"固收+"机遇占优，三维策略把握机会 基于整体判断，祝松表示，2026年"固收+"将呈现机遇大于挑战的格局：一是权益（含可转债）资产表 现有望优于债券，为产品带来增厚收益空间；二是当前A股整体PB估值处于历史中低水平，较海外市场 具备明显估值优势；三是居民资产配置结构存在优化空间，当前资金仍集中于储蓄存款、纯债类产品， 随着权益市场赚钱效应显现，有望加速流入权益类资产；四是"固收+"产品能够在一定程度上平衡风险 与收益，成为普通投资者参与权益市场的优质工具。 2026年作为"十五五"规划的开局之年，宏观经济与市场走势备受关注。鹏华基金债券投资一部总经理、 拥有18年公募投资经验的基金经理祝松，基于宏观研判与实战积累，对新年市场及"固收+"策略作出深 入分析。他指出，2026年"固收+"领域机遇整体大于挑战，关键在于把握权益资产的结构性机会，重点 关注下行风险有限、上行弹性较足的板块，例如周期领域的金融、建筑、建材、化工，部分消费细分赛 道，以及受益于"反内卷"政策支持的新能源等方向。 消费与投资双轮驱动，关注外部与地产风险 祝松认为，2026年国内宏观经济增长的核心支撑将来自消费增长与投资企稳。消费端，自20 ...

Core Insights - The article discusses the launch of the 2026 TOP50 fixed income fund manager ranking, highlighting the significant growth of "fixed income +" products in 2025 and the positive reputation of the ranking list [1][2]. Performance Summary - The average performance of various fund categories for 2025 shows that: - The average return for cash equivalent funds is 1.61%, compared to 1.30% for the Wind Money Market Fund Index [2]. - The short-term bond fund average return is 1.29%, slightly lower than the Wind Short-term Pure Bond Fund Index at 1.40% [2]. - The stable "fixed income +" average return is 4.75%, outperforming the non-pure bond index at 4.58% [2]. - The active "fixed income +" average return is 7.78%, exceeding the Wind Mixed Bond Fund Index at 6.53% [2]. - The balanced equity and bond fund average return is 20.41%, significantly higher than the Wind Balanced Mixed Fund Index at 16.77% [2]. Ranking Methodology - The ranking considers factors such as historical performance, excess return stability, maximum drawdown, Sharpe ratio, Calmar ratio, volatility, and qualitative analysis [3]. - The average management tenure of the selected fund managers is 10.43 years, with an average management scale of 32.38 billion [6]. - The list includes only 50 fund managers to avoid excessive homogeneity, with rankings not being prioritized [6]. Fund Classification - A unique classification method categorizes fixed income funds into five types based on risk exposure and return characteristics: 1. Cash alternative 2. Conservative income 3. Stable "fixed income +" 4. Active "fixed income +" 5. Balanced equity and bond [5]. Fund Manager Selection - The selection process excludes managers with less than five years of experience to ensure stability and risk control [6]. - Multi-manager configurations are considered due to the diverse asset classes involved in fixed income funds [6]. - The list excludes dollar-denominated bonds and money market funds, while including mixed bond fund of funds (FOF) due to the importance of asset allocation [7].

Core Viewpoint - The article discusses the resilience of the domestic economy in 2025 amidst fluctuations, highlighting the stable performance of exports and manufacturing as a counterbalance to the downward pressure in real estate and investment sectors, leading to a gradual recovery in market risk appetite [1] Group 1: Economic Outlook - In 2026, the core growth drivers of the domestic economy are expected to be diversified, with policy guidance and market forces working in tandem to support a stable recovery [2] - Export resilience continues to play a stabilizing role, with increased export growth to regions like ASEAN and Africa due to trade substitution and effective matching of industrial demands [3] - New productive forces, such as smart manufacturing and artificial intelligence, are driving industrial integration and are expected to offset the downturn in real estate and external tariff shocks [4] Group 2: Domestic Demand and Fiscal Support - Domestic consumption is anticipated to remain strong, supported by government policies aimed at stimulating demand, with retail sales growth expected to maintain a relatively high level [5] - Investment is projected to stabilize and increase, with ample central investment project reserves and a continued emphasis on proactive fiscal policy and moderately loose monetary policy [5] Group 3: Potential Risks - The real estate market is in a deep adjustment phase, with risks of a slowdown potentially dragging down GDP and spreading credit risks within the sector [6] - External economic and trade environments remain uncertain, with geopolitical conflicts and trade protectionism posing risks to export contributions to the economy [6] Group 4: Fixed Income Investment Strategies - In 2026, the pure bond market is expected to continue a volatile pattern, focusing on coupon income and structural opportunities [10] - Investment strategies will vary among fund managers, with a focus on high-grade credit bonds and flexible operations in interest rate bonds to enhance returns [10][14][18] - The solid performance of equity markets is expected to provide opportunities for fixed income products, with a focus on diversified asset allocation to balance risk and return [21][29] Group 5: Fund Manager Insights - Fund managers emphasize the importance of focusing on coupon income and structural opportunities in credit bonds, while also being cautious about long-term bonds [19][20] - The outlook for fixed income+ products is positive, with expectations of higher returns compared to pure bond products due to structural opportunities in the equity market [24] - Investment strategies should prioritize diversified portfolios to mitigate risks and enhance returns, particularly in the current low-interest-rate environment [30]

Core Viewpoint - The investment outlook for 2026 emphasizes structural opportunities in the market, particularly in the "fixed income +" sector, which is expected to face more opportunities than challenges under supportive policies [1][2]. Group 1: Macroeconomic Outlook - The core drivers of China's economic growth in 2026 are expected to be diverse, primarily supported by consumption growth and stable investment [2]. - Continued expansionary fiscal policies and moderate monetary policies are anticipated to reinforce economic stability and growth [2]. - Potential risks to the macroeconomic environment include external trade relations and pressures in the real estate market [2]. Group 2: Investment Opportunities in "Fixed Income +" - The "fixed income +" sector is viewed as having more opportunities than challenges, with a focus on differentiated investment strategies [3]. - Emphasis on equity assets (including convertible bonds) is expected to outperform traditional bonds, with strategies to enhance returns through market timing and asset selection [3]. - Key sectors for investment include finance, construction, materials, chemicals, and renewable energy, which are expected to offer good investment value in 2026 [3]. Group 3: Product Offerings and Strategies - The company has developed a comprehensive product line catering to various risk preferences, including low-risk and growth-oriented investment solutions [5][6]. - Specific products highlighted include low-volatility options like Penghua Fengze and Penghua Yongsheng, as well as mid-volatility products like Penghua Shuangzhai Baoli [5]. - The focus on quantitative strategies aims to balance equity and bond allocations dynamically, with products designed for long-term growth and stability [6]. Group 4: Market Dynamics and Professional Management - In a volatile market environment, "fixed income +" products are positioned as a quality choice for balancing risk and return [5]. - The professional management team is expected to leverage their expertise to navigate market fluctuations and optimize investment outcomes for clients [6]. - The commitment to continuous development in niche areas and enhanced product offerings is aimed at supporting investors in the evolving investment landscape of 2026 [6].

Core Insights - The public fund market has shown significant structural growth in 2023, with "fixed income +" products driving this expansion, reflecting strong investor demand for stable returns and moderate risk [1] - As of November 24, 2023, the total scale of "fixed income +" funds reached 2.57 trillion yuan, a growth of over 40% since the beginning of the year [1] Group 1: Product Characteristics - "Fixed income +" products are strictly categorized to control drawdown risks, with three main types: low volatility, medium-low volatility, and quantitative strategies [2] - Low volatility products aim for a maximum drawdown of no more than 2%, while medium-low volatility products target a drawdown of 3%-4% [2] Group 2: Performance and Growth - The performance of "fixed income +" products is positively correlated with their scale, attracting more funds to high-performing products [3] - For example, the Penghua Industrial Bond has maintained a positive net value growth rate for 11 consecutive years, with a year-to-date growth rate of 4.93% as of November 30, 2025, and a cumulative return of 103.82% since inception [3] Group 3: Management Strategies - The management team, led by Zhu Song, employs dynamic asset allocation and multiple strategies to enhance returns while controlling risks [4] - The Penghua Dual Bond product adjusted its stock holdings from approximately 19% in the first two quarters to around 17% in the third quarter, demonstrating proactive management based on market conditions [4] Group 4: Market Outlook - The "fixed income +" products are expected to continue thriving in 2026 due to favorable market conditions, including optimistic stock market expectations and strong demand for stable products [4] - The combination of stable characteristics and potential for enhanced returns positions "fixed income +" products as a core focus for public fund market expansion [4]