时值年末，公募市场在权益投资中的竞逐轰轰烈烈，但机会并非只留给了高风险投资者。股债混合、债 多股少的"固收+"产品，正在成为相对稳健、资产配置单一的投资者资产配置的"压舱石"。 数据显示，截至今年三季度末，全市场包含偏债混合基金、混合债券型一级/二级基金、可转债基金在 内的公募"固收+"基金，总规模达到2.42万亿元，较2024年底的1.67万亿元大幅增长45%，总规模创出历 史新高。 具体到细分类别，混合债券型二级基金的规模同期突破1.3万亿元，较二季度激增近5000亿元。今年以 来，全市场混合二级债基的总份额则从5575亿份增至1.07亿份，总规模从0.69亿元1.31万亿元，接近翻 倍，成为规模增速领先的"固收+"基金品类之一。 在机构观点看来，展望未来，"固收+"产品仍具备广阔的发展空间，长期配置价值凸显。不过个体产品 之间的风险收益特征和业绩表现也存在着较大差异。基金经理的资产配置理念与基金公司的投研实力及 产品布局，成为投资者参与"固收+"市场、甄选优质产品的核心考量。 "固收+"迎历史性规模扩容 当大多数投资者的目光聚焦于火热的权益市场时，一个"低调"的市场正在悄然扩容。 今年以来，"固收+"产 ...

Core Insights - The "fixed income +" sector has been leading the asset management market this year, driven by a low interest rate environment and a shift in wealth allocation among residents [1][2] - Secondary bond funds have experienced a dual explosion in performance and scale, with total market size surpassing 1.3 trillion yuan, marking a significant increase of nearly 500 billion yuan from the previous quarter [1][2] Performance and Growth - As of the end of Q3, the mixed bond secondary index has risen by 5.19%, while the hybrid bond fund index has increased by 6.29%, significantly outperforming the total bond fund index, which only rose by 1.66% during the same period [2] - The continuous inflow of funds into secondary bond funds has led to a remarkable growth in scale, with three consecutive quarters of positive growth, culminating in a historic high of over 1.3 trillion yuan by September 30 [2][3] Investment Strategy and Market Outlook - Secondary bond funds balance risk control and yield enhancement by investing up to 20% of their assets in equities, making them attractive to both institutional and individual investors [3] - The current macroeconomic environment supports secondary bond funds, with ample liquidity and policies favoring economic recovery, while short-duration credit bonds are expected to remain a core allocation [4] - The fund manager emphasizes the importance of balancing value and growth styles in stock investments, while maintaining a focus on short-duration bonds for certainty [4][5] Competitive Landscape - The "fixed income +" sector has significant growth potential, with the competitive edge of asset management firms relying on their research capabilities and product offerings [5][6] - The comprehensive product line of Hongde Fund includes various fixed income products, catering to different risk preferences and investment needs, supported by a robust credit rating system and macro strategy team [5][6]