"自从2009年工作以后，从来没有休过长假……"近日，天弘基金旗下一位管理规模超350亿元的基金经理姜晓丽因个人原因离任， 其发布的一封致投资者的信引发关注。姜晓丽称，要彻底给自己放个假，希望能调整自己的状态，以更好的状态迎接下一个人生阶段。 公开资料显示，姜晓丽拥有16年证券从业经验，于2009年加入天弘基金，2012年起管理公募基金。她管理的产品类型主要为固收 类，包括偏债混合基金及混合二级债基，最高管理规模接近800亿元；截至离职前一个季度末，管理规模仍超350亿元。 300亿规模基金经理离职 根据天弘基金公告，旗下基金经理姜晓丽因个人原因，于2月9日"清仓式"卸任旗下10只公募基金产品，至此她再无公募基金管理。 基金经理期望休个长假 姜晓丽还表示，能够成为一名基金经理，将自己对研究的喜爱和为大众创造价值的使命结合起来，是她最大的幸运。同时，她对天 弘基金给予的培育与滋养表示了感谢，并感谢了领导和同事一路以来的支持和鼓励。 姜晓丽离职同日，天弘基金微信公众号同步发布了《致天弘固收+投资者的一封信》，其中包含姜晓丽写给投资者的一篇文章，她 在文章中袒露了离职原因。 "多年来，紧张的投研工作和管理工作占用了 ...

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 ...

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]

Group 1 - The article emphasizes the importance of diversifying investments across different asset classes, including both RMB and foreign currency assets, as well as stocks and bonds [2] - It introduces a free course that systematically covers investment knowledge related to US dollar bond funds, indicating a growing interest in this area among investors [2] - The article highlights the rapid growth of "fixed income +" products in recent years, driven by declining deposit rates and increasing investor attention [7] Group 2 - "Fixed income +" funds typically add a small amount of stocks or convertible bonds to a pure bond base, leveraging the negative correlation between stocks and bonds to achieve stable returns while reducing volatility risk [5] - Traditional "fixed income +" products include primary bond funds, secondary bond funds, and mixed bond funds, with secondary bond funds and mixed bond funds being the most classic types [5] - The broader category of "fixed income +" also encompasses hedge funds and all-weather strategy funds, which may not hold a high proportion of bonds but use strategies to control volatility risk [5][7]

Core Viewpoint - The article discusses the characteristics of "Fixed Income +" products, which combine low-risk bond assets for defense and higher-risk assets like stocks for potential returns, making them suitable for various types of investors [1][3]. Summary by Sections Characteristics of "Fixed Income +" - "Fixed Income +" consists of two parts: a defensive low-risk bond component and an offensive higher-risk component to enhance returns [1]. - The long-term returns of "Fixed Income +" products are significantly higher than those of pure bond funds, with a 20-year annualized return of approximately 7.77% compared to 4.33% for pure bond funds [3][5]. - The maximum drawdown for "Fixed Income +" products is about -12.02%, which is lower than that of equity funds, indicating a moderate risk profile [3][5]. Suitable Investor Types - **First Type: Steady Growth Seekers** Investors with moderate risk tolerance seeking steady asset growth find "Fixed Income +" appealing as it balances risk and return [7][9]. - **Second Type: Asset Allocators** Investors looking to balance stock and bond allocations can use the "100-age" rule for distribution, with "Fixed Income +" suitable for the bond portion [10]. - **Third Type: Alternatives to Savings and Wealth Management** With declining deposit rates and the end of guaranteed returns in bank wealth management, "Fixed Income +" serves as an ideal alternative for those willing to accept some volatility for higher returns [11][12][13]. - **Fourth Type: Transitional Investors** Investors optimistic about the stock market but wary of short-term corrections can use "Fixed Income +" to maintain exposure to equities with reduced volatility [17][18]. - **Fifth Type: Short to Medium-Term Fund Managers** Investors needing access to funds within one to three years can consider "Fixed Income +" as it offers better returns than traditional savings or money market funds [19][20][21]. Conclusion - "Fixed Income +" products are suitable for various investor needs, providing a balanced approach to risk and return [22][23].

Group 1 - The core concept of "Fixed Income +" is to combine fixed income assets with a small portion of higher-risk assets like stocks and convertible bonds to enhance returns while maintaining stability [2][10][15] - "Fixed Income +" typically consists of two parts: the fixed income portion, which includes low-risk bond assets for defensive purposes, and the "+" portion, which includes stocks and convertible bonds for offensive growth [2][15] - The performance of "Fixed Income +" products is influenced by the negative correlation between stocks and bonds, which helps to reduce volatility risk [3][15] Group 2 - Different stock-bond ratios significantly impact the returns and risks of "Fixed Income +" products, with higher stock allocations leading to greater long-term returns but also increased volatility risk [5][6] - Classic "Fixed Income +" products include primary bond funds, secondary bond funds, and mixed bond funds, with secondary bond funds and mixed bond funds being the most representative [10][15] - Broader definitions of "Fixed Income +" also encompass hedge funds and all-weather strategy funds, which may not have a high proportion of bonds but use strategies to control volatility risk [12][15] Group 3 - The increasing attention on "Fixed Income +" products is attributed to the decline in deposit interest rates, leading to rapid growth in this investment category [15] - For investors seeking a more convenient way to invest in "Fixed Income +", products like "Monthly Salary Treasure" are recommended, with a low initial investment threshold of 200 yuan [15]

Core Viewpoint - The article discusses the rising popularity and performance of hybrid bond funds, which combine fixed income and equity investments, providing a balanced approach for investors seeking both stability and potential returns in a fluctuating market [2][3][4]. Group 1: Performance of Hybrid Bond Funds - As of October 28, the hybrid bond fund index has achieved a one-year growth of 6.32%, indicating a strengthening performance amid a recovering capital market [2]. - The hybrid bond funds are seen as a crucial choice for conservative investors, especially as the one-year fixed deposit rate falls below 1% and the 10-year government bond yield hovers around 1.75% [3][4]. Group 2: Investment Strategy and Characteristics - Hybrid bond funds are characterized by a lower volatility compared to stock funds, while offering a more diverse investment category than pure bond funds, effectively mitigating single market risks [4]. - The strategy of these funds aims to balance stability and flexibility, making them appealing to investors looking for a middle ground between pure bond and equity funds [4]. Group 3: Management and Selection Criteria - Selecting hybrid bond funds requires attention to the fund company's research capabilities, the experience of fund managers, historical performance, and risk management strategies [4][8]. - The management of hybrid bond funds demands a comprehensive understanding of macroeconomic trends, credit bond markets, and stock market dynamics, highlighting the need for versatile fund managers [4]. Group 4: Case Study of ICBC Credit Suisse Fund - ICBC Credit Suisse Fund has demonstrated strong performance through its focus on research capabilities, ranking third among 13 large equity fund companies over the past three, five, and seven years [5][9]. - The ICBC Credit Suisse hybrid fund, specifically the ICBC Joyful Mixed Fund A, reported a one-year net value growth of 33.25%, significantly outperforming its benchmark of 6.95% [6][9]. Group 5: Market Context and Future Outlook - In the current environment of declining interest rates and emerging structural opportunities in the equity market, hybrid bond funds are positioned as essential tools for balancing risk and return [7][8]. - The key to success for these funds lies in the ability of fund managers to enhance their skills and navigate market complexities to achieve stable value growth [7].

Core Viewpoint - In the third quarter of this year, actively managed bond funds experienced significant redemptions amid market volatility, with pure bond funds seeing the most substantial decline, while "fixed income +" funds that can invest in convertible bonds and stocks saw an increase in scale [1][2]. Group 1: Fund Performance - As of the end of the third quarter, the total management scale of actively managed bond funds reached 9.32 trillion yuan, a decrease of 218.63 billion yuan, or 2.29% quarter-on-quarter [1]. - The scale of pure bond funds decreased by 711.99 billion yuan, a decline of 9.66% [1]. - In the third quarter, the total subscription amount for bond funds was 2.31 trillion units, while total redemptions reached 2.81 trillion units, resulting in a net redemption of over 500 billion units [1]. Group 2: Market Outlook - Fund managers generally hold a cautiously optimistic view on the bond market, suggesting that the recent market adjustments are a correction of previous excessive pessimism [2][3]. - There is a potential for further interest rate cuts and reserve requirement ratio reductions, which could lead to lower yields, especially in the medium and short-term [3]. - Many fund managers express caution regarding convertible bonds, indicating that their current cost-effectiveness is lower than that of stocks, and recommend maintaining a low allocation to convertible bonds in portfolios [3].

Core Viewpoint - The A-share market is experiencing renewed interest as the Shanghai Composite Index returns to the 4000-point mark after 10 years, prompting investors to seek better yield alternatives amid declining deposit rates and improving equity market performance [1] Group 1: Market Trends - The issuance scale of mixed financial products has shown a significant expansion trend this year, with some products offering annualized returns of over 5% to 7% [1] - The "fixed income +" products are increasingly focusing on equity assets, with a notable rise in the performance of mixed products compared to the previous year [2][3] - The average annualized return of "fixed income +" products from Everbright Wealth is above 3%, with some products achieving returns over 5% [3] Group 2: Asset Allocation - The typical allocation model for "fixed income +" products consists of 70%-90% fixed income assets (such as government bonds and high-grade credit bonds) and 10%-30% equity/alternative assets (like stocks and REITs) [4] - The "plus" portion of "fixed income +" products has been expanded to include REITs, quantitative strategies, and derivatives, which have shown positive results [3][4] Group 3: Investment Strategies - Financial institutions are increasingly collaborating with external managers to gain alpha returns from equity assets and diversify their portfolios [6] - The regulatory environment is encouraging financial companies to participate in equity markets, with recent policies allowing them to engage in IPOs and private placements [6][7] - The focus on equity investments is seen as a market trend, with firms needing to enhance their research capabilities to manage risks effectively [8] Group 4: Future Outlook - There is potential for further expansion in the "plus" segment of "fixed income +" products, particularly in cross-border assets and derivatives [10] - The industry is cautiously optimistic about the upward potential of "fixed income +" yields, with current yields being 30-50 basis points higher than pure fixed income products [11] - The overall yield environment for various financial products has been declining, with recent reports indicating a drop in annualized yields for open and closed fixed income products [11]

Core Viewpoint - The public fund industry is transitioning from a scale-oriented approach to a quality-oriented one, with a focus on long-term value creation and sustainable returns for investors [1][3][9] Industry Overview - The public fund industry has seen significant growth, with total managed assets reaching 36.25 trillion yuan by August 2025, up from 8 trillion yuan in 2015, highlighting its importance in the capital market [1] - The release of the "Action Plan for Promoting High-Quality Development of Public Funds" in May 2025 aims to correct the industry's scale orientation and emphasize return-oriented strategies [2][3] Key Initiatives - The action plan includes optimizing assessment mechanisms, enhancing research capabilities, and promoting fee reforms to align fund management with performance [2] - Fund companies are required to establish assessment systems focused on investment returns, with a minimum weight of 50% on investment performance [2] Company Strategy - The company, as a pioneer in public fund operations under an insurance asset management framework, emphasizes "long-termism" as a strategic pillar [1][3] - The company aims to create long-term sustainable returns for investors through a systematic and professional approach [3][4] Research and Investment Framework - The company's investment research system is built on deep research, value investment principles, and risk control, aiming for diversified investment styles and stable returns [4] - A platform-based investment research model is established to ensure efficient execution of long-term strategies while reducing reliance on individual fund managers [4] Technological Innovation - The company has developed a forward-looking quantitative investment system, including a proprietary multi-strategy Alpha model that aligns with long-term value investment [4][5] Professional Team Development - The company has built a specialized investment research team with over 70 members, each averaging more than 8 years of experience in finance, ensuring effective collaboration across various investment departments [5] Product Innovation - The company has diversified its product offerings, including various types of funds such as money market, bond, mixed, and thematic ETFs, aligning with national strategic directions [6] - Specific products have been developed to cater to long-term investment needs in areas like pension finance and technology innovation [6] Investor Engagement - The company prioritizes investor trust and education, conducting various activities to enhance financial literacy and provide investment support [7][8] - Initiatives include community outreach programs aimed at educating elderly investors on financial planning and risk management [8] Performance and Recognition - As of June 2025, the company manages approximately 140 billion yuan, serving over 19 million clients and generating over 20 billion yuan in returns for investors [9] - The company's commitment to long-termism is recognized as essential for both its survival and its role in supporting national strategies and safeguarding residents' wealth [9]