2025年A股市场前三季度行情收官，行情呈现 "震荡回升、结构分化" 特征。数据显示，截至9月30日， 上证指数、创业板指分别累计上涨15.84%、51.20%，但市场在海外政策扰动、资金面紧平衡等因素影 响下波动加剧，固收类投资既要应对债市"窄幅震荡、调整频繁" 的挑战，又要把握股债联动机会，考 验机构综合管理能力。 凭借成熟的投资理念和不俗的投研实力，光大保德信基金多只固收产品位居同类前列。银河证券最新数 据显示，截至今年9月30日，光大中高等级近1/2/3/4年均位列普通债券型基金（可投转债）第一；光大 添益，近1年在499只普通债券型基金（二级）中位居第五，近3年、近5年、近7年分别位居同类前6%、 第三和第二；另外一只固收精品光大增利，短中长期亦表现不俗，近1/3/5/7/10年均跻身同类前10%。此 外，还有光大晟利、光大安诚、光大尊裕等多只产品标枪抢眼，近一年均位列同类前10%。② 展望四季度，光大保德信基金表示，当下债市或依然维持震荡格局，市场主要等待部分重要政策、指引 出台，但"先弱后强"的季节性规律有望演绎，年底关注期限利差收窄机会。值得关注的是，债市供给一 般自9月起将逐月走弱，而机构配 ...

Core Viewpoint - The recent reduction in deposit rates by major banks marks a shift towards a low-interest-rate environment, prompting investors to reconsider traditional savings and explore "fixed income +" strategies in public funds as a viable investment option [1][11]. Group 1: "Fixed Income +" Fund Characteristics - "Fixed Income +" is not an official fund type but a strategy that combines low-volatility fixed income assets with equities and other instruments to enhance returns [1]. - The strategy typically includes mixed bond funds, with equity investments capped at 30% to qualify as "fixed income +" products [2]. - The average annualized return of "fixed income +" funds over the past five years is 16.35%, outperforming both pure bond funds and mixed equity funds [5][6]. Group 2: Performance Metrics - As of May 28, "fixed income +" funds have an average annualized volatility of 4.55% and a maximum drawdown of -8.61%, which is lower than that of mixed equity funds [4]. - Among 1,253 "fixed income +" funds, 64.53% reported positive returns in the first quarter of 2025 [1][5]. Group 3: Growth Phases of "Fixed Income +" Funds - The first rapid growth phase occurred from 2014 to 2016, driven by a favorable market environment and significant liquidity, leading to a doubling of "fixed income +" fund numbers [8]. - The second growth phase from 2019 to 2021 was fueled by regulatory changes and a strong equity market, resulting in a 134.41% increase in the number of "fixed income +" funds [9]. Group 4: Current Market Opportunities - The current market conditions, characterized by low deposit rates and increased volatility, present a favorable environment for "fixed income +" strategies, similar to previous growth phases [11]. - Analysts suggest that the focus on diversified asset allocation within "fixed income +" strategies can enhance return potential amid uncertain economic conditions [11]. Group 5: Recommended "Fixed Income +" Products - A selection of 103 "fixed income +" products with above-average performance metrics has been identified for potential investment, including several mixed bond funds [12][14]. - The top-performing mixed bond funds over the past five years include those managed by Tianhong Fund, Dongfanghong Asset Management, and others, showcasing strong returns and low volatility [14][16].