债券研究 证 券 研 究 报 告 【债券深度报告】 一二级债基增配转债，转债基金仓位提升 ——25Q4 公募基金可转债持仓点评 ❖ 公募基金持有转债仓位回落，加仓银行及电子转债 2025Q4 公募基金持有可转债市值 3082.51 亿元，环比减少 2.63%，但同比增加 7.24%。公募基金持有可转债市值占债券投资市值比为 1.46%，较 25Q3 降低 0.11pct；占净值比为 0.83%，较 25Q3 降低 0.04pct。 一级及二级债基增持。25Q4 股票型、混合型和债券型基金持有转债的市值分 别-9.08%、-11.55%、-1.92%至 8.25 亿元、196.86 亿元、2875.95 亿元。债券型 基金中，二级债基、一级债基、可转债基金持有转债市值分别+3.69%、+2.54%、 -3.67%至 1105.66、663.91、500.68 亿元；混合型基金中，灵活配置型和偏债混 合型持有转债市值分别为+1.53%和-17.88%至 63.61、102.35 亿元。 从变化的绝对金额上来看，各一级分类基金持转债市值均有所减少，股票型基 金持仓市值微降 0.82 亿元，但在本身体量偏小的影响下， ...

Group 1 - A significant wave of over 50 trillion yuan in resident fixed-term deposits is set to mature in 2026, creating a dilemma for investors in a low-interest environment [1][30] - Investors are hesitant to move funds into the stock market due to volatility, leading to increased interest in "fixed income +" products among conservative investors [1][30] - The growth in the scale of rights-based bond funds and FOFs in 2025 indicates a market preference for diversified asset allocation to achieve stable returns [2][30] Group 2 - By the end of 2025, the total asset scale of public funds reached 376,309.11 billion yuan, with a growth of 52,359.32 billion yuan, marking a 16.2% increase [3][31] - Over 95% of rights-based bond funds achieved positive returns in 2025, highlighting "fixed income +" as a core strategy for low-risk capital seeking stable enhancement [3][31] Group 3 - The "fixed income +" strategy is characterized by using bonds as a "shield" for stable coupon income while capturing market growth opportunities through equities [4][32] - The "Guotai Xinxiang Stable" product is positioned as a low-volatility "fixed income +" fund, with at least 80% in bonds and a maximum of 20% in stocks [5][33] Group 4 - The historical performance of "Guotai Xinxiang Stable A" shows a cumulative return of 13.88% since manager Mao Liwei took over, outperforming the average of similar funds [11][39] - The maximum drawdown after strategy adjustments in May 2025 was only -0.47%, significantly lower than the average of similar funds at -1.66% [12][40] Group 5 - The fund manager, Mao Liwei, has 13 years of experience in securities and 10 years in investment management, focusing on risk-return balance and comprehensive asset allocation [15][43] - The fund's six-month rolling holding period is designed to enhance operational efficiency and investment experience for both managers and investors [16][44] Group 6 - The market outlook suggests slight fluctuations in the bond market, with stable funding support, while the equity market may see opportunities in the AI sector [17][46] - The fund's risk control measures include a multi-dimensional risk management system, focusing on high-grade credit bonds and diversified equity holdings [19][47] Group 7 - The "Guotai Xinxiang Stable" product is suitable for investors with idle funds seeking stable returns above money market funds and bank wealth management products [20][48] - It is also appropriate for risk-averse investors who cannot tolerate significant equity market fluctuations and prioritize capital preservation [21][49]

2025年以来，A股市场波动上行，结构性分化日益明显，叠加债市转入震荡的环境，可转债基金、"固 收+"产品凭借稳健与弹性兼具的特性，受到投资者关注。 具体来看，南方昌元可转债债券A定位可转债基金，在此框架上，刘文良的"搭积木"策略表现为当需要 进攻性时，偏股型和平衡型积木占比会增大；当需要规避风险时，会重点布局大盘波段积木，提高偏债 型转债比例。南方广利回报债券A/B定位多资产"固收+"产品，其调整策略主要体现在两方面，一是转 债仓位的分配，二是债券方面调整组合的久期。 回顾管理产品的业绩表现，刘文良将其归因于对科技成长和周期方向的积极把握。科技方向上，他认为 以AI人工智能、具身智能、智能驾驶、军工无人化信息化智能化、创新药等为代表的大产业周期趋 势，是值得基金经理长期关注的方向；周期方向上，有色、机械、化工等中上游行业总能找到下游需求 走强带来的细分行业和个股机会。 "目前泛科技的产业周期，包括AI、创新药、军工无人化信息化智能化等，都是3至5年维度的产业上行 周期。同时，我也关注周期成长，包括有色、化工、机械，更加重视需求驱动的机会而不是纯供给侧的 逻辑。"刘文良强调。 以"搭积木"思维 构筑资产配置结 ...

近日，银行业理财登记托管中心发布《中国银行业理财市场年度报告（2025年）》（以下简称"报 告"）。报告显示，截至2025年末，理财市场存续规模达33.29万亿元，较去年初增长11.15%；理财产品 全年为投资者创造收益7303亿元，平均收益率为1.98%。更多投资者进入银行理财市场"掘金"，截至 2025年末，持有理财产品的投资者数量已达1.43亿，较年初增长14.37%。 "2025年，理财市场规模实现较快增长，创历史新高。在债市波动增加以及监管趋严的背景下，银 行理财经营模式持续调整，资产配置与产品结构均出现明显变化。"民生银行首席经济学家温彬表示， 展望2026年，银行理财有望再次迎来规模增长大年，理财机构需把握窗口期。 市场规模与投资者数量"双增" 根据普益数据测算，截至2025年末，"固收+"理财存续规模同比增长16%至10.8万亿元，高于固定 收益类10.9%的整体增速。 素喜智研高级研究员苏筱芮认为，固收类理财产品存在较高的占比，较为契合理财市场主流客群的 理财需求。"个人投资者占据绝大多数与产品以固收类为主，是当下银行理财市场最为典型的两个特 征。个人投资者多具有较低的风险偏好，以追求绝对收 ...

2月26日起，入选中国银行"慧投计划"的招商智盈优选6个月持有期混合FOF（A类：026584，C类： 026585）将正式发行。该基金拟由管理经验丰富的资产配置能手章鸽武掌舵，通过A股、中债以及全球 股票、QDII海外债基、商品期货（黄金ETF）、REITs、互认基金等进行全球多元资产配置，整体组合 结构以80%固收资产打底、20%风险资产增强业绩弹性，以"固收+"FOF进行运作，在拓宽收益来源、力 求分散风险的同时，追求资产的稳健增值。 中行"慧投计划"再出新品 助力多元配置需求 作为一只偏债混合型FOF，招商智盈优选6个月持有期FOF产品设计为"债80%+股13%+活期存款5%+黄 金2%"策略，合同约定权益类资产不超过30%，投资范围可覆盖A股、中债、港股、美股、美债、商品 以及另类资产等，把握全球投资机会，分散资产布局，力争精准匹配低利率环境下客户的稳健投资需 求。该基金拟配置较大比例债券资产，追求获取相对稳定的收益；适度配置权益类资产，寻求额外的收 益来源；组合注重多元资产配置，除A股、中债外，关注全球股票、QDII海外债基、商品期货（黄金 ETF）、REITs、互认基金等投资机会，审慎把握全球投 ...

作为高波"固收+"代表，鹏华可转债（A类000297）聚焦可转债赛道，在控制下行风险的同时，为投资 者提供了分享权益市场上涨潜力的工具，满足了进取型配置需求，全年规模实现24.59亿元的显著增 长。据银河证券数据，截至2025年末，鹏华可转债A过去10年、7年、3年、1年净值增长率分别为 94.69%、141.00%、31.29%、33.11%，在可转换债券型基金(A类)中排名1/14、1/26、9/38、4/38，彰显 了在可转债这一高波赛道中卓越的主动管理能力。 长期业绩穿越周期，获权威五星评级认可 鹏华旗下核心"固收+"产品规模的持续增长，源于其穿越周期的坚实业绩支撑。根据基金定期报告，在 多年牛熊更迭的市场环境中，鹏华旗下多只产品展现出良好的投资管理实力，尤为突出的是，部分产品 创造了连续多年实现年度正收益的长期纪录，例如： 过去一年，随着权益市场持续回暖，"固收+"基金迎来快速发展期。据中金公司统计，截至2025年末， 全市场"固收+"产品存量规模达3.0万亿元，创下历史新高，较2024年末增长56%。在这一轮增长中，二 级债基贡献了主要增量，反映出投资者在稳健底仓基础上增强收益弹性的配置需求正加速 ...

Core Insights - The article highlights the strong performance of "fixed income + equity" products in a volatile market, with a focus on the leading product from Xingyin Wealth Management, which has shown significant returns and low volatility [1][2][3]. Group 1: Market Overview - The bond market in 2026 is characterized by low interest rates, high volatility, and structural differentiation, leading to a fluctuating market environment [1]. - The equity market, particularly A-shares, has experienced rapid sector rotation and significant structural differentiation, increasing the difficulty of single-asset investments [1]. Group 2: Product Performance - Xingyin Wealth Management's "Fengli Xingdong Multi-Strategy Resource Advantage 3-Month A" product achieved a net value growth rate exceeding 7% over the past year, with a maximum drawdown of less than 1% and an annualized volatility of only 1.38% [2][3]. - The product's performance significantly outperformed its benchmark, which had a fluctuation of only 1.6% during the same period [3]. Group 3: Investment Strategy - The product aims for relative returns and employs a balanced asset allocation strategy, focusing on cyclical and technological sectors that are currently in the market's spotlight [5]. - The management team emphasizes a diversified approach to asset allocation, avoiding over-reliance on any single industry or growth driver [4][5]. Group 4: Asset Scale and Trust - The product has an asset scale exceeding 2.248 billion, making it one of the larger and more trusted products in its category, achieving both performance and scale excellence [4]. - The product's strategy allows it to adapt to market changes and macroeconomic cycles, providing a more resilient investment option for investors [6].

Core Viewpoint - The article highlights the performance of "fixed income + equity" financial products in a volatile market, emphasizing the strong performance of the top-ranked product from Xingyin Wealth Management, which achieved a net value growth rate exceeding 7% over the past year [6][12]. Group 1: Product Performance - Xingyin Wealth Management's "Fengli Xingdong Multi-Strategy Resource Advantage 3-Month A" product leads the market with a net value growth rate of 7.11% and a maximum drawdown of only 0.85% [2][6]. - Other notable products include "Puxiang Zengyi 3-Month Shortest Holding Period 4 A" from Puxin Wealth Management and "Flexible Growth Add Profit Daily Open 90-Day Holding Period 8 D" from Ping An Wealth Management, both achieving over 6% net value growth [6][12]. Group 2: Market Context - The bond market is characterized by "low interest rates, high volatility, and structural differentiation," while the equity market shows significant fluctuations and rapid sector rotation, making single-asset investments more challenging [6][12]. - The "fixed income +" financial products are gaining popularity among investors as they adapt to the current macroeconomic environment through cross-market and multi-asset allocation strategies [6][12]. Group 3: Product Strategy - The top product aims for relative returns with a risk level classified as medium, utilizing a benchmark that combines bond and equity indices [7][10]. - The product's investment strategy focuses on balanced asset allocation across various sectors and stages of growth, avoiding over-reliance on any single industry or driver [10][11]. Group 4: Asset Management Insights - The product has a substantial asset scale of over 2.2 billion, reflecting investor confidence in its stable performance [10][11]. - The investment focus includes sectors with resource monopolies and technology, which are seen as key drivers of long-term economic growth amid macroeconomic uncertainties [11][12].

Core Viewpoint - The A-share market is experiencing a structural trend driven by technological advancements and policy expectations, while the bond market is undergoing a range-bound fluctuation, testing investors' decision-making abilities. The "fixed income +" strategy is increasingly favored by investors as a tool to navigate through cycles [1][8]. Group 1: Market Overview - In early 2026, the A-share market continues to show structural trends influenced by technology and policy expectations [1][8]. - The bond market is characterized by a range-bound fluctuation, with a "top" and "bottom" scenario, challenging investors' decision-making [1][8]. - The "fixed income +" strategy is gaining traction among investors for its ability to provide both offensive and defensive opportunities [1][8]. Group 2: Insights from Zhang Yongzhi - Zhang Yongzhi, General Manager of the Multi-Asset Investment Department at Huashang Fund, has nearly 20 years of experience in the securities industry, focusing on macro asset allocation and the development of "fixed income +" products [3][11]. - His investment style emphasizes a balanced approach, aiming for long-term sustainable returns while capturing certain opportunities in equity investments based on valuation [3][11]. Group 3: Bond Market Analysis - In Q4 2025, the bond market showed stable overall performance, with a steepening yield curve. Short-term bonds benefited from a loose funding environment, while medium to long-term bonds faced adjustments due to rising inflation expectations [4][12]. - The convertible bond market exhibited characteristics of both bond market liquidity and equity market risk appetite, with performance influenced by underlying stocks, particularly in growth sectors driven by industrial policies [4][12]. Group 4: Equity Market Analysis - The equity market is experiencing an upward shift in its oscillation center, with significant trading volume during periods of favorable policies. The market is characterized by a "high-low" process, driven by policy support and a search for sectors with marginal improvements in fundamentals [5][12]. - Strong performance continues in technology sectors, while defensive and high-dividend sectors like coal and banking are gaining attention in the current market environment [5][12]. Group 5: 2026 Outlook - Looking ahead to 2026, despite the recent rise in A-shares, the "stock-bond value ratio" indicates that equity prices still hold investment value, providing a rationale for medium to long-term capital allocation to equity assets [5][13]. - The investment philosophy emphasizes independent thinking and a long-term perspective, aiming to create stable returns for investors through flexible asset allocation and strict credit risk control [5][14].

Group 1 - The A-share market is experiencing a structural trend influenced by technological waves and policy expectations, while the bond market is testing investors' decision-making abilities in a fluctuating environment [1] - The "fixed income +" strategy is becoming a preferred tool for many investors to navigate through cycles, characterized by its ability to both seize opportunities and mitigate risks [1] - Zhang Yongzhi, a seasoned expert with nearly 20 years of experience in the "fixed income +" field, emphasizes a macro perspective on asset allocation to pursue long-term sustainable returns [1][3] Group 2 - In Q4 2025, the bond market showed stable overall performance, with a steepening yield curve; short-term bonds benefited from a loose funding environment, while medium to long-term bonds faced adjustments due to rising inflation expectations [2] - The convertible bond market exhibited characteristics of high-priced stocks, with performance influenced by both the liquidity environment of the bond market and the risk appetite of the stock market [2] - The equity market is characterized by an upward oscillation, with significant trading volume during periods of favorable policies; sectors such as technology and cyclical stocks are highlighted for their defensive and allocation value [3] Group 3 - Despite the recent rise in A-shares, the "stock-bond value ratio" indicates that the stock market still holds allocation value, providing a rationale for long-term capital to invest in equity assets [3] - Zhang Yongzhi advocates for independent thinking and a focus on absolute returns in a complex market environment, aiming to create long-term stable returns through flexible asset allocation and strict credit risk control [3]