作者 | Los 编辑 | 小白 长期存款的到期潮已经成为26年被热议的方向。下图红框部分是居民定存超高速增长的22-23年，也 是股市走弱和预期走弱的区间。 低波稳健增值或成为26年最受关注的方向。 如今这些大量的资金在到期后，面临的是前所未有的低利率环境，其再配置，就成了一股力量。 而且在2026年，理财"打榜模式"将进入尾声。两者相叠加之后，各类型的固收+产品，会迎来更广阔 的发展空间。 但是，在股市目前4000点左右的位置，再叠加利率目前这个位置已经足够低，26年的固收+投资难度 可能要远远大于2025年。 风云君隔壁的王阿姨最近就忧心忡忡，此前4%的利率银行定存到期了，无风险利率持续下行，投权 益类市场波动大又没经验，买国债又怕跑不赢通胀，于是来问她的几个小目标咋弄？ 这就为王阿姨这样的群体筛选几个"固收+"基金，用Choice数据拉一下数据，2020年以来历年正收 益，基金规模设定在5亿元以上，且权益类资产占比不超过30%（控制波动），满足三项条件收益率 排名前二十的基金名单如下。 | | | | 2020年以来固收+产品收益率排名前二十名单 | | | | | | --- | --- | --- ...

Group 1 - The core viewpoint of the news is that China Coal Energy Co., Ltd. has seen a significant stock price increase of 5.28%, reaching 13.97 CNY per share, with a total market capitalization of 185.22 billion CNY [1] - The company was established on August 22, 2006, and listed on February 1, 2008, with its main business segments including coal business (81.03% of revenue), coal chemical business (12.48%), and coal mining equipment manufacturing (6.24%) [1] - The company reported a trading volume of 5.16 billion CNY and a turnover rate of 0.42% [1] Group 2 - From the perspective of fund holdings, a fund under Anxin Fund has a significant position in China Coal Energy, with Anxin Steady Growth Mixed A holding 8.58 million shares, accounting for 0.91% of the fund's net value [2] - The fund has generated an estimated floating profit of approximately 6.01 million CNY today [2] - Anxin Steady Growth Mixed A was established on May 25, 2015, with a current scale of 6.31 billion CNY and year-to-date returns of 3.17% [2] Group 3 - The fund manager of Anxin Steady Growth Mixed A is Li Jun, who has been in the position for 7 years and 308 days, with the fund's total asset size at 19.72 billion CNY [3] - During Li Jun's tenure, the best fund return was 57.07%, while the worst return was -0.12% [3]

Core Viewpoint - The resignation of Zhang Yifei, a prominent fund manager at Anxin Fund, has triggered anxiety among investors, leading to concerns about the potential risks associated with the change in management and the future performance of the funds he managed [2][3][11]. Company Overview - Anxin Fund was established in 2011 and is owned by several state-owned enterprises, including Minmetals Capital and Guotou Securities. It specializes in public offering securities investment fund management and asset management services [5]. - Zhang Yifei joined Anxin Fund during its early days and developed a unique investment philosophy focused on financial risk control [6][7]. Performance Metrics - Under Zhang Yifei's management, the Anxin Stable Growth Mixed A fund achieved a return of 82.81% with an annualized return of 5.52% and a maximum drawdown of only 7.2% since its inception in May 2015 [7][9]. - The Anxin Target Return Bond A fund, managed since March 2016, recorded a return of 43.06%, outperforming the average of its peers [7]. Recent Developments - Zhang Yifei's departure coincides with a significant decline in Anxin Fund's assets under management (AUM), which fell by 16% year-on-year to 99.275 billion yuan in 2024, further dropping to 94.531 billion yuan in Q1 2025 [11][12]. - The mixed fund category has seen a continuous decline in AUM for ten consecutive quarters, dropping from a peak of 86.078 billion yuan in Q3 2022 to 39.332 billion yuan [11]. Management Transition - Following Zhang Yifei's resignation, the management of nine funds has been handed over to his long-time colleagues, Li Jun and Huang Wanshu, although their ability to manage these funds independently remains untested [13][15]. - Concerns have arisen regarding the potential performance gap, as Li Jun's management of the Anxin Min Stable Growth A fund has underperformed compared to Zhang Yifei's previous results [13]. Industry Context - Zhang Yifei's move to the private equity sector reflects a broader trend of talent migration within the public fund industry, highlighting challenges in retaining key personnel [15][18]. - The public fund industry is facing pressures to develop a platform-based investment research system, as evidenced by the challenges Anxin Fund faces in transitioning from a star manager model to a more sustainable team-based approach [15][19].

Core Viewpoint - The departure of Zhang Yifei from Anxin Fund marks a significant shift in the public fund industry, as he was a prominent figure in fixed income management, and his potential move to the private equity sector has raised industry speculation [2][9]. Group 1: Departure Details - Zhang Yifei officially left Anxin Fund on July 15, 2025, after a month of speculation regarding his departure [2][3]. - He managed a total of nine funds, including the notable Anxin Steady Growth Mixed Fund, which he had overseen since its inception on May 25, 2015 [3][4]. - Under his management, the Anxin Steady Growth Mixed Fund achieved a total return of 82.81% and an annualized return of 5.52% by his departure date, with a maximum drawdown of only 7.2% [3][11]. Group 2: Impact on Anxin Fund - Anxin Fund's overall scale has faced challenges, with a reported decrease of approximately 19.3 billion yuan (about 2.7 billion USD) in assets under management, representing a decline of over 16% [11]. - The mixed fund sector, traditionally a stronghold for Anxin Fund, has seen a continuous decline in scale for nine consecutive quarters [11]. - The departure of Zhang Yifei is viewed as a loss not only of a key fund manager but also of a central figure in mixed asset investment, raising concerns about the company's brand strength and investor confidence in the short term [11]. Group 3: Future Strategy and Team Continuity - The core members of the mixed asset investment team, including Li Jun and Huang Wanshu, will continue to manage the funds previously overseen by Zhang Yifei, suggesting a potential continuity in investment strategy [6][7]. - Li Jun, who has worked closely with Zhang Yifei for nearly eight years, is expected to maintain the original investment approach, which has been successful in navigating market volatility [6][7]. - The industry is questioning how public funds can retain top talent and sustain the performance of "fixed income plus" strategies in the wake of such departures [11].