2026.01. 11 拉长时间线看， 近一年债券基金平均收益率仅为1.83%，较上年同期近乎"腰斩"，2025年全年中长期纯债基平均 收益率甚至低于货币基金。 与纯债产品普遍承压形成对比，可转债基金表现亮眼，多只产品年内涨幅超20%。 分析认为，收益率回撤主要受利率上行、机构久期错配及股市资金分流等多重因素影响。展望后市，机构普遍认为 债市将进入宽幅震荡阶段，收益率下行空间有限但大幅上行风险可控。在当前市场环境下，采取稳健的票息策略或 比交易型策略更具配置价值。 债基未迎"开门红"，中长期产品成重灾区 债基未能迎来2026年"开门红"。在长端收益率明显上行的影响下，约半数中长期纯债型基金今年以来未能实现正 收益。 本文字数：3115，阅读时长大约6分钟 作者 | 第一财经 王方然 2026年债券基金开局遇冷，在长端利率上行背景下，全市场超四成纯债型基金未能实现正收益，中长期品种成为 调整"重灾区"， 约1600只产品未获正收益，在所有中长期纯债基中占比接近五成。 市场表现疲软也引发资金显著 流出。 Wind数据显示，全市场4500多只纯债型基金（份额分开计算）中，约1780只基金今年以来回报为零或为负，占 ...

倒春寒 2026年债券基金开局遇冷，在长端利率上行背景下，全市场超四成纯债型基金未能实现正收益，中长期品种成 为调整"重灾区"，约1600只产品未获正收益，在所有中长期纯债基中占比接近五成。市场表现疲软也引发资金 显著流出。 拉长时间线看，近一年债券基金平均收益率仅为1.83%，较上年同期近乎"腰斩"，2025年全年中长期纯债基平均 收益率甚至低于货币基金。与纯债产品普遍承压形成对比，可转债基金表现亮眼，多只产品年内涨幅超20%。 分析认为，收益率回撤主要受利率上行、机构久期错配及股市资金分流等多重因素影响。展望后市，机构普遍 认为债市将进入宽幅震荡阶段，收益率下行空间有限但大幅上行风险可控。在当前市场环境下，采取稳健的票 息策略或比交易型策略更具配置价值。 债基未迎"开门红"，中长期产品成重灾区 债基未能迎来2026年"开门红"。在长端收益率明显上行的影响下，约半数中长期纯债型基金今年以来未能实现 正收益。 Wind数据显示，全市场4500多只纯债型基金（份额分开计算）中，约1780只基金今年以来回报为零或为负，占 比达40%。其中，中长期纯债型基金成为下跌主力，约1600只产品未获正收益，在所有中长期纯债 ...

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 Viewpoint - The "fixed income +" fund market has experienced significant growth in 2023, driven by a shift in investor preferences towards stable assets amid declining deposit rates and a search for controlled-risk investments [1][3]. Fund Growth - "Fixed income +" funds achieved a 7% and 5% growth in scale during the first and second quarters of 2023, respectively, with a remarkable 27% increase in the third quarter, leading all fund types in growth rate [2][3]. - As of November 24, 2023, the total scale of "fixed income +" funds reached 2.53 trillion, surpassing the 2 trillion mark and increasing by over 700 billion since the beginning of the year, contributing approximately 20% to the overall growth of the public fund market [2][3]. Performance Disparity - Despite the overall growth in scale, the performance of "fixed income +" funds has shown significant divergence, with the best-performing fund, Huaan Zhilian, rising by 43.91%, while the worst, Huatai Baoxing Kuiren, fell by 4.69%, resulting in a nearly 50 percentage point difference [4][5]. - The top-performing funds have substantial equity positions, with Huaan Zhilian holding about 45% in stocks, primarily in technology growth stocks, contributing to its strong performance [4][5]. Future Outlook - Looking ahead, several institutions believe that "fixed income +" funds will continue to thrive, although return expectations may be slightly lower than in 2023 due to market conditions [6][7]. - The anticipated economic environment for 2026 suggests a continuation of moderate monetary policy and active fiscal measures, which could support the bond market and provide stable returns for "fixed income +" funds [6][7].

Core Viewpoint - The current market environment, characterized by declining risk-free interest rates and fluctuating equity markets, has led investors to seek investment tools that can withstand market volatility while providing stable returns. The mixed bond secondary fund index has shown strong resilience, particularly in years when the CSI 300 index yielded negative returns, making it appealing to investors looking for balanced risk and return [1][2]. Group 1: Product Characteristics - The Huatai-PineBridge Dual Enjoyment Bond Fund is positioned as a low-volatility product, with at least 80% of its assets allocated to the bond market and 0-20% to equity assets. This allocation allows for sufficient stability while providing opportunities for enhanced returns through diversified sources [1][3]. - The fund aims to optimize the balance between risk and return through scientific asset allocation and leverages the company's overall research advantages to achieve commendable performance [1][2]. Group 2: Management Team - The fund is managed by three experienced fund managers: Song Peng, who has 13 years of investment management experience and a strong understanding of the bond market; Sun Dan, who has a solid background in convertible bonds; and Ru Yihan, who specializes in fixed-income asset management [3]. - The collaboration among the fund managers enhances the management of the portfolio, focusing on strict credit rating systems and individual bond selection to mitigate credit risk while ensuring diversified equity investments [3]. Group 3: Target Investor Profile - The Huatai-PineBridge Dual Enjoyment Bond Fund is particularly suitable for investors seeking stable asset appreciation without significant fluctuations. It can serve as a core allocation within a diversified investment portfolio that includes stocks, bonds, and cash [4]. - The fund aims to provide a reliable investment option in uncertain markets, focusing on controlling drawdowns while striving for long-term stable growth through diversified asset allocation [4].

Core Insights - The public fund issuance showed signs of recovery in the first week of November, with a total of 35 public products launched, marking a 29.63% increase from the previous week [1][2] - The average subscription days for the new funds decreased to 19 days, indicating enhanced market activity [1] Fund Issuance Overview - A total of 35 new public funds were issued, with equity funds (including stock and mixed funds) being the primary contributors, accounting for over 70% of the total issuance [2][3] - The breakdown of fund types shows that stock funds comprised 16 of the new issues, representing 45.71% of the total, with passive index funds leading at 13 issues (37.14%) [3][4] Fund Type Distribution - The issuance of mixed funds reached 10, making up 28.57% of the total, with the core being the equity-mixed funds [3] - Bond funds maintained a stable issuance with 4 mixed bond funds, accounting for 11.43% of the total [4] - FOF products also performed well, with 5 new issues, matching the highest weekly issuance for the year [4] Institutional Participation - The 35 new funds were launched by 25 different public fund institutions, with 18 institutions issuing one fund each and 7 institutions issuing two or more [4] - E Fund led the issuance with 4 new funds, primarily in passive index stock funds, followed by Huatai-PineBridge with 3 new funds [4]

Core Insights - The "fixed income +" funds have become a market hotspot, with several large fund companies launching new products and increasing their holdings in existing ones [1][6] - There is significant performance differentiation among "fixed income +" funds, with some achieving over 20% returns while others have negative returns, leading to a performance gap exceeding 40 percentage points [1][4] Performance Analysis - As of October 16, 79 mixed bond funds achieved returns over 20% in the past year, with median returns of 3.18% for mixed bond type I funds and 6.02% for mixed bond type II funds [1] - High-performing "fixed income +" funds predominantly invested in convertible bonds and had substantial equity positions, particularly in technology stocks [2][3] Fund Characteristics - The top-performing mixed bond type II fund, Huashang Fengli Enhanced Open-End Bond, recorded a return of 39.48%, with an equity position of approximately 18.93%, indicating a more aggressive investment strategy [2] - Similar strategies were observed in other high-return funds, such as Huabao Enhanced Income Bond, which also focused on a diversified stock portfolio with a strong emphasis on technology stocks [3] Investment Strategy - The performance of "fixed income +" funds is influenced by stock allocation, bond configuration, and yield enhancement strategies, leading to significant performance disparities [4][5] - The core differences in "fixed income +" funds lie in the stock-bond ratio and the extent and method of the "+" component, affecting expected returns, volatility, and maximum drawdown [5] Market Trends - Since September, "fixed income +" products have gained traction in the market, with major fund companies launching new products and actively managing existing ones [6] - The current low-risk-free interest rates make pure bond products less appealing, while the high volatility of equity products may not suit all investors, positioning "fixed income +" as a balanced investment solution [6]

Core Insights - The "fixed income +" funds have become a market hotspot, with several large fund companies launching new products and increasing their holdings in existing ones [1][4] - There is significant performance differentiation among "fixed income +" funds, with some achieving over 20% returns while others have negative returns, leading to a performance gap exceeding 40 percentage points [1][3] Performance Analysis - As of October 16, 79 mixed bond funds achieved returns over 20% in the past year, with median returns of 3.18% for mixed bond type I funds and 6.02% for mixed bond type II funds [1] - High-performing "fixed income +" funds tend to have substantial positions in convertible bonds and a higher equity allocation, particularly in technology stocks [1][2] - For instance, the Huashang Fengli Enhanced Open-End Bond Fund achieved a return of 39.48%, with an equity position of approximately 18.93% [1] Fund Strategies - The performance of "fixed income +" funds is influenced by stock allocation, bond configuration, and yield enhancement strategies [3] - Successful funds often utilize a combination of convertible bonds, equity investments, and other strategies to enhance returns [3] - Conversely, some funds have underperformed due to a lack of equity exposure or poor stock selection, leading to negative returns [2][3] Market Trends - Since September, "fixed income +" products have gained traction as the equity market enters a volatile phase, prompting major fund companies to launch new products [3][4] - The current low-risk interest rates make pure bond products less appealing, while the high volatility of equity products does not suit all investors, positioning "fixed income +" as a balanced investment solution [4][5] Investor Appeal - "Fixed income +" products are seen as a stabilizing asset allocation tool for conservative investors, offering a blend of fixed income and equity characteristics [5] - The strategy aims to provide a flexible response to varying market conditions, maintaining a balance between growth and risk mitigation [5]

Core Insights - The "fixed income +" products have gained popularity due to their combination of stability and yield flexibility, with several large fund companies launching new "fixed income +" funds and intensifying marketing efforts for existing products [1][9] - Over the past year, the overall performance of "fixed income +" products has been impressive, but there is significant performance disparity among them, with some funds achieving over 20% returns while others have negative returns [1][6] Performance Disparity - The performance difference among mixed bond-type secondary funds has exceeded 42 percentage points over the past year [2][7] - As of October 16, 79 mixed bond-type primary and secondary funds have achieved returns exceeding 20%, with median returns of 3.18% for primary funds and 6.02% for secondary funds [3] Fund Characteristics - Funds with returns over 20% typically have high allocations in convertible bonds and a significant equity position, actively investing in technology stocks [4] - The top-performing mixed bond-type secondary fund, Huashang Fengli Enhanced Open-End Bond, achieved a return of 39.48%, with an equity allocation of approximately 18.93% [4] - The Huabao Enhanced Income Bond Fund also showed strong performance with over 37% returns, focusing on aggressive allocations in small and mid-cap technology stocks [4] Investment Strategies - The best-performing mixed bond-type primary funds are primarily convertible bond funds, with notable returns such as 29.81% for Everbright High-Grade Bond Fund and over 23% for Minsheng Jia Yin Xinxiang Bond Fund [5] - The performance of "fixed income +" funds is significantly influenced by stock allocation, bond configuration, and yield enhancement strategies [7][9] Market Trends - Since September, the equity market has entered a volatile phase, making "fixed income +" products a hot topic for fund companies, with several large firms launching new products [9] - The current low-risk interest rates make pure bond products less appealing, while the high volatility of equity products does not suit all investors, positioning "fixed income +" as a compromise solution [9][10]

Core Viewpoint - The "Fixed Income +" strategy offers a balanced investment option for investors, combining fixed income and equity to achieve a risk-return balance, making it an ideal choice in a declining deposit rate environment [1] Product Types - The main types of "Fixed Income +" products include mixed bond type primary funds, mixed bond type secondary funds, and biased bond mixed funds, creating a complete risk-return spectrum from conservative to aggressive [2] - Mixed bond type primary funds (一级债基) are the most stable, primarily investing in fixed income securities like government bonds and corporate bonds, aiming to provide enhanced returns while controlling volatility [2] - Mixed bond type secondary funds (二级债基) retain convertible bond investments while allowing direct stock investments, balancing risk and return for moderate-risk investors [2] - Biased bond mixed funds (偏债混) exhibit stronger equity characteristics, utilizing a diverse strategy that includes stocks and derivatives, suitable for investors seeking higher returns with some risk tolerance [3] Performance Across Market Cycles - From 2018 to 2025, different "Fixed Income +" products showed varying performance across market conditions, with primary bond funds outperforming in bear markets, while biased bond mixed funds excelled in bull markets [4][7][8][9] - In the 2018 bear market, primary bond funds achieved a return of 4.67%, while secondary bond funds showed negative returns, highlighting the stability of primary bond funds in adverse conditions [7] - During the 2020 bull market, biased bond mixed funds led with a return of 13.21%, demonstrating their potential in favorable market conditions [8] - Since 2025, in a bull equity and bear bond market, biased bond mixed funds returned 5.81%, while primary bond funds lagged at 1.88%, indicating a direct relationship between equity exposure and returns [9] Conclusion - Each type of "Fixed Income +" product has distinct characteristics suited for different market cycles, emphasizing the importance of considering both returns and risk metrics when selecting a product [10]