Group 1 - The core point of the article highlights that convertible bond funds have emerged as the best-performing category within bond funds, with significant returns leading the market [1][15] - As of 2025, the total scale of the public fund industry is approaching 36 trillion, indicating a robust growth trend [1][15] - The top-performing fund, Southern Changyuan Convertible Bond A, achieved an impressive annual return of 48.77%, significantly outperforming its peers [2][16] Group 2 - The top three funds in the bond category are Southern Changyuan Convertible Bond A (48.77%), Minsheng Jia Yin Enhanced Income A (35.89%), and Bosera Convertible Bond Enhanced A (35.24%), showcasing a clear performance gap among them [2][19] - The market is witnessing a trend where funds are concentrating towards leading products and star managers, with Penghua Convertible Bond A being the only fund exceeding 9.297 billion in scale [2][16] - Notably, some high-performing funds have relatively small scales, such as Dongfang Convertible Bond A and Baoying Rongyuan Convertible Bond A, both around 0.1 billion, indicating potential for growth [2][16] Group 3 - Fund managers are increasingly adopting a model of managing multiple funds or collaborating in teams, with notable performances from managers like Liu Wenliang of Southern Fund [3][17] - The long-term performance of convertible bond funds remains strong, with Southern Changyuan Convertible Bond A leading with a three-year return of 44.50% [8][22] - The long-term performance rankings show a more diverse strategy composition compared to short-term rankings, with funds like Guangda Zhonggaodeng A and Huashan Strengthened Income A also achieving competitive returns [9][23] Group 4 - The "blacklist" of underperforming bond funds reveals that the bottom ten funds have experienced losses exceeding 4%, with some being pure bond products facing significant net value pressure [10][24] - The worst-performing fund, Huitianfu Fenghe Pure Bond A, recorded a return of -7.70%, indicating challenges in the current interest rate environment [10][24] - Several funds have shrunk to "mini-fund" status, raising concerns about their operational viability and potential liquidity risks [12][27]

Overall Market Dimension - As of the end of Q3 2025, the total non-cash scale of public funds reached 2503 billion CNY, with E Fund Management leading at 16478.94 billion CNY, followed by Huaxia Fund Management at 14035.41 billion CNY [4][24] - The top five fund companies by non-cash scale include E Fund, Huaxia, GF Fund, Fuguo Fund, and Southern Fund, with significant growth in their respective scales [4][24] Active Equity Funds - In Q3 2025, the top ten companies by active equity scale increment included Zhongou Fund and Yongying Fund, both exceeding 500 billion CNY in single-quarter growth, with E Fund also showing significant growth of over 475 billion CNY [10][11] - For the year-to-date, Yongying Fund and Zhongou Fund led the active equity scale increment with 766.49 billion CNY and 737.10 billion CNY respectively, while Fuguo Fund, E Fund, and GF Fund also showed substantial growth [11][12] Fixed Income Plus (固收+) - In Q3 2025, the leading companies in the Fixed Income Plus category were Jingshun Great Wall Fund, Fuguo Fund, and Huaxia Fund, with Jingshun Great Wall showing a significant growth of over 700 billion CNY [15][16] - For the year-to-date, Jingshun Great Wall Fund also led in scale increment with 1124.81 billion CNY, followed by Fuguo Fund and Zhongou Fund [16] Passive Index and Index Growth - In Q3 2025, E Fund Management had the largest increment in passive index and index growth funds, with an increase of 1891.23 billion CNY, followed by Huaxia Fund with over 1200 billion CNY [19][20] - Both E Fund and Huaxia Fund maintained a strong position in the passive index and index growth category, each exceeding 8000 billion CNY in scale [20]

1. Report Title - Perspectiv on the Fixed Income + Series Special Topic (III): Analysis of the Characteristics of High-Increment Products and Companies in the "Great Shuffle" of Fixed Income + Scale [1] 2. Core Viewpoints - The report conducts a detailed analysis of the scale changes of fixed income + products, including the scale, increment, performance, and investment characteristics of individual funds and fund companies, aiming to identify high-increment products and companies and their characteristics [24][30][45] 3. Summary by Relevant Catalogs 3.1 High-Increment Fixed Income + Funds - **Performance and Characteristics**: The report lists multiple high-increment fixed income + funds, such as Yongying Steady Enhancement A, Boshi Zhongrang Convertible Bond and Exchangeable Bond ETF, etc. These funds have different levels of scale growth, performance returns, and maximum drawdowns, and their investment styles cover balance, robustness, and aggressiveness. Their investment directions mainly focus on industries such as communications, non-ferrous metals, and pharmaceuticals [24] - **Investment Strategies**: Different funds adopt various investment strategies, including medium - and low - volatility positioning, medium - view selection strategies, and multi - strategy concepts. For example, Zhongou Fengli A has an equity center around 20% and adopts a medium - view selection strategy; Zhongou Pangu A has an equity center around 15% and practices a multi - strategy concept [45] 3.2 High-Increment Fund Companies - **Scale and Growth**: The report ranks fund companies based on product quantity, institutional shareholding ratio, 2025Q3 scale, Q3 scale increment, and year - to - date scale growth. Companies such as Invesco Great Wall Fund, Fullgoal Fund, and Boshi Fund have relatively high scale increments and growth rates [30] - **Market Share and Influence**: These high - increment fund companies have a certain market share and influence in the fixed income + market, which may be related to their product strategies, fund management capabilities, and market popularity [30] 3.3 Classification of Fixed Income + Products - **Risk - Return Characteristics**: Fixed income + products are classified into low - volatility, medium - volatility, and high - volatility types. Low - volatility products focus on volatility and drawdown control, targeting customers with wealth management substitution needs; medium - volatility products aim to optimize the long - term risk - return ratio and are the core products for shaping the company's fixed income + brand image; high - volatility products have clear strategy characteristics, targeting accounts with specific beta allocation needs, mainly institutional investors [50] - **Investment Strategies**: Different types of products adopt different investment strategies. For example, low - volatility products may use low - risk assets as the bottom position, while high - volatility products may actively participate in equity and convertible bond investments to enhance returns [50]

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].

Core Insights - The stock market has surpassed 3600 points, with fixed income plus funds becoming a platform for equity firms to showcase their strength [1] - As of July 22, 2025, 21 out of 25 fixed income funds under Invesco Great Wall achieved historical net asset value highs, representing over 80% [1] - The Invesco Great Wall Jingyi Fengli A fund has delivered a year-to-date return of 11.27%, significantly outperforming its benchmark of 1.58% [1] Fund Performance - The Invesco Great Wall Jingyi Fengli A fund focuses on AI computing power and innovative pharmaceuticals, achieving a return of 11.27% this year [1] - The Invesco Great Wall Stable Income A and Invesco Great Wall Anying Return A funds, which primarily invest in convertible bonds and cyclical industries, reported year-to-date returns of 8.30% and 7.41%, respectively, against benchmarks of 1.17% and 2.88% [1] - Eleven funds, including Invesco Great Wall Huacheng Stable A and Stable Gain A, have all exceeded a 4% return this year [1] Fund Management and Strategy - The total management scale of Invesco Great Wall's fixed income plus funds reached 93.5 billion yuan, with a growth of 35.66 billion yuan in the first half of the year [1] - The number of shares increased from 46.187 billion at the end of 2024 to 66.074 billion by the end of Q2 2025, indicating a net subscription of nearly 19.9 billion shares [1] - The investment strategy combines different equity assets such as dividends, growth, and value on a bond base, creating a diverse product line with varying risk-return characteristics [1] Specific Fund Insights - The Invesco Great Wall Stable Gain fund, managed by Peng Chengjun, focuses on dividend characteristics in sectors like non-bank financials and transportation, achieving a net value growth rate of 4.64% this year [2] - The Invesco Great Wall Jingyi Shuangli fund, managed by Li Yiwen and Dong Han, employs a balanced allocation strategy, achieving a net value growth rate of 3.86% this year [2] - The Invesco Great Wall Jingyi Fengli fund, managed by Li Yiwen, Jiang Shan, and Xu Dong, has a growth-oriented investment style, with a one-year net value growth rate of 24.80% [3] Market Outlook - In a low-interest-rate environment, fixed income plus funds are seen as a viable option for investors seeking to diversify their income sources [4] - The Invesco Great Wall fixed income investment team aims to enhance investment capabilities by offering various fixed income products and solutions to meet different investor needs [4]