导读：绝对回报正在成为基金产品越来越重要的投资目标。 根据中国证券基金业协会的数据，截至2025年3月底公募基金总规模达到32.22万亿元，连续两个月站稳32万亿大关。其中 具有理财替代属性的货币基金和债券基金分别达到了13.3万亿和6.41万亿，成为了过去一年公募基金规模增量的重要来 源。 对于大众理财来说，公募基金已经成为了主要的投资渠道。与此同时，理财替代下的绝对收益也成为了投资者最重要的投 资目标。无论是买股票型基金、股债混合基金、货币基金还是QDII基金，持有人都希望实现财富的保值增值。 另一方面，满足大众理财目标的难度也在提高。特别是随着债券收益率的下行，纯债类资产能提供的收益变得有限，股票 权益又天然具有高波动的属性，再加上过去传统的相对收益考核方式。作为产品生产方的基金公司，又如何满足用户的需 求呢？ 数据来源：有知有行《2024中国大类资产投资年报》 从长期年化收益率的角度看，债券+股票搭配而成的"固收+"组合确实能带来比纯债更高的收益回报。然而，由于股票权益 的高波动特点，会导致某些年份股债混合变成了"固收-"的结果。 对于购买"固收+"的投资者来说，他们是带着绝对收益的投资目标，希望通过 ...

鹏华可转债转债比例80-85%，股票15-20%，定位为高波"固收+"。据银河证券基金长期业绩排行榜单， 截至2025年3月31日，鹏华可转债A过去7年、5年分别凭借71.57%、38.81%的净值增长率，在可转换债 券型基金(A类)中排名3/21、7/32。 鹏华双债加利是二级债基，股票10-20%，转债配置10-40%，定位为中波"固收+"。据2025基金一季报， 截至2025年3月31日，鹏华双债加利A过去1年、5年、成立以来的净值增长率分别为12.40%、27.33%、 105.23%，同期业绩比较基准为4.75%、23.76%、59.30%。 近日，降准降息政策落地后，债市呈现明显分化走势，短端利率下行而长期上行。后续债市如何走？鹏 华基金固收投资专家表示，重点关注内外部变化，内部关注货币政策、财政政策和产业政策，外部关注 关税问题和贸易谈判，后续货币政策仍有宽松可能，债市整体处于比较有利环境，预计信用债优于利率 债，中短端优于长端，转债方面，今年转债市场供需紧张的格局持续，转债市场估值易升难降。 王石千：债市收益率上行风险较小，股市或以震荡为主 王石千现任鹏华基金多元资产投资部总经理/基金经理，拥 ...

年初科技主题的崛起，不仅推动了A股和港股相关概念股的大幅上涨，也极大地提振了市场情 绪和投资者信心。在市场情绪改善、股市回暖的背景下，固收+及偏债混合型基金的配置优势 愈发凸显。银河证券数据显示，截至2025年3月31日，含权类的偏债型基金、普通债券型基 金、可转换债券型基金今年以来、近一年的平均收益率均显著超越债券基金整体平均收益。 其中，"固收劲旅"工银瑞信基金旗下的"固收+"及偏债混合型产品凭借对权益行情的精准把握 做好"+"法， 叠加公司长久以来在固收领域的深耕细作精铸安全垫， 旗下"固收+"及偏债混合 型产品展现出 "进可攻 、 退可守" 的实力 ，在股债市场复杂多变的环境中亮点频现。 银河证 券数据显示，截至今年一季度末，工银瑞信共有22只固收+及偏债混合型基金在 近一年、近三 年、近五年、近七年 内位居同类前1/4，涵盖混合债券型二级基金、混合债券型一级基金、偏 债混合基金、可转换债券等多种类型，可充分满足不同投资者对稳健投资的需求。从 基金一季 报 数据来看，截至2025年3月31日，近一年工银瑞信旗下的"固收+"及偏债混合基金里，共 有11只收益率突破5%，其中3只收益率超过9%。 | 基金 ...

Core Insights - The report focuses on the performance of three categories of wealth management products: "Fixed Income + Equity," mixed-type, and equity-type products [1] - The analysis includes data from various financial institutions, highlighting their respective product performances over specified time frames [2] Group 1: "Fixed Income + Equity" Products - Six wealth management companies made it to the top ten list, with Ping An Wealth Management showing strong performance, having five products in the top ten [7] - The leading product, "Happiness 99 Hongyi (Dual Bond Enhancement) 100-Day Holding," managed by Hangyin Wealth Management, achieved a net value growth rate of 7.26% over the past six months [7] - The management team reduced bond holdings in Q1 2025, increasing cash and gold ETF positions, which contributed to the product's strong performance [8] Group 2: Mixed-Type Products - Seven wealth management companies appeared in the top ten list, with Ningyin Wealth Management securing three positions, including the top product "Ningyin Mixed-Type Hong Kong and Shanghai Theme Wealth Management No. 1," which had a net value increase of 7.89% over the past year [12] - The product primarily invests in Hong Kong stocks through public funds, with over 80% of its holdings in public funds as of Q1 2025 [12] - Other notable products include "Zhaoyin Wealth Management's Target 2035," which ranked second with a 6.80% increase in net value [12] Group 3: Equity-Type Products - In the equity-type product category, Huaxia Wealth Management and Guangda Wealth Management had multiple products in the top ten, with Huaxia's "Tian Gong Index Product" leading with a 16.74% increase over the past six months [16] - The products from Huaxia Wealth Management generally exhibited higher volatility and drawdown levels [16] - Guangda's "Sunshine REITs Preferred No. 1" showed lower maximum drawdown and annualized volatility compared to typical equity products, achieving a high Calmar ratio of 8.66 [16]

近期与投资者交流，多次被问及标题中的这个问题，因此特别整理成文，希望能帮助大家理解我们的策 略。 首先想说的是，和纯债类产品相比，"固收+"的回撤并不必然更大。 看到"固收+"这个词，很多投资者的第一反应是，都加了预期收益和风险更高的资产，"固收+"的回撤自然 会大一点。事实上，这种想法并不准确。所谓"固收+"产品，指的是在资产组合理论的支持下，基于股、 债等大类资产具有的不同机会，以及对国债期货的对冲工具运用，在控制组合回撤风险的基础上，力争实 现长期收益高于固收平均收益目标的产品。由于不同资产的表现并不趋同，通过大类资产配置的变化，是 有可能让组合的风险收益特征变得平缓，叠加对冲工具的进一步运用，实现组合波动降低的目标。 以我和商园波管理的中泰双利债券为例，我们的目标是做出回撤控制（净值下跌）水平接近于纯债、甚至 与中短债基金相近、但长期收益又能比纯债基金更好一点的"固收+"产品。自2022年9月27日成立以来，截 至2025年3月31日，中泰双利债券A份额的份额净值增长率为9.97%（同期业绩基准收益率5.93%）。更重 要的是， 该产品A份额的最大回撤为0.66%，回撤幅度不仅显著优于混合债券型二级指 ...

Core Viewpoint - The rise of technology themes at the beginning of the year has significantly boosted the A-share and Hong Kong stock markets, enhancing market sentiment and investor confidence. In this context, the advantages of fixed income plus and bond-mixed funds have become increasingly prominent [1][2]. Fund Performance Summary - As of March 31, 2025, the average returns for various types of funds over the past 12 months are as follows: - Bond-mixed funds: 5.49% - Ordinary bond funds: 4.79% - Convertible bond funds: 9.50% - Overall bond funds: 3.71% [2]. - 工银瑞信's fixed income plus and bond-mixed products have shown strong performance, with 22 funds ranking in the top 25% of their categories over the past one, three, five, and seven years [2][4]. - Notably, 11 of 工银瑞信's fixed income plus and bond-mixed funds achieved returns exceeding 5% in the past year, with three funds surpassing 9% [2]. Fund Manager Insights - The fund managers at 工银瑞信 employ various strategies to enhance returns, including a focus on dividend-paying assets and a balanced approach to equity and bond investments. For instance, the 工银聚安混合A fund, managed by 黄诗原, achieved returns of 18.8% and 27.11% over the past year and three years, respectively, ranking 4th and 1st in its category [9][11]. - The 工银可转债债券 fund, also managed by 黄诗原, reported returns of 9.60%, 22.11%, and 40.52% over the past one, three, and five years, ranking 1st and 6th in its respective categories [9][10]. Investment Strategy - The "fixed income plus" strategy is characterized by a flexible allocation between equity and bond assets, allowing for effective risk management and return enhancement. This strategy has been particularly successful in capturing structural market opportunities [7][17]. - 工银瑞信's fixed income research team has developed a comprehensive credit research framework, ensuring robust risk management and investment opportunities in the bond market [17][18]. Long-term Performance - The 工银双利债券 fund has demonstrated strong long-term performance, with a net asset value growth of 140.69% since its inception in 2010, significantly outperforming its benchmark [16][17]. - The fund's management emphasizes macroeconomic analysis and flexible asset allocation to adapt to market changes, aiming for sustained long-term returns [15][17]. Team Composition - 工银瑞信's investment team comprises experienced professionals across different generations, fostering a collaborative environment that enhances investment decision-making and strategy execution [21][19].

Core Viewpoint - The Chinese capital market is demonstrating unique vitality and resilience, positioning itself as a key player in the global economic landscape, particularly through the asset management industry which is seen as a core engine for capital allocation and value discovery [1] Group 1: Investment Opportunities - The bond market is viewed as favorable due to a supportive macroeconomic environment and a clear direction of monetary policy easing, with low risk of significant adjustments [2][4] - The stock market is experiencing positive policy signals aimed at stabilizing the market, with central entities increasing their holdings in A-shares, which is expected to boost investor confidence [2] - Current stock market valuations are considered to be in a reasonable range, presenting structural opportunities particularly in sectors like technology innovation, military, machinery, and undervalued financials and cyclical stocks [2] Group 2: Asset Allocation Strategies - In an environment of increasing uncertainty, diversification across asset classes such as stocks and bonds is recommended to mitigate risks [3] - Maintaining flexible positions and emphasizing liquidity management is crucial, avoiding extreme risk exposure [3] - The "fixed income plus" strategy is suggested for achieving stable returns while considering the volatility of products and individual risk tolerance [6] Group 3: Changes in Investment Framework - The investment research framework has shifted from a macro and mid-level focus to a greater emphasis on micro-level research, recognizing the significant impact of microeconomic factors on macroeconomic trends [7] - Increased market volatility necessitates a focus on market sentiment, with a proactive approach to understanding and anticipating changes in investor behavior [7] - The approach to credit risk has evolved, with a focus on high-quality municipal bonds while maintaining strict credit standards, and a shift towards recognizing the trading value of credit bonds [8] Group 4: Balancing Risk and Return - Investment decisions require rationality, with an emphasis on recognizing and managing both foreseeable and unforeseeable risks [9] - The essence of investment is framed as creating returns while controlling drawdowns, ensuring long-term performance sustainability [9]

Group 1 - Several fund companies have announced the suspension of large subscriptions for dividend-themed funds to ensure stable operation and protect the interests of fund shareholders, with limits set at 500,000 yuan and 10 million yuan for different funds [1] - The total scale of dividend funds reached 251.37 billion yuan by the end of the first quarter, an increase of approximately 27 billion yuan compared to the end of the previous quarter, marking a new high [1] Group 2 - The total scale of the first batch of Hang Seng Technology ETFs has grown to 75.563 billion yuan, a significant increase of 14.15 times from its initial scale of 4.989 billion yuan [2] - This batch of ETFs was launched in May 2021 by six public funds, marking their fourth anniversary as of May 12 [2] Group 3 - The number of "fixed income plus" funds has exceeded 1,700, with an overall product scale increasing by over 140 billion yuan since the end of last year [3] - Some "fixed income plus" funds have shown outstanding performance this year, with annual returns exceeding 10% [3] Group 4 - More than 30 funds have changed their performance comparison benchmarks this year, following the regulatory push to strengthen the constraints on performance benchmarks [4] - The China Securities Regulatory Commission has linked performance benchmarks to the income of fund companies and the compensation of fund managers [4] Group 5 - The CICC Vipshop Outlets REIT has been accepted for review, with the underlying assets expected to include outlet projects in Nanchang, Ningbo, and Taiyuan [5] - CICC has also submitted a request for fund registration change for the CICC Xiamen Housing REIT, which has been accepted, indicating an acceleration in its expansion process [5] Group 6 - Wan Minyuan has reduced its holdings in Sunshine Nuohong, with the latest data showing a holding of 2.5 million shares, representing 2.23% of the company [6] - The fund "Rongtong Health Industry Mixed" has decreased its holdings in Sunshine Nuohong by 108,000 shares after the first quarter [7] Group 7 - On May 13, the market experienced a high open but low close, with the Shanghai Composite Index rising by 0.17% and the Shenzhen Component Index and ChiNext Index both declining slightly [8] - The total trading volume in the Shanghai and Shenzhen markets was 1.29 trillion yuan, a decrease of 16.9 billion yuan compared to the previous trading day [8]

Fund News Overview - Several fund companies have announced the suspension of large purchases for their dividend-themed funds, with the total scale of dividend funds reaching 251.37 billion yuan as of the end of Q1, an increase of approximately 27 billion yuan from the end of Q4, marking a new high [1] - The total scale of the first batch of Hang Seng Technology ETFs has increased to 75.563 billion yuan, a significant growth of 14.15 times from its initial scale of 4.989 billion yuan [1] - The number of "fixed income +" funds has exceeded 1,700, with an overall product scale increasing by over 140 billion yuan since the end of last year, and some funds achieving annual returns exceeding 10% [1] ETF Market Review - The market opened high but closed lower, with the Shanghai Composite Index rising by 0.17% and the Shenzhen Component Index and ChiNext Index falling by 0.13% and 0.12% respectively. The total trading volume in the two markets was 1.29 trillion yuan, a decrease of 16.9 billion yuan from the previous trading day [2] - Notable sectors that performed well included shipping ports, photovoltaics, and banking, while aerospace, computer equipment, and small metals sectors saw declines [2] ETF Performance - The S&P Consumer ETF and S&P 500 ETF both reached their daily limit, with the S&P Consumer ETF priced at 1.557 yuan, up 10.04%, and the S&P 500 ETF at 1.868 yuan, up 10.01% [3] - The photovoltaic ETFs also showed positive performance, while the CSI 2000 Enhanced ETF led the declines with a drop of 3.89% [4] Industry Insights - The photovoltaic industry is currently experiencing a downturn, with capacity utilization around 50%. Most segments are expected to enter cash losses, necessitating a supply-side adjustment. The Ministry of Industry and Information Technology is tightening regulations on new capacity, which may lead to further production cuts and a gradual recovery in profitability as supply clears [5] New Fund Launches - A new fund named "China Merchants Dividend Quantitative Stock Selection Mixed Fund" is set to launch, focusing on a mixed equity strategy with a performance benchmark linked to the China Dividend Index and other indices [6]

"二十年栉风沐雨，以工银瑞信基金为代表的银行系公募在权 益投资、固收管理、养老金融等领域各放异彩，也和所有公募 同业一样面临着行业变革带来的全新挑战。站在新起点，工银 瑞信基金又将如何续写资管传奇？" 作者：默川 封图：图片资料室 2005年4月，中国金融改革史迎来里程碑事件——国务院批准工商银行、建设银行、交通银行首批 试点设立基金管理公司。其后的几个月时间里，工银瑞信基金、建信基金、交银施罗德基金依次成 立，银行系公募基金正式登上历史舞台。 二十年栉风沐雨，以工银瑞信基金为代表的银行系公募在权益投资、固收管理、养老金融等领域各 放异彩，也和所有公募同业一样面临着行业变革带来的全新挑战。站在新起点，工银瑞信基金又将 如何续写资管传奇？ 权益争锋 主动权益投资一直是公募基金的最核心的竞争力之一，如何在当前宏观环境复杂、市场波动加剧的 形势中发挥阿尔法创造能力，从而更好地满足日益多样化的投资需求，亦成为行业的关注话题。工 银瑞信基金在权益投资领域取得了显著成绩，展现出色的投资实力和策略优势。 作为首家银行系基金公司，工银瑞信基金于2005年8月31日发行其第一只产品——工银核心价值混 合。广受关注的银行系基金" ...