文 | 银行螺丝钉 （转载请注明出处） 有朋友问，「固收+」品种，收益和风险有啥特征，适 合哪些朋友投资呢？ • 「固收」的部分： 通常以低风险的债券类资产为 主，主要用来做防守。 • 「+」的部分： 通常会增加股票、可转债等风险和收益更高的品种，用来提升收益，这部分做进攻。 下面就来分析下，这类品种的收益和风险特征。 收益和风险居中 我们可以来看两个典型的「固收+」类品种——二级债基、偏债混合基金的收益表现，以及和纯债基金的对比。 从如下对比走势图，可以一目了然地看到， 「固收+」 类品种的长期收益，要明显高于纯债基金的收益。 相应的，「固收+」的波动风险也要比纯债基金要大一些。 以二级债基指数为例，在2004年- 2025年11月24日 ，二十年左右的时间里， 之前文章 （点击查看介绍） 中介绍过 ，「固收+」， 主要由两部分组成： • 年化收益率约为7.77%，远高于同期纯债基金指数的4.33%； • 最大回撤约为-12.02%，出现在2015年"股灾"期间，这个回撤幅度远低于股票型基金，并且之后很快就修复了。 可以看到，「固收+」品种的收益和风险水平都是居中的。 相比纯债基金、存款、理财等传统固收类品 ...

Core Viewpoint - The "fixed income +" and mixed equity-debt fund categories are expected to experience explosive growth in 2025, becoming a core choice for investors seeking stable returns in volatile markets. Among the standout fund managers, Liang Bingzhe from Anxin Fund has gained attention for his distinctive investment style and impressive performance, establishing himself as a rising star in the field [1]. Group 1: Investment Strategy - Liang Bingzhe employs a "barbell" strategy that balances value and growth assets, aiming to smooth portfolio volatility and enhance adaptability in different market environments [2]. - The investment framework focuses on three optimizations based on the PB-ROE strategy: achieving relative balance in industry distribution, ensuring reasonable time-based return distribution, and controlling volatility [2]. - In convertible bond investments, Liang adheres to a "low price, high elasticity" strategy, prioritizing inexpensive options with potential for significant upside based on logical support from underlying stocks [2]. Group 2: Market Outlook - Liang maintains an optimistic view on equity markets, attributing asset pricing to both fundamentals and liquidity, with a favorable domestic liquidity environment supporting higher valuations for thriving sectors [4]. - The convertible bond market is expected to face three potential scenarios based on stock market performance: strong performance if stocks rise, likely adjustments if stocks fall, and potential valuation pressure if stocks remain stagnant [4]. - In the pure bond segment, Liang believes that the fundamental and liquidity environment remains favorable for the bond market, suggesting a focus on high-quality bonds to achieve better risk-adjusted returns [5]. Group 3: Sector Focus - Liang emphasizes the importance of sectors benefiting from the AI boom, such as electric power and certain non-ferrous metals, which are expected to see significant profit elasticity due to product price increases [6]. - To mitigate potential risks from declining AI capital expenditures, Liang considers including undervalued options with low implied volatility in the portfolio [6]. - The strategy aims to balance returns and risks by constructing hedging combinations that adapt to the current complex market environment [6].

数据显示，截至11月18日，今年以来已有近200只公募基金清盘，相比去年同期数量有所下降。 今年以来，公募基金产品（不包含资产管理计划）清盘数量已接近200只。值得注意的是，定期开放及 持有期类基金成为清盘主力，占清盘基金总数高达四成以上，涉及FOF、"固收+"基金、纯债基金以及 主动权益基金等多种类型。并且，三季度持有期基金份额总数也出现了缩水的迹象，主动权益类、纯债 类持有期基金份额缩水更加明显。 持有期基金的设计初衷主要是希望通过限制赎回，减少投资者追涨杀跌带来的摩擦成本。业内机构认 为，由于市面上大部分的偏股型持有期基金密集发行于此前的市场相对高点阶段，持有期基金的投资者 不仅牺牲了流动性，也没有换来"相对好"的收益，投资体验也不可能很好。因此，投资持有期基金不仅 需要明确流动性风险，还要综合评估基金管理人能力以及市场环境等多种因素。 ● 本报记者 王鹤静 持有期基金密集清盘 今年三季度，持有期基金份额已经开始缩水。数据显示，设有最短持有期的公募产品三季度基金份额总 数减少近800亿份。 其中，偏股混合型持有期基金份额减少超600亿份，易方达品质动能三年持有减少超50亿份，富国兴远 优选12个月持有、 ...

Core Insights - The number of public fund products (excluding asset management plans) that have been liquidated this year is approaching 200, with periodic open and holding period funds being the main contributors, accounting for over 40% of the total liquidated funds [1][2] - The design of holding period funds aimed to reduce friction costs from investors' frequent trading, but many of these funds were launched at market peaks, leading to poor investment experiences for investors [1][5] - The survival space for actively managed equity funds is being increasingly squeezed due to the rapid growth of index investing, with over 70 actively managed equity funds liquidated this year, making up nearly 40% of the total liquidated funds [1][2] Fund Liquidation Trends - As of November 18, nearly 200 public funds have been liquidated this year, a decrease compared to the same period last year [1] - Among the liquidated funds, over 70 are actively managed equity funds, including various types such as mixed equity, flexible allocation, and balanced funds [2] - The majority of liquidated funds are periodic open and holding period funds, with over 30 FOF products also included in this category [2] Shrinking Fund Sizes - In the third quarter, the total number of holding period fund shares decreased by nearly 800 billion, with mixed equity holding period funds seeing a reduction of over 600 billion shares [3][4] - Specific funds like E Fund Quality Momentum and others experienced significant share reductions, with some losing over 50 billion shares [4] - Despite the overall decline, certain categories like "fixed income+" and FOF funds saw growth in their share sizes [4] Considerations for Investors - Holding period funds require careful consideration of liquidity risks, as they restrict redemption while allowing for purchases, which may not suit investors seeking flexibility [6] - The initial intent of holding period funds was to help investors avoid frequent trading, but market conditions and fund management capabilities significantly impact actual investment returns [5][6] - Investors are advised to evaluate the fundamental aspects of holding period funds, including the experience of the research team, investment processes, historical performance, and fee structures before investing [6]

Core Viewpoint - The "stock-bond seesaw" phenomenon is expected to continue in the near term, with no signs of improvement in the bond market as it remains under pressure from liquidity challenges and investor sentiment [1][4][5]. Group 1: Market Dynamics - The bond market has faced significant liquidity tests, with net redemptions of over 5.5 billion units in bond funds during the third quarter, indicating a severe outflow from this asset class [1][2]. - The A-share market has been strong, with the Shanghai Composite Index fluctuating around the 4000-point mark, contrasting sharply with the bond market, where bearish sentiment prevails [2][3]. - Nearly 60% of the 7300 bond fund products experienced net redemptions, with pure bond funds, especially medium to long-term ones, suffering the most [2][3]. Group 2: Redemption Trends - The trend of redemptions has continued into the fourth quarter, with at least 35 bond funds reporting significant outflows since October [3]. - Major bond funds have seen substantial reductions in scale, with some funds losing nearly half of their assets due to redemptions and poor performance [2][3]. - Specific examples include the Huaxia Dingmao fund, which was redeemed by nearly 13.1 billion units in a single quarter, and other funds like Xingye Tianli and Xingye Tianying also facing significant outflows [2][3]. Group 3: Future Outlook - The bond market is currently waiting for clear signals from fiscal and monetary policies, which are expected to dictate future trends [5][7]. - The potential impact of public fund fee reforms is being closely monitored, as changes could affect liquidity management and institutional investment preferences [6][7]. - Long-term interest rates may have more room to rise, supported by expected fiscal stimulus and improving inflation expectations, despite ongoing geopolitical uncertainties [7].

Group 1 - The duration of pure bond funds has increased, with the median duration of all medium to long-term pure bond funds reaching 2.50 years, up 0.05 years week-on-week, placing it at the 77.90% percentile over the past three years [4][11][12] - The median duration of short-term pure bond funds has also risen to 0.97 years, an increase of 0.02 years week-on-week, which is at the 87.60% percentile over the past three years [4][11][12] Group 2 - The turnover rate of various bond types has mostly declined, indicating a decrease in market trading activity. For instance, the turnover rate of 10-year and above government bonds decreased by 0.21 percentage points to 2.12% [4][20][25] - The turnover rates for local government bonds in Jiangxi, Guangdong, and Chongqing are relatively high, with valuation spreads of 13.07 bps, 11.65 bps, and 13.93 bps respectively [4][20][29] Group 3 - The leverage ratio in the interbank bond market has decreased by 0.23 percentage points to 106.97%, while the leverage ratio for insurance companies has increased by 0.76 percentage points to 128.31% [4][30][36] - The leverage ratio for banks has decreased by 0.05 percentage points to 102.60%, and for securities companies, it has increased by 0.60 percentage points to 236.13% [4][30][36] Group 4 - The total scale of wealth management products in the market increased by 660.54 billion, consistent with seasonal trends, and the net value break-even rate has slightly decreased [4][37][41] - The increase in wealth management products was particularly significant for fixed-income products, while other investment types showed minor changes [4][41][43]

Group 1 - The report indicates that the equity market experienced high-level fluctuations in October 2025, with a notable retreat in the previously dominant technology growth sector, while dividend and value sectors outperformed [11][12] - The report highlights that the coal, oil and petrochemical, and non-ferrous metals sectors saw significant gains of 9.87%, 5.03%, and 5.00% respectively, while sectors like media, automotive, and electronics faced declines of -5.71%, -4.24%, and -4.00% [11][12] - The report suggests that the market is likely to focus on industries with high performance growth in Q3, but the public funds' holdings in these core targets are already high, limiting further accumulation [18][19] Group 2 - The report outlines that the bond market showed signs of recovery in October, with major bond indices such as the Wind Long-term Pure Bond Index and Wind Bond Index Fund Index rising by 0.51% and 0.44% respectively [12][13] - It is noted that the bond market is expected to continue its oscillation in November, with risks significantly easing, but bullish sentiment remains insufficient [25][26] - The report emphasizes the importance of selecting high-quality bond funds that can provide stable returns without credit downgrades, while also adjusting duration strategies flexibly [25][30] Group 3 - The report discusses the active equity fund selection index, which focuses on sectors that are less affected by foreign capital fluctuations and have stable profit expectations [20][21] - It mentions that the index has achieved a cumulative net value of 1.4027 since its establishment, outperforming the active equity fund index by 16.64% [20][21] - The report highlights the importance of technology themes, particularly in semiconductor manufacturing, new energy systems, and quantum technology, as key areas for investment [19][20]

Key Points - The article discusses the recent performance of equity and bond markets, highlighting a rotation in market styles with a focus on value and dividend stocks over previously dominant technology growth stocks [3][6][11] - It emphasizes the potential for theme-based investments to gain traction, particularly in new technologies and industries undergoing restructuring or expansion [3][12][13] - The article outlines the performance of various fund indices, noting a significant divergence in returns across different styles and sectors [8][10][12] Equity Market Overview - In October 2025, the equity market experienced high volatility, with major indices showing declines compared to the previous months [6][11] - The technology growth sector, which had previously outperformed, saw a correction, while value and dividend sectors gained [6][11] - Specific sectors such as coal, oil, and non-ferrous metals showed strong gains, while media, automotive, and electronics faced significant declines [6][11] Bond Market Overview - The bond market showed signs of recovery in October, with yields declining as market sentiment improved following positive signals from US-China trade negotiations [7][20] - The central bank's actions, including the resumption of government bond trading, contributed to this recovery [7][20] - Various bond fund indices reported positive returns, indicating a shift in investor sentiment towards fixed income assets [7][20][23] Fund Performance Review - The article reviews the performance of public funds, noting that the overall performance in October was weaker than in previous months, with all major equity fund indices recording losses [6][11] - The article highlights the performance of thematic funds, which saw varying results based on market conditions and sector performance [9][10][12] Investment Strategy Insights - The article suggests that the current market environment may favor sectors with strong earnings growth and defensive characteristics, particularly in light of ongoing economic uncertainties [3][12][13] - It recommends a cautious approach to equity investments, focusing on sectors that are likely to benefit from government policies and global economic trends [3][12][13] - The article also discusses the importance of diversifying investment strategies across different fund types to manage risk and enhance returns [19][27][28]

Core Insights - The bond fund industry is undergoing significant changes driven by market and policy factors, with a notable contraction in bond fund sizes this year [1][4][5] Market Trends - The bond market has shrunk by nearly 170 billion yuan in the third quarter, with pure bond funds experiencing a substantial decrease of 770 billion yuan, while mixed bond funds saw an increase of approximately 500 billion yuan [1][3] - Over 70 public fund managers reported a decline in scale during the third quarter, primarily due to the significant reduction in bond fund sizes [2][3] Policy Impact - Recent policy adjustments, including changes to fund sales fees and performance benchmarks, have raised concerns about bond fund redemptions and contributed to market volatility [5][6][7] - The introduction of punitive redemption fees and the adjustment of performance benchmarks are expected to reshape the bond fund landscape, potentially stabilizing the market in the long term [7][10] Strategic Responses - Some public funds, such as 景顺长城基金, have successfully increased their bond fund sizes by focusing on mixed bond products, demonstrating the importance of strategic positioning in a changing market [8][9] - Smaller public funds are also adapting by enhancing their mixed bond fund offerings, indicating that there are still opportunities for growth despite the overall market contraction [9][11] Future Outlook - The bond fund sector is expected to continue playing a crucial role in residents' long-term asset allocation, with mixed bond products likely to gain acceptance due to their balanced risk-return profile [11][12] - The demand for stable, low-risk investment products will persist, positioning traditional bond funds and mixed bond products as essential components of wealth management strategies [12]

Core Viewpoint - The bond fund industry is undergoing significant changes driven by market dynamics and policy adjustments, leading to a notable contraction in bond fund sizes this year [2][5][10]. Market Trends - The bond market has experienced a contraction, with a total shrinkage of nearly 170 billion yuan in the third quarter, reflecting a slowdown in growth [4][10]. - The pure bond fund sector has seen a substantial decrease of 770 billion yuan, while mixed bond funds have paradoxically increased by approximately 500 billion yuan [2][4]. Industry Concerns - Over 70 public fund managers reported a decline in scale during the third quarter, primarily due to the significant reduction in bond fund sizes [3][10]. - The anxiety among fund managers is palpable, as many firms have experienced substantial withdrawals from their bond funds, impacting overall company performance [3][12]. Policy Impact - Recent policy changes, including adjustments to fund sales fees and performance benchmarks, have raised concerns about bond fund redemptions and contributed to market volatility [7][8]. - The introduction of punitive redemption fees and tax adjustments has altered the attractiveness of bond funds for institutional investors, leading to increased withdrawals [6][8]. Strategic Responses - Some firms, such as Invesco Great Wall Fund, have successfully increased their bond fund sizes by focusing on mixed bond products, demonstrating the importance of strategic positioning [10][11]. - Smaller public funds are also adapting by enhancing their mixed bond fund offerings, indicating a shift in focus towards more flexible investment strategies [10][12]. Future Outlook - The bond fund market is expected to evolve, with opportunities arising from the expansion of tool-based products, increased institutional demand, and innovation in niche areas [12][13]. - Despite current challenges, bond funds are anticipated to remain a crucial component of long-term asset allocation for residents, balancing risk and return [14].