证券研究报告 | 基金研究（公募） 2025 年 5 月 20 日 群策群力，锚定绝对收益目标 天弘基金固收+基金分析 天弘基金旗下固收+业务追求绝对收益，以回撤作为产品定位目标，并以此设定资 产配置中枢。公司实行团队制管理，在资产配置、行业配置和个股选择等关键环节 倾向群策群力。稳健型和积极型固收+基金（详细划分标准参考全文）成立以来整 体实现了较好的收益风险性价比，大部分年份实现了平均正收益。本报告将针对天 弘基金固收+业务产品布局、业绩表现、团队建设、投资风格等方面展开分析。 ❑ 风险提示：本报告仅作为投资参考，基金过往业绩并不预示其未来表现，亦不构 成投资收益的保证或投资建议。 徐燕红 S1090524120003 xuyanhong@cmschina.com.cn 高艺 S1090524020001 gaoyi2@cmschina.com.cn 敬请阅读末页的重要说明 ❑ 天弘含权债基发展概况：天弘基金布局含权债基时间较早，产品线在 2021 年 迎来规模大发展，主要为二级债基贡献。2021 年之前主要被机构持有，之后 个人增持相对较多，目前机构与个人持有份额各半。 ❑ 天弘固收+基金布局情况：天弘 ...

Core Viewpoint - The April wealth management market saw a slight decline in the number of newly issued products, but the issuance of rights-containing wealth management products accelerated again, indicating a shift in investor preference towards mixed and equity products as fixed-income yields continue to decline [1][3][5]. Group 1: Market Performance - In April, the number of newly issued mixed products increased by 42% month-on-month, totaling 81 products [1]. - The total scale of bank wealth management rose by 2.1 trillion yuan to 31.3 trillion yuan, marking a month-on-month increase of 7.35% and a year-on-year increase of 6.83% [5][6]. - The annualized yield of closed fixed-income products rose by 1.94 percentage points to 3.69% over the past month [1][6]. Group 2: Product Issuance - In April, 4,605 new RMB wealth management products were issued, a slight decrease of 143 products from March [2]. - Fixed-income products accounted for over 96% of the newly issued products, with 4,507 products primarily investing in interbank certificates of deposit, bank deposits, and bonds [2]. - The issuance of mixed wealth management products continued to rise, with 81 new products launched, an increase of 24 products month-on-month [2]. Group 3: Performance Metrics - The average performance benchmark for newly issued open-ended wealth management products was 2.11%, down 0.03 percentage points month-on-month, while closed products averaged 2.66%, down 0.1 percentage points [3][4]. - The average performance benchmark for closed mixed and equity products rose to 2.77% and 6.00%, respectively, with increases of 0.11 and 2.16 percentage points [4]. Group 4: Market Drivers - The increase in wealth management scale is attributed to seasonal factors, with April being a traditional peak season for wealth management, and a recovery in the bond market leading to improved fixed-income product yields [5][6]. - The decline in deposit rates has made wealth management products more attractive, potentially driving further growth in the sector [7].

Core Viewpoint - The scale of wealth management products in China has reached a new high, surpassing 31 trillion yuan in May 2023, driven by declining loan rates and a shift towards short-term products as a substitute for deposits [1][3][4]. Group 1: Wealth Management Scale - As of May 20, 2023, the total scale of wealth management products reached approximately 31.3 trillion yuan, an increase of about 1.6 trillion yuan since the beginning of the year [1][2]. - The growth in wealth management products is primarily attributed to short-term products, with a notable increase in daily open-type products and those with a maturity of one month or less [4][5]. - The rapid increase in wealth management scale began in April 2023, coinciding with a more relaxed liquidity environment and a decline in deposit rates by major banks [3][4]. Group 2: Interest Rate Trends - The People's Bank of China announced a comprehensive plan including a 10 basis point interest rate cut and a 50 basis point reserve requirement ratio reduction, with expectations for further rate cuts in the second half of the year [1][6]. - Market analysts predict a continued downward trend in interest rates, which is expected to support the bond market and contribute to a steady increase in wealth management scale [6][7]. Group 3: Product Strategy and Performance - There is a growing trend towards "fixed income plus" strategies in wealth management products, with a small allocation to equity assets as the stock market shows signs of recovery [9][10]. - Wealth management products focusing on cash management and short-term investments are gaining popularity due to their safety and liquidity, often offering higher yields compared to money market funds [5][9]. - The performance of "fixed income plus" products varies significantly, with some achieving notable returns while others lag behind, indicating a diverse performance landscape within the wealth management sector [9][10].

时间来到了2025年的5月，我们的市场刚刚经历了一场惊涛骇浪，中美日内瓦经贸谈判明显好于市场预 期，我们阶段性打了一场漂亮仗，往后看，短期内关税谈判还存在极大不确定性。 在市场情绪辗转反复的情况下，在过去的5个多月中，市场走出了双V的曲线。固收+类基金也在受到一 定的调整压力后逐渐走出低谷，非常感谢各位投资者与我们一同熬过了较为艰难的时点。目前市场不免 仍受各类事件余震影响，面对后续仍摇摆不定的市场状况，我和团队会坚持扎实研究、精细投资，将投 资者对收益和回撤的诉求放在第一位，为投资者提供具有较高价值和较好持有体验的投资工具。 本质上，固收+产品就是一种以绝对收益为目标，争取创造穿越牛熊的收益的投资工具，固收+产品的 运作和资产配置过程中，股票部分包含了行业选择、个股选择；债券部分依次包括品种以及久期选择。 在天弘固收+的管理体系中，我们强调分工合作，力求使股票、债券、转债同样重要地为组合贡献收 益，因此这几类资产分别由专业的基金经理进行操作，由我负责宏观层面的资产配置决策，并要求各基 金经理在商定的中枢范围内，努力做出超额收益，以此来力保产品实现预期目标。 在具体券种的选择上，我们亦是秉承着绝对收益的内核。 ...

Core Insights - The report focuses on the performance of three categories of wealth management products: "Fixed Income + Equity," mixed-type, and equity-type products Group 1: "Fixed Income + Equity" Products - The "Fixed Income + Equity" products are defined as public offerings with investment cycles of 6 to 12 months, showing positive returns for each complete month over the past year [2] - The top three products in this category are: - "Stable Enjoyment Dynamic Wisdom Daily Open 5" from Jiao Yin Wealth Management with a net value growth rate of 5.95% - "Qiming Enhanced Weekly Enjoyment 1" from Ping An Wealth Management with a growth rate of 5.65% - "Annual Year Xin Shortest Holding Period 5" from Pu Yin Wealth Management with a growth rate of 5.29% [6] - Jiao Yin Wealth Management's product has a significant portion of its funds (about 70%) allocated to cash and bank deposits, with the rest mainly in bonds and a small portion in public funds [6] Group 2: Mixed-Type Products - In the mixed-type public offerings with investment cycles of 3 months or less, the top products include: - "Rui Ying Preferred Balance 10" from Xing Yin Wealth Management with a net value growth rate of 6.43% - "Fu Li Xing Cheng Alpha Daily Open 1A" from Xing Yin Wealth Management with a growth rate of 4.37% - "Zhao Yue Quantitative Hedge FOF No. 1" from Zhao Yin Wealth Management with a growth rate of 3.31% [12] Group 3: Equity-Type Products - The average net value growth rate for equity-type public wealth management products over the past year is 8.16%, with an average maximum drawdown of 15.72% [16] - The top three products in this category are: - "Tian Gong Daily Open 5 (AI Computing Power Index)" from Hua Xia Wealth Management with a growth rate of 54.81% - "Tian Gong Daily Open 2 (Digital Infrastructure Index)" from Hua Xia Wealth Management with a growth rate of 44.82% - "Sunshine Red ESG Industry Selection" from Guang Da Wealth Management with a growth rate of 30.08% [16] - Notably, four products recorded negative returns over the past year, with the largest decline being 16.07% for Guang Da Wealth Management's "Sunshine Red Health and Safety Theme Selection" [16]

Group 1: Macro Environment and Market Impact - The current macroeconomic uncertainty is expected to negatively impact global demand due to trade wars and tariffs, leading to a supportive environment for the bond market [2][3] - The bond market is anticipated to maintain a favorable structure with potential structural opportunities despite short-term volatility [2][3] - The equity market is experiencing significant short-term fluctuations due to tariff impacts, but long-term opportunities are expected as macroeconomic recovery continues [4][5] Group 2: Investment Strategies and Opportunities - The focus on multi-asset investment strategies is emphasized, with a need for flexibility in asset allocation to manage risks and enhance returns in a low-interest-rate environment [12][14] - There is a growing interest in sectors such as cyclical, consumer, and technology, with specific attention to companies with strong cash flows and competitive advantages [9][10] - Convertible bonds are highlighted as having investment value, particularly in a low-risk environment where their dual nature can be leveraged for enhanced returns [6][10] Group 3: Gold and Alternative Assets - Gold is viewed as having good allocation value due to its characteristics as a safe-haven asset during periods of market volatility and its limited supply [7][8] - The long-term perspective on gold is influenced by the expansion of credit and the reassessment of the dollar as a reserve currency [7][8] Group 4: Risk Management and Asset Allocation - Effective risk management strategies involve a combination of top-down and bottom-up approaches to control exposure and enhance portfolio resilience [16][17] - The importance of diversifying across asset classes to mitigate risks associated with market volatility is emphasized [17][18]

2025年以来，各项宏观政策协同发力，高质量发展扎实推进，经济呈现向好态势。5月，央行宣布降准降息，同时实 施定向降息政策，降低小微企业和科技创新企业融资成本。这一系列操作标志着货币政策宽松窗口正式开启，主要对 冲外部经贸环境压力并提振内需。值得关注的是，近日中美互降关税纷纷落地，市场整体已经修复到加征关税之前的 水平，投资者风险偏好有望持续提升。 在此市场环境下，兼具稳健性和收益性的二级债基，正日益成为追求稳健收益投资者的核心配置选择。据悉，国联基 金旗下新产品——国联稳健增益债券将于5月19日起正式发行。该产品定位为追求绝对收益的低波动"固收+"策略产 品，通过严谨的风险控制和积极主动的资产配置，力争为投资者实现持续稳健的投资回报。 规模与长跑业绩双升 避险属性获验证 近年来，二级债基发行市场持续升温，在2025年一季度新发债基数量有所减少的情况下，二级债基呈现爆发式增长。 根据中信证券的研报，混合债券型二级基金平均募集规模达20.64亿元，同比增幅35.6%，总规模环比增长13.59%。 （数据来源：中信证券《2025年一季度公募基金市场研究报告》（发布日期：2025年4月5日）。） 根据公开资料，郑玲 ...

Group 1 - The core viewpoint of the article highlights the strong fundraising capability of bond funds, which have become a key contributor to the scale of new fund issuances in the market [1] - In the week of May 12-18, a total of 23 new funds were established, with a combined issuance of 24.004 billion units [1] - Among these, mid-to-long-term pure bond funds, passive index bond funds, and mixed bond funds performed particularly well, with 5 funds attracting 19.249 billion yuan, accounting for 80.19% of the total issuance [1] - Three of these products achieved maximum fundraising, indicating a strong market preference for low-risk fixed-income assets [1]

Group 1 - The bond fund market demonstrated strong fundraising capabilities, contributing significantly to the total issuance scale, with 23 new funds launched and a total issuance of 240.04 billion units [1] - Among the new funds, medium to long-term pure bond funds, passive index bond funds, and mixed bond funds were particularly prominent, with five funds raising 192.49 billion yuan, accounting for 80.19% of the total issuance [1] - The average subscription period for medium to long-term pure bond funds was only 13.33 days, significantly lower than that of equity products, indicating high efficiency in fundraising [1] Group 2 - The high subscription scale of bond funds is directly related to the rising risk-averse sentiment among investors, with low-risk fixed-income assets serving as a "safety cushion" [2] - The structure of bond fund custodians shows a "small and medium bank characteristic," with funds like Huian Yuhong Rate Bond A and Minsheng Jianyin Hengyue being custodied by smaller banks, contrasting with the trend of large banks custodian for passive index funds [2] - The market expects bond funds to continue playing a stabilizing role in the issuance market, particularly high credit rating bond products, attracting risk-averse investors [2] Group 3 - The technology and industrial upgrade themes have become focal points for passive index fund investments, aligning with policy directions for "breakthroughs in key technologies" [3] - Funds focusing on state-owned enterprise reform and digital economy themes are also gaining attention, with products tracking indices related to the digital transformation of state-owned enterprises [3] - As of May 18, 2023, the number of newly issued ETF products reached 123, with a total issuance scale of 965.15 billion yuan, nearing the 1 trillion yuan mark [3]

近日，先锋基金发布高级管理人员变更公司，新任王重昆为董事长，任职日期2025-5-16。此前4月30日 发布董事变更的公告，2025 年 3 月至 4 月，经公司历次股东会审议通过，公司董事会成员调整为：王 重昆、张帆、孙鸣、高海娜、邓峰、费安玲、杨亚。其中，邓峰、费安玲，杨亚为独立董事。 王重昆，曾任中国建设银行股份有限公司办公室法规处干事、秘书处秘书，中国信达资产管理公司总裁 办公室秘书，宏源证券股份有限公司董事会秘书，信达澳银基金管理有限公司市场部市场总监、副总经 理、总经理，领先生物农业股份有限公司副董事长兼战略规划委员会主席，丰图北控（宁波）投资管理 有限公司投资经理，天一星辰（北京）科技有限公司副总经理。 | 姓名 | 职务 | 任职日期 | 离职日期 | 任职时长 | | --- | --- | --- | --- | --- | | 王重昌 | ■事长 | 2025-05-16 | | | | Wong Leah Kuen | 董事长 | 2023-01-19 | 2025-04-23 | 2年4月 | | 张松孝 | 董事长 | 2016-07-06 | 2023-01-19 | 6年7月 ...