作为高波"固收+"代表，鹏华可转债（A类000297）聚焦可转债赛道，在控制下行风险的同时，为投资 者提供了分享权益市场上涨潜力的工具，满足了进取型配置需求，全年规模实现24.59亿元的显著增 长。据银河证券数据，截至2025年末，鹏华可转债A过去10年、7年、3年、1年净值增长率分别为 94.69%、141.00%、31.29%、33.11%，在可转换债券型基金(A类)中排名1/14、1/26、9/38、4/38，彰显 了在可转债这一高波赛道中卓越的主动管理能力。 长期业绩穿越周期，获权威五星评级认可 鹏华旗下核心"固收+"产品规模的持续增长，源于其穿越周期的坚实业绩支撑。根据基金定期报告，在 多年牛熊更迭的市场环境中，鹏华旗下多只产品展现出良好的投资管理实力，尤为突出的是，部分产品 创造了连续多年实现年度正收益的长期纪录，例如： 过去一年，随着权益市场持续回暖，"固收+"基金迎来快速发展期。据中金公司统计，截至2025年末， 全市场"固收+"产品存量规模达3.0万亿元，创下历史新高，较2024年末增长56%。在这一轮增长中，二 级债基贡献了主要增量，反映出投资者在稳健底仓基础上增强收益弹性的配置需求正加速 ...

Core Viewpoint - The market is experiencing a transition from "risk appetite-driven" to a more rational investment framework focused on "performance verification," with a significant emphasis on the "fixed income +" strategy that balances growth potential and risk control [1][6] Group 1: Market Trends - The technology growth sector, particularly artificial intelligence, is leading the market due to strong momentum driven by abundant liquidity and industrial policy expectations [1] - Despite recent market corrections and increased volatility in the tech sector, the long-term allocation value remains intact under the "14th Five-Year Plan" national strategy [1] - The current macro narrative is larger than that of 2019-2021, with AI being viewed as an "industrial revolution-level" innovation, surpassing previous trends like electric vehicles [2] Group 2: Investment Strategies - The "fixed income +" strategy is gaining attention as it allows investors to participate in the long-term development of the tech industry while smoothing out short-term fluctuations [1] - Wang Shiqian, a representative investor, has successfully managed "fixed income +" products, with a total scale exceeding 45 billion yuan by the end of 2025 [1] - The investment layout for 2026 includes three clear lines: artificial intelligence, resource products under "de-globalization," and domestic demand recovery [2][3] Group 3: Specific Investment Opportunities - The focus on artificial intelligence includes domestic computing power and AI applications, which are expected to see profit realization or significant breakthroughs in 2026 [2] - The resource sector, particularly non-ferrous metals and military industry, is also highlighted as a key area for investment due to the evolving geopolitical landscape [3] - The domestic demand sector is crucial, with potential improvements in fundamentals if supply-side policies effectively reverse negative price trends [3] Group 4: Asset Allocation Recommendations - The convertible bond market is currently at a high valuation but still holds upside potential, especially in sectors like power equipment and basic chemicals [4] - The bond market is expected to remain in a relatively stable range, with recommendations for medium to short-duration configurations [4] - A diversified "fixed income +" solution is suggested to cover high, medium, and low volatility investments [4] Group 5: Product Performance - The low-volatility product, Penghua Fengli (A class 160622), reported a net value growth rate of 6.12% in 2025, with a maximum drawdown of -1.48% [5] - The medium-volatility product, Penghua Shuangzhai Jiali (A class 000143), achieved an 18.05% net value growth rate in 2025, with a maximum drawdown of -4.08% [5] - The high-volatility product, Penghua Convertible Bond (A class 000297), saw a net value growth rate of 33.11% in 2025, with a maximum drawdown of -12.18% [5]

在复杂多变的市场环境中，稳健而专业的固收投资能力始终是资管机构穿越周期、行稳致远的关键支 撑。近期，多家权威评级机构陆续公布最新评级结果。截至2025年末，鹏华固收·黄金战队再次凭借扎 实的长期业绩，在多项能力评选中获得高度认可：荣获国泰海通证券债券投资能力十年、五年及三年期 五星评级，济安金信纯债型基金管理能力五年期五星评级，以及天相投顾主动债券投资三年期AAAAA 评级。这些来自不同维度的专业认可，共同印证了鹏华固收在长期投资管理、风险控制与可持续回报创 造方面的综合实力。 此次评级覆盖三年、五年乃至十年不同时间跨度，体现了鹏华固收在不同市场阶 段中的持续适应能力与业绩稳定性。尤为突出的是国泰海通证券同时授予十年、五年及三年三期五星评 级，这在国内固收领域并不多见，反映出鹏华固收在长周期内策略的有效性与团队的持久生命力。该团 队能够跨越包括债市牛熊转换、信用风险事件、宏观政策调整在内的多轮市场周期，持续保持领先评 级，进一步证明了其投资体系具备扎实的韧性。从固收+到纯债到债券指数，各类型债基产品斩获五星 评级 权威评级的背后，是产品实实在在的长期业绩支撑。鹏华固收旗下多只产品不仅在中长期机构评级中屡 获殊 ...

2025年以来，公募基金市场结构性增长显著，"固收+"产品凭借稳健与弹性兼具的特性，成为资金配置 的核心选择。鹏华基金多元资产投资部总经理、基金经理王石千管理的"固收+"产品线表现突出。据基 金定期报告，截至2025年末，王石千管理的"固收+"产品总规模已达451.10亿元。其中，二级债基鹏华 双债加利(A类000143)2025年规模激增超184亿元，这既是市场对其策略的认可，也印证了投资者对"固 收+"产品的迫切需求。 展望2026年，王石千认为，权益资产仍然面临较好的投资机会，科技和资源两大主线将贯穿始终，灵活 配置以捕捉结构性机会。 科技与资源主线明确，内需复苏成关键变量 在王石千看来，2026年股票市场或仍处于牛市进程，核心驱动力明确且多元。人工智能产业趋势作为全 球市场主线，有望保持持续投资机会。同时，美元信用削弱背景下，人民币资产吸引力提升，中国股市 可能重新吸引外资流入，叠加居民存款持续增长、传统资产收益下行，股市吸引力相对提升。 与此同时，宏观层面也存在需要关注的风险点。王石千表示，国内物价走势及内需板块的复苏强度，将 成为影响权益市场行情大小的关键因素。若政策能有效推动供给侧优化与需求侧提 ...