数据显示，10月9日当天共计有23只基金开启发售，定档10月份发行的新基金数量接近70只，其中不乏 一些绩优基金经理挂帅的主动权益基金。 从新发基金类型看，主动权益基金、指数基金、含权债基成为发行主力，有望为权益市场持续带来增量 资金。 绩优基金经理挂帅 基金公司冲刺四季度新基金发行收官。 国庆中秋"双节"后，新基金发行迎来发售高潮，基金管理人迎来本年最后的"决战季"。 值得注意的是，目前定档10月发行的债券基金中，均为二级混合债基金，属于固收+基金，无一只产品 为纯债基金。含权债基发行提速。 数据显示，已有19只主动权益基金定档节后发行，其中不乏由一些今年业绩表现突出的基金经理挂帅。 今年前三季度，科技主题基金业绩表现强势，一些基金公司在四季度加大布局此类主题基金，锚定科技 大行情。如广发基金基金经理观富钦担纲发行广发信息产业，彭凌志领衔发行国泰半导体制造精选，马 翔和马磊共同管理的汇添富港股通科技精选拟于10月13日开启发行。 闫思倩挂帅的新基金鹏华制造升级于10月9日开启发售。该基金也将成为她在管的第六只基金。闫思倩 管理的鹏华碳中和主题基金今年业绩实现翻倍增长，因此新基金的发售规模以及布局方向备受市场 ...

Core Insights - The article highlights the growing preference for low-volatility fixed income plus (multi-asset) funds among investors due to market fluctuations and structural changes [1][3] - Feng Fan, a unique fixed income plus fund manager at Yinhua Fund, has demonstrated a new trend in managing these products through quantitative methods, achieving better performance than the CSI 300 index in most years [3][10] Investment Strategy - Feng Fan's investment strategy is characterized by a top-down approach, emphasizing a comprehensive view of the market and macroeconomic factors [6][10] - Her educational background in international economics and financial mathematics has equipped her with both macro and quantitative analytical skills, forming a robust investment framework [7][8] Tactical Asset Allocation - Feng Fan focuses on matching asset allocation with the current macro environment rather than making predictions about future economic changes [12] - She aims to optimize the risk-return profile of the portfolio by carefully considering the equity exposure and bond duration [13][15] Risk Management - The risk management process is divided into three phases: pre-event, during the event, and post-event, with specific targets for maximum drawdown based on expected annual returns [19][20] - Feng Fan employs a quantitative system to guide the timing of increasing positions after a drawdown, ensuring a disciplined approach to risk control [22]

Core Viewpoint - The article discusses the strategic choice of developing diversified investments and solid income plus (固收+) funds in response to the declining expected returns of fixed-income assets in a low-interest-rate environment [1][2]. Low-Interest Rate Environment and Solid Income Plus Fund Development - The continuous decline in China's interest rates has led to a decrease in expected returns from fixed-income assets, with the 10-year government bond yield dropping from approximately 3.3% in 2021 to around 1.6%-1.7% by June 2025 [2][3]. - The low-interest-rate environment poses challenges for asset allocation, necessitating a shift towards diversified investments [2][3]. Growth of Solid Income Plus Funds - Solid income plus funds have seen rapid growth, with an increase of 136.4 billion yuan in the first quarter of 2025, surpassing 2 trillion yuan in total size, while pure bond funds decreased by 590 billion yuan during the same period [5]. - The performance of solid income plus funds has been favorable compared to pure bond funds, as indicated by better risk-adjusted returns (Sharpe ratio) [5][6]. International Experiences in Low-Interest Rate Environments - In Japan, the solid income plus fund market grew significantly during low-interest periods, with the scale increasing from approximately 2 trillion yen to 17 trillion yen from 2001 to 2025 [7]. - European solid income plus funds also expanded rapidly, with growth rates exceeding those of pure bond funds during the same low-interest periods [9]. - Norway's sovereign fund reduced its allocation to fixed-income assets while increasing equity investments to achieve higher risk-adjusted returns [12]. Operational Model of Solid Income Plus Funds - The operational model of solid income plus funds should consider the characteristics of the financial market and investors' risk preferences, focusing on three aspects: liabilities, assets, and investment management [14][15]. - Fund management companies should offer products that match different risk-return profiles, catering to both individual and institutional investors [15][16]. Asset Investment Strategies - The investment strategy for solid income plus funds involves two levels: asset allocation between fixed-income and equity assets, and detailed investment within these asset classes [22]. - The correlation between stocks and bonds has become more negative, allowing for better asset allocation advantages [23]. Investment Management Practices - A "1+N" multi-asset management model is proposed, where one asset allocation expert oversees the overall strategy, while multiple team members focus on specific areas [26][27]. - This model enhances collaboration and adaptability, improving the performance and resilience of solid income plus funds in changing market conditions [27][28].

Group 1 - The core viewpoint indicates that the stock market has decoupled from the bond market, with a continued bullish outlook on bonds [1] - The overall profit growth rate for all A-shares in the first half of 2025 has not improved compared to the first quarter, with revenue growth remaining sluggish [1] - Since September 24, 2024, the current stock bull market has lasted nearly one year, with the All A Index doubling in value [1] Group 2 - The bond market has seen a net issuance of 14.3 trillion yuan in the first seven months of this year, with banks increasing their bond investments significantly [1] - The stock bull market has not impacted the total deposits in the banking system, indicating a structural shift in financing needs [1] - The convertible bond index is nearing historical highs, suggesting a cautious optimism for convertible bonds, with future attention on stock market changes and approval for new convertible bond issuances [2] Group 3 - The recommendation is to cherish yields above 2% for 30-year government bonds and 5-year capital bonds, as there may be opportunities to approach 1.6% for 10-year government bonds in the coming months [2] - The recent performance of the Ping An Company Bond ETF (511030) has shown the best control over drawdowns, indicating relative stability and manageable risk [2]

Core Viewpoint - The recent turbulence in the bond market has led to significant redemptions in bond funds, with over 70% of bond funds experiencing net value declines, while the stock market has seen increased inflows and a rise in the Shanghai Composite Index above 3600 points [2][6][12]. Redemption Wave - The bond market has experienced substantial volatility, with the 10-year government bond yield rising from a low of 1.64% in early July to a peak of 1.75% by the end of July, before retreating to around 1.70% in early August [5][6]. - In late July, over 73% of bond funds reported negative performance, with 2821 out of 3872 funds showing losses [6][7]. - Notably, the Industrial Bank's convertible bond fund saw a net value decline of 2.13%, while other funds also reported significant losses [7][8]. Institutional Behavior - The majority of bond fund investors are institutions, particularly bank wealth management products, which have been significant contributors to the recent large-scale redemptions [9][10]. - Following a significant redemption event on July 24, the People's Bank of China intervened with a net injection of 601.8 billion yuan to stabilize the market, which helped to halt the negative feedback loop [10][12]. - Analysts suggest that the redemptions were primarily defensive maneuvers by banks to prevent liquidity crises, rather than a sign of widespread capital flight [10][12]. Market Dynamics - The "see-saw effect" between the stock and bond markets has been a key factor in the recent adjustments, with rising stock market valuations attracting funds away from bonds [12][13]. - The overall risk appetite in the market has increased, leading to a shift in capital from bond funds to equity funds, particularly as the stock market continues to perform well [12][13]. - The bond market's performance has been further pressured by external factors, including rising commodity prices and negative sentiment stemming from economic indicators [13][14]. Future Outlook - Despite the recent turbulence, analysts believe that the bond market is stabilizing, with institutions beginning to resume subscriptions to bond funds as redemption pressures ease [16][17]. - The introduction of a new tax policy on bond interest income starting August 8, 2025, is expected to influence public fund raising positively, as banks may increase their outsourced investments in bond funds [18][19]. - Analysts recommend a balanced approach, suggesting that investors consider "fixed income plus" strategies in the current environment, while also being mindful of the ongoing volatility in both the stock and bond markets [20][21].

Core Viewpoint - In the current low-interest and volatile market environment, fixed income plus (固收+) products are favored by investors for their balance of yield and stability. These products typically allocate at least 80% of assets to bond-related assets for stable returns, while the "+" portion allows for flexible investments in convertible bonds, stocks, IPOs, and commodities to enhance returns while controlling volatility and drawdown [1]. Group 1: Fund Overview - The article introduces two actively managed bond funds primarily investing in pure bonds and convertible bonds, highlighting their differing risk-return characteristics due to variations in portfolio strategies [1]. - Huatai Baoxing Zunhe Bond Fund has been managed by Zhang Ting since November 2017, while Everbright Baodexin Zengli Yield Bond Fund has been managed by Huang Bo since October 2019. Both managers have similar backgrounds in managing insurance and pension products, focusing initially on pure bonds and convertible bonds before expanding to multi-asset management [3][4]. Group 2: Investment Process - Huatai Baoxing Zunhe Bond Fund aims for absolute returns with low volatility, while Everbright Baodexin Zengli Yield Bond Fund targets relative returns, striving to exceed the benchmark yield of the China All Bond Index annually [7]. - Both funds utilize a top-down approach for pure bond allocation, assessing macroeconomic trends and adjusting the allocation of bond types based on liquidity and credit spread changes. Huatai Baoxing typically maintains a credit bond allocation of 45%-85%, while Everbright Baodexin targets 70%-80% [8]. Group 3: Performance Comparison - Over the past year, Huatai Baoxing Zunhe Bond Fund achieved an annualized return of 4.62%, ranking in the top 8% of its category, while Everbright Baodexin Zengli Yield Bond Fund returned 4.80%, ranking in the top 7% [10]. - In the last three years, Huatai Baoxing's standard deviation was 2.07%, ranking in the top 8%, while Everbright Baodexin's was higher at 4.32%, ranking in the top 56% [10]. Group 4: Fee Structure - Both funds have comprehensive fee rates below the industry average, with Everbright Baodexin Zengli Yield Bond Fund having slightly lower fees than Huatai Baoxing Zunhe Bond Fund, primarily due to lower trading costs [11].

Macro Strategy - In Q2 2025, the overall scale of fixed income + funds showed net subscriptions, with significant growth in primary and secondary bond funds, while convertible bond fund scale decreased noticeably [1][9] - The allocation of major asset classes indicates a reduction in the proportion of rights-bearing positions, with an increase in bond and cash assets, while flexible allocation funds increased their stock and convertible bond positions [1][9] - The overall position of public funds in convertible bonds slightly decreased by 0.08 percentage points, while fixed income + funds decreased by 0.54 percentage points, with only convertible bond funds increasing by 0.77 percentage points [1][9] - The concentration of holdings in fixed income + funds decreased, with overweights in basic chemicals, automobiles, non-ferrous metals, agriculture, forestry, animal husbandry, and transportation [1][9] - Fixed income + funds continued to overweight equity bonds, increasing allocations to balanced bonds and large-cap AAA-rated bonds [1][9] Fixed Income Engineering - Key factors influencing the growth rate of bond ETFs include yield, maximum drawdown, Sharpe ratio, market duration preference, and index tracking accuracy [2][10] - The correlation between bond ETF scale growth and yield is positive, indicating that higher yields generally lead to higher scale growth [10][12] - Maximum drawdown and Sharpe ratio also show significant correlations with bond ETF scale growth, suggesting that better risk management and performance lead to increased inflows [10][12] Company Analysis: 瑞鹄模具 (002997) - In H1 2025, the company reported revenue of 1.662 billion yuan, a year-on-year increase of 48.30%, and a net profit of 227 million yuan, up 40.33% [4][12] - The automotive manufacturing equipment business contributed significantly, with a backlog of orders amounting to 4.38 billion yuan, a 13.59% increase from the previous year [4][12] - The company plans to issue 880 million yuan in convertible bonds to expand its R&D and production capacity in lightweight components for new energy vehicles [4][12] Company Analysis: 中国汽研 (601965) - The company is a leading automotive technology research and service platform, with a projected revenue of 5.47 billion yuan in 2025, reflecting a 17% year-on-year growth [5][13] - The implementation of L2 national standards is expected to significantly expand the market for mandatory vehicle inspections, potentially increasing the market size by 50% [5][14] - The company has invested over 2.3 billion yuan in its headquarters and plans to enhance its testing capabilities to capture more market share in the third-party testing certification field [5][14] Company Analysis: 科达利 (002850) - The company anticipates a net profit of 1.8 to 2.1 billion yuan for 2025, reflecting a year-on-year growth of 22% to 20% [6][15] - The company is expanding its product line in robotics and has established a joint venture to produce harmonic reducers, which are expected to contribute significantly to future revenue [6][15] - The company maintains a "buy" rating based on its operational advantages and the potential growth of its robotics business [6][15] Company Analysis: 博瑞医药 (688166) - The company is focusing on the development of oral peptide formulations, with its BGM0504 injection showing promising results in clinical trials [7][16] - The company has extended the lock-up period for its major shareholder's capital increase to 48 months, indicating confidence in its future prospects [7][16] - The projected net profit for 2025 is 260 million yuan, with a strong emphasis on the potential of its oral formulations to capture market share [7][16]

"近年来国内债券ETF快速发展，2024年5月规模突破1000亿元，2025年2月规模突破2000亿元，最新规 模已突破2500亿元。"业内人士表示。 业内人士预计，与国内股票ETF以及海外成熟资本市场相比，国内债券ETF仍有较大的发展空间，未来 债券ETF规模将会进一步扩大。 快速增长 自2013年3月5日国内第一只债券ETF——国泰上证5年期债券ETF成立以来，债券ETF市场一度发展缓 慢，前5年总共发行了3只债券ETF。 21世纪经济报道特约记者庞华玮 广州报道 今年以来，债券型ETF迎来显著增量资金，目前总规模已跨过2500亿元大关。 国泰基金认为，债券型ETF凭借持仓透明、交易灵活、风险可控等特性，正成为资产配置的重要工具。 随着居民资产配置从存款向权益类资产转移，债券ETF有望成为连接传统储蓄与资本市场的重要桥梁。 不过，近年来债券ETF驶入快车道。2024年5月17日，债券ETF首次突破千亿元大关。之后不到9个月， 2025年2月7日，债券ETF再度突破2000亿元大关。又过了3个月，5月9日，债券型ETF总规模再度跨过 2500亿元大关，达到2531.29亿元。 Wind数据显示，债券型ETF ...

Performance Insights - In Q1 2025, convertible bond funds achieved a median return of 3.48%, outperforming pure bond funds which had a median return of -0.19%[1] - The first quarter saw significant growth in the scale of convertible bond funds, reaching 98.4 billion CNY, an increase of 3.6% from the previous quarter[2] - The excess return of convertible bond funds was highlighted, with a 25th percentile excess return of 1.72%[8] Fund Size and Positioning - The scale of first and second-tier bond funds increased by 331 billion CNY and 871 billion CNY, reaching 7686 billion CNY and 7692 billion CNY respectively in Q1 2025[2] - Convertible bond fund positions increased by 0.32 percentage points to 91.24%, marking a historical high[2] - Traditional bond funds saw a reduction in convertible bond positions, with first-tier bond funds decreasing by 0.04 percentage points to 8.65%[22] Market Trends and Strategies - Public funds focused on increasing positions in sectors like AI and photovoltaic components while reducing exposure to banks and brokerages[34] - The overall market environment in April 2025 is characterized by uncertainties, prompting a cautious approach among fund managers[3] - The preference for lower-risk bond funds is driven by banks' risk appetite and capital usage considerations[23] Risk Factors - Potential risks include accelerated style rotation in equity markets and unexpected adjustments in convertible bond market rules[4]

自2014年以来，政策利率和市场利率逐步进入下行通道。2020年疫情的爆发加速了这一趋势，而 2024年以来在全球降息的大背景下，国内利率下行的节奏进一步加快。 具体来看，1年期和5年期 贷款市场报价利率（LPR）分别从2019年底的4.15%和4.8%，逐步降低至目前的3.1%和3.6%；公 开市场7天期逆回购操作利率也从2.5%降至1.5%；中期借贷便利（MLF）利率也有多次调整，从 2019年底的3.25%逐步降低至目前的2%。 2024年12月9日，中央政治局会议中将货币政策基调 从"稳健"转变为"适度宽松"，这是自2011年以来的首次调整，市场普遍预期央行2025年将采取更 大力度的降息政策。 导语 在经历了由疫情引发的、起伏多变的政策环境后，全球多家央行已陆续开启降息周期。回首此前 动荡的几年，众多央行先是出于应对危机的考量，将政策利率下调至历史低位，随后却在严峻的 通胀压力下一路加息，将利率升至数十年来的高位。所幸的是，海外通胀压力已逐步得到缓解。 在此背景下，主要央行的有序降息再度被提上日程——尽管时间上稍晚于市场预期，降息幅度也 可能相对温和。 与全球多数经济体近几年的利率走势不同，中国自2 ...