今年以来，"固收+"产品再度成为市场关注焦点。面对日益丰富的产品选择，投资者普遍面临两大核心 问题：如何匹配自身风险偏好？如何根据市场变化在股债资产间灵活配置？ 鹏华基金多元资产投资部总经理王石千，凭借其横跨权益、可转债与纯债的多资产配置经验，通过构建 层次清晰的"固收+"产品体系和灵活适时的策略调整，建立覆盖低、中、高不同风险等级的完整产品矩 阵，为投资者提供了从防御到进取的"固收+"全方位解决方案。 当前配置策略：侧重转债，债市内部灵活切换 针对当前股债资产走势，王石千分析指出，利率债与信用债属于纯债范畴，而可转债与权益市场高度相 关，当前权益市场机会整体优于债券市场：债券市场整体呈震荡格局，权益市场短期具备向上动能，中 长期展望更为乐观。因此当前更侧重可转债投资，在有效管理风险的前提下有望获取优于纯债的收益， 但这一判断会随市场动态调整。 王石千进一步分析，在纯债内部，利率债与信用债的选择主要基于债市整体机会的研判。若债市震荡、 波动有限，信用债配置价值往往更为突出。一方面，信用债因承担信用风险，票面利率通常高于利率 债，持有收益优势更为明显；另一方面，在市场波动较小的环境下，机构对信用债的配置需求相对 ...

Group 1 - The article discusses the potential of stock trading to achieve wealth freedom, highlighting that while it is possible, the probability is low for most individuals and comes with significant risks [4][6] - It identifies three main reasons why people mistakenly believe stock trading can lead to wealth freedom: survivor bias, wealth effect during bull markets, and the myth of stable long-term high returns [6] - The article suggests a shift in mindset towards stock trading, advocating for viewing it as part of asset allocation, focusing on long-term value investing, and pursuing sustainable asset growth rather than quick wealth [7] Group 2 - The "Fixed Income+" strategy is introduced as a way for ordinary investors to participate in the stock market with less effort, combining fixed income assets with a small portion of equities to enhance returns [9][10] - The article emphasizes the importance of matching investment strategies to different investor profiles, categorizing them into ultra-low, low, medium, and high volatility products to suit varying risk tolerances [20][38] - Specific funds are highlighted, such as Penghua Fengrong (000345) with a one-year return of 2.71% and a maximum drawdown of only -0.75%, showcasing the stability of the "Fixed Income+" approach [22][23] Group 3 - The article outlines the performance of various "Fixed Income+" products, including Penghua Yongsheng (003662) with a one-year return of 4.28% and a maximum drawdown of -0.93%, indicating effective management of volatility [24][25] - It discusses the medium volatility strategy, which aims for a drawdown control target of 3-4%, allowing investors to benefit from stock market gains without excessive volatility [30][31] - The high volatility strategy is characterized by aggressive investment in convertible bonds, with Penghua Convertible Bond A (000297) achieving a net value increase of 33.03% this year, demonstrating the potential for significant returns in a rising market [36][37] Group 4 - The article emphasizes the need for diversified investment strategies, including technology growth and dividend value, to capture various market opportunities while maintaining a balanced risk profile [45][53] - It highlights the importance of dynamic asset allocation, where funds are adjusted based on market conditions to optimize returns and manage risks effectively [46] - The conclusion stresses that with the right investment approach, individuals can achieve sustainable asset growth, transforming investing into a manageable long-term endeavor rather than a stressful pursuit [55][56]

Core Insights - In 2025, the "fixed income +" funds have shown significant resilience, with over 95% of products achieving positive returns, driven by a recovery in the equity market [1][2] - Convertible bond funds have emerged as leaders, with some products yielding over 38% this year [1][2] - The "fixed income +" strategy is increasingly recognized as a vital asset allocation tool for investors, especially in a low-interest-rate environment [1][13] Performance Metrics - As of October 14, 2025, key indices measuring "fixed income +" fund performance have shown substantial increases: Wind Mixed Bond Type Level 1 Index at 2.09%, Level 2 Index at 4.8%, and Convertible Bond Index at 19.05% [1] - More than 95% of the 3,800+ "fixed income +" funds have achieved positive returns this year, with nearly 5% of funds exceeding 15% returns [2] Market Dynamics - The "fixed income +" market has experienced two significant expansion phases since its recognition as an independent product in 2019, with a third expansion cycle beginning in 2025 [1][10] - The market is characterized by a pronounced head effect, with leading firms like E Fund maintaining a substantial lead in scale [11][12] Fund Management Strategies - Top-performing "fixed income +" funds have shown a commonality in asset allocation, heavily favoring technology and financial convertible bonds [3][5] - The top three "fixed income +" funds this year include Southern Changyuan Convertible Bond A, Penghua Convertible Bond A, and招商安瑞进取A, with returns exceeding 28% [3][4] Investor Preferences - The "fixed income +" strategy is viewed as a stable choice for investors seeking to balance risk and return, particularly in the current market environment [14][16] - The demand for "fixed income +" products is driven by various factors, including liability matching for insurance funds and the need for stable returns for high-net-worth clients [16]

Core Insights - In 2025, the "fixed income +" fund products have shown significant yield elasticity driven by the recovery of equity markets, with core indices reflecting substantial increases in performance [1][2] - The leading management teams, particularly the Penghua fixed income team, have demonstrated outstanding performance through active management, achieving notable net value growth rates in their "fixed income +" products [1][4] Group 1: Performance Metrics - As of September 30, 2025, key indices for "fixed income +" funds have recorded impressive gains: WIND Mixed Bond Type Level 1 Index at 2.38%, Level 2 Index at 5.83%, Mixed Bond Fund Index at 7.27%, and Convertible Bond Fund Index at 23.44% [1] - Penghua's fixed income team has 13 "fixed income +" products with net value growth rates exceeding 5% for the year, and 5 products surpassing 10% [1][4] - Specific products like Penghua Convertible Bond A (000297), Penghua Double Bond Plus A (000143), and Penghua Jingxin Teli A (019602) achieved net value growth rates of over 33%, 17%, and 10% respectively [1] Group 2: Fund Size and Market Trends - The overall scale of "fixed income +" funds has rebounded, with a 6.1% quarter-on-quarter increase in Q2 2025, totaling 2,178 funds and a combined scale of 2.16 trillion yuan, surpassing the end of 2023 levels [2] - Factors contributing to the growth of "fixed income +" funds include low interest rates prompting investors to seek yield-enhancing alternatives, improved asset allocation strategies by fund companies, and a more rational understanding of these funds by investors [2] Group 3: Product Strategies - Penghua's fixed income team employs a strategy of "strategy labeling and style segmentation," offering a diverse range of products across various risk-return profiles, including ultra-low, low, medium, and high volatility [3] - Low and medium-low volatility "fixed income +" products are preferred by conservative investors, focusing on stable asset appreciation [4] - Medium volatility products incorporate equity positions to balance risk and return, capitalizing on sectors like technology and manufacturing for enhanced yields [5] Group 4: High Volatility Products - High volatility "fixed income +" products typically have a higher equity asset allocation, targeting investors with greater risk tolerance [6] - Penghua Convertible Bond A (000297) exemplifies this approach, with a significant allocation to convertible bonds and a notable net value growth rate of 33.03% as of September 30, 2025 [6] - Overall, the "fixed income +" funds have effectively seized opportunities amidst market fluctuations, validating their asset allocation value and yield elasticity [6]

Core Viewpoint - The A-share market has shown strength after a period of high volatility, with all three major indices achieving weekly gains, particularly the ChiNext Index, which has returned above 3000 points for the first time in over three years. This market recovery has led to several "fixed income +" funds reaching historical net asset value highs, indicating a potential for continued structural market trends that will test the asset allocation and stock-picking abilities of these funds [1]. Group 1: Fund Performance and Strategy - Wang Shiqian, a fund manager at Penghua Fund, specializes in multi-asset investment and has successfully managed several benchmark "fixed income +" products, including Penghua Shuangzhai Jiali A, which reached a new high net value of 2.3314 yuan on September 17 [1]. - The "fixed income +" products managed by Wang Shiqian exhibit a high degree of diversification and clear strategic positioning, with total assets under management exceeding 22 billion yuan as of the latest semi-annual report [2]. - The Penghua Shuangzhai Jiali fund has achieved a year-to-date net value growth rate of 16.27% and a growth rate of 10.55% in 2024, benefiting from a strategy that combines technology and cyclical investments with convertible bonds [2]. Group 2: Market Insights and Trends - The bond market is currently experiencing a weak performance due to rising risk appetite and slight redemptions from bond funds, with expectations of continued volatility in the bond market [4]. - The stock market is in a bullish phase, driven primarily by the rise of the artificial intelligence industry, with potential short-term adjustments providing good buying opportunities [5]. - The convertible bond market has stabilized recently, with supply-demand dynamics suggesting that valuations may remain high, potentially supported by upward movements in the stock market [6].

Core Insights - The recent recovery in the equity market has led to impressive performance of "fixed income +" products, with a median yield of 1.21% for these funds in Q2 2025 [1] - "Fixed income +" funds have shown a significant overweight in the technology sector, exceeding the allocation by 5.7 percentage points, while underweighting consumer and financial stocks [1] - The distribution of convertible bonds indicates a notable overweight in financial convertible bonds, with an allocation exceeding by 10.1 percentage points [1] - Industry experts believe that the value of "fixed income +" funds will become more pronounced in the second half of the year, suggesting investors consider these products based on their risk preferences and the capabilities of fund managers [1] Fund Manager Insights - Wang Shiqian, the manager of "fixed income +" products at Penghua Fund, has a strong track record with multiple five-star rated funds, focusing on enhancing portfolio returns through equity and convertible bond investments [5] - The Penghua Fengli A fund, a low-volatility "fixed income +" product, has a convertible bond allocation of 10-35% and has maintained a maximum drawdown of under 2% since 2022 [5] - Penghua Changxiang A, another low-volatility fund, employs a unique strategy combining bonds and a focus on the Sci-Tech 100 index, with a maximum drawdown of 1.75% since inception [6] - Penghua Shuangzhai Jiali A, a medium-volatility fund, has a stock allocation of 10-20% and a convertible bond allocation of 10-50%, achieving a maximum drawdown of 6.77% during the 2022 bear market [6] - Penghua Convertible Bond A, a high-volatility fund, has a stock allocation of 15-20% and a convertible bond allocation of 80-85%, ranking 3rd out of 22 in net value growth among convertible bond funds over the past seven years [7] Market Outlook - Both Wang Shiqian and Fang Chang have increased their allocation to technology growth sectors this year, maintaining a positive outlook for this area [10] - The Penghua Changxiang fund has a stock allocation of 9.15%, with several technology stocks among its top ten holdings, reflecting Wang Shiqian's long-term optimism for the tech sector [10] - Fang Chang anticipates a favorable investment environment in the stock market due to overall liquidity and a recovering macroeconomic backdrop, with a focus on dividend assets and technology growth opportunities [10]