1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report In 2025Q1, the overall performance of fixed - income + funds was mediocre, with a median yield of 0.29%. The scale of fixed - income + funds increased significantly, and their proportion in broad - based bond funds rose by 2 percentage points. The growth was mainly contributed by moderately convertible bond - enhanced and stock - enhanced products. High - performing products over - allocated technology stocks and manufacturing - related convertible bonds, and some leading products showed strong scale expansion capabilities [1][2]. 3. Summary by Relevant Catalogs 3.1 2025Q1 Fixed - income + Scale Proportion Significantly Rebounded - The performance of fixed - income + funds grew steadily in 2025Q1. The total scale increased to 138.0734 billion yuan, a quarter - on - quarter increase of 15.6029 billion yuan. The proportion in broad - based bond funds rose by 2 percentage points, the first significant rebound since 2022Q1, indicating market favor [2]. - The growth in scale was mainly contributed by moderately convertible bond - enhanced and stock - enhanced products. In 2025Q1, the scale of moderately convertible bond - enhanced, stock - enhanced, and convertible bond funds increased. The moderately convertible bond - enhanced scale increased by 9.4608 billion yuan, the stock - enhanced scale by 6.6139 billion yuan, and the convertible bond fund scale by 0.3438 billion yuan compared to 2024Q4 [2]. 3.2 High - performing Products Over - allocated Technology Stocks & Manufacturing - related Convertible Bonds 3.2.1 High - performing Funds' Convertible Bond Positions Were Highly Differentiated - Among stock - enhanced funds, high - performing products had an average yield of 1.54% in 2025Q1. Guotai Shuangli Bond had the highest yield of 5.49%, and Nongyin Ruikang 6 - month Holding had a yield of 2.52%. The average scale of high - performing stock - enhanced funds was 4.688 billion yuan, with 3 products exceeding 10 billion yuan [26]. - In terms of stock and convertible bond positions, the stock positions of high - performing stock - enhanced funds were mostly between 10% - 20%, with an average of 15.65%. The convertible bond positions varied greatly, with 3 products having over 10% and 7 products having less than 1% [27]. - Among convertible bond - enhanced funds, high - performing products had an average yield of 3.13% in 2025Q1, outperforming stock - enhanced products. Jinying Yuanfeng ranked first with 7.81%, followed by Nanfang Guangli Return with 6.29%. Some high - performing products also had relatively large scales [31]. - High - performing convertible bond - enhanced funds showed significant differentiation in stock and convertible bond allocation strategies. The average stock position was 10.70%, and the average convertible bond position was 52.16% [32]. 3.2.2 Asset Allocation of High - performing Funds: Over - allocation of Technology Stocks and Balanced Convertible Bonds - High - performing funds had a pure - bond position of 46.2%, a stock position of 14.5%, and a convertible bond position of 23.1%. Their high returns came from over - allocating technology stocks, reducing financial stock positions, and over - allocating manufacturing - related and balanced convertible bonds [37]. - In terms of equity asset industry distribution, high - performing funds over - allocated technology stocks by 7.2 percentage points, cycle and pharmaceutical stocks by 3.3 and 0.5 percentage points respectively, and under - allocated financial stocks by 8.3 percentage points compared to the overall market [37]. - In terms of convertible bond industry distribution, high - performing funds over - allocated manufacturing - related convertible bonds. In terms of convertible bond types, they over - allocated balanced convertible bonds by 5.3 percentage points compared to the overall market [41]. 3.3 Leading Products Showed Strong Scale Expansion Capabilities - On average, 31.0% of stock - enhanced and 54.2% of convertible bond - enhanced funds achieved net scale growth. Some products had significant scale increases, such as Huaxia Wenxiang Zengli 6 - month Rolling in stock - enhanced funds and Zhongyin State - owned Enterprise Bond in convertible bond - enhanced funds [44]. - Many leading products had large scales. For example, E Fund Yuxiang Return in stock - enhanced funds and Invesco Great Wall Jingyi Shuangli in convertible bond - enhanced funds had large sizes [45]. - By fund company, China Europe Fund had the fastest - growing fixed - income + fund scale, with an increase of 15.461 billion yuan. After the scale changes, E Fund, Invesco Great Wall Fund, and Fullgoal Fund ranked in the top three in terms of the stock scale of fixed - income + products [48][50]. 3.4 Appendix 3.4.1 Fixed - income + Funds Increased Holdings of Financial Stocks, and the Duration of Pure Bonds Narrowed - In 2025Q1, the pure - bond position of fixed - income + funds rebounded, while the convertible bond position decreased. The proportion of pure bonds increased by 1.4 percentage points, stocks by 0.4 percentage points, and convertible bonds decreased by 1.6 percentage points quarter - on - quarter [53]. - In terms of equity holdings, the proportion of financial stocks increased by 2.2 percentage points, while cycle and manufacturing stocks decreased by 2.1 and 1.8 percentage points respectively compared to 2024Q4 [56]. - In terms of convertible bond holdings, fixed - income + funds increased holdings of manufacturing and cycle convertible bonds and decreased holdings of financial convertible bonds. The proportion of balanced convertible bonds increased by 5.4 percentage points [59][60]. - In terms of pure - bond holdings, the position of financial bonds increased, while the positions of interest - rate and credit bonds decreased. The weighted average duration of pure bonds narrowed by 0.88 years quarter - on - quarter [65]. 3.4.2 Introduction to Fund Classification Method - The classification is mainly based on the average stock investment ratio, average convertible bond investment ratio, and other data. For funds that can invest in stocks, those with an average stock investment ratio greater than 20% are excluded, and different types of fixed - income + and pure - bond funds are classified according to specific rules [70]. - For funds that cannot buy stocks, they are classified into pure - bond and convertible bond - enhanced funds based on the average convertible bond investment ratio [71]. - Funds with "convertible bond" in their names are classified as convertible bond funds [72].