证 券 研 究 报 告 混合一级债基的配置价值提升：发展历程、策略分类、绩优产品 金融产品每周见20250826 | 证券分析师：肖逸芳 | | A0230524110001 | | | --- | --- | --- | --- | | 蒋辛 | | A0230521080002 | | | 邓虎 | | A0230520070003 | | | 联系人： | 肖逸芳 | A0230524110001 | xiaoyf@swsresearch.com | | 2025.8.26 | | | | 投资要点 www.swsresearch.com 证券研究报告 2 ◼ 混合一级债基的发展历程与现状： 混合一级债基的发展大致分为四个阶段：概念诞生期（2002-2005）、以打新为主要增厚策略打新策 略期（2005-2012）、因打新政策调整而转向的可转债策略期（2012-2021），以及当前监管对可转债投资设限后的 "纯债+"策略期 （2021至今）。截至最新数据，全市场一级债基数量已达415只，总规模约8680亿元。 ◼ 一级债基的收益风险特征： 整体来看，一级债基的收益和风险水平介于二级债基和纯债基金之间，其 ...

Core Viewpoint - The low-interest-rate environment has led to a significant increase in the popularity and growth of "fixed income plus" (固收+) funds, supported by regulatory guidance and market demand for stable investment options [1][24]. Group 1: Market Growth and Trends - As of June 30, 2025, the total market size of fixed income plus funds reached 1.93 trillion yuan, with a notable increase of 111.22 billion yuan in the second quarter of 2025, marking the first consecutive positive growth since 2022 [1][24]. - The growth rate for primary bond funds in Q2 2025 was approximately 25%, while secondary bond funds saw a 4% increase, and mixed bond funds experienced a 2% decrease [4][24]. - High-performing fixed income plus funds have attracted significant net subscriptions, with several funds exceeding 5 billion units in net purchases [3][24]. Group 2: Fund Performance and Characteristics - Many fixed income plus funds achieved positive returns in the first half of 2025, with 72 funds reporting returns over 6% [7][9]. - Three mixed bond funds reported annual returns exceeding 30%, while nearly 90 funds had returns between 10% and 30% [8][9]. - The performance of secondary bond funds was also strong, with over 50 funds achieving returns above 10% [9]. Group 3: Key Players and Strategies - Major fund companies like Yongying Fund, E Fund, and Invesco Great Wall have seen substantial growth in their fixed income plus fund offerings, with Yongying Fund's products ranking among the top in terms of scale increase [5][6][28]. - Yongying Fund employs a multi-strategy approach, integrating risk control and asset allocation to meet client needs, resulting in significant growth in their fixed income plus products [11][20]. - E Fund remains the largest player in the fixed income plus market, with a total scale exceeding 2 trillion yuan and a growth of over 172 billion yuan in the first half of 2025 [6][26]. Group 4: Regulatory Support and Future Outlook - The China Securities Regulatory Commission's action plan for promoting high-quality development of public funds has provided strong support for the growth of fixed income plus funds [1][24]. - The current market conditions, characterized by high volatility in the bond market and structural trends in the stock market, present an excellent opportunity to validate the effectiveness of fixed income plus strategies [7][24].

Group 1 - The article highlights that three public funds, namely ICBC Credit Suisse Fund, Yongying Fund, and E Fund, have reported paper losses from their locked shares in recent private placements, totaling approximately 6.6 million yuan [1][2] - Specifically, ICBC Credit Suisse Fund has a loss of about 296.07 thousand yuan, Yongying Fund has a loss of approximately 249.02 thousand yuan, and E Fund has a loss of around 114.76 thousand yuan [1][2] - The funds participated in one or more private placement projects, with the number of locked stocks being 1 for ICBC Credit Suisse and Yongying Funds, and 3 for E Fund [1][2] Group 2 - The data indicates that ICBC Credit Suisse Fund invested 24.477 million yuan in a private placement for Aibo Medical (688050.SH), with the lock-up period starting on May 12, 2025, and ending on November 13, 2025 [3] - Yongying Fund also participated in the same private placement for Aibo Medical, investing 20.587 million yuan, with identical lock-up dates [4] - E Fund engaged in two private placements, including Aibo Medical and Zhongtung High-tech (000657.SZ), investing 9.4871 million yuan in Aibo Medical, with the same lock-up period [5] Group 3 - The article notes that the primary source of the current public fund losses is linked to the private placement investments, which inherently carry risks due to the lock-up periods and market volatility [6] - It is mentioned that the attractiveness of private placements for companies is diminishing, as they may incur higher costs compared to other financing methods, such as debt financing, which does not dilute existing shareholders' equity [7] - Current market conditions, including low interest rates for bank loans and bond issuances, further reduce the incentive for companies to opt for private placements [7]

Group 1 - Public funds have shown increasing enthusiasm for investing in high-quality assets through A-share private placements, with a total investment amount reaching 10.917 billion yuan as of June 24 [1][4] - Notable public fund participants include Nord Fund, which engaged in 39 placements with a total investment of 4.712 billion yuan, and Caitong Fund, which participated in 41 placements with a total investment of 3.876 billion yuan [1][2] Group 2 - The attractiveness of private placement projects is highlighted by Haohua Technology, which attracted three public funds with a total investment of 1.628 billion yuan, and Guolian Minsheng, which drew four institutions with a total investment of 916 million yuan [4] - The trend in public fund private placements is shifting from "arbitrage" to "industry trend investment," with leading institutions actively investing in hard technology and resource restructuring [4] Group 3 - A total of 34 public fund private placement targets have achieved floating profits, with 14 of them having a floating profit rate exceeding 20%, and four targets exceeding 50% [5] - The non-ferrous metal industry is the most favored sector for public fund investments, with companies like Anning Co. and Zhongtung High-tech receiving a combined investment of 1.849 billion yuan [5] Group 4 - The recovery of the private placement market this year is attributed to supportive policies and improving market conditions, with public funds allowed to participate as strategic investors in private placements [5][6] - The private placement projects in key strategic areas such as semiconductors, AI computing power, and new energy are becoming capital hubs for industrial upgrades, indicating their potential for valuation elasticity and performance realization [6]