契合投资者需求 发行方面，根据中信证券的统计，今年一季度，公募固收类基金发行规模约1210亿元。"固收+"基 金平均募集规模出现不同幅度回暖。相较2024年，偏债混合型基金平均募集规模由3.90亿元上升至6.44 亿元；混合债券型二级基金平均募集规模由15.22亿元上升至20.64亿元。 一些基金公司通过"固收+"产品，实现了规模的大幅增长。多家基金公司"固收+"产品规模增长达到 百亿元级别，中欧基金、中银基金、景顺长城基金、永赢基金、富国基金等"固收+"产品规模增长位居 前列。其中，中欧基金的"固收+"产品一季度规模新增177亿元，领跑市场。 进入二季度，基金公司仍然选择积极布局，并密集发行二级债基等"固收+"产品。比如，贝莱德基 金就发行了贝莱德富元添益，其发行份额超10亿份。东方红裕丰回报、联博汇利等多只"固收+"产品正 在发行。仅5月19日当天，就有汇泉安瑞回报、创金合信文丰、国联稳健增益三只"固收+"基金启动发 行。接下来，中信保诚基金还将发行"固收+"产品中信保诚汇利。 "目前我们主推'固收+'产品。"一家中型基金公司市场人士告诉中国证券报记者。 "固收+"产品正成为公募机构争相布局的重要方向之一 ...

Core Viewpoint - "Fixed Income +" products are becoming a key focus for public fund companies, driven by investor demand for absolute returns and the need for fund companies to grow their management scale [1][2]. Group 1: Market Trends - The total scale of "Fixed Income +" funds increased by over 100 billion yuan in the first quarter of this year, showing a significant rise compared to the second half of 2024 [1]. - In the first quarter, the issuance scale of public fixed income funds was approximately 121 billion yuan, with average fundraising sizes for various fund types showing recovery [1][2]. - Several fund companies, including China Universal Fund and Bank of China Fund, reported substantial growth in their "Fixed Income +" product scales, with China Universal Fund leading the market with an increase of 17.7 billion yuan in the first quarter [2]. Group 2: Investor Demand - The recent "Action Plan for Promoting High-Quality Development of Public Funds" emphasizes the support for low-volatility products and asset allocation products, indicating a favorable environment for "Fixed Income +" products [2]. - Investors are increasingly seeking funds that can provide positive returns over a certain period, especially after experiencing fluctuations in the equity market [3]. Group 3: Performance and Strategy - "Fixed Income +" products, which combine bond assets with equity for enhanced returns, are designed to capture structural opportunities in the stock market while striving for coupon income amid bond market volatility [3][4]. - The performance of certain "Fixed Income +" funds has been commendable, with examples like the Guangfa Jutai Mixed A fund achieving a total return rate of 74.25% since its inception [3]. - Fund managers are focusing on strategies that balance risk and return, with expectations that certain bond investment strategies will perform better than duration strategies in the second quarter [5].

Core Viewpoint - Foreign public funds have significantly increased their product layout in bond funds this year in response to ongoing market volatility [1][2]. Group 1: Product Launches and Market Response - Foreign public funds have launched a variety of new bond funds this year, including medium to long-term pure bond funds, first-level bond funds, and second-level bond funds, indicating a strong market recognition of foreign bond funds [2][3]. - Notable new products include the BlackRock Fuyuan Tianyi, a second-level bond fund that started subscription on April 7, focusing on quantitative investment strategies [3]. - Schroders launched a medium to long-term pure bond product, Schroders Tianyuan Pure Bond, with a first issuance scale close to 6 billion yuan, reflecting continued investor interest in stable bond products [4]. - Allianz Fund introduced the Allianz Anyu, a second-level bond fund emphasizing stable returns and flexible responses, enhancing its fixed income product line [5]. - Manulife Financial actively launched bond products, including the Manulife Yueli Rate Bond and Manulife Interbank Certificate Index 7-Day Holding, with first issuance scales of 6 billion yuan and 5 billion yuan respectively, indicating high market recognition [5][6]. Group 2: Market Outlook and Structural Opportunities - The bond market is expected to present structural opportunities, with credit bonds gaining relative attractiveness as the interest rate bond market may exhibit "small year" characteristics in 2025 [7][11]. - The market has seen fluctuations since the beginning of the year, with expectations of rapid interest rate cuts influencing long-term yield declines [8]. - After mid-March, the funding environment improved, leading to a short-term rebound in the bond market, with expectations that interest rate bonds may continue to decline [9][10]. - Investors are advised to focus on short-duration products in the city investment bond sector, while the credit bond market remains sensitive to policy changes [11][12]. Group 3: Investment Strategies and Flexibility - The current environment is seen as an opportune time for allocating to second-level bond funds, with expectations of a dual bull market in stocks and bonds in the medium term [13]. - The convertible bond market presents structural opportunities, with a reduction in new issuance and a focus on shorter remaining maturities, enhancing the value of convertible bond options [13].