今年以来，股市持续走强，债市受"股债跷跷板"效应有所压制，在此背景下，兼顾收益增厚和风险控制 的"固收+"策略产品火爆出圈，相关产品发行发量，规模显著增长，成为理财行业一道亮丽的风景线。 作为普通投资者，应该如何不空等，不追高，把握市场投资机会？为什么"固收+"策略产品投资正当 时？如何挑选"固收+"策略产品？本期，南财理财通课题组给你支招！ "固收+"策略产品是什么？ "固收+"策略产品本质上是一种"核心-卫星"投资策略，它通过在稳健的固收资产基础上，配置少量其他 风险资产，力求在控制波动的前提下，获取比纯固收产品更具吸引力的回报。 固收打底，追求稳健收益：产品会将不低于80%的资金投资于债券等固收资产，以争取稳定的票息收 入，作为整个投资组合的"压舱石"。这部分是"固收+"策略产品稳健收益的基础。 "+"部分，增强收益弹性：在固收打底的基础上，产品会拿出不高于20%的资金投资于股票、黄金、可 转债、Reits、境外资产、衍生品等弹性更高的资产，或运用打新、量化对冲、红利高股息、被动股票 指数跟踪等多种策略，前者是"+"资产，后者是"+"策略，都是旨在增厚组合的整体收益，这部分是"固 收+"策略产品收益弹性 ...

Core Insights - The personal pension system has shown steady growth in product offerings, account numbers, and investment scale, with a total balance of 110.36 billion yuan in personal pension financial products as of June this year [1][2][4] - The recent notification from the National Financial Regulatory Administration to expand the pilot areas for pension financial products nationwide is expected to inject strong momentum into the development of the pension financial business [1][7] Investment Performance - Personal pension financial products have generated over 390 million yuan in returns for investors, with an average annualized return rate exceeding 3.4% [1][4] - The performance of these products is attributed to sound investment strategies, optimized asset allocation, and strict risk control systems, supported by favorable policies [4][7] Market Expansion - The number of personal pension financial products has reached 37, indicating a rich and diverse product shelf that aids clients in achieving stable returns [2][3] - The number of account holders has surpassed 70 million, reflecting a multi-layered and widely covered market structure [2][3] Future Directions - The industry is encouraged to enhance the diversity of product offerings and to consider increasing the allocation of equity assets to improve the attractiveness of financial products [4][5][6] - There is a call for the exploration of innovative products with longer durations and targeted dates to enhance the investment experience for clients [8]

Core Insights - The personal pension financial management market in China is expanding, driven by policy support and increasing investor participation [1][9] - As of June 2023, the total balance of personal pension financial products reached 110.36 billion yuan, with investors earning over 390 million yuan and an average annual return rate exceeding 3.4% [3][5][6] Group 1: Market Expansion - The implementation of the personal pension system has transitioned from pilot exploration to comprehensive promotion, resulting in a solid institutional foundation and continuous growth in participation [3][9] - The number of personal pension financial products has reached 37, offering a diverse range of strategies and helping clients achieve stable returns [3][4] - The number of accounts opened has surpassed 70 million, indicating a broad coverage and multi-tiered structure in the market [3][4] Group 2: Product Performance - Personal pension financial products have provided stable returns due to sound investment strategies, optimized asset allocation, and strict risk control [6][7] - The favorable market environment, including a recovery in the bond market since 2023, has contributed to the performance of fixed-income products [6][7] - There is a recommendation to increase the allocation of "fixed income plus" and equity assets to enhance the attractiveness of financial products [7][8] Group 3: Future Development - The recent notification from the National Financial Supervision Administration to expand the pilot areas for pension financial products nationwide is expected to inject strong momentum into the market [9][10] - The market is anticipated to see an increase in the number of financial institutions participating, with a focus on long-term products and diverse asset allocation strategies [9][10] - There is a need for a richer product spectrum and enhanced investor education to promote rapid development in account opening and contributions [9][10]

Core Insights - The personal pension system has shown steady growth over the past three years, with a total investment in pension financial products reaching 110.36 billion yuan and generating over 390 million yuan in returns for investors, with an average annualized return exceeding 3.4% [1][5]. Group 1: Market Development - The personal pension financial product market has transitioned from pilot exploration to comprehensive promotion, characterized by solid institutional foundations, continuous growth in participation, and a rich variety of product offerings [3]. - As of the end of October, the number of personal pension financial products has reached 37, providing a diverse range of strategies to help clients achieve stable returns [3]. - The number of accounts opened for personal pension products has surpassed 70 million, indicating a broad coverage and multi-layered market structure [3]. Group 2: Investment Strategies - The success of personal pension financial products is attributed to sound investment strategies, optimized asset allocation, and strict risk control, supported by favorable policies and market education [5]. - The current market environment suggests a need to increase the allocation of "fixed income plus" and equity assets to enhance the attractiveness of financial products [5][7]. - Recommendations include focusing on high-rated, medium-duration bonds and allocating a small portion to low-volatility equity assets, while also considering alternative assets like gold and silver [7]. Group 3: Regulatory Support - The recent notification from the National Financial Supervision Administration to expand the pilot areas for pension financial products nationwide for three years is expected to inject strong momentum into the development of pension financial services [9]. - The expansion of pilot regions and scale is anticipated to enhance the richness of investment strategies and improve the flexibility of purchasing, redeeming, and dividend mechanisms [9]. - Future developments in the pension financial market are expected to see increased participation from more financial and insurance institutions, with a focus on long-term products and diverse asset allocation to meet varying risk preferences [9][10].

10月，债券市场震荡，10年期国债收益率下行6个基点至1.80%，30年期国债收益率下行10个基点至2.14%，国债、国开债的期限利差均较9月有所收敛。 权益市场方面，工业金属、煤炭等低估值顺周期板块以及银行、保险等红利板块走强，上证综合指数上涨1.85%。 【风险提示】 本榜单所有分析均基于公开信息，不构成任何投资建议；若市场环境或政策因素发生变化，将可能导致产品表现不及预期。榜单可能存在样本不足以代表 整体市场的情况。 一、定期开放6个月以内"固收+"类产品榜单 | 理财登记编码 | 产品简称 | 发行机构 | 产品规模 | 近3个月年 | 风险等级 | | --- | --- | --- | --- | --- | --- | | | | | | 化收益率 | | | | 产品规模: | 3-15亿元 | | | | | | | (银行理财子公司) | | | | | Z7001120000334 | "农银进取·每月开放"第1期人民 E | 农银理财 | | | R- II | | Z7001621000125 | 招睿卓远系列季开3号增强型固定收 益类计划 | 招银理财 | | | R-III | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q3 2025, the scale of public offering fixed - income + funds increased significantly compared to the previous quarter, reaching a record high, with the increment mainly coming from secondary bond funds, possibly due to institutional funds such as insurance funds and wealth management [2][7]. - The concentration of leading institutions has increased. The proportion of the top ten fund companies in the fixed - income + fund scale has risen from 43.0% in Q2 2025 to 46.0% in Q3 2025 [2]. - The equity position of fixed - income + funds has risen to the highest level since Q1 24, with obvious increased allocation to equities. The funds mainly increased their holdings in the manufacturing sector while also considering finance, technology, and basic industries [2]. - Fixed - income + funds' top ten heavy - position stocks are relatively stable overall, and the ten stocks with the most increased holdings are mainly concentrated in the technology field [2]. - In Q3 2025, convertible bond funds and secondary bond funds became the main forces for increasing convertible bonds. Fixed - income + funds continued to prefer convertible bonds in the banking sector, but the proportion of bank - sector convertible bonds decreased, while the proportions of convertible bonds in the power equipment, non - bank finance, and agriculture, forestry, animal husbandry, and fishery industries increased significantly [2][3]. - There is no significant correlation between the scale of fixed - income + funds and their yield distribution characteristics. The income of small - and medium - scale products is more elastic, and in Q3 2025, the proportion of products with positive income is 83.49%, with an average yield of about 3.16% [3][66]. 3. Summaries According to Relevant Catalogs 3.1 Overall Scale: Secondary Bond Funds Become the Main Force for Expansion - Fixed - income + funds are a hybrid investment strategy that uses fixed - income assets as the core allocation and enhances returns through a small amount of equity - asset allocation. Their scale increased rapidly in Q2 and Q3 25, reaching over 2.5 trillion yuan again in Q3 25 [7]. - In Q3 2025, the scale of public offering fixed - income + funds increased significantly compared to the previous quarter, reaching a record high. The total net asset value of fixed - income + funds was about 2.75 trillion yuan, a significant increase of 0.5 trillion yuan from Q2 25, with a month - on - month increase of 23.2%. The increment mainly came from secondary bond funds, whose scale exceeded that of primary bond funds and became the largest type of fixed - income + funds [2][7]. - The number of fixed - income + funds increased slightly in Q3 2025, also reaching a record high. The proportion of secondary bond funds in the total market's net asset value increased significantly, while the proportions of primary bond funds and partial - debt hybrid funds decreased slightly [10][13]. - The significant increase in the scale of secondary bond funds in Q3 may be mainly due to institutional funds such as insurance funds and wealth management. For example, the proportion of secondary bond funds in bank wealth - management bond - fund investments increased by 6.3 pct month - on - month to 8.9%, and the investment scale increased by 0.06 trillion yuan to 0.09 trillion yuan [2][14]. 3.2 Institutional Scale: Concentration of Leading Institutions Increases 3.2.1 Stock Scale Ranking - In Q3 2025, the proportion of the top ten public - offering fund companies in the fixed - income + fund scale increased month - on - month, and the industry concentration increased. The proportion of the top five fund companies increased from 26.2% in Q2 2025 to 28.9% in Q3 2025, and the proportion of the top ten increased from 43.0% to 46.0% [20]. - As of the end of September 2025, the top ten fund companies in the fixed - income + fund scale were E Fund, Invesco Great Wall Fund, Fullgoal Fund, Huatai - PineBridge Fund, Bosera Fund, China Merchants Fund, GF Fund, China Europe Fund, China Asset Management, and Penghua Fund [20]. 3.2.2 Stock Scale Changes - In Q3 2025, the scale changes of different - scale fund companies in the fixed - income + fund field showed significant differentiation. Large - scale public - offering fund companies had a scale increase far exceeding the industry average, while small - and medium - sized fund companies had little scale change, and some even shrank [26]. - Different types of fund companies also showed significant differentiation in the scale growth of fixed - income + funds in Q3 2025. Private - equity - affiliated fund companies led with an increase of 85.89 billion yuan, followed by securities - affiliated and bank - affiliated fund companies, while insurance - affiliated fund companies had a contraction of 3.6 billion yuan [29]. - In Q3 2025, leading institutions became the main force for growth. The top ten public - offering fund companies in the scale growth of fixed - income + funds were Invesco Great Wall Fund, Fullgoal Fund, Bosera Fund, Huatai - PineBridge Fund, China Europe Fund, E Fund, Yongying Fund, Penghua Fund, GF Fund, and Huashang Fund [30]. 3.3 Asset Allocation Changes: Increase in Equity Position 3.3.1 Changes in the Allocation of Major Asset Classes of Fixed - Income + Funds - According to Q3 2025 data, the asset - allocation structure of fixed - income + funds was adjusted, and the stock position rose to the highest level since Q1 24. The market - wide market - value proportions of stocks, bonds, and cash in fixed - income + funds in Q3 25 were 8.9%, 87.1%, and 1.4% respectively, with corresponding scale increases of 1020.9 billion yuan, 3759.6 billion yuan, and 35.8 billion yuan compared to Q2 25 [35]. - Except for convertible bond funds, the stock - holding proportions of other types of bond funds increased to varying degrees compared to the previous quarter, while the bond - holding proportions decreased to varying degrees [39]. 3.3.2 Changes in Stock - Asset Investment - Fixed - income + funds' equity assets are mainly invested in the manufacturing sector. In Q3 2025, the manufacturing sector accounted for about 63% of the investment scale, followed by the mining, finance, and information transmission, software, and information technology services industries, with a total proportion of about 24% [47]. - In Q3 2025, the manufacturing industry was the most significantly increased industry, with a scale increase of 634 billion yuan and a proportion increase of 6.03 percentage points. The mining and information transmission, software, and information technology services industries also had increased investment, while the power, construction, real estate, and education industries had reduced investment [49]. - In Q3 2025, the top ten heavy - position stocks of fixed - income + funds were relatively stable overall. Zijin Mining, CATL, and Tencent Holdings remained in the top three, and technology stocks such as Alibaba - W, Zhongji Innolight, Luxshare Precision, and SMIC entered the top ten. The overall allocation direction of the top ten heavy - position stocks continued to hold the growth sector [50]. - The ten stocks with the most increased holdings by fixed - income + funds in Q3 2025 were mainly concentrated in the technology field, and 8 of them also entered the top ten heavy - position stocks of public - offering funds in the same quarter [52]. 3.3.3 Changes in Convertible - Bond Asset Investment - Among fixed - income + funds, convertible bond funds and secondary bond funds are the main holders of convertible bonds. In Q3 2025, convertible bond funds and secondary bond funds became the main forces for increasing convertible bonds, while primary bond funds and partial - debt hybrid funds reduced their holdings [53][55]. - Overall, about 11.19% of fixed - income + funds' assets were allocated to convertible bonds in Q3 2025. Only the convertible - bond position of convertible bond funds increased month - on - month, while the positions of other fixed - income + funds decreased [55]. - Among the top five heavy - position bonds of fixed - income + funds, financial bonds and treasury bonds dominated in Q3 2025, with a total proportion of about 80%, and convertible bonds accounted for 7.5% [56]. - Among the top five heavy - position bonds of fixed - income + funds in Q3 2025, bank - sector convertible bonds still dominated, but the proportion decreased, while the proportions of convertible bonds in the power equipment, non - bank finance, and agriculture, forestry, animal husbandry, and fishery industries increased significantly [61]. - The top ten convertible bonds with the most increased holdings by fixed - income + funds in Q3 2025 were mainly concentrated in the banking, non - bank finance, and power equipment sectors, and 8 of them also entered the top ten in the convertible - bond holding scale of fixed - income + funds in the same quarter [65]. 3.4 Performance - According to Q3 2025 data, there is no significant correlation between the scale of fixed - income + funds and their yield distribution characteristics. The income of small - and medium - scale products is more elastic. In Q3 2025, the proportion of products with positive income was 83.49%, and the average yield was about 3.16% [66]. - The top ten fixed - income + funds with outstanding performance in Q3 2025 included Huaan Zhilian Hybrid (LOF), Southern Changyuan Convertible Bond, etc. These funds achieved excess returns through flexible allocation of equity positions such as technology and convertible - bond assets [67]. - Among the top ten heavy - position stocks of fixed - income + funds with a quarterly yield of over 18% in Q3 2025, the technology - growth sector dominated, and the holdings were relatively decentralized, reflecting the differentiated positioning of different fixed - income + products' investment strategies [68].

Core Viewpoint - The article discusses the increasing demand for stable asset appreciation in a low-interest-rate environment, highlighting the role of "fixed income +" products as a balanced investment strategy for families [1][2]. Group 1: Investment Strategy - The "fixed income +" strategy combines equity and debt to provide both stability and growth potential, requiring fund managers to skillfully navigate market volatility and identify long-term opportunities [1][3]. - Chen Daye, a fund manager at Penghua Fund, emphasizes a growth-oriented approach within the "fixed income +" framework, focusing on sectors like technology and high-end manufacturing to enhance returns while maintaining a stable base [2][11]. Group 2: Risk Management - Chen Daye outlines a risk-return optimization system for managing "fixed income +" products, which includes establishing a systematic risk budget and withdrawal management mechanism [4][5]. - The strategy involves assessing historical volatility across industries to control positions and implementing a maximum drawdown strategy to mitigate risks during market downturns [6][8]. Group 3: Market Insights - Chen identifies key market trends and opportunities, noting that A-shares often exhibit structural bull markets driven by capital flows, which can be leveraged for "fixed income +" products [7][9]. - He stresses the importance of understanding macroeconomic conditions and industry trends to avoid the pitfalls of "fixed income -" scenarios, particularly during bear markets [8][10]. Group 4: Growth Focus - The article highlights Chen's unique focus on growth stocks within the "fixed income +" product category, adapting to changing macroeconomic environments and identifying potential growth sectors over time [11][12]. - Chen's background in artificial intelligence informs his investment decisions, particularly in the technology sector, where he anticipates significant growth opportunities [12][13]. Group 5: Future Outlook - Looking ahead, Chen expresses optimism about the long-term performance of equity markets, particularly for companies that can generate free cash flow and have global competitiveness [16]. - The investment focus is shifting towards sustainable business models in AI and technology, with an emphasis on cash flow generation rather than just infrastructure [16].

Core Insights - The article discusses the increasing demand for stable asset appreciation among investors in a low-interest-rate environment, highlighting the role of "fixed income +" products as a balancing tool in asset allocation [1] - It emphasizes the need for fund managers to enhance their capabilities in capturing returns while controlling drawdowns amidst market volatility [1][4] Group 1: "Fixed Income +" Strategy - The "fixed income +" strategy is characterized by a combination of equity and debt, aiming to provide both stability and growth potential [1] - Chen Daye, a fund manager at Penghua Fund, shares insights on constructing and managing a growth-oriented "fixed income +" product, focusing on the art and science of asset allocation [1][4] - The strategy is discussed in the context of a high-profile interview series on long-term and value investing, indicating its relevance in current market conditions [1] Group 2: Fund Management Experience - Chen Daye has 8 years of experience in securities and 4 years in fund management, currently managing three funds, including Penghua Jingxin Tianli and Penghua Anyi, with a high institutional ownership ratio [2][3] - The funds managed by Chen Daye are positioned to provide higher returns than pure bond funds while maintaining a level of volatility that investors can tolerate [3][5] Group 3: Risk-Return Optimization - The "fixed income +" products managed by Chen Daye are categorized as medium volatility, focusing on growth sectors while implementing a systematic risk budget and drawdown management mechanism [5][6] - The strategy includes identifying market trends and structural opportunities, emphasizing the importance of valuation discipline in stock selection [6][7] Group 4: Macro Risk Management - Chen Daye discusses the importance of macroeconomic indicators in avoiding the pitfalls of "fixed income -" products, particularly during periods of poor equity performance [8][10] - Historical analysis reveals that significant market downturns are often linked to macroeconomic changes, underscoring the need for proactive risk management [9][10] Group 5: Growth-Oriented Investment Logic - The article highlights Chen Daye's unique approach to focusing on growth-oriented assets within the "fixed income +" framework, adapting to changing macroeconomic conditions [11][12] - The strategy aims to provide a stable return while allowing investors to benefit from societal development dividends through a balanced asset allocation [11][12] Group 6: Focus on Technology and AI - Chen Daye's investment strategy includes a forward-looking approach to technology sectors, particularly AI, supported by his academic background in artificial intelligence [12][15] - The emphasis is on identifying sustainable business models within the AI space, with a cautious approach to investment timing and validation of revenue generation capabilities [15][16] Group 7: Future Outlook - The article concludes with an optimistic view on the long-term performance of equity markets, particularly in the context of China's economic transition to high-quality growth [16] - Chen Daye identifies two key asset categories for future focus: technology-driven companies with global competitiveness and dividend-paying stocks that generate free cash flow [16]

Core Insights - The "Fixed Income +" funds have become the main growth driver in the market, with a total scale of 2.7 trillion yuan as of the end of Q3 2023, reflecting a 26% quarter-on-quarter increase and surpassing previous highs from 2021 [1][9] - The market environment characterized by increased volatility and declining interest rates has led to a resurgence of "Fixed Income +" products as essential tools for asset allocation [1] - The launch of the Changcheng Fengze Bond Fund aims to provide investors with more quality and stable investment options [1] Fund Characteristics - "Fixed Income +" funds aim to balance returns and risks by constructing a stable base with fixed income assets while incorporating equity assets such as convertible bonds and stocks [2] - The fund manager, Zhang Lin, emphasizes the importance of clear product positioning and seeks optimal asset allocation and portfolio management solutions [2] - The Changcheng Fengze Bond Fund will allocate at least 80% of its assets to bonds, with 5%-20% in stocks and convertible bonds [3] Investment Strategy - The investment strategy includes building a bond base focusing on medium to short-duration interest rate bonds and high-grade corporate bonds to secure stable coupon income [3] - Convertible bonds will be selected based on high yield-to-maturity and low conversion premium, aiming to enhance returns while controlling drawdown risks [3] - The equity portion will focus on high-dividend, low-volatility stocks with strong financial health, selected based on market changes [3] Performance Metrics - The Changcheng Stable Yield Fund, managed by Zhang Lin, has shown a one-year return of 7.48%, significantly outperforming its benchmark of 4.27% [3] - The fund's Sharpe ratio of 2.31 indicates superior investment efficiency compared to the industry average of 1.34 [3] - The Changcheng Jiu Yue Fund has achieved a six-month return of 15.63% and a one-year return of 27.81%, far exceeding its benchmarks [3] Team and Support Structure - The Changcheng Fund's fixed income team operates with a systematic and integrated approach, enhancing trading efficiency through market behavior analysis and quantitative models [4][5] - The team has developed a diverse range of fixed income products, catering to different risk preferences and ensuring clear differentiation in product strategies [5][6] - The organization has established a matrix-style research team to facilitate efficient operations from individual security research to investment decision-making [6] Market Recognition - The Changcheng Fund's fixed income products have ranked in the top 20% of the market for one, two, and three-year returns as of September 30, 2025 [7] - The fund has received multiple five-star ratings for its management capabilities in fixed income investments [7]

Core Insights - The "Fixed Income + Growth" strategy has shown remarkable performance this year, with significant gains in both fund performance and scale, particularly in high-risk asset allocation within the technology growth sector [1][2]. Fund Performance and Scale - As of the end of Q3, the total scale of "Fixed Income +" funds reached 2.5 trillion yuan, an increase of over 770 billion yuan from the end of last year, with the number of products rising to 1,775 [2]. - The average net value growth rate for 1,795 "Fixed Income +" products this year is 5.57%, with 244 funds increasing by over 10% [2]. - The top-performing product, Huazhang Zhilian A, has a net value growth rate of 48.26%, primarily investing in the AI industry chain with a stock allocation of 45% [2][3]. Investment Strategies - The "Fixed Income + Growth" strategy has outperformed other strategies, with a median return of 7.18% in Q3, while the "Fixed Income + Technology" strategy achieved a median return of 10.29% [4]. - High-risk "Fixed Income +" funds with equity allocations of 25% or more had a median return of 6.45% in Q3, compared to 3.13% and 0.78% for balanced and conservative strategies, respectively [4]. Sector Focus - In Q3, "Fixed Income +" products increased their holdings in electronics, power equipment, new energy, non-ferrous metals, and machinery, while reducing exposure to banking, utilities, basic chemicals, and home appliances [4]. - The focus on high-elasticity sectors is expected to continue, with AI narratives and macroeconomic conditions favoring growth styles [5][6]. Future Outlook - Industry experts recommend maintaining a focus on high-elasticity sectors and "Fixed Income + Growth" strategies, emphasizing the importance of selecting quality targets based on valuation and growth certainty [5][6]. - The investment strategy will prioritize sectors such as technology growth, cycles, manufacturing, pharmaceuticals, and consumer goods, with an increasing allocation to midstream manufacturing as the economy recovers [6].