中国证券报记者调研了解到，在公募"去明星化"浪潮下，行业机构正通过平台化投研体系搭建、团队化 管理、产品结构向指数化方向调整等多维路径重塑竞争力；在投资端，作为公募基金产品的"职业买 手"，FOF管理人也在顺应行业发展趋势，构建淡化个人IP的基金筛选方法。 这场变革既有改革力量的作用，也是市场自然演化的必然，不仅关乎公募基金行业的格局重塑，更将对 数亿基民的投资体验带来深远影响。 探索"去明星化"软着陆 今年以来，据不完全统计，目前已有翟相栋、鲍无可、张翼飞、周海栋、马龙、蒋华安、曹名长、周克 平、张宇帆、谢家乐、王鹏等知名基金经理相继离任，引发市场广泛关注。 数据显示，截至8月15日，今年公募基金经理离任人数达247人，而前5年（2020年-2024年）同期，基金 经理离任人数分别为216人、190人、187人、199人、168人。 不可否认的是，明星基金经理离任往往伴随相关产品出现巨额赎回。毕竟，流量冲着某人而来，也注定 将随着某人而去。 回顾2024年7月，某个人系公募掌舵百亿元规模基金的基金经理因个人原因卸任。据统计，其原本管理 的5只基金产品合计规模已从2024年6月末的140多亿元，降至今年6月末 ...

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]

日前，国泰海通证券公布最新的《基金公司固定类基金绝对收益分类评分排名》榜单，截至6月30日， 近1年、2年、3年排名中，景顺长城均位居固收类大型基金公司第1。此外，景顺长城近10年期固收投资 能力更是获得5星评级，展现出持续的领先优势。（备注：固收类大型公司按照国泰海通证券规模排行 榜近一年主动固收的平均规模进行划分，按照基金公司规模自大到小进行排序，其中累计平均主动固收 规模占比达到全市场主动固收规模50%的基金公司划分为大型公司。近1、2、3年具体排名均为1/18。 投资能力截至日期为2025年4月29日） 具体来看，景顺长城旗下一批纯债、一级债、二级债和偏债混在内的基金，业绩表现较为突出。银河证 券数据显示，截至6月30日，近1年和3年维度，景顺长城分别有24只、27只固收类基金跻身同类业绩排 名同类前1/3，多只基金排名同类前10。 纯债基金方面，参与近一年业绩排名的12只长期纯债基金中，有8只位列同类前1/3，整体表现较为出 色。其中，何江波管理的景顺长城景泰鑫利、陈静管理的景泰丰利、彭成军管理的景泰益利，近一年回 报分别为5.03%、4.97%和4.63%（同期业绩基准均为2.36%），同类排名均 ...

Core Viewpoint - The recent reduction in deposit rates by major banks marks a shift towards a low-interest-rate environment, prompting investors to reconsider traditional savings and explore "fixed income +" strategies in public funds as a viable investment option [1][11]. Group 1: "Fixed Income +" Fund Characteristics - "Fixed Income +" is not an official fund type but a strategy that combines low-volatility fixed income assets with equities and other instruments to enhance returns [1]. - The strategy typically includes mixed bond funds, with equity investments capped at 30% to qualify as "fixed income +" products [2]. - The average annualized return of "fixed income +" funds over the past five years is 16.35%, outperforming both pure bond funds and mixed equity funds [5][6]. Group 2: Performance Metrics - As of May 28, "fixed income +" funds have an average annualized volatility of 4.55% and a maximum drawdown of -8.61%, which is lower than that of mixed equity funds [4]. - Among 1,253 "fixed income +" funds, 64.53% reported positive returns in the first quarter of 2025 [1][5]. Group 3: Growth Phases of "Fixed Income +" Funds - The first rapid growth phase occurred from 2014 to 2016, driven by a favorable market environment and significant liquidity, leading to a doubling of "fixed income +" fund numbers [8]. - The second growth phase from 2019 to 2021 was fueled by regulatory changes and a strong equity market, resulting in a 134.41% increase in the number of "fixed income +" funds [9]. Group 4: Current Market Opportunities - The current market conditions, characterized by low deposit rates and increased volatility, present a favorable environment for "fixed income +" strategies, similar to previous growth phases [11]. - Analysts suggest that the focus on diversified asset allocation within "fixed income +" strategies can enhance return potential amid uncertain economic conditions [11]. Group 5: Recommended "Fixed Income +" Products - A selection of 103 "fixed income +" products with above-average performance metrics has been identified for potential investment, including several mixed bond funds [12][14]. - The top-performing mixed bond funds over the past five years include those managed by Tianhong Fund, Dongfanghong Asset Management, and others, showcasing strong returns and low volatility [14][16].

Core Insights - The report highlights the increasing recognition of Invesco Great Wall's funds among public fund of funds (FOF) managers, with multiple funds ranking in the top 10 for both number of holdings and market value [1][3] - The performance of Invesco Great Wall's funds, particularly in the technology sector, has been outstanding, with significant excess returns compared to benchmarks [2] Group 1: Fund Performance - Invesco Great Wall's "Quality Evergreen" fund achieved a return of 59.45% over the past year, significantly outperforming its benchmark return of 14.53% [2] - The "Research Select" fund managed by Zhang Xuewei returned 38.26% in the same period, compared to its benchmark of 9.66% [2] - The "Invesco Great Wall CSI Hong Kong Stock Connect Technology ETF" was held by 11 FOFs, with a total market value of 274 million, marking the largest increase in holdings among FOFs [2] Group 2: Fund Holdings and Strategies - The "Invesco Great Wall Jingyi Shuangli" fund was held by 20 FOFs with a total market value of 216 million, while "Invesco Great Wall Jingying Shuangli" was held by 6 FOFs, increasing its holdings by 4 FOFs and market value by 29 million [2] - The "Invesco Great Wall Jingtai Yuli" pure bond fund had a total market value of 119 million, with a scale of 15.2 billion, consistently ranking in the top tier of its category over the past three years [2] Group 3: Strategic Positioning - Invesco Great Wall has diversified its fund offerings across various asset classes, including active equity, passive index, "fixed income plus," and pure bond funds, reflecting its strategy to become a "multi-asset management expert" [3]

Core Viewpoint - The "fixed income +" products have seen a significant rebound in scale during the first quarter of 2025, driven by a recovery in market risk appetite and the promotion of these products by public funds [1][4]. Group 1: Fund Performance - The Zhongou Fengli fund, managed by Hua Licheng, experienced a net subscription of over 5.7 billion units, with a scale increase of over 6.2 billion yuan, entering the 10 billion yuan fund category [2]. - The fund's A-share, Hong Kong stock, and convertible bond positions were 8.85%, 8.56%, and 7.13% respectively at the end of the first quarter [2]. - The A-share return for the Zhongou Fengli fund was 1.78%, outperforming its benchmark [2]. - The Jingshun Changcheng Jingyi Shuangli fund, managed by Li Yiwen and Dong Han, saw a net subscription of over 2.8 billion units, with a scale increase of over 5 billion yuan, surpassing 20 billion yuan in total scale [2]. Group 2: Investment Strategies - The Yongying Fund's "fixed income +" products showed diverse scale increases, with the Yongying Tiantian Yue 6-month holding and Yongying Stable Enhancement both adding over 4 billion yuan in scale [3]. - The Yongying Tiantian Yue fund focuses on seizing opportunities in interest rate bonds and credit bonds while adjusting the duration and convertible bond positions [3]. - The Yongying Stable Enhancement fund achieved an A-share return of 2.57%, ranking first among "fixed income +" products with over 4 billion yuan in scale increase [3]. Group 3: Market Trends - The recovery of "fixed income +" products in scale is attributed to the "9.24" market rally, which enhanced investor preference for equity investments [4]. - Research indicates that "fixed income +" products with lower "equity exposure" have become more popular, driven by concerns over missing out on market opportunities [4]. - The overall strategy for "fixed income +" products has shifted towards defensive positions, with a slight increase in equity allocations and a focus on defensive sectors like gold and technology-related industries [5].