固收+基金如何应对大资管分工趋势？20260205 摘要 根据名义万得数据统计，二级债基和偏债混合基金在业绩中位数上相对更强， 而转债基金则显示出更高的弹性。具体来看，这些产品根据其权益敞口暴露程 度进行分类后发现，无论是股票还是转债，其权益中枢越高，业绩表现越好。 这表明股票贝塔是固收加基金主要业绩来源之一。 2025 年固收加基金规模扩张情况如何？ 2025 年，固收加基金规模扩张迅速，总体增长近 1 万亿人民币。截至年底， 总规模达到 2.735 万亿人民币，其中含权部分约为 2.5 万亿人民币。然而，这 一轮净申购主要集中在少数明星产品上。例如永赢稳健增强、长城景气、申万 菱信丰力等明星产品，其净申购量占市场总量超过 40%。 2025 年固收加基金市场表现如何？ 2025 年，固收加基金整体表现强劲。一级债基、偏债混合和纯债基金的收益 均显著优于纯债基金，展现出跨周期的收益能力。数据显示，从 2012 年至 2025 年、2019 年至 2025 年以及 2023 年至 2025 年的不同周期内，固收加 基金的超额收益较为明显。特别是在权益中枢线性上升的背景下，这些产品的 业绩也随之提升。 固收加基 ...

Core Viewpoint - The article discusses the growth and performance of "fixed income +" funds in the Chinese market, highlighting their increasing share and the dynamics of their issuance and performance from 2019 to 2025 [4][5][6][7]. Fund Classification - "Fixed income +" funds primarily include first-level bond funds, second-level bond funds, mixed bond funds, and convertible bond funds, with a total share of approximately 2.05 trillion units by the end of 2025, accounting for 6.5% of the total public fund market, while pure bond funds represent 20.4% [4]. Issuance Aspects - The years 2020 to 2022 saw a concentrated issuance of "fixed income +" funds, peaking in 2021; the focus for 2024 and 2025 will be on second-level bond funds, followed by first-level bond funds [5]. Stock and Bond Allocation - By the end of 2025, the share of "fixed income +" funds increased by 1.46 trillion units compared to the end of 2019, with contributions from first-level bond funds (17.6%), second-level bond funds (72.3%), mixed bond funds (8.8%), and convertible bond funds (1.3%), with second-level bond funds being the major contributor [6]. Performance Overview - The performance of "fixed income +" funds from 2019 to 2025 can be divided into three phases: 1. From 2019 to 2021, convertible bond funds consistently outperformed the other three types of "fixed income +" funds 2. In 2022-2023, all types of "fixed income +" funds performed poorly, although first-level bond funds maintained positive returns while convertible bond funds recorded negative returns for two consecutive years 3. In 2024-2025, all types of "fixed income +" funds achieved positive returns, with mixed bond funds performing best in 2024 and convertible bond funds excelling in 2025, while first-level bond funds underperformed [7]. Asset Structure - The asset allocation of "fixed income +" funds between stocks and bonds showed fluctuations without a clear trend; by 2025, first-level bond funds, second-level bond funds, and mixed bond funds increased their stock asset allocation while reducing bond asset allocation [8].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report focuses on the "Fixed Income +" funds from 2019 - 2025, including their types, issuance, performance, and asset structure. It reveals that the issuance of "Fixed Income +" funds was relatively intensive from 2020 - 2022, peaking in 2021. In recent years, secondary bond funds have been the issuance focus. The share and scale of "Fixed Income +" funds have increased significantly from 2019 to 2025, with secondary bond funds playing the leading role. The performance of different types of "Fixed Income +" funds varies in different periods, and in 2025, the asset allocation of some funds has changed. [1][2][19] 3. Summary by Directory 3.1 "Fixed Income +" Fund Types - "Fixed Income +" funds should have bond assets as the basis and use non - bond assets (mainly equity or equity - related assets) to enhance returns, with controllable return drawdowns. The main types include first - tier bond funds, second - tier bond funds, partial - debt hybrid funds, and convertible bond funds. [10][11] - First - tier bond funds mainly increase returns through convertible bond investments. Second - tier bond funds can invest in convertible bonds and stocks, with bond and cash assets accounting for at least 80% and stock investment below 20%. Partial - debt hybrid funds have a bond investment ratio of at least 60% and a stock investment ratio of 0 - 40%, with more strategies to enhance returns. Convertible bond funds mainly invest in convertible bonds and balance risks and returns. [11] - Flexible allocation funds and partial - debt FOF funds are not included in the scope of "Fixed Income +" funds in this report. As of December 31, 2025, the total share of partial - debt FOF funds was 1.804 billion, accounting for 0.1% of the total public fund share. [13] 3.2 2019 - 2025 Four "Fixed Income +" Fund Observations 3.2.1 Issuance - From 2020 - 2022, the issuance of "Fixed Income +" funds was relatively intensive, peaking in 2021 with 326 funds issued and a share of 401.25 billion. In 2025, 177 funds were issued, with a share of 65.22 billion, more than in 2024 but less than from 2020 - 2022. [19] - From 2019 - 2025, second - tier bond funds and partial - debt hybrid funds were the issuance focus. Since 2022, the issuance scale of second - tier bond funds has significantly exceeded that of partial - debt hybrid funds. In 2023 - 2025, no new convertible bond funds were issued. In recent years, second - tier bond funds have been the issuance focus, followed by first - tier bond funds. [20] 3.2.2 Stock - At the end of 2025, the total share of "Fixed Income +" funds was 2.2 trillion. Second - tier bond funds accounted for 57.0%, followed by first - tier bond funds (31.5%), partial - debt hybrid funds (10.0%), and convertible bond funds (1.4%). [25] - Compared with the end of 2019, the share of "Fixed Income +" funds increased by 1.46 trillion at the end of 2025, with second - tier bond funds accounting for 72.3% of the increased share. The share change can be divided into three stages: significant increase in second - tier bond funds and partial - debt hybrid funds from 2020 - 2021; continuous reduction in partial - debt hybrid funds and scale contraction in second - tier bond funds from 2022 - 2024; and mainly second - tier bond funds' share growth in 2025. [2][26] 3.2.3 Performance - From 2019 - 2021, convertible bond funds' returns continuously exceeded those of the other three types of "Fixed Income +" funds. [31] - From 2022 - 2023, the performance of different "Fixed Income +" funds was not ideal, but first - tier bond funds maintained positive returns, while convertible bond funds had negative returns for two consecutive years. [31] - From 2024 - 2025, all types of "Fixed Income +" funds achieved positive returns. In 2024, partial - debt hybrid funds performed best, and convertible bond funds performed worst. In 2025, convertible bond funds performed best, and first - tier bond funds performed poorly. [34] 3.2.4 Asset Structure - The proportion of stocks and bonds held by "Fixed Income +" funds fluctuated, and the stage - division of performance was not obvious in the stock - holding proportion. In 2025, the median proportion of stocks held by first - tier bond funds, second - tier bond funds, and partial - debt hybrid funds increased compared to 2024, while that of convertible bond funds decreased slightly. [36] - In 2025, the median proportion of bonds held by different "Fixed Income +" funds decreased compared to 2024. The proportion of convertible bonds held by different funds also decreased in 2025. [37][40]

受访公募机构表示，当前，居民资产配置持续向金融资产转移，"固收+"产品凭借其清晰的风险收益特 征，有望成为承接稳健类资金的重要载体，市场规模或进一步增长。 "固收+"基金规模达2.99万亿元，有望成低风险理财市场"压舱石" 随着天量存款到期、低利率环境延续，"固收+"基金规模和业绩迎来"双丰收"。 "固收+"产品规模快速增长 "固收+"产品规模持续扩张。中金公司研报数据显示，截至2025年末，全市场2292只"固收+"基金规模合 计达2.99万亿元（统计一级债基、二级债基、可转债、偏债混、低仓位灵活配置基金、偏债混合型 FOF），创历史新高；环比增长9%，较去年同期增长56%。从细分品类来看，2025年四季度，二级债基 大幅扩容，最新规模达1.55万亿元，环比增长19%。 进入2026年以来，基金公司继续加大力度布局"固收+"基金，包括汇添富、富国、易方达、国泰、摩根 等多家基金公司。 兴业基金固定收益投资部总经理助理腊博表示，"固收+"产品规模快速增长是多方面因素共同影响的结 果，低利率环境是重要的背景，较低的存款利率和债券收益率难以满足投资者对收益的诉求，经济结构 转型和政策支持使市场风险偏好显著提升。 ...

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoint of the Report The report analyzes the asset allocation changes of public - offering bond funds in Q4 2025. In Q4, medium - and long - term pure bond funds continued to shrink, while second - tier bond funds maintained growth. All types of bond funds increased their bond positions, with second - tier bond funds reducing their stock positions. Short - term bond funds increased leverage, medium - and long - term bond funds decreased leverage, and most bond funds reduced duration. All bond funds significantly increased their allocation to credit bonds and reduced their allocation to interest - rate bonds. There were signs of marginal credit downgrading in the top - holding bonds, and there were regional differences in the allocation of top - holding urban investment bonds. [1][2][3] 3. Summary by Directory 3.1 Medium - and Long - term Pure Bond Funds Shrink, Second - tier Bond Funds Grow In Q4 2025, the scale of medium - and long - term pure bond funds continued to shrink, while the scale of second - tier bond funds maintained growth. The total net asset value of the four types of bond funds was 9.2 trillion yuan, an increase of 151.2 billion yuan from the previous quarter. Medium - and long - term pure bond funds decreased by 154.9 billion yuan to 5.76 trillion yuan, short - term pure bond funds increased by 69.9 billion yuan to 1.02 trillion yuan. The first - tier bond funds decreased by 14 billion yuan to 833.1 billion yuan, and second - tier bond funds increased by 250.3 billion yuan to 1.6 trillion yuan. [1][10] 3.2 Asset Structure: Bond Positions Increase In terms of asset allocation structure, the scale contraction led medium - and long - term bond funds to reduce their bond holdings, while second - tier bond funds increased their bond allocation due to share expansion. The four types of funds collectively increased their bond holdings by 168.1 billion yuan. By the end of 2025, medium - and long - term pure bond funds, short - term pure bond funds, first - tier bond funds, and second - tier bond funds held bond market values of 6.69 trillion yuan, 1.1 trillion yuan, 941 billion yuan, and 1.42 trillion yuan respectively. Medium - and long - term pure bond funds reduced their holdings by 186.3 billion yuan, while short - term pure bond funds, first - tier bond funds, and second - tier bond funds increased their holdings by 84.2 billion yuan, 17.5 billion yuan, and 252.6 billion yuan respectively. The bond positions of all types of bond funds increased, and the stock position of second - tier bond funds decreased slightly. [18][19] 3.3 Medium - and Long - term Bond Funds Reduce Leverage and Control Duration Short - term bond funds increased leverage, while medium - and long - term bond funds decreased leverage. In Q4, short - term pure bond funds adopted a defensive coupon strategy of "increasing leverage + reducing duration", with the leverage ratio increasing by 0.26 pct to 111.66%. Medium - and long - term pure bond funds actively reduced leverage due to net redemption pressure and unstable long - term interest rates, with the leverage ratio decreasing by 0.92 pct to 115.83%. The leverage ratios of first - tier and second - tier bond funds increased by 1.58 pct and 0.82 pct to 113.53% and 111.59% respectively. Most bond funds reduced their duration exposure. The arithmetic average durations of medium - and long - term interest - rate bond funds, medium - and long - term credit bond funds, short - term interest - rate bond funds, and short - term credit bond funds in Q4 were 3.35 years, 2.38 years, 0.99 years, and 0.88 years respectively, decreasing by 0.23 years, 0.15 years, 0.19 years compared to Q3, and the short - term credit bond fund increased by 0.02 years. [28] 3.4 Bond Type Portfolio: Increase Allocation to Credit Bonds, Reduce Allocation to Interest - rate Bonds In Q4, the four types of bond funds collectively increased their credit bond holdings by 306.1 billion yuan and reduced their interest - rate bond holdings by 117.4 billion yuan. Among pure bond funds, medium - and long - term bond funds reduced interest - rate bonds and increased credit bonds, and short - term bond funds increased their credit bond allocation more than interest - rate bonds. Among bond funds with equity components, first - tier bond funds mainly increased their credit bond holdings, and second - tier bond funds increased their credit bond allocation more than interest - rate bonds. In terms of specific bond types, medium - and long - term pure bond funds mainly reduced their holdings of treasury bonds, policy - financial bonds, and financial bonds and increased their holdings of medium - term notes; short - term pure bond funds mainly increased their holdings of financial bonds, policy - financial bonds, and commercial paper; first - tier bond funds mainly increased their holdings of financial bonds; second - tier bond funds mainly increased their holdings of financial bonds and policy - financial bonds. The proportion of policy - financial bonds in the interest - rate bond portfolio of most bond funds increased. [35][43][52] 3.5 Top - holding Bond Analysis: Rating Central Tendency Migrates Downward In Q4 2025, bond funds significantly reduced their holdings of interest - rate bonds, slightly reduced their holdings of urban investment bonds, increased their holdings of convertible bonds, industrial bonds, and certificates of deposit, and slightly increased their holdings of financial bonds. There were signs of marginal credit downgrading in the top - holding bonds. Most bond funds reduced the proportion of AAA - rated bonds and increased the proportion of AA - and below - rated bonds. In terms of regional allocation of top - holding urban investment bonds, bond funds significantly reduced their holdings of urban investment bonds in Zhejiang and Anhui and increased their holdings in Sichuan and Chongqing. [55][58][65]

Performance Overview - In Q4 2025, convertible bond funds achieved a median return of 1.09%, outperforming first-level bond funds (0.6%), second-level bond funds (0.44%), and mixed bond funds (0.31%) [1] - For the entire year of 2025, the median return for convertible bond funds was 22.43%, significantly higher than first-level bond funds (2.06%), second-level bond funds (4.66%), and mixed bond funds (5.49%) [1] Fund Scale and Demand - In Q4 2025, the scale of second-level bond funds increased by 2506 billion CNY to reach 15535 billion CNY, while first-level bond funds and mixed bond funds saw decreases of 142.5 billion CNY and 7 billion CNY, respectively [1] - The net subscription for second-level bond funds in Q4 2025 was 2344 billion units, while first-level bond funds faced a net redemption of 186 billion units [19] Convertible Bond Holdings - In Q4 2025, the convertible bond holdings of first-level bond funds increased by 0.32 percentage points to 7.97%, while second-level bond funds and mixed bond funds saw declines of 1.07 and 0.88 percentage points, respectively [33] - Public funds focused on increasing holdings in bank bonds, as well as in sectors like new energy, cyclical stocks, and military-related bonds [40] Investment Strategy Insights - The demand for fixed-income plus funds is robust, with second-level bond funds becoming the primary vehicle for this demand, while first-level bond and convertible bond fund scales have marginally declined [3] - Institutions with equity allocation permissions are shifting their demand from first-level bond funds to second-level bond and mixed bond products due to the high valuation of convertible bonds [3]

Abstract 摘要 点击小程序查看报告原文 2025年"固收+"基金规模同比增长50%以上，其中，二级债基贡献了主要的规模增量。二级债基作为机构占比中枢长期维持70%的产品品类，其规模上涨 背后大概率是由于机构资金的助推。而 增量资金的涌入其实也改变着"固收+"基金的产品结构走向。 在权益市场迎来结构性行情时（尤其是2025Q3以 来），高风偏机构资金增配二级债基或主要作为波段或配置工具使用。基于这一逻辑，我们的确观察到，在股票端有相对明显风格/板块押注的"赛道型固 收+"基金，在2025年的规模增长较为突出，且规模增速明显高于股票端选择板块均衡配置的"固收+"基金。 正如我们此前在已外发研究报告《 "固收+"基金2026年展望：多资产大时代的增长法则与逻辑主线 》中所强调的，展望2026年，"固收+"基金发展的大时 代背景依然清晰，不过，我们判断， 2026年的增量资金结 构可 能会有一定改变。 "固收+"基金的需求方，一方面是机构端资金（包括险资/年金/养老金等 高风偏资金+银行理财等相对低风偏资金），另一方面是零售端资金（主要来源为银行渠道与互联网渠道的个人投资者）。展望2026年，若权益市场结构 ...

Core Viewpoint - The bond market at the beginning of 2026 is experiencing a "funding frenzy" due to the implementation of tax exemptions for foreign institutional bonds, the valuation advantages of Chinese bonds, and stable yields, leading to increased foreign investment and significant inflows from bank wealth management and individual investors into bond funds [1][6]. Summary by Sections Current Market Environment - The bond market in 2026 is characterized by "liquidity easing + interest rate fluctuations + credit bond yields dominating," with foreign capital and inflows reinforcing the importance of "certain returns" [6]. Types of Bond Funds - **Pure Bond Funds**: Focus on government bonds, financial bonds, and credit bonds without equity participation, characterized by low risk [4][5]. - **Level One Bond Funds**: Primarily bond-focused but can participate in new stock subscriptions, with moderate risk [4][5]. - **Level Two Bond Funds**: Have a bond base (≥80%) and can directly invest in stocks (up to 20%), presenting medium risk [4][5]. Fund Suitability Analysis - **Pure Bond Funds**: Considered the safest option, suitable for most investors due to their low volatility and stable returns, aligning with the current market's focus on yield [7]. - **Level One Bond Funds**: Face pressure on new stock subscription returns, making them less attractive compared to pure bond funds and level two bond funds in the current market [8]. - **Level Two Bond Funds**: Offer unique advantages in a volatile market, combining bond stability with potential stock gains, suitable for investors with moderate risk tolerance [9]. Selection Strategy for Bond Funds - The selection process for bond funds should match individual risk tolerance and market conditions, following a four-step approach: defining risk preference, examining product details, selecting fund managers, and configuring asset allocation [10]. - Recommended allocation strategy includes 60%-70% in core holdings (short-duration pure bond funds) and 30%-40% in enhancement strategies (level two bond funds) [10]. - Emphasis on selecting funds with high credit ratings (AA+ and above) and low fees (management + custody fees below 0.6%) to optimize returns [10].

Investment Highlights - The equity market has shown a recovery since December 2025, with major indices recording monthly gains. The cyclical and growth sectors performed well, while the value sector lagged behind. Notably, the defense, non-ferrous metals, and communication sectors saw significant increases of 21.24%, 13.03%, and 12.82% respectively, while real estate, food and beverage, and pharmaceuticals experienced declines of -4.47%, -4.34%, and -4.09% respectively [6][11][12] - The bond market faced overall weakness in December, with long-term and ultra-long-term bonds performing poorly. The yield curve steepened, and the overall performance of the bond market was subdued due to various factors, including supply pressures and profit-taking by institutions at year-end [7][20] Active Equity Fund Selection Strategy - Since December 2025, there has been a shift from defensive to offensive market strategies, with a recovery in risk appetite. The central economic work conference emphasized "seeking progress while maintaining stability" and focused on structural adjustments and technological innovation, particularly in the "AI +" sector [2][12][13] - The current environment supports asset revaluation, with a focus on sectors driven by both "story and performance," such as the AI industry chain and commercial aerospace. Additionally, traditional industries like chemicals and engineering machinery are highlighted for their reasonable valuations and potential for improved return on equity (ROE) [2][15] Fixed Income Fund Selection Strategy - The outlook for January suggests a potential short-term rebound in the bond market, but a cautious approach is advised due to ongoing supply pressures and limited room for interest rate cuts. The strategy continues to favor flexible bond products while maintaining duration neutrality [3][20] - The pure bond fund index has shown stability, with slight increases in various bond fund indices, indicating a mixed performance landscape in the bond market [7][22] Historical Performance Review - Since the construction of the active equity selection index on May 11, 2023, it has achieved a cumulative net value of 1.4934, outperforming the benchmark by 20.21%. The index recorded a return of 6.61% since the December 2025 monthly configuration report [17][22] - The short-term bond fund selection index has also shown positive performance, with a cumulative net value of 1.4637, exceeding its benchmark by 0.5434% since its inception [22][30]

Core Insights - The "Fixed Income Plus" (固收+) funds have experienced rapid growth in 2023, with total assets reaching 2.48 trillion yuan by December 26, marking a 51.22% increase from the beginning of the year [2][3] - The significant growth in the "Fixed Income Plus" sector is attributed to multiple factors, including increased investor demand for stable returns amid declining interest rates and market volatility [3][4] Group 1: Growth of "Fixed Income Plus" Funds - The total scale of "Fixed Income Plus" funds has grown from 1.64 trillion yuan at the start of the year to 2.48 trillion yuan, reflecting a growth rate of over 50% [2] - The secondary bond fund category has nearly doubled in size, increasing from 692.03 billion yuan to 1.37 trillion yuan, a growth of over 98% [2] - The primary bond fund category grew from 700.05 billion yuan to 841.85 billion yuan, with a growth rate exceeding 20% [2] Group 2: Factors Driving Growth - Investor demand for products with predictable returns has surged due to a declining interest rate environment and increased volatility in equity markets [3] - The transition of bank wealth management products to net value has led traditional investment funds to seek stable and less volatile alternatives, positioning "Fixed Income Plus" funds as a key option [3] - Public fund institutions are actively developing "Fixed Income Plus" product lines, catering to various risk tolerances and effectively meeting diverse investment needs [3] Group 3: Strategies of Public Fund Institutions - Different public fund institutions are employing varied strategies in the "Fixed Income Plus" space, focusing on asset allocation adjustments based on market conditions [4] - The investment goals of "Fixed Income Plus" products are diverse, requiring a balance between long-term and short-term objectives [5] - Long-term goals focus on asset appreciation and returns, relying on in-depth research of corporate fundamentals and industry trends [5]