开栏语：一场规模高达50万亿的存款迁徙正蓄势待发。站在财富配置的历史拐点，如何审视这波天量资金 的洪流涌向？凭借净值化运作的专业禀赋，公募行业正以"固收+"为盾、FOF为矛，站上潮头，成为金融深 化改革的时代注脚。深度探究行业变化，智通财经推出《迎接50万亿存款迁徙》专题，以专业视角观察、 见证公募的发力，为投资者绘制新的财富蓝图。 智通财经2月27日讯（记者 闫军）固收+基金在2026年增量可期，已经成为公募基金业务在ETF之外，最大的共识。 一是50万亿高息存款到期的居民财富迁徙，二是险资加大投资、银行资金转移等机构增量资金涌入，两大历史机遇之 下，公募基金行业正达成共识：3万亿或仅是起点，2026年"固收+"业务的争夺战已然全面打响。 3万亿元，固收+最新规模达历史峰值 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3万亿元，超过2022年2.7万亿元的历史 峰值，创下新高。环比增长9%，较去年同期增长56%。（固收+统计口径：一级债基、二级债基、可转债、偏债混 合、权益仓位不超过4成的灵活配置基金、偏债混合型FOF）。 | 排 | | | 2021-2025年基金公司 ...

多家机构测算数据表明，2026年到期的居民存款规模或达数十万亿元级别。在市场利率中枢持续下行、 传统投资渠道不确定性增加的宏观背景下，如何为这部分寻求稳健回报的资金找到"新大陆"，已成为市 场关注的焦点。 "核心—增强"双轮驱动，构建多元资产配置体系 在此背景下，一款旨在提供低波动、稳健回报解决方案的公募产品应运而生。富国基金旗下的富国智安 稳健90天持有期混合型基金中基金（FOF）（以下简称"富国智安稳健FOF"）（A类：026343，C类： 026344）于今日（2月24日）正式进入首发募集期。据悉，该产品定位为偏债混合型FOF，拟由多元资 产投资总监张子炎担纲管理，力求通过"债基打底、多元增强"的策略，为投资者在当前复杂的市场环境 中提供一个兼具防御性与收益弹性的配置工具。 规模两年翻倍，偏债混合FOF成低波配置新宠 在低利率环境与市场波动加剧的双重驱动下，单一资产策略愈发难以满足投资者对财富保值增值的核心 诉求。作为资产配置的"专业买手"，FOF类基金凭借其分散投资、平滑波动的天然优势，正逐步走向舞 台中央。 其中，偏债混合型FOF的崛起尤为引人注目。Wind数据显示，该类产品规模自2024年初至20 ...

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。 ...

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 article emphasizes that the 2025 fixed income market has faced significant challenges, with a notable decline in the performance of long-term bonds compared to previous years, indicating the end of the "golden era" for fixed income investments [6][9]. Summary by Sections 2025 Fixed Income Market Review - The long-term government bond yields experienced significant fluctuations, rising from 1.59% to 1.85% in the first half of 2025 [4]. - The performance of pure bond funds in 2025 was below the average returns from 2014 to 2024, confirming the end of the favorable conditions for fixed income investments [10]. Fund Performance Metrics - The annualized returns and maximum drawdowns for various bond indices in 2025 were as follows: - Long-term pure bond index: 0.86% return, -0.88% drawdown - Short-term pure bond index: 1.44% return, -0.24% drawdown - Money market fund index: 1.34% return, 0.00% drawdown [8]. Fund Manager Challenges - The article notes that 2025 was a year of significant turnover among fund managers due to salary cuts and reforms, impacting the performance of selected funds [17]. - Despite the challenges, the selected funds generally outperformed the market average, with only short-term bond funds slightly underperforming [17]. Asset Allocation Importance - The article highlights the increasing importance of asset allocation skills, suggesting that investors should focus on bond-oriented funds of funds (FOFs) for better risk-adjusted returns [12][29]. - In 2025, bond-oriented FOFs showed better volatility and drawdown control compared to traditional bond funds, indicating a shift in investment strategy [13]. Outlook for 2026 - The article anticipates continued volatility in interest rates, with potential for both increases and decreases, making the fixed income market challenging [24]. - The upcoming 2026 fixed income fund rankings will place greater emphasis on funds with asset allocation advantages, reflecting the evolving market landscape [26][29].

Core Viewpoint - The "Fixed Income +" fund is expected to continue its growth trajectory into 2026, driven by various factors including the migration of resident wealth seeking stable returns, institutional demand for enhanced yields, and the market consensus on cross-asset diversification [2][25][28]. Group 1: Growth Drivers for "Fixed Income +" Funds - The long-term low interest rate environment is driving residents to seek stable and moderately higher returns, making "Fixed Income +" funds an attractive option for wealth migration [25][28]. - Institutional investors are facing rigid liability cost pressures, leading them to increase their risk exposure and volatility tolerance to achieve better returns, thus favoring "Fixed Income +" funds as a new allocation channel [25][28]. - The performance of "Fixed Income +" funds has already gained market recognition, with significant returns reported in 2025, making them appealing to both retail and institutional investors [25][26][28]. Group 2: Performance and Strategy Insights - In 2025, "Fixed Income +" funds saw a notable increase in market attention, with strategies dynamically evolving alongside market trends, such as a focus on convertible bonds and equity markets [4][8][18]. - The "Fixed Income + Technology" and "Fixed Income + Growth" strategies outperformed others, with median returns of 11.71% and 8.85% respectively, indicating strong market interest in these areas [16][18]. - The growth of "Fixed Income +" funds is significantly influenced by long-term performance metrics, with a strong correlation between past performance and fund size growth [34][36]. Group 3: Competitive Landscape and Fund Management - The competitive landscape for "Fixed Income +" funds has shifted, with some institutions achieving rapid growth in management scale through differentiated strategies and strong performance in equity opportunities [18][19]. - Institutions that successfully attract incremental funds often leverage unique product offerings and strong stock-picking capabilities, particularly in high-volatility sectors like technology and growth [45][41]. - The market is expected to see a bifurcation in "Fixed Income +" fund strategies, with "extreme style" funds attracting more capital, while funds focusing on stable returns and cost-effectiveness also hold significant potential for growth [46][47].

Core Insights - The public fund issuance in early 2026 is accelerating, with 71 new funds scheduled for January, including 44 launching in the first trading week after the New Year [1][2][3] - Equity products remain the primary focus for fund companies, with nearly 30% being actively managed equity funds and about 35% being stock funds [1][3][4] - Over 30% of the new funds are targeting specific industries or themes, such as technology, healthcare, and the Sci-Tech Innovation Board [1][3][4] Fund Issuance Trends - The first trading day of 2026 saw 28 new funds launched, contributing to a total of 44 new funds from January 5 to January 9, with an additional 27 funds set to be released from January 12 to January 28 [2][3] - The high number of new fund launches is attributed to favorable channel resources, anticipated capital inflow, and expectations of a "spring rally" in the A-share market [3][4] Product Structure - Among the 71 new funds, stock funds account for approximately 35%, mixed funds for about 34%, and bond funds and FOFs each for 14% [3][4] - The focus on equity products reflects a strong interest from fund companies in positioning themselves within the equity market [4][5] Subscription Periods - Most new funds have a subscription period of 30 days or less, with 41 funds having a subscription period of 15 days or less [5][6] - Shorter subscription periods signal strong market confidence and a desire to quickly secure core investment capital [6][15] Company Strategies - Over 40 fund management firms plan to launch new products in January, with larger firms offering a more diversified range of products [7][8] - Some mid-sized firms are notably focusing on index products, indicating a trend towards passive investment strategies [8][17] Thematic Investment Focus - The technology sector is a prominent investment theme for the new funds, with approximately 36% of the funds targeting specific industries such as technology, batteries, and pharmaceuticals [9][19] - Fund companies are optimistic about opportunities in the technology sector for 2026, particularly in AI and related fields [20][21]

Core Insights - The public FOF (Fund of Funds) issuance market has significantly warmed up, with a total of 78 FOFs issued this year compared to only 29 in the same period last year [2] - The market scale has continued to rise, with a total of 538 FOF products and a net asset value of 231.611 billion yuan, an increase of 98.461 billion yuan since the beginning of the year [2] - The low interest rate environment has shifted market focus from single asset bets to diversified multi-asset allocations, driven by increased wealth management needs and pension investment demands [2] Group 1: Market Activity - In the fourth quarter, there has been a surge of "explosive" FOF products, with 7 out of 13 FOFs exceeding 2 billion yuan in scale established in this quarter [4] - The first week of December alone saw 10 FOFs confirmed for issuance, indicating a vibrant market with both volume and price rising [4] - Notable fundraising achievements include the Invesco Great Wall FOF, which raised 2.775 billion yuan in just 19 days, and several other products exceeding 1 billion yuan in short fundraising periods [5] Group 2: Performance and Trends - The FOFs focusing on bond strategies have become the mainstay of this issuance wave, characterized by rapid pace, stable scale, and active subscriptions [8] - As of December 5, all public FOFs have achieved positive returns this year, with some products yielding up to 61.78%, significantly outperforming the CSI 300 index [8] - However, there has been a noted decline in performance since November, with negative monthly averages for both bond and equity FOFs [8] Group 3: Investment Strategies - The current FOFs are primarily focusing on early-stage innovative high-tech companies and leading firms in healthcare, consumption, and manufacturing [9] - Multi-asset allocation has become a common investment choice among FOFs, with top managers emphasizing a mix of active equity, fixed income, and other asset classes [9] - The introduction of personal pension systems and policies promoting long-term capital market entry have created favorable conditions for FOF development [9]

Core Insights - The public fund issuance showed signs of recovery in the first week of November, with a total of 35 public products launched, marking a 29.63% increase from the previous week [1][2] - The average subscription days for the new funds decreased to 19 days, indicating enhanced market activity [1] Fund Issuance Overview - A total of 35 new public funds were issued, with equity funds (including stock and mixed funds) being the primary contributors, accounting for over 70% of the total issuance [2][3] - The breakdown of fund types shows that stock funds comprised 16 of the new issues, representing 45.71% of the total, with passive index funds leading at 13 issues (37.14%) [3][4] Fund Type Distribution - The issuance of mixed funds reached 10, making up 28.57% of the total, with the core being the equity-mixed funds [3] - Bond funds maintained a stable issuance with 4 mixed bond funds, accounting for 11.43% of the total [4] - FOF products also performed well, with 5 new issues, matching the highest weekly issuance for the year [4] Institutional Participation - The 35 new funds were launched by 25 different public fund institutions, with 18 institutions issuing one fund each and 7 institutions issuing two or more [4] - E Fund led the issuance with 4 new funds, primarily in passive index stock funds, followed by Huatai-PineBridge with 3 new funds [4]

Core Viewpoint - The public FOF (Fund of Funds) market has shown significant growth in 2025, with a notable increase in demand for stable FOFs and a shift towards diversified asset allocation strategies [1][3]. Group 1: Market Growth and Trends - As of June 30, 2025, there are 518 FOFs in the market, with a total scale of approximately 165.7 billion yuan, reflecting a quarter-on-quarter increase of about 14.6 billion yuan, or 9.68% [1]. - The demand for stable FOFs has increased, with the proportion of stable debt-mixed FOFs reaching 31% of the total FOF market [3][4]. - In Q2 2025, 15 new public FOFs were launched, with a total issuance scale of approximately 18.6 billion yuan, marking a continued upward trend [3]. Group 2: Fund Performance and Preferences - The bond-type FOFs have seen significant net subscriptions, with the top-performing bond FOF, Bosera Zhenxuan Chuhui, increasing by 6.847 billion units [5][6]. - The one-year return rates for the top three FOFs were 4.95%, 4.50%, and 5.19%, indicating stable performance [7]. - Despite high returns from target date and equity FOFs, there was no significant net subscription for these products, highlighting a preference for stable options [8]. Group 3: Asset Allocation Strategies - Public FOFs have increased their allocation to passive bond funds while reducing exposure to pure index equity funds, with the proportion of pure bond fund holdings rising from 30.75% to 36.80% [12][13]. - The allocation to passive equity funds has decreased, reflecting a strategic shift in asset allocation [13]. Group 4: Management and Concentration - The number of public institutions managing FOF products has increased to 85, with the top ten managers holding 60.8% of the market share, indicating a slight decrease in market concentration [10][11]. - Notable fund managers with FOFs exceeding 10 billion yuan include Xingzheng Global Fund, E Fund, and Zhongou Fund [11]. Group 5: Fund Selection and Holdings - The most frequently increased funds by FOFs in Q2 2025 were primarily bond funds, with significant increases in passive bond and short-term pure bond funds [16]. - Among active equity funds, the top holdings by FOFs were Dachen Gaoxin Stock C and E Fund Kairong Mixed, both showing high external holding frequencies [16][17].