1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In 2025H1, the performance of major asset classes showed a characteristic of "strong stocks and weak bonds." Convertible bond funds led the market, with a median return rate of 7.16%, outperforming stock - type and partial - stock hybrid funds. The overall performance of "fixed - income +" funds was better than that of pure - bond funds, and some funds performed brightly [1][10][15] - The top - performing "fixed - income +" funds in 2025H1 were mainly convertible - bond - enhanced funds. Stock - enhanced funds were concentrated in companies like Wells Fargo, China Asset Management, and Bosera. The top 30 list of ordinary "fixed - income +" funds was relatively scattered [2][48][51] - High - performing "fixed - income +" funds continued to overweight convertibles in sectors such as metals and mid - stream manufacturing, underweight bank convertibles, and also had a clear preference in stock investment, overweighting stocks in industries such as metals, military, TMT, and medicine [3] 3. Summary According to the Catalog 3.1 2025H1, How Did "Fixed - Income +" Funds Perform? 3.1.1 Stock - Strong and Bond - Weak, Convertible - Bond Funds Led the Market - In 2025H1, the performance of major asset classes showed a characteristic of "strong stocks and weak bonds." The equity market continued to recover and broke through key points, while the bond market oscillated and corrected. As of June 30, the Wind All - A Index recorded a 5.83% increase, and the CSI 2000 rose 15.24%. The CSI Convertible Bond Index recorded a 7.02% positive return, outperforming major broad - based stock indexes [10] - Convertible - bond funds led the market, with a median return rate of 7.16% in 2025H1, significantly outperforming stock - type and partial - stock hybrid funds. In the expectation of a better - performing equity market, the share of passive index - type and hybrid bonds increased significantly, while pure - bond funds were heavily redeemed [15][16] 3.1.2 The Net Value of "Fixed - Income +" Funds Recovered, and the Convertible - Bond Strategy Was Superior - After re - defining "fixed - income +" funds based on post - event asset allocation and classifying them into 7 sub - categories within 3 major categories, as of 2025Q2, 1418 "fixed - income +" funds had a total share of 1148.329 billion, a 16.54% increase from the end of 2024, and a total net asset value of 1496.58 billion, a 17.23% increase from the end of 2024 [27][28] - By the end of 2025H1, the stock and convertible - bond positions of "fixed - income +" funds decreased slightly. The market value of stocks held increased by 10.71% to 160.9 billion, while the market value of convertible bonds decreased by 4.92% to 255.8 billion. The stock position decreased by 0.63 pct to 10.75%, the convertible - bond position decreased by 3.98 pct to 17.09%, and the bond position increased by 0.86 pct to 99.48% [34] - Over 90% of "fixed - income +" funds had positive returns in 2025H1, and overall, they had good drawdown control. Convertible - bond - enhanced funds performed brightly but had a slightly higher drawdown range [40][44] 3.2 Which High - Performing "Fixed - Income +" Funds Led the Market? 3.2.1 Performance Review of Existing "Fixed - Income +" Funds - Among the top 30 funds with the highest interval returns in 2025H1, 26 were convertible - bond - enhanced funds, 2 were ordinary "fixed - income +" funds, and 2 were stock - enhanced funds. Huashang Fund had multiple convertible - bond - enhanced funds on the list. If only considering funds with a share of over 200 million, 28 convertible - bond - enhanced funds were on the list, along with 1 ordinary stock - enhanced fund and 1 ordinary "fixed - income +" fund [2][48] - The top 30 stock - enhanced funds in 2025H1 were concentrated in fund companies such as Wells Fargo, China Asset Management, and Bosera. Their asset - allocation strategies were somewhat differentiated, with some having a convertible - bond position of over 15%, while most held little or no convertible bonds [51] - The top 30 convertible - bond - enhanced funds in 2025H1 were mostly high - convertible - bond - position funds, distributed among various fund companies. Wells Fargo Jiuli and Huashang Fengli led the market, and China Europe Convertible Bond performed well in the convertible - bond fund category [2][52] 3.2.2 Performance Review of Newly - Issued "Fixed - Income +" Funds - Among the potentially high - performing "fixed - income +" funds newly established since 2023Q3, the top 30 were mostly secondary - bond funds (23). Except for China Merchants Anze Wenli, the returns in 2025H1 were all within 5%, and the maximum drawdown was mostly within 2% [2][56] - China Merchants Anze Wenli recorded a 6.17% positive return in 2025H1 with a maximum drawdown of 4.91%. It is a partial - bond hybrid fund, and the equity - class position contributed highly to the overall return [56] 3.3 What Are the Characteristics of the Holdings of High - Performing "Fixed - Income +" Funds? 3.3.1 History: What Directions Did High - Performing Funds Invest In? - At the end of 2024Q4 and 2025Q1, various top "fixed - income +" funds significantly overweighted manufacturing - chain convertible bonds and underweighted bank convertible bonds. They also overweighted partial - stock and high - price convertible bonds and underweighted high - rating convertible bonds. In terms of stock industry allocation, they overweighted leading - rising industries such as metals, machinery, electronics, and computers and underweighted industries that declined significantly in 2025Q1 [3] 3.3.2 Present: Where Are High - Performing Funds Investing? - High - performing "fixed - income +" funds continue to significantly overweight convertible bonds in sectors such as metals and mid - stream manufacturing, underweight bank convertible bonds, overweight high - price convertible bonds above 130 yuan and partial - stock convertible bonds, and underweight medium - price convertible bonds between 110 - 120 yuan [3] - They significantly overweight stocks in industries such as metals, military, TMT, medicine, and light manufacturing, underweight cyclical and financial - type industry stocks, and significantly overweight small - and medium - cap stocks with a market value between 10 - 50 billion [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report In 2025Q1, the overall performance of fixed - income + funds was mediocre, with a median yield of 0.29%. The scale of fixed - income + funds increased significantly, and their proportion in broad - based bond funds rose by 2 percentage points. The growth was mainly contributed by moderately convertible bond - enhanced and stock - enhanced products. High - performing products over - allocated technology stocks and manufacturing - related convertible bonds, and some leading products showed strong scale expansion capabilities [1][2]. 3. Summary by Relevant Catalogs 3.1 2025Q1 Fixed - income + Scale Proportion Significantly Rebounded - The performance of fixed - income + funds grew steadily in 2025Q1. The total scale increased to 138.0734 billion yuan, a quarter - on - quarter increase of 15.6029 billion yuan. The proportion in broad - based bond funds rose by 2 percentage points, the first significant rebound since 2022Q1, indicating market favor [2]. - The growth in scale was mainly contributed by moderately convertible bond - enhanced and stock - enhanced products. In 2025Q1, the scale of moderately convertible bond - enhanced, stock - enhanced, and convertible bond funds increased. The moderately convertible bond - enhanced scale increased by 9.4608 billion yuan, the stock - enhanced scale by 6.6139 billion yuan, and the convertible bond fund scale by 0.3438 billion yuan compared to 2024Q4 [2]. 3.2 High - performing Products Over - allocated Technology Stocks & Manufacturing - related Convertible Bonds 3.2.1 High - performing Funds' Convertible Bond Positions Were Highly Differentiated - Among stock - enhanced funds, high - performing products had an average yield of 1.54% in 2025Q1. Guotai Shuangli Bond had the highest yield of 5.49%, and Nongyin Ruikang 6 - month Holding had a yield of 2.52%. The average scale of high - performing stock - enhanced funds was 4.688 billion yuan, with 3 products exceeding 10 billion yuan [26]. - In terms of stock and convertible bond positions, the stock positions of high - performing stock - enhanced funds were mostly between 10% - 20%, with an average of 15.65%. The convertible bond positions varied greatly, with 3 products having over 10% and 7 products having less than 1% [27]. - Among convertible bond - enhanced funds, high - performing products had an average yield of 3.13% in 2025Q1, outperforming stock - enhanced products. Jinying Yuanfeng ranked first with 7.81%, followed by Nanfang Guangli Return with 6.29%. Some high - performing products also had relatively large scales [31]. - High - performing convertible bond - enhanced funds showed significant differentiation in stock and convertible bond allocation strategies. The average stock position was 10.70%, and the average convertible bond position was 52.16% [32]. 3.2.2 Asset Allocation of High - performing Funds: Over - allocation of Technology Stocks and Balanced Convertible Bonds - High - performing funds had a pure - bond position of 46.2%, a stock position of 14.5%, and a convertible bond position of 23.1%. Their high returns came from over - allocating technology stocks, reducing financial stock positions, and over - allocating manufacturing - related and balanced convertible bonds [37]. - In terms of equity asset industry distribution, high - performing funds over - allocated technology stocks by 7.2 percentage points, cycle and pharmaceutical stocks by 3.3 and 0.5 percentage points respectively, and under - allocated financial stocks by 8.3 percentage points compared to the overall market [37]. - In terms of convertible bond industry distribution, high - performing funds over - allocated manufacturing - related convertible bonds. In terms of convertible bond types, they over - allocated balanced convertible bonds by 5.3 percentage points compared to the overall market [41]. 3.3 Leading Products Showed Strong Scale Expansion Capabilities - On average, 31.0% of stock - enhanced and 54.2% of convertible bond - enhanced funds achieved net scale growth. Some products had significant scale increases, such as Huaxia Wenxiang Zengli 6 - month Rolling in stock - enhanced funds and Zhongyin State - owned Enterprise Bond in convertible bond - enhanced funds [44]. - Many leading products had large scales. For example, E Fund Yuxiang Return in stock - enhanced funds and Invesco Great Wall Jingyi Shuangli in convertible bond - enhanced funds had large sizes [45]. - By fund company, China Europe Fund had the fastest - growing fixed - income + fund scale, with an increase of 15.461 billion yuan. After the scale changes, E Fund, Invesco Great Wall Fund, and Fullgoal Fund ranked in the top three in terms of the stock scale of fixed - income + products [48][50]. 3.4 Appendix 3.4.1 Fixed - income + Funds Increased Holdings of Financial Stocks, and the Duration of Pure Bonds Narrowed - In 2025Q1, the pure - bond position of fixed - income + funds rebounded, while the convertible bond position decreased. The proportion of pure bonds increased by 1.4 percentage points, stocks by 0.4 percentage points, and convertible bonds decreased by 1.6 percentage points quarter - on - quarter [53]. - In terms of equity holdings, the proportion of financial stocks increased by 2.2 percentage points, while cycle and manufacturing stocks decreased by 2.1 and 1.8 percentage points respectively compared to 2024Q4 [56]. - In terms of convertible bond holdings, fixed - income + funds increased holdings of manufacturing and cycle convertible bonds and decreased holdings of financial convertible bonds. The proportion of balanced convertible bonds increased by 5.4 percentage points [59][60]. - In terms of pure - bond holdings, the position of financial bonds increased, while the positions of interest - rate and credit bonds decreased. The weighted average duration of pure bonds narrowed by 0.88 years quarter - on - quarter [65]. 3.4.2 Introduction to Fund Classification Method - The classification is mainly based on the average stock investment ratio, average convertible bond investment ratio, and other data. For funds that can invest in stocks, those with an average stock investment ratio greater than 20% are excluded, and different types of fixed - income + and pure - bond funds are classified according to specific rules [70]. - For funds that cannot buy stocks, they are classified into pure - bond and convertible bond - enhanced funds based on the average convertible bond investment ratio [71]. - Funds with "convertible bond" in their names are classified as convertible bond funds [72].