本文盘点一下2025年固收类基金的整体表现，并公示2025年固收类TOP50榜单的表现。 来源：零城投资 2025年固收类市场回顾 去年我们的总结文章就提到了，2024年是债牛，但是2025年将难以维系。 正如我们去年预测的那样，2025年长期国债收益率开始剧烈波动，十年期国债收益率上半年在底部来回震荡，从1.59%震荡回升至1.85%。 下图为近5年10年期国债收益率走势。（截至2025-12-31，数据来源：Wind，下同） 我也在过去一年的文章中反复提示，债市的黄金时代已经结束，进入乱纪元，天天"收蛋"的欢乐时光已结束。 如果说2024年是久期越长的债基收益越好，那么2025年基本上反过来了，中长期纯债基金的表现甚至不如短债基金，回撤也明显更大。 短债基金的收益率也并不比货币基金好多少，债市的夏普比和卡玛比全面下滑——这意味着乱纪元。 | 指数名称 | 年化收益率 | 最大回撤 | | --- | --- | --- | | (代表该类别平均水平) | | | | 万得中长期纯债型指数 | 0.86% | -0.88% | | 万得短期纯债型基金指数_ | 1.44% | -0.24% | | 万得货币 ...

Core Viewpoint - The issuance of the "Action Plan for Promoting High-Quality Development of the Public Fund Industry" sets higher requirements for the ability of the public fund industry to serve investors, guiding fund companies to optimize resource allocation in investment research, product design, risk management, and market promotion to achieve better returns for investors [1][3] Group 1: Action Plan and Industry Direction - The "Action Plan" emphasizes long-term, value, and rational investment, aligning with the mixed asset business as a key approach to meet investors' wealth management needs [1] - Mixed asset business features a wide coverage of types, diverse underlying assets, and high team requirements, including various product types such as primary and secondary bond funds, flexible allocation, and debt-type FOFs [1] Group 2: Product Strategy and Development - The future product layout of CICC Fund's mixed assets will focus on "precision, tool-based, and strategy-oriented" approaches to create a clear, risk-return characteristic product system that meets different client needs [1] - The "Fixed Income+" strategy aims to deepen traditional approaches and pursue absolute return goals, with series like "Steady+" focusing on high-grade credit bonds and low-volatility strategies, and "Balanced+" increasing equity asset allocation flexibility [2] - The development of multi-asset and multi-strategy products aims to enhance the breadth and depth of strategies, including the establishment of asset allocation FOF/MOM and quantitative hedging strategies to meet the needs of institutional investors and high-net-worth clients [2]