来源：市场资讯 （来源：财商侠客行） 黄衫女侠|文 财商侠客行|出品 来源：网络 沪指盘中突破4000点！ 不少人又萌生了"炒股养家"的想法，微信指数里面，这个词条的热度正在直线上升。 炒股，真的能帮普通人实现财富自由吗？ 我把这个问题抛给了DeepSeek，它居然回答： "有可能！" 但紧接着它话锋一转，泼了盆冷水： "对绝大多数人来说，概率极低，且伴随着巨大的风险。" 为什么我们总误以为"炒股能实现财富自由"？ DeepSeek总结了三点： 一是幸存者偏差——爆赚的案例被反复传播，亏钱的大多数却沉默无声； 二是财富效应——牛市氛围中，仿佛人人都是股神，赚钱看似轻松； 三是复利神话——长期稳定高收益的确威力巨大，但"稳定"二字恰恰最难。 不过，DeepSeek也没有完全否定股市和财富自由的关系，只是我们可能得换个思路： 1. 不把炒股当暴富工具，而是作为资产配置的一部分； 2. 坚持长期主义、价值投资，注重分散风险＋持续复盘； 3. 放弃一夜暴富梦，追求资产的可持续增长。 跑步要对抗身体上的累和痛苦，投资则需要克服人性的贪婪与恐惧。 但有没有一种方式，能让普通人不那么费力，也能从容分享股市的长期增长？ 作为 ...

21世纪经济报道记者杨娜娜 2025年，在权益市场回暖的带动下，"固收+"基金收益弹性凸显，逾95%的产品实现正收益。其中，可 转债基金更是凭借其突出的弹性成为领跑者，部分产品年内收益甚至超过38%。 Wind数据显示，截至2025年10月14日，用以衡量不同类别"固收+"基金表现的核心指数年内均实现显著 上涨。具体来看，Wind混合债券型一级指数、万得混合债券型二级指数、万得偏债混合型基金指数、 万得可转债基金指数年内涨幅分别达到2.09%、4.8%、5.68%和19.05%。 自2019年作为独立产品形态被市场广泛认知以来，"固收+"基金已见证了两轮明显的扩张。如今，随着 债市资金外溢和权益资产走牛，它已经迎来规模连续三个季度的增长，并有望开启第三轮扩容周期。 从基金公司的竞争格局来看，"固收+"市场的头部效应日益明显，但也有不少基金公司凭借特色策略实 现弯道超车。在低利率与市场波动并存的当下，多家机构认为，"固收+"策略以其"稳中求进"的特性， 依然是投资者资产配置工具箱中的重要选择。 据国金证券团队介绍，"固收+"本质上是一类平衡收益与风险的策略，以利率债、信用债等固定收益资 产构建"安全垫"，"+" ...

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]