4]. Group 1: Wealth Management Scale Growth - As of May 20, the total scale of bank wealth management products reached 31.28 trillion yuan, following a peak of 31.1 trillion yuan at the end of April [1]. - The decline in deposit interest rates has lowered the short-term funding costs for bank wealth management, leading to increased attractiveness of fixed-income products [2][4]. - The rapid growth of short-term wealth management products is evident, with daily open products reaching approximately 11.3 trillion yuan and products with a maturity of one month or less growing by over 800 billion yuan since the beginning of the year [2][3]. Group 2: Market Dynamics and Investor Behavior - The decrease in deposit rates is identified as the primary short-term driver for the growth of wealth management scales, alongside seasonal patterns and the overall stability of the capital market [4]. - The performance of the Hong Kong stock market and the stabilization of the bond market have contributed to the continuous rise in bank wealth management scales [4]. - Investors are advised to diversify their asset allocation and consider short-term cash management products and fixed-income products for liquidity management [3]. Group 3: Product Strategy and Future Outlook - Many banks are focusing on "equity-linked" products as a key area for future development, with a significant increase in the issuance of such products compared to the previous year [5]. - The trend of "fixed income plus" products is gaining traction, as clients seek higher returns amid declining market interest rates [5]. - Experts suggest that while low-risk fixed-income products are currently favored, there is a strategic opportunity to increase equity asset allocation in the long term [5].

具体来看，睿郡资产、合晟资产、宁泉资产持有的可转债只数均在5只以上，持有市值均为亿元级别。 其中，睿郡资产旗下产品持有闻泰转债、晶澳转债等19只可转债，合计持有市值约为25.45亿元。 今年以来，A股整体走势一般，上证指数、深成指、沪深300等主要指数均下跌。不过，可转债市场走 势较强，中证转债指数今年至今上涨逾3%，明显跑赢A股主要指数。作为兼具债性和股性的资产，在 今年震荡的行情中，可转债受到公募基金的青睐。 Wind数据显示，截至5月25日，今年至今共有10只债券型基金（A类份额）净值上涨超过7%。其中，博 时转债增强A、中欧可转债A、华宝可转债A等均为可转债基金。 部分不带"可转债"字样的债基同样重仓可转债。华商丰利增强定开A今年以来净值上涨11.45%，位居债 基榜首。该基金是混合债券型二级基金，重点进行债券投资，并通过积极主动的管理，适当参与股票投 资。 该基金一季报显示，在基金的投资组合中，股票占基金总资产的比例为16.62%，可转债（可交换债） 占基金资产净值的比例为74.51%。其一季度末重仓的可转债包括本钢转债、崇达转2、重银转债、景23 转债等。 同为混合债券型二级基金的富国优化增强一季 ...

Group 1: Fund Manager Dynamics - A well-known 'fund king' has never received a rating from Jinan due to significant style drift, operating open-end funds like closed-end funds, raising industry concerns [1] Group 2: Market Insights - Goldman Sachs' chief China equity strategist Liu Jinjun and his team support an overweight stance on the Chinese stock market, citing potential resilience in the RMB exchange rate and an expected moderate improvement in corporate earnings [2] - The first batch of innovative floating-rate funds will start selling on May 27, with most products expected to close fundraising in June [3] - Credit bond ETFs are set to officially implement a pledge-style repurchase business, with several public fund institutions' credit bond ETFs meeting the necessary conditions [4] Group 3: Banking Sector - With domestic deposit rates declining, over 70% of A-share listed banks have a dividend yield exceeding 4%, and some banks have yields surpassing 8%, making bank stocks more attractive than traditional savings [5] Group 4: New Fund Launches - 15 new public funds were launched, with over 70% being equity funds, primarily index funds, covering various sectors including fintech, internet, pharmaceuticals, and consumer goods [6] Group 5: ETF Market Performance - A-shares experienced a collective adjustment, with the Shanghai Composite Index down 0.05%, Shenzhen Component down 0.41%, and ChiNext down 0.80%, while the Northbound 50 Index rose 1.94% [7] - The total market turnover was 10,339 billion, a decrease of 1,487 billion from the previous day, with nearly 3,800 stocks rising [7] - The gaming sector saw strong performance, with multiple gaming ETFs rising between 2.93% and 2.96% [9] Group 6: Hong Kong Market Trends - Hong Kong automotive stocks experienced a pullback, with the Hong Kong Stock Connect automotive ETF down 4.38% and the Hong Kong automotive ETF down 4.31% [11]

Group 1 - The core viewpoint of the articles highlights the initiation of a profit recovery cycle in the domestic market driven by low inventory levels and a rebound in the second-hand housing market [1][2] - The active pharmaceutical sector is experiencing a vibrant market, with CXO and innovative drug companies leveraging talent and technology barriers to mitigate overseas policy risks [2] - The ETF market in China is witnessing significant growth, with passive equity fund sizes expected to surpass active equity funds for the first time in 2024, indicating a new era of ETF innovation [2][3] Group 2 - The consumption sector is anticipated to enter a recovery window in the second half of the year, with a focus on traditional consumer leaders and emerging consumption trends [1] - Smart Beta ETFs are gaining traction, with the global Smart Beta ETF market projected to reach $2.24 trillion in 2024, reflecting a 21.4% year-on-year growth [3] - The fixed income market is expected to face challenges due to low interest rates, but short-duration investments in quality credit assets are seen as opportunities for excess returns [4][5]

Group 1 - The core viewpoint of the article highlights the increasing demand for stable value growth among investors in a volatile bond market, leading to the popularity of "fixed income +" funds [1][2] - CITIC Prudential Fund is launching a new "fixed income +" fund called CITIC Prudential Hui Li Bond, managed by Zheng Yisa, who has 14 years of industry experience and over 8 years in investment management [1] - The fund aims to combine pure bonds with selected equity public funds or ETFs to enhance returns while ensuring a good holding experience for investors [1] Group 2 - Zheng Yisa emphasizes the importance of precise duration management in the current low-interest-rate environment to systematically improve bond returns [2] - The fund will implement upper and lower limits on duration exposure based on market benchmarks to mitigate risks associated with duration [2] - The company is enhancing its trading capabilities and tools for fund managers to adapt to market challenges, focusing on optimizing product allocation and operational discipline [2]

以下文章来源于债券今天有蛋吗 ，作者债券汪汪队 债券今天有蛋吗 . 最及时的债券公众号，每日13:30-14:00更新当日债市变化，买债基必备 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：表舅是养基大户 来源：雪球 今天看到了招商证券做的一个测评 ， 针对的是天弘基金的固收+产品线 ， 文章叫 《 锚定绝对收益目标 》。 从招商证券的这篇文章 ， 正好探讨一下关于固收+基金 ， 控制回撤的问题 ， 我觉得很适合个人投资者朋友 们学习一下 ， 我直接援引一下文章里的一些图片 ， 作为辅助 。 第一 ， 权益市场走强过程中 ， 往往伴随着固收+业务的大发展 。 下图 ， 是天弘旗下固收+基金的年度收益 ， 和全市场的比较 ， 这个图比较有看点的一点在于 ， 天弘的固 收+产品数量 ， 在2022年接近翻倍 ， 而此前的2021年 ， 恰恰是上一轮牛市的高潮 ， 这说明权益转牛推动 固收+业务发展的逻辑 ， 是没问题的 。 | 麦5:天弘旗下固收+美念近十年单年度收益率平均值 | | | | | | | | | | | | | --- | --- | --- | -- ...

导语 随着基金市场规模的持续扩大和产品种类的日益丰富，面对琳琅满目的基金产品，如何筛选出具 有潜力的基金对投资者来说是一件充满挑战的事情。晨星通过对基金投研团队和投资流程等方面 的严谨分析，助力投资者在基金选择中做出更加明智的投资决策。此前，我们已分享晨星基金研 究团队在权益资产类别中关注的基金产品， 本文将聚焦固收领域，为大家解析四只值得关注的基 金产品，期望能为投资者的决策提供参考。 ►► 天弘永利债券基金 产品速览 天弘永利债券基金由经验丰富的主基金经理领航，依托分工精细、协作默契的基金经理团队，发挥 团队协同优势。其投资流程清晰有序，独特的债券择时交易模型更是一大显著优势。 产品潜力 该基金采用高效协同的团队管理模式，由资深的姜晓丽女士担任主基金经理，全面统筹基金的资产 配置、团队分工协调及策略制定等关键事务。在具体投资领域，股票、纯债和可转债投资均有具备 专长的基金经理或助理（以下统称专业基金经理）协同管理，充分发挥各自专业优势。自2012年8 月起，姜晓丽便执掌该基金，她拥有长达15年的证券从业履历，其中包括12年的公募基金管理经 验。她曾先后就职于天弘基金、光大永明人寿保险公司，历任债券研究员和 ...