1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In Q3 2025, the scale of fixed - income plus funds continued to rise, with a total of 1419 funds and a scale of 1.93 trillion yuan. The issuance of such funds warmed up, especially from August to September. [8][16] - Influenced by the high - level correction in the convertible bond market, fixed - income plus products generally reduced their convertible bond positions and increased their stock positions, and most products increased their allocation to the TMT and advanced manufacturing sectors. [28][30] - In Q3 2025, the median return and maximum drawdown of fixed - income plus funds were 2.84% and - 0.85% respectively. Products with higher stock positions performed better. [36] 3. Summary According to the Table of Contents 3.1 Scale Changes: Rapid Growth to Exceed 1.9 Trillion, High - Elasticity Secondary Bond Funds Attract Attention - **Overall Scale Trend**: The scale of fixed - income plus funds increased again in Q3 2025, showing an upward trend for four consecutive quarters. The total scale reached 1.93 trillion yuan, with an increase of 559.428 billion yuan this quarter. [8][10] - **Scale Changes by Product Type**: Except for the decline in the scale of new - share subscription funds, the scale of other products increased. Among them, the scale of low - and medium - position fixed - income plus funds increased significantly, and the scale of hybrid bond - type secondary funds rose rapidly. [10][13] - **Top - Rising Products**: The product with the largest scale increase was Yongying Steady Enhancement, with a scale increase of 27.331 billion yuan this quarter. It is a medium - volatility secondary bond fund with outstanding performance this quarter. [14] - **New Product Issuance**: In Q3 2025, fund companies issued 33 fixed - income plus funds, with a total initial issuance scale of 26.8 billion yuan. The issuance warmed up significantly from August to September. [16] - **Fund Company Perspective**: The management scales of the top 20 fund companies in terms of management scale all increased. The company with the largest scale increase was Invesco Great Wall Fund, with an increase of 78.199 billion yuan this quarter. [18] 3.2 Investment Characteristics: Lower Convertible Bond Positions, Raise Stock Positions - **Asset Allocation Characteristics**: Affected by the high - level correction in the convertible bond market, fixed - income plus products generally reduced their convertible bond positions and increased their stock positions, especially low - position fixed - income plus funds. [28] - **Industry Allocation Characteristics**: All types of fixed - income plus funds uniformly reduced their allocation to the financial real estate, consumption, medicine, and cycle sectors and increased their allocation to the science and technology innovation and advanced manufacturing sectors. [30] - **Fund Company - Level Industry Allocation Characteristics**: Among the top 10 fund companies in terms of fixed - income plus fund scale, there were significant differences in industry allocation views. For example, Invesco Great Wall Fund and Huaxia Fund over - allocated to the cycle sector, while Southern Fund and Invesco Great Wall Fund under - allocated to it. [32] - **Industry Allocation Characteristics of High - Performing Funds**: High - performing fixed - income plus funds in Q3 2025 generally had high convertible bond positions and mainly invested in the TMT, advanced manufacturing, and non - ferrous sectors. [34] 3.3 Performance Review: Huashang Fund Leads - **Overall Performance of Fixed - Income Plus Funds**: In Q3 2025, the median return and maximum drawdown of fixed - income plus funds were 2.84% and - 0.85% respectively. Products with higher stock positions performed better. [36] - **Fund Company - Level Performance**: Among the top fund companies in terms of fixed - income plus fund scale, Huashang Fund and Boshi Fund had the highest average returns. Tianhong Fund and BOC Fund had relatively similar product performance, while Huaxia Fund and Invesco Great Wall Fund had higher performance differentiation. [38] - **Performance of Large - Scale Funds**: In Q3 2025, the performance of large - scale fixed - income plus funds varied. Products with top performance in the same strategy included Invesco Great Wall Jingyi Fengli and Yongying Steady Enhancement. [39] - **High - Performing Products of Different Types of Fixed - Income Plus Funds**: The products with top returns included Hongta Hongtu Shengshang One - Year, Huatai - PineBridge Yurun, Rongtong Stable Credit Gain 6 - Month Holding, and Caitong Asset Management Xinyi. [41]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - In Q3 2025, the scale of fixed - income + funds increased again, with a total of 1419 funds and a scale of 1.93 trillion yuan. Most types of products saw scale growth, and the issuance of fixed - income + funds warmed up significantly [3][9]. - Affected by the high - level correction in the convertible bond market, fixed - income + products generally reduced their convertible bond positions and increased their stock positions, and uniformly increased the allocation ratio of the science and technology innovation and advanced manufacturing sectors [3][32][35]. - In Q3 2025, the median return and maximum drawdown of fixed - income + funds were 2.84% and - 0.85% respectively. Products with higher stock positions performed better, and Huashang Fund and Boshi Fund had relatively high average returns [3][44][46]. 3. Summary According to the Directory 3.1 Scale Changes: The Scale Rapidly Climbed and Exceeded 1.9 Trillion, and High - Elasticity Secondary Bond Funds Attracted Attention - **Overall Scale and Growth**: As of Q3 2025, there were 1419 fixed - income + funds with a total scale of 1.93 trillion yuan. The cumulative scale increased by 55.9428 billion yuan this quarter, with the continued operation scale rising by 48.8825 billion yuan and the new - issue fund scale reaching 2.6823 billion yuan. Low - and medium - position fixed - income + funds and hybrid bond - type secondary funds saw significant scale increases [9][12]. - **Top - Rising Products**: The product with the largest scale increase was Yongying Steady Enhancement, with a scale increase of 27.331 billion yuan this quarter. It is a medium - volatility secondary bond fund with outstanding performance this quarter, achieving a cumulative return of 7.37% [17]. - **New - Issue Product Dynamics**: In Q3 2025, fund companies issued 33 fixed - income + funds with a total initial offering scale of 2.68 billion yuan. The issuance market warmed up significantly, with July being relatively cold and August - September showing obvious improvement [19]. - **Fund Company Dimension**: The management scales of the top 20 fund companies in terms of management scale all increased this quarter. The company with the largest scale increase was Invesco Great Wall Fund, with a scale increase of 78.199 billion yuan [22]. - **Continued Operation and Initial Offering**: The net subscription amounts of the top ten funds in Q3 2025 were approximately between 10 - 30 billion yuan, and the initial offering shares of the top ten funds were between 0.8 - 5 billion [27]. - **Investor Preference**: In Q3 2025, the scales of fixed - income + funds with more holders mostly increased slightly, while the scales of fixed - income + funds preferred by institutions increased significantly [29]. 3.2 Investment Characteristics: Reducing Convertible Bond Positions and Increasing Stock Positions - **Asset Allocation Characteristics**: Affected by the high - level correction in the convertible bond market, various fixed - income + products generally reduced their convertible bond positions and increased their stock positions, especially low - position fixed - income + funds [32]. - **Industry Allocation Characteristics**: In Q3 2025, fixed - income + funds uniformly reduced the allocation ratios of the financial real estate, consumption, medicine, and cycle sectors and increased the allocation ratios of the science and technology innovation and advanced manufacturing sectors [35]. - **Industry Allocation Characteristics at the Fund Company Level**: Among the top 10 fund companies in terms of fixed - income + fund scale in Q3 2025, there were significant differences in industry allocation views [38]. - **Industry Allocation Characteristics of High - Performing Fixed - Income + Funds**: High - performing fixed - income + funds in Q3 2025 had obvious commonalities in industry allocation, mainly investing in advanced manufacturing, technology, and non - ferrous metals, and most high - performing products had high convertible bond positions [41]. 3.3 Performance Review: Huashang Fund Led the Way - **Performance of the Entire Market's Fixed - Income + Funds**: In Q3 2025, the median return and maximum drawdown of fixed - income + funds were 2.84% and - 0.85% respectively. Products with higher stock positions performed better [44]. - **Performance at the Fund Company Level**: Among the fund companies with large fixed - income + fund scales, Huashang Fund and Boshi Fund had the highest average returns. Tianhong Fund and Bank of China Fund had relatively similar product performance, while Huaxia Fund and Invesco Great Wall Fund had higher performance differentiation [46]. - **Performance of Large - Scale Funds**: In Q3 2025, the performance of large - scale fixed - income + funds varied. Products with leading performance in the same strategy included Invesco Great Wall Jingyi Fengli and Yongying Steady Enhancement [47]. - **High - Performing Products of Different Types of Fixed - Income + Funds**: The products with top returns included Hongta Red Tower Shengshang One - Year, Huatai - PineBridge Yurun, Rongtong Stable Credit Gain 6 - Month Holding, and Caitong Asset Management Xinyi [49].

Core Viewpoint - The public fund industry has seen significant growth in total management scale, driven by a rebound in the equity market and the rise of ETF products, while bond funds have faced challenges leading to investor redemptions [2][3]. Group 1: Overall Market Performance - As of the end of Q3, the total management scale of domestic public fund management institutions reached 36.45 trillion yuan, an increase of approximately 2.41 trillion yuan from the end of Q2 [2]. - The growth was primarily attributed to the recovery of the equity market and the continuous increase in ETF scale, with index funds and enhanced index funds growing by 1.1 trillion yuan and mixed funds by nearly 600 billion yuan [2]. Group 2: Fund Company Performance - Leading public funds demonstrated strong competitive strength, with E Fund's non-cash management scale increasing by over 250 billion yuan in Q3, the highest in the market [4]. - Other notable performers included Huaxia Fund and Fortune Fund, each growing by over 150 billion yuan, while Southern Fund and Huatai-PB Fund saw increases exceeding 100 billion yuan [4]. - The top two companies in non-cash management scale, E Fund and Huaxia Fund, both surpassed 1.5 trillion yuan, while several others fell into the second tier with scales between 800 billion and 1 trillion yuan [4]. Group 3: ETF and Product Trends - The rise of passive investment opportunities has significantly contributed to the growth of ETF management scales, with Southern Fund's ETFs seeing substantial increases [5]. - Notable ETF products included Huatai-PB's ETFs, which grew by 508.77 billion yuan and 153.75 billion yuan respectively [5]. - Solid performance in "fixed income plus" products also contributed to growth, with several products seeing increases of over 200 billion yuan [7]. Group 4: Challenges Faced by Some Funds - Over 70 public funds experienced a decline in non-cash management scale, with some companies seeing reductions exceeding 100 billion yuan due to significant redemptions in bond funds [8]. - The overall trend indicates a pronounced "Matthew effect," where larger firms benefit more from market conditions compared to smaller firms [7]. Group 5: Active Equity Fund Performance - Active equity funds, particularly those focused on technology themes, saw a resurgence, with total active equity fund scale reaching approximately 4.3 trillion yuan, an increase of over 700 billion yuan from Q2 [10]. - E Fund led the active equity fund market with a scale exceeding 310 billion yuan, followed by other major players like China Europe Fund and Fortune Fund [10]. - Noteworthy products included those from China Europe Fund and E Fund, each growing by over 500 billion yuan in Q3 [10].

Core Insights - The public fund industry in China has seen significant growth in total management scale, reaching 36.45 trillion yuan by the end of Q3, an increase of approximately 2.41 trillion yuan from Q2, driven by a rebound in the equity market and rising ETF scales [2][3] - The competition among fund companies has intensified, with top firms like E Fund and Huaxia Fund showing substantial growth in non-monetary management scale, indicating a shift in market dynamics [3][4] Fund Performance - Equity funds have outperformed bond funds, with a notable shift of funds from pure bond funds to equity and "fixed income plus" products, highlighting a "see-saw" effect between stocks and bonds [6][7] - The top-performing products in Q3 were mainly ETFs, with significant growth in scales for products like Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, reflecting strong investor interest [6][9] Company Rankings - The ranking of public fund companies has changed, with E Fund leading in non-monetary management scale growth, followed by Huaxia Fund and Fuguo Fund, which also saw substantial increases [3][4] - Smaller fund companies have faced challenges, with over 70 firms experiencing a decline in non-monetary management scale, primarily due to heavy redemptions in bond funds [7][8] Investment Trends - The technology-themed active equity funds have gained popularity, with a significant increase in their scale, reaching approximately 4.3 trillion yuan, marking the largest growth in recent quarters [9][10] - The performance of active equity funds has been impacted by poor results and fund manager departures, leading to a decline in scale for some funds [10]

Core Insights - Cathay Securities recently released its latest ranking of fixed-income fund companies, with Invesco Great Wall ranking first among large fixed-income fund companies over the past 1, 2, and 3 years [1] - Invesco Great Wall has also received a 5-star rating for its fixed-income investment capabilities over the past 10 years, demonstrating a sustained competitive advantage [1] Fixed-Income Fund Performance - In the pure bond fund category, 8 out of 12 long-term pure bond funds ranked in the top third of their peers over the past year, indicating strong overall performance [2] - Specific funds managed by He Jiangbo, Chen Jing, and Peng Chengjun achieved returns of 5.03%, 4.97%, and 4.63% respectively, all ranking in the top 6 of their category [2] - The maximum drawdown for these funds did not exceed -1.88%, indicating low volatility [2] Convertible Bond Funds - The Invesco Great Wall Stable Income fund, co-managed by Li Xunlian and He Jiangbo, achieved a return of 15.62% over the past year, ranking 4th among 257 similar funds [2] - This fund capitalized on the valuation recovery of convertible bonds, having proactively positioned itself since the fourth quarter of last year [2] Mixed Bond Funds - The Invesco Great Wall Jingyi Fengli fund, managed by Li Yiwen, Jiang Shan, and Xu Dong, achieved a net value growth rate of 20.05% over the past year, ranking 8th among 481 similar funds [2] - The fund's strategy focused on growth sectors, particularly in AI, machinery, and pharmaceuticals [2] Overall Fund Growth - Invesco Great Wall has grown into a major player in the fixed-income sector, with total fixed-income product assets nearing 400 billion yuan as of the first quarter of 2025 [2] - The company boasts a mature and diverse research team, offering a range of products with different risk-return characteristics [2] - Given the current global restructuring and domestic economic resilience, fixed-income funds may continue to be a valuable long-term investment option [2]