Core Insights - The "Fixed Income +" products have rapidly emerged as a significant growth curve in the asset management industry since 2025, with the total market size reaching 2.47 trillion yuan by the end of Q3 this year, reflecting a quarterly increase of over 520 billion yuan [1] - The concept of "Fixed Income +" has evolved beyond a simple bond-stock mix to a sophisticated multi-asset allocation solution that relies heavily on research collaboration, process decomposition, and refined risk management [1] - Companies are now challenged to build a scalable "industrialized" output system to meet the demands of this evolving market [1] Company Development - China Universal Asset Management has been a pioneer in "asset management industrialization," evolving its multi-asset team through three key stages: from 1.0 "asset allocation of stocks and bonds," to 2.0 "diversified strategies enriching sources of returns," and finally to 3.0 "diversified assets mitigating risks" [1][6] - The performance of China Universal's multi-asset team is exemplified by the China Universal Jintong product, which has achieved a return of 72.8% since its inception in November 2015, outperforming its benchmark by 24.1 percentage points [2] - The number of holders for China Universal Jintong has increased from 319 at the end of 2018 to 519,000 by June 2025, representing a growth of over 1600 times [2] Risk Management - The risk management system of China Universal Jintong has evolved from reactive measures to proactive monitoring, allowing for dynamic adjustments based on real-time risk assessments [3] - The introduction of a quarterly evaluation and dividend mechanism since June 2024 has enhanced investor experience, with a total of 148 million yuan distributed over six consecutive quarters [3] Industrialized Research and Development - The "MARS Factory" industrialized research and development system at China Universal addresses the traditional asset management industry's reliance on star fund managers, which often leads to performance volatility and strategy replication challenges [4] - The MARS Factory breaks down the investment process into four key areas: design, production, assembly, and testing, transforming investment from an art reliant on inspiration into a predictable and replicable process [4][5] - The design phase focuses on customer needs, while the production phase involves developing over 20 standardized investment strategies, creating a comprehensive strategy library [4][5] Future Outlook - China Universal's multi-asset team has established a product line that covers various risk preferences, offering low, medium, and high volatility options, while also catering to different asset classes and client requirements [6] - The evolution of the product strategy has seen a shift from simple asset allocation to a more nuanced approach that includes a diverse range of asset classes and strategies, enhancing risk-return profiles and client experiences [7]

Core Insights - The report highlights a significant shift in fund flows, with active funds experiencing net redemptions while "fixed income plus" funds have gained popularity due to declining bond yields [1][2][20] Fund Type Analysis - Active funds such as ordinary equity, mixed equity, flexible allocation, and balanced mixed funds saw a net decrease in shares, indicating a trend of investors opting for capital preservation amidst a rising market [1] - "Fixed income plus" funds, particularly secondary bond funds, saw a substantial increase of 374.3 billion shares, representing a growth rate of 56.7%, as investors sought higher returns in a low-yield environment [2][3] - The total shares for various fund types in Q3 2025 showed notable changes, with money market funds increasing by 3.3%, secondary mixed bond funds by 56.7%, and passive index funds by 9.26% [3] Company Performance - Top fund companies capitalized on the "fixed income plus" trend, with notable growth in assets under management. For instance, Invesco Great Wall and Fortune Fund doubled their sizes, while E Fund, China Merchants Fund, and GF Fund saw increases exceeding 10 billion [5][6] - China Universal Fund emerged as a surprising player in the "fixed income plus" space, with a growth of 28.8 billion, nearly doubling its size, indicating a shift from its traditional focus on active equity [5][6] - The "China Universal Fengli" fund demonstrated exceptional growth, increasing from 52.77 billion to 314.89 billion in just three quarters, marking a 497% increase, outperforming its peers [8][10] Investment Strategy and Trends - The "China Universal" fund's success is attributed to its diversified asset allocation strategy, which includes a significant allocation to Hong Kong stocks, contributing to its high returns [10] - The report notes a trend of new investors entering the market with a low-risk appetite, primarily investing in "fixed income plus" products, validating the strategy of using these funds as a gateway to the market [20] - The "China Universal" fund's multi-asset investment approach, characterized by a systematic and industrialized process, has led to rapid growth while maintaining performance levels [16][17]