Core Viewpoint - The article emphasizes the growing importance of "fixed income +" products as a hidden driver of positive market trends, particularly in the context of the current A-share market rally and the need for prudent asset allocation strategies [1][20]. Market Performance - The A-share market has shown a steady upward trend this year, with the Shanghai Composite Index surpassing 3,800 points in August and daily trading volumes exceeding 3 trillion yuan [2]. - Key sectors such as computing, chips, robotics, and solid-state batteries have attracted significant investor interest [2]. Investment Behavior - Investors are cautioned against the temptation of quick profits, which can lead to hasty decisions and poor asset allocation, resulting in losses during market fluctuations [3]. - As of the end of August, 65.58% of actively managed equity funds are still recovering from losses since the market peak in February 2021 [3]. Performance of "Fixed Income +" Products - "Fixed income +" products have outperformed traditional equity indices over the past five years, with the non-pure bond fund index yielding an annualized return of 2.78%, significantly higher than the -1.52% for the CSI 300 index [4]. - The volatility of the non-pure bond fund index over the past five and ten years was only 2.93% and 2.64%, respectively, compared to much higher volatility in equity indices [4]. Historical Performance of Mixed Bond Funds - The mixed bond fund index has consistently delivered positive returns, achieving positive performance in 18 out of 22 years from 2004 to 2025, with relatively small drawdowns during downturns [5]. Asset Allocation Logic - The article explains the asset allocation logic behind "fixed income +" products, highlighting the low volatility of bonds and the higher expected returns from equities, which can lead to significant losses if not managed properly [9]. - The negative correlation between stocks and bonds is noted, with less than 10% of periods experiencing simultaneous declines in both markets [10]. Selection of "Fixed Income +" Funds - Criteria for selecting "fixed income +" funds include a minimum scale of 3 billion yuan and performance metrics over various time frames, with several funds identified as top performers [11]. - Notable funds include博时稳健回报A, which focuses on high-grade credit bonds and employs various strategies to optimize returns while managing risks [11]. Fund Management and Team Expertise - The success of "fixed income +" products is attributed to the expertise of the management teams, with experienced fund managers leading the investment strategies [13]. -博时基金's strong performance is supported by a robust research team with extensive experience in fixed income investments [13]. Market Trends and Future Outlook - The article suggests that "fixed income +" products are becoming increasingly relevant in the current low-interest-rate environment, as traditional fixed income yields decline [21]. - The shift in asset allocation towards "fixed income +" products is expected to provide substantial capital inflows into the A-share market, potentially boosting major indices [22]. - As of August, over 1,640 "fixed income +" funds reported positive returns, with a median return exceeding 3%, indicating strong market performance [23].