Abstract 摘要 点击小程序查看报告原文 多资产大时代：什么是"固收+"基金的规模增长法则 我们正处在，且即将迎来更好的，多元资产投资的大时代。 "固收+"基金2026年依然是增量可期： 不论是居民财富寻求稳健增值的迁移需求、机构资金的收益增强需求，还是跨资产分散配置理念的市场新共识，以 及"固收+"基金过去已经为市场所认可的收益效应，展望2026年，"固收+"基金发展的大时代背景依然清晰。 "固收+"基金2026年的"规模增长法则"： 在已经过去的2025年，我们观察到部分公募机构已然凭借前瞻性布局与差异化竞争策略，成功把握住居民财富迁 徙与机构资金增配的历史性机遇，实现"固收+"基金市场份额的明显增长。那么，在即将到来的下一期"规模争夺战"中，如何才能拔得头筹？虽然所谓"成 功者"的"打法"各具特色，不过我们相信其背后或许同样也隐藏着一些共性的规律。假定市场环境不改变的情况下，依据2025年的经验进行线性外推，我 们得到如下关于"固收+"基金"规模增长法则"的答案： 对于"固收+"基金管理者，2026年着重发展"画线派"基金与"赛道型"基金均为可操作路径： 我们认为，前者相对较为符合个人投资者"存款 ...

Core Viewpoint - The recent management changes at Vanguard Fund, including the appointment of Wang Chongkun as the new chairman effective May 16, 2025, reflect a significant restructuring within the company, driven by ownership changes and strategic shifts in the asset management industry [1][4][6]. Group 1: Management Changes - Wang Chongkun has been appointed as the chairman of Vanguard Fund, with a tenure starting on May 16, 2025 [1][3]. - The board of directors has been restructured to include Wang Chongkun, Zhang Fan, Sun Ming, Gao Haina, Deng Feng, Fei Anling, and Yang Ya, with the latter three serving as independent directors [1][4]. - The management shake-up has seen the departure of key figures, including the former chairman Wong Leah Kuen and the former general manager Long Yong, within a two-month period [4][5]. Group 2: Company Background and Financials - Vanguard Fund was established on May 16, 2016, and has a current registered capital of 200 million yuan, increased from 150 million yuan [6][8]. - As of the end of the first quarter, Vanguard Fund's public fund management scale was only 2.72 billion yuan, with a historical peak of 5 billion yuan briefly reached in late 2017 and mid-2021 [6][8]. - The company aims to diversify its product line to address structural imbalances and is exploring a "fixed income + technology" strategy, leveraging its fintech background [8]. Group 3: Strategic Direction - The management changes are part of a broader strategic transformation, with a focus on integrating financial technology into its offerings, such as smart investment advisory and index tools [4][8]. - The involvement of the controlling shareholder, Guiding Compass Group, indicates a commitment to reshaping Vanguard Fund's position in the competitive asset management industry [8].