Core Viewpoint - The "Fixed Income +" market is expected to shine in 2025, with招商基金 providing differentiated investment tools through a clear product matrix and multi-strategy enhancement capabilities [1][2]. Group 1: Market Overview - The "Fixed Income +" funds have seen a significant increase in both scale and performance, with the total market size surpassing 2.5 trillion yuan and over 90% of products achieving positive returns in the past year [2][4]. - As of the end of Q3 2025, the total market size of "Fixed Income +" funds has grown by over 770 billion yuan compared to the end of last year, with nearly 1,800 products available [4]. Group 2: High-Volatility Products - High-volatility "Fixed Income +" products typically have an equity allocation of 20%-30%, aiming to capture market opportunities while controlling volatility [5]. - The招商安本增利 A fund has achieved a return of over 17% in the past year, with a four-year annualized return close to 6%, ranking 18th among 643 similar products [5][6]. - The fund's management team, led by滕越 and王娟娟, has a combined experience of over 10 years, focusing on balanced asset allocation across various sectors [6]. Group 3: Medium-Volatility Products - Medium-volatility "Fixed Income +" products maintain an equity allocation of 10%-20%, designed for stable returns and long-term holding [9]. - The招商瑞泰1年持有A and招商瑞泽1年持有A funds have achieved returns of 10.8% and 9.59% respectively over the past year, focusing on high-quality companies [10]. Group 4: Low-Volatility Products - Low-volatility products have an equity allocation of 0%-10%, suitable for risk-averse investors seeking stable returns [13]. - The招商瑞乐6个月持有A fund has achieved a return of 9.77% in the past year, demonstrating effective strategy with a focus on growth sectors [14]. Group 5: Strategy Evolution - The "Fixed Income +" strategy is evolving to include a wider range of asset classes and strategies, such as quantitative enhancement and sector rotation [15]. -招商基金 has developed a comprehensive product layout that covers high to low volatility, catering to different investor needs and risk preferences [16].

Core Insights - The "fixed income +" funds are experiencing a dual increase in scale and performance in 2025, driven by a recovering equity market, with total market size surpassing 2.5 trillion yuan and over 90% of products achieving positive returns [1][2] - The strategy of "fixed income +" is evolving, with a focus on different risk profiles and investment strategies, including high, medium, and low volatility products [9][10] Group 1: High Volatility Products - High volatility "fixed income +" products typically maintain an equity allocation of 20%-30%, aiming to capture equity market opportunities while controlling volatility [2][4] - Notable products include 招商安本增利 A, which has achieved a one-year return exceeding 17% and ranks 18th among 643 similar products with a maximum drawdown of under 8% [2][4] - The management team for these products includes experienced professionals with over ten years in investment research, contributing to a strong performance track record [3][4] Group 2: Medium Volatility Products - Medium volatility "fixed income +" products maintain an equity allocation of 10%-20%, focusing on stable returns and serving as long-term core holdings [5][6] - Products like 招商瑞泰1年持有 A and 招商瑞泽1年持有 A have achieved one-year returns of 10.8% and 9.59%, respectively, with a focus on high-quality companies [5][6] - The management team for these products also has extensive experience, with average annualized returns of around 5% [6] Group 3: Low Volatility Products - Low volatility products keep equity allocations between 0%-10%, suitable for risk-averse investors seeking stable returns [7][8] - 招商瑞乐6个月持有 A has achieved a return of 9.77% with a focus on sectors like artificial intelligence and high-end manufacturing [7] - The management team for these products has a diverse background, contributing to a positive return rate across all managed products [8] Group 4: Strategy Evolution - The "fixed income +" strategy is evolving to include a wider range of asset classes and investment strategies, such as quantitative enhancement and sector rotation [9] - Different risk profiles are matched with tailored investment strategies, ensuring precise alignment between product offerings and investor needs [9][10] - The continued development of "fixed income +" products positions them as essential tools for balancing risk and return in the capital market [10]