稳健理财神话破灭，汇添富固收短板暴露。 作者 | RAYYYY 编辑 | 小白 曾以"稳健投资"著称的汇添富基金，正陷入全线失衡的泥潭。 在2021年至2024年的市场调整周期中，汇添富基金旗下主动权益基金因业绩表现持续低迷，长期受到 投资者的诟病。 然而令人关注的是，进入今年以来，该公司旗下债券型基金也接连"翻车"。 Choice数据显示，截至2025年10月21日，汇添富丰和纯债A（017459.OF）近三个月回撤幅度超过 7%，近半年亏损高达5.4%，在全市场所有债券型基金中排名倒数第二。 市值风云吾股最新排名定成5273名，仅超过了2.7%的同类基金。 （来源：市值风云APP） 该基金的暴跌不仅打破了投资者对"纯债基金=稳健"的固有认知，更将汇添富基金这家以固收见长的 头部基金公司推上了风口浪尖。 业绩惊现暴雷，纯债基金惊现超7%回撤 （一）股市赚钱效应导致债市直接走弱 债券基金，尤其是纯债型基金，历来被投资者视为资产配置中的"压舱石"，其净值波动通常远小于股 票型基金。 然而，汇添富丰和纯债A这样的跌幅在纯债基金领域极为罕见，近一年的波动幅度甚至超过了许多权 益类产品的波动幅度。 与此同时，股债"跷 ...

Core Viewpoint - The continuous decline in deposit interest rates in China, with a three-year fixed deposit rate falling below 2%, contrasts with a high household savings rate of approximately 43% in 2024, indicating a strong inclination towards risk-averse investment strategies among residents [1][2]. Group 1: Deposit Rates and Savings - The current household savings in China has risen to 162.02 trillion yuan, reflecting a significant increase in savings despite lower interest rates [1]. - The deposit interest rates have decreased significantly over the past decade, with one-year and three-year fixed deposit rates dropping to 0.95% and 1.25%, respectively, leading to reduced interest income compared to 2014 [2]. Group 2: Investment Strategies - In the current low-interest-rate environment, managing idle funds requires a shift from merely saving to seeking more competitive investment returns, particularly in the bond market [2][3]. - Pure bond funds are highlighted as a suitable investment option for idle cash, offering better returns compared to fixed deposits, with a one-year, two-year, and three-year growth of 2.69%, 6.56%, and 9.53% respectively [3]. Group 3: Risk and Volatility - While pure bond funds present higher potential returns, they also carry slightly higher volatility compared to fixed deposits, yet they remain a relatively low-risk investment option [3][5]. - Historical data shows that the annualized volatility of pure bond funds is significantly lower than that of mixed bond and equity funds, aligning well with the risk preferences of conservative investors [5]. Group 4: Liquidity and Accessibility - Liquidity is a crucial factor for managing idle funds, with fixed deposits imposing penalties for early withdrawals, while pure bond funds offer higher transaction efficiency and quicker access to funds [6]. - The trading efficiency of pure bond funds allows for same-day transactions, enhancing the ability for investors to manage their cash effectively [6]. Group 5: Fund Performance - Changcheng Fund's short-term bond fund has demonstrated strong performance, achieving positive returns for five consecutive years, with notable annual returns of 5.51% and 4.14% in 2023 and 2024, respectively [7]. - The Changcheng Xinli 30-day fund, designed for investors with short-term cash management needs, has also shown competitive returns, ranking 9th among 165 similar funds [8]. Group 6: Index Bond Funds - The rise of index bond funds is noted, offering low fees, high efficiency, and good liquidity, catering to investors looking to quickly adapt to bond market trends [9]. - The performance of index bond funds has been strong, with the Changcheng Zhongdai 1-3 year government bond fund achieving a one-year return of 2.40%, significantly outperforming its benchmark [9].

Core Viewpoint - The bond market has shown a trend of recovery in the first half of the year, particularly in the second quarter, with bond funds regaining lost ground and achieving historical net value highs [1][2]. Group 1: Bond Market Performance - The short-term pure bond fund index and the medium to long-term pure bond fund index increased by 0.64% and 0.95% respectively in the second quarter, reaching new highs [1]. - Several pure bond funds, including those under Huian Fund, have achieved record net values, with funds like Huian Zhongduan Bond Fund and Huian Yongfu 90-Day Holding Period Bond Fund setting new historical records [1][2]. Group 2: Fund Specifics - Huian Yongfu 90-Day Holding Period Bond A (010577) has a cumulative net value of 1.0925 yuan since its establishment on May 10, 2022, achieving positive returns for 12 consecutive quarters [2]. - Huian Yongli 30-Day Holding Period Short Bond A (015008) has a cumulative net value of 1.0812 yuan since its establishment on March 10, 2022, with positive returns for 13 consecutive quarters [2]. - Huian Short Bond A (006519) has a cumulative net value of 1.1830 yuan since its establishment on November 7, 2018, and has delivered positive returns for 26 consecutive quarters [2]. Group 3: Market Outlook - Major brokerages expect the bond market to maintain a fluctuating upward trend in the second half of the year, with Western Securities predicting that interest rates may break previous lows [3][4]. - The Huian Fund's fixed income research team believes that the economic outlook is stable, and the supportive stance of the fundamental and monetary policies may continue to support a downward trend in interest rates [4].

Core Viewpoint - The market shows a strong interest in low-risk fixed-income assets, particularly pure bond funds, due to the current volatility in the stock market, leading to several new bond funds achieving maximum fundraising [1] Group 1: Fund Performance and Management - The newly launched Hua Bao Yi 90-Day Holding Period Bond Fund (Class A: 023292; Class C: 023293) is managed by Gao Wenqing, who has successfully managed the Hua Bao Short-Duration Bond Fund (Class A: 006947; Class C: 006948) since its inception [2] - The Hua Bao Short-Duration Bond Fund has achieved a 5-year return of 15.26%, with an annualized return of 2.9%, and has consistently delivered positive returns over the last five years [2] - Gao Wenqing has 15 years of experience in the securities industry and nearly 10 years in investment management, providing him with a unique understanding of monetary policy and market trends [4] Group 2: Fund Characteristics and Strategy - The Hua Bao Yi 90-Day Holding Period Bond Fund is a pure bond fund that does not invest in stocks or convertible bonds, thus avoiding stock market volatility [5] - The fund maintains a minimum of 80% in pure bond investments, with at least 50% of its credit bond assets in AAA-rated bonds [5] - A minimum holding period of 90 days is established to enhance fund manager efficiency and reduce the impact of short-term market fluctuations on investor psychology [5] Group 3: Market Context and Demand - With the continuous decline in risk-free returns and the recent drop in fixed deposit rates below 2%, traditional low-risk investment options are becoming less attractive [6] - In contrast, pure bond funds like Hua Bao Yi 90-Day Holding Period Bond Fund offer better yield potential while maintaining controllable risk, making them suitable for long-term financial planning [6] - Hua Bao Fund has a long-standing reputation in fixed income, with total assets under management reaching 198.7 billion yuan, and ranks in the top 1/8 of the industry for fixed income asset returns [5]