Group 1 - The core viewpoint is that "fixed income +" funds are in a favorable investment environment due to the positive performance of equity markets and the downward trend of bond market interest rates [1][2] - The macroeconomic recovery is supported by policies aimed at expanding domestic demand and a projected GDP growth of 5.3% in the first half of 2025, which provides a foundation for equity market opportunities [1] - The bond market is transitioning towards high-quality development with a determined downward trend in interest rates, as evidenced by the 10-year government bond yield entering the "1 era," indicating good allocation opportunities for "fixed income +" funds [1] Group 2 - There is a notable trend of capital migration, with a decrease of 1.11 trillion yuan in resident deposits and an increase of 2.14 trillion yuan in non-bank deposits in July, reflecting investors' search for higher yields in a low-interest-rate environment [2] - "Fixed income +" funds are becoming increasingly popular for stable investment, with their total scale recovering to 1.73 trillion yuan by the end of the second quarter this year, according to CITIC Securities [2]

8月以来，股债持续呈现分化走势，"固收+"吸引力持续提升。Wind统计显示，截至8月27日，全市 场"固收+"基金（包括一级债基、二级债基、偏债混合基金）规模已达1.9万亿元，较年初增长2525亿 元，增幅达15.34%。（以上数据仅供示意，不构成实际投资建议，市场有风险，投资需谨慎） 长城基金基金经理张棪表示，在无风险利率下行环境中，存款、货币基金及银行理财收益率均普遍承 压，而"固收+"基金通过股债协同配置，有望发挥"进可攻退可守"的投资效果，正成为中低风险偏好资 金的重要配置方向，而这一资金转移趋势或许才刚刚开始。 在此环境下，公募基金也在发力布局"固收+"。近期，长城基金五星固收团队再度上新"固收+"产品—— 长城兴达债券基金（A类：024954；C类：024955）9月1日起正式发行，拟由张棪担纲管理。 作为典型的"固收+"基金，该基金将采用"纯债+转债+股票"的多元资产配置策略，力争在控制回撤基础 上尽可能捕捉弹性收益。张棪介绍，长城兴达的债券投资比例不低于基金资产的80%，其中AAA级信用 债占信用债资产的比例不低于80%，将重点关注中短久期利率债、高等级商业银行金融债，追求获取稳 定票息收益， ...

Core Viewpoint - The article discusses the launch of the Changcheng Xingda Bond Fund, a "fixed income+" product aimed at conservative investors seeking stable returns amidst market fluctuations [1][2]. Group 1: Fund Overview - The Changcheng Xingda Bond Fund (Class A: 024954; Class C: 024955) officially launched on September 1, 2025, focusing on a multi-asset allocation strategy combining "pure bonds, convertible bonds, and stocks" [1]. - The fund aims to maintain a bond investment ratio of no less than 80% of its total assets, with AAA-rated credit bonds making up at least 80% of the credit bond assets [1]. - The fund manager, Zhang Zhen, emphasizes a focus on medium to short-duration interest rate bonds and high-grade financial bonds from commercial banks to achieve stable coupon income [1]. Group 2: Market Context and Performance - Over the past year, the secondary bond fund index (992617.SSI) increased by 10.25%, significantly outperforming the pure bond fund index (930609.CSI), which rose by only 1.82% [2]. - The article suggests that the "fixed income+" strategy is currently advantageous due to a recovering domestic macro economy and a downward trend in bond market interest rates [2]. - Zhang Zhen predicts that the "fixed income+" funds will continue to thrive in a favorable investment environment, supported by policies aimed at expanding domestic demand and a sustained "bull" logic in long-term bonds [2]. Group 3: Fund Manager's Expertise - Zhang Zhen has 11 years of experience in the securities industry and over 7 years in managing fixed income funds, with expertise in various asset types including macro rates and credit bonds [2][3]. - His previous fund, Changcheng Enhanced Income Open A, has shown exceptional performance, ranking in the top 10% among similar funds over one, three, and five years [3]. - The Changcheng Fund's fixed income team has successfully built a robust platform for the new fund's investment operations, managing over 330.7 billion yuan in fixed income assets as of the second quarter of 2025 [3].