Core Viewpoint - The article emphasizes the growing importance of "fixed income plus" (固收+) strategies in the public fund sector, driven by regulatory support and changing market conditions, particularly in a low-interest-rate environment [3][13]. Group 1: Regulatory Guidance and Market Trends - The China Securities Regulatory Commission (CSRC) has issued a plan to promote high-quality development of public funds, focusing on increasing the creation of low-volatility and asset allocation products [3]. - "Fixed income plus" strategies are positioned to benefit from this policy shift, with significant sales growth observed in the first quarter of the year, where some funds exceeded 10 billion yuan in sales [4]. Group 2: Interest Rate Environment and Investor Behavior - The demand for "fixed income plus" strategies has surged as traditional risk-free investment returns have diminished, with major banks reducing interest rates to as low as 0.05% for current accounts and below 1% for one-year deposits [5][6]. - Investors are still inclined towards low-volatility and predictable returns, making "fixed income plus" strategies a key tool for addressing the income gap in low-risk investments [6]. Group 3: Product Structure and Investment Strategy - "Fixed income plus" products typically have a solid underlying asset structure, primarily consisting of financial bonds, with yields ranging from 1.8% to 2.5% [6][8]. - The equity component focuses on low-valuation, high-dividend stocks, particularly in stable cash flow sectors such as state-owned enterprises [7][8]. Group 4: Diverse Fund Styles - Different fund managers adopt varying investment philosophies and risk tolerances, leading to distinct product styles within the "fixed income plus" category [9]. - Three specific "fixed income plus" funds are highlighted, each catering to different risk-return profiles, helping investors align with their preferences [10][11][12]. Group 5: Future Outlook - The current environment presents a unique opportunity for "fixed income plus" products, supported by policy initiatives and a favorable interest rate landscape, which may attract more capital [13][14].