01 高楠很强啊， 最近行情震荡回调，但高楠管的多只基金，在本周三依旧创了历史新高。 因为业绩好，基金规模也爆发式增长。 永赢稳健增强，这是一只"固收+"基金，今年规模从10亿元增至349亿元。前几天刚发了公告，暂停机构 通过第三方渠道的申购，4季度规模应该又增加了不少。 永赢睿信，这是高楠的代表基金，今年涨了86.93%，规模从13亿元增至144亿元。 我们去年系统写过高楠。 投资方法是自下而上，左侧操作，布局基本面改善+业绩爆发的机会，多次抓住拐点行情，持仓呈现出 行业轮动的特征。 另外，高楠选股能力强，还擅长交易，带动基金业绩增长的同时，也让基金呈现出"换手率高"的特征。 去永赢基金后，应该说高楠还是在用这套投资方法管基金。 换手率上， "永赢睿信"去年的换手率是780%，今年上半年是856%，和之前在国泰基金、恒越基金时相比，并没有 特别明显的下降。 行业配置上， 2024年上半年，重仓行业以电子（半导体）、轻工制造（新消费）、电力设备、有色金属、军工为主。 今年上半年，医药（创新药）成了第一大重仓行业，轻工制造（新消费）的仓位有所降低，通信（光模 块）后来居上，成了第三大重仓行业，对电子行业的持仓， ...

Core Conclusions - The public fund market in 2025 saw an increase in both scale and share, with significant changes in structure, as fixed income and active equity funds experienced net redemptions, while fixed income+ and index equity funds were net subscribed [1][3] - Global equity markets strengthened, with domestic stocks outperforming bonds, leading to overall gains in funds, particularly in active funds outperforming passive products, with notable performance in technology and cyclical theme funds [1][2] - For 2026, it is expected that equities will continue to have upward potential, with a recommendation to maintain a balanced allocation between growth and reversal strategies, while flexibly seizing short-term opportunities [1][4] Market Development: Total Growth and Structural Changes - The total scale of public funds surpassed 35 trillion yuan, with stock funds growing by over 1 trillion yuan, indicating a robust market expansion [13] - The number of public funds increased to 13,300, with significant growth in stock and REITs funds, while money market and alternative investment funds saw a decline [13][25] - Active equity funds grew by 21%, with a notable recovery in new fund launches, particularly in technology theme funds, which saw a growth rate exceeding 50% [1][2][29] Performance Analysis: Strong Equity and Weak Bonds - The performance of various asset classes showed that equities outperformed bonds, with gold reaching new highs and equity assets experiencing a broad rally [2][9] - Active funds outperformed passive funds, with specific themes such as TMT, cyclical, and advanced manufacturing showing strong results [9][2] - Fixed income+ funds demonstrated superior performance, particularly those with high allocations to fixed income and convertible bonds [9][20] Investment Strategies: Balanced Allocation and Trend Following - The report suggests a balanced allocation strategy for equity funds, emphasizing the importance of flexibility in capturing phase-specific market opportunities [4][3] - For fixed income funds, the emergence of the fixed income+ era is highlighted, with a focus on asset and strategy characteristics based on risk preferences [5][39] - The report advocates for a global multi-asset allocation approach, emphasizing the value of overseas and commodity funds, with recommendations to follow QDII quotas and focus on mutual recognition funds and southbound ETFs [6][32]

据永赢基金披露的季报数据显示,截至2025年9月30日,近一年为持有人实现盈利383.15亿元,展现出较强的 持续盈利能力和产品韧性。亮眼数据的背后,是永赢基金坚持的"投资者利益至上"核心价值观与"长期主 义"企业文化的深厚积淀。 永赢基金与行业同频共振,推动公司高质量可持续发展迈向新高度。秉持"向下扎根、向内思考、向外探 寻"的理念,以投资者获得感为核心追求,在投研文化、产品布局、标准化管理等多维度升级迭代。 产品布局方面,永赢基金坚持广泛观察、深度分析客户需求,结合各类可投标的风格属性,提供多元化、综 合性的产品方案,并根据不同投资者定位,进行科学划分,力争实现投资能力与客户需求的高效匹配。多年 来,打造了丰富多元的产品线,全面覆盖不同类型、主题与风格,力争让每位客户都能寻找到匹配自己投资 目标的产品。 以上数据均截至2025/9/30。近1年利润数据来源:基金各季度报告,取所有产品24Q4/25Q1/25Q2/25Q3季报 披露的利润总和,单只产品利润为各份额合计。主动权益系列包含永赢基金旗下产品分类为偏股混合 型、灵活配置型、普通股票型的产品,近1年具体利润为231.04亿元。指数系列包含永赢基金旗下 ...

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 - Institutional investors have adjusted their holdings in the public fund market, with a total holding of 13.91 trillion units as of June 30, 2025, an increase of 237.27 billion units from the end of last year [1][3] - The most held fund type by institutional investors is bond funds, with 79,001.86 billion units, while money market funds saw the largest decrease in holdings, down 4.69% [1][3] - The proportion of equity funds held by institutional investors has increased, reaching 45% as of June 30, 2025 [1] Fund Type Analysis - **Equity Funds**: Institutional investors increased their holdings in equity funds by 221.41 billion units in the first half of 2025, bringing the total to 1.65 trillion units [2][3] - **Bond Funds**: Bond funds also saw an increase in holdings, with a total increase of 1,446.27 billion units, driven by passive index and mixed secondary bond funds [9][10] - **Money Market Funds**: Conversely, money market funds experienced the largest reduction in holdings, with a decrease of 1,722.72 billion units, resulting in a total of 36,273.38 billion units [11] Top Fund Performers - The top equity fund by institutional holdings is the Huatai-PB CSI 300 ETF, with 825.66 billion units, having increased by 77.67 billion units in the first half of 2025 [6][7] - The Fuguo CSI Hong Kong Internet ETF saw the largest increase in institutional holdings among equity funds, with an increase of 218.27 billion units [6][7] - The most significant increase in bond fund holdings was seen in the Huatai-PB Investment Grade Credit Bond Index, which reached 221.27 billion units, an increase of 104.94 billion units [10] Institutional Investor Behavior - Institutional investors have shown a preference for passive index investments, particularly in bond funds, while actively managed funds have seen mixed results [9][10] - New entrants among the top holders of the Fuguo CSI Hong Kong Internet ETF include major insurance companies, while foreign investment banks like Barclays have exited the top holder list [4][5] - The trend indicates a shift towards ETFs, with all top ten equity products held by institutions being ETFs [8]

Core Insights - The public fund industry has shown a continuous profit growth for three consecutive quarters, with a total profit of 3,858.7 billion yuan in Q2 2025, indicating a recovery in market confidence [2][6] - Yongying Fund has achieved remarkable performance, generating 15.48 billion yuan in profits for investors over the past year, with a total of over 24.38 million account holders [2][3] Industry Performance - The public fund industry has seen a total profit of 3,858.7 billion yuan in Q2 2025, marking three consecutive quarters of profit growth [2] - The industry has surpassed a total scale of 35 trillion yuan, reflecting significant recovery and growth potential [6] Yongying Fund Performance - Yongying Fund generated 15.48 billion yuan in profits for investors in the past year, with over 40 products exceeding 1 billion yuan in profit [2] - The fund's equity products achieved a profit of 1.91 billion yuan in the first half of the year, with Yongying Ruixin contributing 680 million yuan [2] - Yongying Fund's fixed income products generated 8.2 billion yuan in profit, with notable contributions from various strategies [2] Investor Engagement - Yongying Fund has attracted over 6.46 million new account holders in the past year, bringing the total to 24.38 million [3][4] - The fund's diverse product line has seen significant interest, with 21 products having over 100,000 account holders [3] Product Structure - The fund's product offerings are characterized by a diverse distribution, with strong performance across various categories including active equity, fixed income, and index products [4][5] - Notably, the Yongying Gold Stock ETF has contributed significantly to profits, achieving 940 million yuan in the past year [2][4] Systematic Capabilities - Yongying Fund emphasizes a systematic approach to operations, focusing on product design, research, and technology integration to enhance performance [5] - The company has developed nearly 100 proprietary systems to support investment management and risk control [5] Long-term Vision - The company aims to create long-term sustainable value for clients, focusing on matching investor needs and enhancing wealth acquisition [6] - The evolving industry evaluation metrics emphasize real investor gains, which align with Yongying Fund's mission to enhance client satisfaction [6]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - In Q2 2025, the scale of fixed - income + funds increased steadily, with a focus on the rising scale of first - tier bond funds and a warming issuance market. The equity positions of these funds were generally reduced, while the allocation ratio of Hong Kong stocks continued to increase. In terms of industry allocation, there was a unified increase in the allocation of financial real estate, science and technology innovation, and pharmaceutical and biological sectors, and a decrease in advanced manufacturing, cyclical, and consumer sectors. In terms of performance, the median return and maximum drawdown of fixed - income + funds were 1.21% and - 1.27% respectively, and products with higher stock positions performed better. Huatai Baoxing Fund and Yongying Fund led in overall performance [2][31][44]. 3. Summary According to the Table of Contents 3.1 Scale Changes: Market Attention to the Allocation Value of First - Tier Bond Funds Has Significantly Increased - **Overall Scale Trend**: In Q2 2025, the scale of fixed - income + funds increased again, with a total of 1366 funds and a total scale of 1.37 trillion yuan. The cumulative scale increased by 905.82 billion yuan, with the continued operation scale rising by 601.44 billion yuan and the total scale of newly issued funds reaching 151.73 billion yuan. Low - position and high - convertible - bond - position fixed - income + funds saw a relatively large increase in scale, while other types of products showed a slight decline. The scale of hybrid bond - type first - tier funds rose rapidly [8][10]. - **New Product Dynamics**: In Q2 2025, fund companies issued a total of 16 fixed - income + funds, with a total initial offering scale of 15.2 billion yuan. The monthly issuance situation varied greatly, with April and May being relatively cold and June showing a significant improvement [19]. - **Fund Company Dimension**: Most of the top 20 fund companies in terms of management scale saw an increase in their managed scale. The company with the largest increase in scale was Invesco Great Wall Fund, with an increase of 15.456 billion yuan this quarter, followed by Industrial Fund and Huatai Baoxing Fund. Some fund companies, such as China Merchants Fund, Tianhong Fund, and Anxin Fund, saw a decline in scale [23]. - **Sustained Operation and Initial Offering**: The top ten funds in terms of net subscription amount in Q2 2025 were approximately between 3 - 7 billion yuan, with Dacheng Yuanchen Zhaoli, Invesco Great Wall Jingtai Chunli, and Bank of China State - owned Enterprise Bond being the top three. The top ten funds in terms of initial offering scale had initial offering shares between 600 million and 3 billion, with Orient Securities Asset Management's Orient Yufeng Return, Rongtong Zengyuan, and CITIC Prudential Huili being the top three [26]. - **Investor Preference**: In Q2 2025, the scale of fixed - income + funds with a large number of holders was relatively stable. The scale of fixed - income + funds preferred by institutions rose and fell unevenly this quarter, with Invesco Great Wall Jingtai Chunli, Huatai Baoxing Zunli, and Harvest Zhian 3 - Month having the largest scale increases [28]. 3.2 Investment Characteristics: Equity Positions Reduced, Hong Kong Stock Allocation Continued to Increase - **Asset Allocation Characteristics**: In Q2 2025, fixed - income + funds generally reduced their equity positions but continued to increase their allocation ratio of Hong Kong stocks. The equity market experienced uncertainty in April due to tariff shocks and then gradually recovered, showing a distinct structural market. The bond market also changed significantly, showing a downward - then - oscillating trend [31]. - **Industry Allocation Characteristics**: All types of fixed - income + funds had similar views on sector allocation in Q2 2025, uniformly reducing the allocation ratio of advanced manufacturing, cyclical, and consumer sectors and increasing the allocation of financial real estate, science and technology innovation, and pharmaceutical and biological sectors [36]. - **Industry Allocation Characteristics at the Fund Company Level**: Among the top 10 fund companies in terms of fixed - income + fund scale in Q2 2025, there were significant differences in industry allocation. For example, China Europe Fund and Bank of China Fund significantly over - allocated the financial real estate sector, while China Merchants Fund and Tianhong Fund significantly under - allocated it [38]. - **Industry Allocation Characteristics of High - Performing Fixed - Income + Funds**: High - performing fixed - income + funds in Q2 2025 had significant differences in industry allocation. Some products heavily invested in industries such as banks, non - ferrous metals, communications, national defense and military industry, and building decoration, with the proportion of the largest industry exceeding 50% of the market value of heavy - position stocks [41]. 3.3 Performance Review: Huatai Baoxing Fund and Yongying Fund Led - **Overall Performance of Fixed - Income + Funds in the Market**: In Q2 2025, the median return and maximum drawdown of fixed - income + funds were 1.21% and - 1.27% respectively. Products with higher stock positions performed better this quarter. Specifically, the median returns of low, medium, and high - position fixed - income + funds were 1.12%, 1.15%, and 1.29% respectively [44]. - **Performance at the Fund Company Level**: Among the fund companies with a large scale of fixed - income + funds, Huatai Baoxing Fund and Yongying Fund had the highest average returns, with representative products being Huatai Baoxing Zunli and Yongying Stable Enhancement respectively. In terms of performance differentiation, the performance of products under China Europe Fund and E Fund was relatively similar this quarter, while the performance of products under Huatai Baoxing Fund and China Merchants Fund had a higher degree of differentiation [45]. - **Performance Review of Large - Scale Funds**: In Q2 2025, the performance of large - scale fixed - income + funds varied. Products with top - ranked performance among those with the same strategy included E Fund Enhanced Return, Invesco Great Wall Jingyi Shuangli, and Invesco Great Wall Jingsheng Shuangxi. Products with relatively high absolute returns included Huatai Baoxing Zunhe, Invesco Great Wall Jingyi Shuangli, and E Fund Dual - Bond Enhancement [49]. - **High - Performing Products of Different Types of Fixed - Income + Funds**: After ranking the returns of various types of fixed - income + funds in Q2 2025 in descending order, the top - ranked products included Ping An Ruishang Six - Month Holding, Donghai Beautiful China, Rongtong Stable Credit Gain Six - Month Holding, and China Merchants Anrui Progress [51].