文 | 银行螺丝钉 （转载请注明出处） 前段时间，财经媒体报道，有近200只「固收+」基金，单位净值在2025年4月创出成立以来新高。 存款、理财收益下降， 「固收+」 受欢迎 什么是「固收+」呢？ 固收比较容易理解，就是固定收益。 例如纯债，就属于固收类品种。 类似的，还有像一些理财也属于这一类。 如果在纯债的基础上，增加少量的股票、可转债等资产，就属于「固收+」类基金。 像365天组合、月薪宝组合，就是「固收+」类品种。 「固收+」，主要由两部分组成： • 固收部分： 通常以低风险的债券类资产为主，主要用来做防守。 这两年，「固收+」类基金品种发展速度比较快。 有朋友问，啥是「固收+」，为啥这类品种越来越受欢迎了？现在还能买吗？ • +的部分： 通常会增加股票、可转债等风险和收益更高的品种，用来 提升收益，这部分做进攻。 那「固收+」这两年为啥逐渐受欢迎？ 原因也很简单，人民币资产进入了超低利率时代。 截至2025年6月17日，10年期国债只有1.6%-1.7%的利息收益率。 规模更大的存款，收益率就更低了。 前段时间几大国有银行也统一降低了存款利率。 传统纯固收，能提供的收益率越来越低。 当年日本也经历 ...

Group 1 - The importance of diversified asset allocation strategies is increasing in the current low interest rate and high market volatility environment, with "fixed income +" funds becoming mainstream [1] - As of the end of Q1 2025, there are 1,459 "fixed income +" funds with a total scale of 1.46 trillion yuan, representing an 11.36% increase from the end of Q4 2024 [1] - The "fixed income +" fund managed by Changcheng Fund, Changcheng Jili, aims for a dynamic balance of major asset classes to pursue optimal risk-return solutions, with a clear product positioning [1][2] Group 2 - Since its establishment on September 22, 2023, Changcheng Jili A has shown stable characteristics across market cycles, achieving a cumulative return of 6.47% as of the end of Q1 2025, outperforming the secondary bond fund index [2] - The fund's strong performance is attributed to the professional management of its manager, Ma Qiang, who has 13 years of experience in the securities industry and over 9 years in public fund management [2] - Ma Qiang aims to create a product with low volatility, small drawdowns, and long-term growth characteristics, focusing on risk prevention in the fixed income portion and diversifying sources of returns [3] Group 3 - In the fixed income segment, Ma Qiang emphasizes the importance of high-grade credit bonds and adjusts the portfolio duration based on market interest rates, prioritizing risk prevention [3] - In the equity enhancement segment, the strategy involves selecting relatively low-priced convertible bonds and high-quality stocks in high-growth industries, with a focus on diversification across sectors, individual stocks, and investment styles [3] - The current market environment suggests that value and dividend assets may offer higher certainty from both profitability and valuation perspectives [3]

Overall Performance - As of June 12, the average yield of public pure fixed-income products with a duration of 2-3 years was 3.44%, a slight decrease of 0.08 percentage points compared to May 8 [4] - The average annualized yield of public cash management products was 1.51%, while foreign currency cash management products had an average yield of 3.94% [12] Highlights of Products - Among 659 public pure fixed-income products, 633 achieved positive quarterly returns, representing 96.05% [4] - The highest yield in the pure fixed-income category was from "Huangyin Wealth Happiness 99 Prosperity Fixed Income 23003" with a net growth rate of 4.98% [4] - The second highest was "Huangyin Wealth Happiness 99 Longevity 23001" with a net growth rate of 4.82% [4] - The top three products in the "fixed income + options" category had yields of 1.52%, 1.20%, and 1.17% respectively, with the highest being "Zhaoyin Wealth Zhaorui Global Asset Momentum Two-Year Fixed Income Plan A" [9] Investment Preferences - Many top-performing products favored urban investment bonds, with some allocating a portion to non-standard assets [5] - A notable product, "Nongyin Wealth Anxin Linglong 2023," heavily invested in financial bonds, particularly those issued by securities companies, comprising 35.5% of its total assets [5] - Some products featured cycle dividends, such as "Huiyin Wealth Anxin Fixed Income Product 230280," which offers cash dividends after one and two years [5] Cash Management Products - The highest average seven-day annualized yield for cash management products was 2.95% from "Suyin Wealth Qiyuan Cash 3" [13] - The second highest was "Suyin Wealth Qiyuan Currency 1," with a yield of 2.92% [13] - The third was "Huaxia Wealth Cash Management Product 83," yielding 2.84% [13]

Group 1 - The bond market has shown significant recovery since June, leading to increased investment in bond funds, with 99% of bond funds achieving positive returns in the month [1][2] - Over three trading days, 2448 bond fund products reached historical net value highs, representing over 60% of the total, with 76% of bond funds achieving this milestone within the month [3] - The inflow of funds into bond ETFs has accelerated, with a net inflow of 319.79 billion yuan in the first half of June, surpassing the total inflow for April [5] Group 2 - The demand for bond funds has improved, with many funds initiating purchase limits due to increased interest, as at least 127 bond funds announced restrictions on large purchases [3][5] - Fund companies are focusing on marketing bond funds, particularly pure bond products, to meet their semi-annual scale targets [5] - The current market sentiment is favorable for bonds, with expectations of continued low interest rates and potential opportunities for buying if short-term rates rise due to concerns about bank liabilities [6][7]

首推一级战配及打新，二级配置聚焦"优质内需资产+景气度修复资产"两条主线 中信建投发布研报称，本轮REITs牛市主要由三大核心因素驱动：无风险利率下行、机构强配置诉求增 强、部分资产抗周期优势突出。展望后市，市场供需矛盾仍存在，政策红利待释放，预计C-REITs未来 有望走出"扩容启动-估值提升-均衡平稳"的三阶段，期间市场仍将维持高估值，同时各业态分化将持 续。持续看好C-REITs在"资产荒"环境下作为核心资产的稀缺性、优质性，首推一级市场的网下打新及 战略配售，二级市场配置建议聚焦"优质内需赛道+景气度修复资产"两条主线。 持续看好C-REITs在"资产荒"环境下作为核心资产的稀缺性、优质性，首推一级市场的网下打新及战略 配售。下半年市场压力与动力并存，有望在波动后再创新高。建议聚焦"优质内需赛道+景气度修复资 产"两条主线。包括政策性保租房、消费、市政环保等稳健运营的赛道;以及运营管理能力较强的厂房资 产、出租率持续提升的仓储物流资产、车流量持续向好的高速资产。 中信建投主要观点如下： 风险分析 REITs市场再创新高，三大因素推动本轮牛市 1、审批及发行进展不及预期的风险;2、政策出台不及预期的风险 ...

Core Viewpoint - The recent interest rate cuts have led to increased investments in bank wealth management products, particularly "fixed income +" products, which offer a balance of risk and return, attracting more investors [1][2] Group 1: Market Trends - The average payout yield of wealth management products is now higher than bank deposit rates, leading to a noticeable "deposit migration" phenomenon and a recovery in the wealth management market size [2] - According to CITIC Securities, the scale of bank wealth management is expected to rise by 340 billion yuan to 31.6 trillion yuan by May 2025, reflecting a 1.09% quarter-on-quarter growth and a 7.25% year-on-year growth [2] - As interest rates decline, the appeal of pure fixed income products diminishes, prompting a shift towards diversified asset allocation, with "fixed income +" products becoming increasingly mainstream [2][3] Group 2: Product Characteristics - "Fixed income +" products are designed to provide stable returns while hedging against risks, utilizing a structure that combines bonds with diversified assets [4] - Recent trends show banks launching structured products linked to U.S. Treasury bonds or gold options to attract investors with higher return potential [4] - The "fixed income + gold" strategy aims to control risks with stable fixed income assets while capturing market opportunities through flexible equity allocations [4] Group 3: Investor Behavior - Investors are increasingly seeking asset safety due to market volatility influenced by global geopolitical factors, leading to a higher proportion of conservative product allocations [3] - The current low-interest and high-volatility environment encourages investors to diversify their asset allocations away from traditional savings [2][3] Group 4: Risks and Considerations - Despite the advantages of "fixed income +" products, investors must remain aware of market changes and currency fluctuations that could impact returns [5][6] - The potential for short-term losses or yield fluctuations exists, as these products still invest in stocks and bonds, relying on risk premiums for returns [5][6] - Investors are advised to focus on product details such as underlying asset allocation and historical maximum drawdowns rather than solely relying on the "fixed income +" label [6][7]

Core Viewpoint - The investment philosophy of Morgan Asset Management's China Bond Investment Director emphasizes the importance of proactive risk management and creating a defensive investment strategy in a low-interest-rate environment [1][2]. Group 1: Investment Strategy - The investment team focuses on strict drawdown control and detailed strategy layout to create a "defensive bottom warehouse" for investors [1]. - Zhang Yige has developed a dual-track risk control mechanism that emphasizes proactive risk assessment through real-time monitoring of market sentiment, policy signals, and yield curve shapes [2]. - The Morgan Rui Xin interest rate bond fund, launched in May 2024, exclusively invests in government bonds and policy financial bonds to avoid credit risk, targeting investors who wish to completely avoid credit risk [2]. Group 2: Fund Performance - Since its establishment, the Morgan Rui Xin interest rate bond fund has achieved a net value growth of 4.19% as of May 30, 2025, outperforming its benchmark return of 2.92% [3]. - The fund's one-year return is 4.10%, exceeding the benchmark of 2.80% and the Wind long-term pure bond index of 3.01% [3]. - The fund's maximum drawdown over the past year was -0.70%, significantly better than the average maximum drawdown of -1.56% for similar funds [3]. Group 3: Team and Resources - Morgan Asset Management has over $3.7 trillion in assets under management globally, with more than 310 fixed income research personnel [4]. - The China team combines global perspectives with local characteristics, with an average industry experience of over 10 years [4]. Group 4: Market Outlook - Zhang Yige identifies fiscal policy direction as a key variable affecting the bond market, with trade negotiations potentially influencing fiscal stimulus [5]. - The monetary policy is expected to remain accommodative but moderate, leading to continued market fluctuations and lower return expectations [5]. - Concerns about the impact of increased supply of ultra-long-term government bonds on the market are mitigated by stable long-term bond yields, with the core focus being on supply-demand dynamics [5].

Core Viewpoint - The significant loss in fund value from 100 yuan to 58 yuan can be attributed to various factors including market volatility, leverage products, and high fees incurred during the holding period [3][8]. Group 1: Reasons for Principal Loss - Market Volatility: A fund purchased at a net value of 1.0 can drop by 40% during the holding period, resulting in a selling price of 0.6, leading to a loss after fees [3]. - Leverage Products: Funds with enhanced features can yield high returns in a rising market but may incur 1.5 to 2 times the losses during market downturns [3]. Group 2: Fee Deductions - Subscription Fee: A-class funds charge a subscription fee of 0.15%, which amounts to 0.15 yuan on a 100 yuan investment [3]. - Redemption Fee: A minimum of 1.5% is charged if the fund is held for less than 7 days, equating to 1.5 yuan on a 100 yuan investment [3]. - Management and Custody Fees: With an annualized fee of 1.5%, approximately 0.37 yuan is deducted for a 90-day holding period [3]. - Sales Service Fee: C-class funds incur an annualized fee of 0.4%, resulting in about 0.1 yuan deducted over 90 days [3]. - Total Fees: The cumulative fees amount to 2.12 yuan, leading to a final value of 58 yuan after accounting for a 38% drop in net value [3]. Group 3: Risk Considerations - Fund Liquidation Risk: Funds with a continuous size below 50 million may face liquidation risks, potentially leading to a sharp decline in net value [5]. - Currency Fluctuation: Investors in overseas QDII funds must manage the risks associated with currency appreciation and the combined losses from overseas stock declines and currency depreciation [5]. Group 4: Fund Management Strategies - Fund Analysis: Investors should log into their purchasing platform to review transaction records, focusing on net value and fee details [5]. - Stock Position Review: By entering the fund code on brokerage platforms, investors can check the underlying stocks and assess any significant losses in major holdings [5]. - Investment Recommendations: For funds held over two years, investors may consider waiting for industry rotation. For problematic funds, transitioning to money market or bond funds is advisable [5][6].

Core Viewpoint - The recent performance of the "fixed income +" products, particularly the Bank of China APP's multi-asset allocation product, is evaluated amidst market fluctuations, with a focus on its returns and risk management [1][4]. Group 1: Product Performance - The product, established in Q4 2022, has shown an annual return of 2.99% in 2023 and is expected to achieve 4.21% in 2024 due to favorable bond market conditions [4]. - Since its inception, the annualized return stands at 3.64%, which is considered low given the expectation for higher returns from equity investments [4]. - The product's net value increased significantly at the end of September last year, benefiting from the stock market's performance despite a downturn in the bond market [4]. Group 2: Risk and Evaluation - The product received a score of 50 for returns, 95 for risk control, 26 for risk-adjusted returns, and 86 for overall fee rate, ranking it 208th, 360th, 372nd, and 218th respectively among 656 similar products [7]. - The overall score of 66 indicates that it outperformed 55.79% of similar financial products [7]. Group 3: Comparative Analysis - A previously evaluated product from China Merchants Bank, which had an annualized return of 8% shortly after its launch, has seen a decline to 5.83% recently, highlighting the potential for exaggerated short-term performance in newly established products [7]. - Another product from Agricultural Bank, which benefited from stock market conditions, achieved a return of 10.41% in the last three months but has since stabilized with an annualized return of 2.64% [8].

以下文章来源于公募排排网 ，作者排排产品研究中心 公募排排网 . 看财经、查排名、买基金，就上公募排排网，申购费低至0.001折。 本文首发于公众号"公募排排网"。（点击↑↑上图查看详情） 一、监管明确导向，"固收+"迎来政策红利 2025年5月，证监会发布《推动公募基金高质量发展行动方案》，明确提出："加大含权中低波动型产品、资产配置型产品创设力度"。直指投 资者获得感提升的核心命题。 "固收+"策略作为符合这一特征的公募产品，将迎来政策红利带来的增量资金支持，或将成为直接受益者。事实上，早在今年一季度，部分机 构的"固收+"基金销量便已突破百亿元规模，政策方向与市场行为正在互相验证。 （点此查看 近五年收益10强"固收＋"公募基金名单 ） 二、利率下行加剧"理财替代需求"，"固收+"成为缓冲核心工具 近几年"固收+"策略基金受到投资者青睐，主要还是因为传统无风险理财的收益空间被快速压缩。 自2022年以来，外部环境面临较大不确定性，国内稳增长政策背景下，主要金融机构已多次降息。截至目前，多家大型股份制银行宣布活期 利率下调至0.05%，一年期存款利率已普遍跌破1%关口。 （数据来源：中国银行官网 2025 ...