Core Viewpoint - The current bull market in China is driven by a shift in investor behavior towards lower-risk "fixed income+" products, contrasting with the high-risk leverage-driven bull market of 2015 [1][33]. Group 1: Market Context - The macroeconomic backdrop for both the 2015 and 2025 bull markets is similar, characterized by moderate economic growth and a significant shift of bank savings into investment products [1]. - The previous bull market was marked by high-risk tolerance and expectations of rapid wealth accumulation, while the current market sees investors seeking safer returns through "fixed income+" products [1][33]. Group 2: Understanding "Fixed Income+" - "Fixed income+" is not a single product but a diverse asset class that includes various strategies and styles, catering to different investor needs [9][12]. - The demand for transparency in investment products is crucial, with clearer product characteristics leading to better alignment with investor goals [2][5]. Group 3: Product Characteristics - The "fixed income+" category includes a range of products such as bond funds, mixed funds, and convertible bond funds, each with distinct risk-return profiles [9][11]. - The performance of "fixed income+" products can vary significantly based on their underlying assets and strategies, similar to equity funds [11][12]. Group 4: Investment Strategies - Different strategies within "fixed income+" products include technology-focused, balanced, and convertible bond-enhanced approaches, each targeting specific risk profiles and market conditions [19][21][25]. - The performance of these products is influenced by market dynamics, with some strategies outperforming others in different market environments [11][22]. Group 5: Long-Term Investment Perspective - Historical data suggests that holding higher-risk assets over a long period generally yields better returns compared to lower-risk assets [12]. - The current market environment, with declining static yields on bonds, enhances the attractiveness of taking on risk for potentially higher returns [12][33]. Group 6: Product Innovation - Companies like Penghua Fund are innovating within the "fixed income+" space by offering a comprehensive range of products that cater to various investor preferences and risk appetites [14][18]. - The introduction of quantitative strategies combined with traditional fixed income products provides investors with more options and potential for enhanced returns [27][28].

鹏华可转债转债比例80-85%，股票15-20%，定位为高波"固收+"。据银河证券基金长期业绩排行榜单， 截至2025年3月31日，鹏华可转债A过去7年、5年分别凭借71.57%、38.81%的净值增长率，在可转换债 券型基金(A类)中排名3/21、7/32。 鹏华双债加利是二级债基，股票10-20%，转债配置10-40%，定位为中波"固收+"。据2025基金一季报， 截至2025年3月31日，鹏华双债加利A过去1年、5年、成立以来的净值增长率分别为12.40%、27.33%、 105.23%，同期业绩比较基准为4.75%、23.76%、59.30%。 近日，降准降息政策落地后，债市呈现明显分化走势，短端利率下行而长期上行。后续债市如何走？鹏 华基金固收投资专家表示，重点关注内外部变化，内部关注货币政策、财政政策和产业政策，外部关注 关税问题和贸易谈判，后续货币政策仍有宽松可能，债市整体处于比较有利环境，预计信用债优于利率 债，中短端优于长端，转债方面，今年转债市场供需紧张的格局持续，转债市场估值易升难降。 王石千：债市收益率上行风险较小，股市或以震荡为主 王石千现任鹏华基金多元资产投资部总经理/基金经理，拥 ...