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]