Core Viewpoint - The issuance of bond funds has been relatively quiet at the beginning of the year, particularly for pure bond funds, while "fixed income +" funds are gaining importance in the new bond fund issuance landscape, with clear demand from both high-risk and low-risk investors [1][3]. Group 1: Bond Fund Issuance Data - A total of 17 bond funds have been issued so far this year, with a combined share of 170.25 billion units, of which 13 funds were issued in January, accounting for 152.64 billion units [1][3]. - The issuance of bond funds in January saw a 74% decrease month-on-month and a 69% decrease year-on-year, with the share of bond funds in the total new public fund issuance at 12.70%, marking a three-year low [3][6]. Group 2: Fund Types and Trends - Among the 17 bond funds issued this year, only 2 are pure bond funds and 1 is a passive index bond fund, while the remaining are mixed bond funds, which accounted for 74.8% of the new bond fund issuance [6][7]. - The total issuance of "fixed income +" funds this year reached 441.44 billion units, representing about one-third of all new bond fund issuances, driven by the growth of mixed bond funds [6][7]. Group 3: Market Context and Future Outlook - The expansion of "fixed income +" funds is attributed to the declining risk-return profile of traditional pure bond assets, leading to increased demand for products that enhance yield flexibility [6][7]. - The research team at China International Capital Corporation (CICC) indicates that there is significant potential for the development of "fixed income +" strategies, with a notable shift in the funding structure expected in 2026 [7].