在市场利率持续下行的今天，被市场视为"进可攻、退可守"、 承接投资者稳健理财需求转型的偏债混合型基金，理论上应是 投资者追捧的对象。然而，两家基金公司同日发布的两则公 告，却为这一热门赛道泼了一盆冷水。 作者： 洪小棠 封图：图虫创意 在市场利率持续下行的今天，被市场视为"进可攻、退可守"、承接投资者稳健理财需求转型的偏债混合型 基金，理论上应是投资者追捧的对象。然而，两家基金公司同日发布的两则公告，却为这一热门赛道泼了 一盆冷水。 2025年11月4日，申万菱信基金与中加基金发布公告，前者宣布旗下正在发行的申万菱信宁通六个月持有 期混合型基金延长募集期，后者则计划召开持有人大会，审议关于终止中加邮益一年持有期混合型基金合 同的事项。 这两只基金同为偏债混合型产品。同日发生的两起"冷遇"事件，或映射出偏债混合基金在理论光环之下， 正在新发与存续两个维度面临严峻考验。 新发延期与存续清盘 当前的市场环境，从理论上看，本应是偏债混合型基金发展的沃土。市场利率持续处于低位，使得货币基 金、纯债基金等传统稳健型产品的收益率吸引力大不如前，而权益市场赚钱效应显著，投资者对收益有了 更高的期望。 偏债混合型基金通常将大部 ...

Core Insights - The current market environment, characterized by declining interest rates, theoretically favors the development of hybrid bond funds, which are seen as a stable investment option for investors seeking steady returns [1][2] - However, recent announcements from two fund companies indicate significant challenges for this sector, with one fund extending its fundraising period and another proposing to terminate its contract due to poor performance [1][3] Fundraising and Survival Challenges - The Shenyuan Lingxin Ningtong six-month holding period hybrid fund has extended its fundraising deadline from November 7, 2025, to November 21, 2025, after failing to meet its fundraising target within the initial period [2][3] - The Zhongjia Youyi one-year holding period hybrid fund is facing liquidation, with its assets shrinking from over 500 million yuan to just 17 million yuan, a nearly 90% decline, triggering termination clauses [3][4] Underlying Issues - The hybrid bond fund sector is experiencing three core challenges, including underperformance compared to pure equity funds during bull markets and insufficient stability during market fluctuations [4][5] - The Zhongjia Youyi fund's performance has been mediocre, with a cumulative return of 7.73% and an annualized return of 1.96%, ranking it in the middle tier among similar products [5][6] Operational Difficulties - The complexity of managing hybrid bond funds requires fund managers to possess a comprehensive skill set, including macroeconomic judgment and the ability to navigate both bond and equity markets effectively [6][7] - The fund's strategy of maintaining a holding period to encourage long-term investment can backfire if performance does not meet investor expectations, leading to significant redemptions [6][7] Future Outlook - Despite the challenges, the strategic value of hybrid bond funds remains, with the key to overcoming difficulties lying in enhancing fund management capabilities [7][8] - Fund managers are expected to focus on key areas such as central bank operations, regulatory changes, and inflation expectations to improve performance [7][8] - The market for hybrid bond funds is transitioning from a phase of conceptual growth to one that demands rigorous asset allocation skills and precise investment strategies [8]