文 | 银行螺丝钉 （转载请注明出处） 有朋友问，「固收+」品种这两年比较火，也有不错的 收益表现。 这类品种在投资策略上，有哪些优势呢？ 概括来说，「固收+」品种的策略优势，主要是：股债 配置+ 再平衡 。 下面就来详细介绍一下。 优势一：股债配置 我们先来认识下「固收+」。 「固收」比较容易理解，就是固定收益。 例如纯债，就属于固收类品种。 如果在纯债的基础上，增加少量的股票、可转债等资产，就属于「固收+」类基金。 「固收+」，主要由两部分组成： • 「固收」的部分 ：通常以低风险的债券类资产为主，主要用来做防守。 • 「+」的部分 ：通常会增加股票、可转债等风险和收益更高的品种，用来提升收益，这部分做进攻。 这种股债配置的策略，好处体现在收益、风险两方面： • 股票的长期收益更高，使得「固收+」的长期收益相比固收品种显著提高； • 股债负相关性，减少了整体的波动风险。 股票长期收益更高 为啥「固收+」中增加了权益类资产，可以提高收益呢？ 这是因为，像股票、可转债等权益类资产的长期收益，比 债券 类资产要高。 在《股市长线法宝》最新的第6版中，作者西格尔教授统计了美股 1802—2021年5种不同类型的资 ...

文 | 银行螺丝钉 （转载请注明出处） 有朋友问，「固收+」品种，收益和风险有啥特征，适 合哪些朋友投资呢？ • 「固收」的部分： 通常以低风险的债券类资产为 主，主要用来做防守。 • 「+」的部分： 通常会增加股票、可转债等风险和收益更高的品种，用来提升收益，这部分做进攻。 下面就来分析下，这类品种的收益和风险特征。 收益和风险居中 我们可以来看两个典型的「固收+」类品种——二级债基、偏债混合基金的收益表现，以及和纯债基金的对比。 从如下对比走势图，可以一目了然地看到， 「固收+」 类品种的长期收益，要明显高于纯债基金的收益。 相应的，「固收+」的波动风险也要比纯债基金要大一些。 以二级债基指数为例，在2004年- 2025年11月24日 ，二十年左右的时间里， 之前文章 （点击查看介绍） 中介绍过 ，「固收+」， 主要由两部分组成： • 年化收益率约为7.77%，远高于同期纯债基金指数的4.33%； • 最大回撤约为-12.02%，出现在2015年"股灾"期间，这个回撤幅度远低于股票型基金，并且之后很快就修复了。 可以看到，「固收+」品种的收益和风险水平都是居中的。 相比纯债基金、存款、理财等传统固收类品 ...

Core Viewpoint - The article discusses the declining interest rates on bank deposits and wealth management products, indicating that keeping money in banks is becoming less profitable [1][3]. Summary by Sections Interest Rate Decline - Recent years have seen a gradual decrease in the yield of both bank deposits and wealth management products, making it less attractive to keep money in banks [1]. - As of May 2025, major state-owned banks in China have lowered the interest rates on RMB deposits [1]. Current Interest Rates - The current interest rates for various deposit types are as follows: - Demand deposits: 0.05% - 1-year fixed deposit: 0.95% - 3-year fixed deposit: 1.25% - 5-year fixed deposit: 1.30% [3][7]. Reasons for Interest Rate Decline - The long-term trend of declining interest rates is attributed to a slowdown in overall economic growth, with GDP growth rates decreasing from over 10% in 2006-2007 to around 5% in 2024 [5][8]. - As the economy matures, the speed at which companies earn profits slows down, leading to lower borrowing willingness and interest rates [8]. Rise of "Fixed Income +" - In response to declining interest rates, the "Fixed Income +" investment strategy has gained popularity among investors seeking better returns without increasing risk [9]. - "Fixed Income +" typically consists of a low-risk bond component for stability and a higher-risk equity component to enhance returns [9]. Global Perspective on "Fixed Income +" - The "Fixed Income +" concept is well-established in overseas markets, particularly in the U.S. and Japan, where traditional fixed income yields have declined significantly [10]. - In the U.S., as of February 2021, there were 3,936 bond funds, with 1,983 classified as "Fixed Income +," representing nearly 50% of all bond funds and about 70% of total assets [10]. Future Demand for "Fixed Income +" - The decline in traditional fixed income yields is expected to drive domestic investors towards "Fixed Income +" products, which are designed to provide stable returns [11].

Group 1 - The core concept of "Fixed Income +" is to combine fixed income assets with a small portion of higher-risk assets like stocks and convertible bonds to enhance returns while maintaining stability [2][10][15] - "Fixed Income +" typically consists of two parts: the fixed income portion, which includes low-risk bond assets for defensive purposes, and the "+" portion, which includes stocks and convertible bonds for offensive growth [2][15] - The performance of "Fixed Income +" products is influenced by the negative correlation between stocks and bonds, which helps to reduce volatility risk [3][15] Group 2 - Different stock-bond ratios significantly impact the returns and risks of "Fixed Income +" products, with higher stock allocations leading to greater long-term returns but also increased volatility risk [5][6] - Classic "Fixed Income +" products include primary bond funds, secondary bond funds, and mixed bond funds, with secondary bond funds and mixed bond funds being the most representative [10][15] - Broader definitions of "Fixed Income +" also encompass hedge funds and all-weather strategy funds, which may not have a high proportion of bonds but use strategies to control volatility risk [12][15] Group 3 - The increasing attention on "Fixed Income +" products is attributed to the decline in deposit interest rates, leading to rapid growth in this investment category [15] - For investors seeking a more convenient way to invest in "Fixed Income +", products like "Monthly Salary Treasure" are recommended, with a low initial investment threshold of 200 yuan [15]

Core Viewpoint - The 365-day investment advisory portfolio is characterized as a "fixed income plus" product, primarily investing in bond funds while maintaining a small portion of stocks to enhance returns with manageable volatility [8][52]. Group 1: Portfolio Characteristics - The portfolio mainly consists of bond funds, diversifying investments to reduce risk, with a focus on interest rate bonds and a limited exposure to credit bonds to avoid default risks [10][11]. - It utilizes the negative correlation between stocks and bonds to minimize volatility risk, allowing for strategic positioning in both bull and bear markets [12][17]. - The portfolio employs a rebalancing strategy that automatically adjusts stock and bond allocations, effectively implementing a "buy low, sell high" approach without requiring investor intervention [19][40]. Group 2: Performance and Adjustments - As of November 7, 2025, the 365-day portfolio outperformed the secondary bond index by 2.58%, with a maximum historical drawdown of -4.15%, significantly lower than the index's volatility [5][52]. - In October 2025, the portfolio underwent a rebalancing due to a rise in stock market performance, reducing the stock and convertible bond ratio from 17% to 14% and increasing the bond and cash ratio from 83% to 86% [21][22]. Group 3: Sources of Returns - The portfolio's returns are derived from three main sources: the stock component, which focuses on value stocks with lower volatility and higher dividend yields [25][27]; the bond component, where interest rates significantly influence returns [28][29]; and the rebalancing strategy that capitalizes on market fluctuations [40][41]. - The stock portion is characterized by a value style, emphasizing stability and consistent dividend income, while the bond portion primarily consists of short- to medium-term bonds to mitigate interest rate risk [46][38]. Group 4: Investment Suitability - The 365-day investment advisory portfolio is suitable for investors with idle funds that will not be needed for over a year, providing a stable investment option with a low risk of significant volatility [43][46]. - The portfolio is currently considered a viable investment option, especially for those seeking a "fixed income plus" strategy to participate in the market with reduced risk [52][53].

Core Viewpoint - The 365-day investment advisory portfolio has demonstrated strong performance, primarily through a mix of bond funds and a small allocation to stocks, aiming to provide stable returns while minimizing risks [3][4][6]. Group 1: Portfolio Characteristics - The 365-day investment advisory portfolio is primarily composed of bond funds, including government bonds and credit bonds, to reduce risk through diversification [8]. - The portfolio utilizes the negative correlation between stocks and bonds to mitigate volatility risks, allowing for strategic gains during market fluctuations [10][12]. - The portfolio employs a rebalancing strategy that automatically adjusts the allocation between stocks and bonds, facilitating a "buy low, sell high" approach without requiring investor intervention [15][18]. Group 2: Performance Metrics - Since its inception, the 365-day investment advisory portfolio has outperformed the secondary bond index by 2.92% as of October 17, 2025, with a maximum historical drawdown of -4.15%, significantly lower than the index's volatility [4][6]. - As of October 2025, the portfolio's stock and convertible bond allocation was reduced from 17% to 14%, while the bond and cash allocation increased from 83% to 86% following a market adjustment [22][23]. Group 3: Sources of Returns - The portfolio's returns are derived from three main sources: the stock component, which focuses on value stocks with stable dividends; the bond component, which is influenced by interest rates; and the rebalancing strategy that captures market fluctuations [24][30][47]. - The stock portion emphasizes value style, characterized by lower volatility during bear markets and higher dividend yields, providing a stable income stream [25][27][29]. - The bond component's performance is primarily affected by interest rates, with a focus on short to medium-term bonds to minimize risk [30][43][46]. Group 4: Investment Suitability - The 365-day investment advisory portfolio is suitable for investors with idle funds that are not needed for over a year, seeking stable growth with minimal volatility [63][64]. - It is particularly appropriate for those looking to transition funds temporarily while awaiting better market conditions for direct stock investments [64].

Core Viewpoint - The "Screw Nut Star Rating" is a tool to assess the overall market valuation, with different star ratings indicating varying investment opportunities and strategies [4][74]. Group 1: Star Rating Definitions - 5.0 to 5.9 stars indicates the best investment phase for stocks and funds, typically seen at market bottoms during bear markets [5][7]. - 4.0 to 4.9 stars is commonly reached during bear markets, with some undervalued opportunities still available [6][30]. - 3.0 to 3.9 stars shows a scarcity of undervalued options, with most assets at normal or high valuations [41][43]. - 2.0 to 2.9 stars represents the later stages of a bull market, where most assets are overvalued [70]. - 1.0 to 1.9 stars indicates a bubble phase, rarely encountered in A-share history [71][72]. Group 2: Investment Strategies by Star Rating - In the 5.0 to 5.9 star phase, investors should focus on actively selected and index-enhanced portfolios, as many undervalued options are available [27][25]. - In the 4.0 to 4.9 star phase, while some undervalued options remain, investment amounts should be significantly reduced compared to the 5-star phase [32][39]. - The 3.0 to 3.9 star phase is characterized by a lack of undervalued options, making it unsuitable for new stock fund investments [43][46]. - In the 2.0 to 2.9 star phase, investors should consider low-volatility assets and strategies, as pure stock investments are generally not advisable [55][56]. Group 3: Market Behavior and Historical Context - Historical data shows that when the market reaches the 5-star level, significant declines are unlikely, and subsequent rebounds can be substantial [19][21]. - The market's star rating correlates well with its performance, with the star rating increasing as the market declines and vice versa [10][11]. - The transition from 4.0 to 5.9 stars can involve significant market drops of 30% to 40% [36]. Group 4: Tools and Resources - The "Today Star" mini-program allows users to check the latest star ratings in real-time, enhancing accessibility to valuation data [8][9]. - The company provides a comprehensive valuation table for various investment combinations, aiding investors in making informed decisions [15][16].

Core Viewpoint - The article discusses the "Screw Star Rating" system, which helps investors assess market valuation and identify suitable investment strategies based on different star ratings. It emphasizes the importance of understanding when to buy or sell and how to manage volatility risk effectively [3][4][5]. Group 1: Screw Star Rating System - The "Screw Star Rating" is used to evaluate the overall market valuation, updated daily on the public account [3]. - The star ratings range from 1 to 5.9, with 5-5.9 indicating the best investment phase for stocks and funds, while 1-1.9 represents a bubble phase [5][14]. - A new mini-program allows users to check the latest star ratings in real-time, updated every minute [6]. Group 2: Market Performance Since 2022 - The article provides a comparison of the performance of the CSI All Share Index and its total return index with the Screw Star Ratings since early 2022, showing a correlation between star ratings and market movements [8]. Group 3: Investment Strategies by Star Rating - Different investment combinations are recommended for various star ratings, with specific strategies tailored to each rating level [10]. - For a 5-5.9 star rating, the recommended investment combinations include "Active Selection" and "Index Enhancement," focusing on a high proportion of stocks [24]. - In a 4-4.9 star rating, some undervalued stocks remain, but the investment amount should be significantly reduced compared to the 5-star phase [29][30]. Group 4: Characteristics of Each Star Rating - In the 5-5.9 star phase, there are many undervalued stocks, limited downside risk, and significant upside potential, despite prevailing pessimism among investors [16][19]. - The 4-4.9 star phase sees a gradual reduction in undervalued stocks, with some still available for investment [26]. - The 3-3.9 star phase indicates that most stocks are either fairly valued or overvalued, presenting opportunities for profit-taking [37][40]. Group 5: Risk Management and Asset Allocation - The article suggests controlling stock asset proportions based on age, recommending not to exceed "100 minus age" in stock investments during the 4-star phase [33]. - It emphasizes the importance of managing volatility risk, especially during transitions from 4-star to bear market phases [35]. - Strategies for risk control include dollar-cost averaging, diversified asset allocation, and maintaining a balanced portfolio [38].

Core Viewpoint - Bond funds are a common asset class with distinct yield and risk characteristics, positioned between money market funds and stock funds in terms of stability and volatility [3][4][101]. Bond Fund Yield and Risk - Bond funds exhibit yield and volatility risks that are generally more stable than stock funds but higher than money market funds [4][101]. - Investors need to be aware of "踩雷" risks, where certain bond funds may experience significant short-term declines [6][101]. Types of Bond Funds - Common categories of bond funds include: - Short-term pure bond funds, which typically have minimal volatility and returns slightly higher than money market funds [9][14]. - Long-term pure bond funds, which have greater volatility and are influenced by interest rate fluctuations [10][11][23]. - "Fixed Income +" funds, which combine bonds with a small allocation to stocks or convertible bonds [12][45][101]. Short-term vs Long-term Bond Funds - Short-term bond funds invest in bonds with maturities of one year or less, offering low volatility and serving as a tool for managing short-term cash needs [22][30]. - Long-term bond funds, on the other hand, are more sensitive to interest rate changes, with potential declines in net asset value during rising interest rate environments [23][30][101]. "Fixed Income +" Funds - "Fixed Income +" funds typically consist of a core of low-risk bonds supplemented by equities or convertible bonds to enhance returns [45][67]. - These funds benefit from the negative correlation between stocks and bonds, which helps reduce overall volatility [54][57]. Investment Considerations - Investors should focus on the underlying asset allocation of "Fixed Income +" funds, particularly the proportion of stocks and the types of bonds included [79][82]. - The current market conditions suggest that "Fixed Income +" funds remain an attractive investment option, especially given the low interest rate environment [90][101]. Performance Metrics - As of September 19, 2025, the "90-day advisory portfolio," primarily composed of short-term bond funds, achieved an annualized return of 2.26% with a maximum drawdown of only -0.26% [32][33]. - The 10-year government bond yield is considered a benchmark for assessing the investment value of long-term bonds, with a reasonable yield range of 2%-3% [25][26][101].

Core Viewpoint - The article discusses the recent tariff crisis, emphasizing that it is more about short-term emotional impacts rather than substantial long-term effects on investments [3][5][11]. Group 1: Tariff Crisis Overview - On October 1, Trump announced a potential 100% tariff increase on Chinese goods effective November 1, which has led to significant global market volatility [3][4]. - The current tariff situation is characterized as "loud thunder but little rain," indicating that the immediate effects are more psychological than practical [5][11]. Group 2: Historical Context and Trends - Historically, high tariffs have not been consistently implemented, with many proposed tariffs failing to materialize over the past few years [7][8]. - The article provides a timeline of U.S.-China tariff developments, illustrating that while tensions have escalated, actual high tariffs have been limited [9]. Group 3: Economic Implications of Tariffs - Tariffs act as a double-edged sword for the U.S. dollar, potentially exacerbating inflation and complicating the Federal Reserve's interest rate decisions [11][12]. - The U.S. national debt has surpassed $37.86 trillion, with interest payments projected to exceed $870 billion in 2024, indicating significant fiscal pressure [17]. Group 4: Market Reactions and Investment Strategies - The tariff crisis typically leads to short-term market volatility, particularly affecting high-valuation growth stocks, while value stocks remain relatively stable [25][27]. - Investors are advised to assess their portfolios for undervalued assets and consider potential buying opportunities during market fluctuations [34][36]. Group 5: Long-term Outlook - The article suggests that similar crises have occurred over the past two decades, with long-term market trends showing resilience and upward movement despite short-term disruptions [32]. - Current market conditions are deemed favorable for investing in undervalued index funds and specific investment strategies that focus on cash flow and dividends [39].