The era of refined and diversified "Fixed Income+" has arrived. How can the "+" be reliable?

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2026 will become a year when investors’ intuitive perception of “low interest rates” is strengthened. As deposit rates enter the “1 era” and the 10-year government bond yield drops to around 1.8%, financial management methods that rely on saving money to earn passive income or buying pure bond funds can no longer meet the requirements for steady returns.

Against the backdrop of a slow bull market in the equity market, “Fixed Income +” funds, as public offering products that build on bond investments by adding multi-asset allocation and combining multiple strategies to seek enhanced returns, have become an important choice for steady progress in wealth management. By the end of 2025, the outstanding scale of “Fixed Income +” funds reached 3 trillion yuan, hitting a record high.

In the face of a volatile market environment and investment demands, “Fixed Income +” products are generally developing toward refined and diversified trends. Achieving long-term steady goals through effective asset allocation and maintaining clear strategies and stable styles increasingly depend on systematic capabilities of professional platforms and teams.

From Single Strategy to Diversified Refinement

“Fixed Income +” Three Stages of Development and Challenges

Looking back at the development history of “Fixed Income +” funds, they have experienced three relatively distinct expansion cycles over the past decade, which have continuously posed challenges and requirements for fund companies on “how to position and invest well in Fixed Income +.”

The first wave emerged during the market transition from 2015-2016, when declining risk appetite coincided with a bond bull market, and bond-oriented hybrid funds briefly stood out. The first boost came from combining pure bond yields with flexible convertible bond positions, enhancing returns and attracting institutional attention. However, the “+” approach of single assets faced increased volatility during the market downturn of 2017-2018.

The second wave of rapid expansion occurred from 2019-2021, when the “Fixed Income +” concept truly gained popularity and began entering the retail investment arena. Behind this was the new asset management regulations breaking the guarantee of principal and interest, with bank wealth management products no longer offering capital preservation, and the bull markets in stocks and convertible bonds generating significant profits. “Fixed Income +” funds, with bond foundations and added “option-like” features, became alternative wealth management options.

“Fixed Income +” funds experienced a three-year explosive growth period, with assets surpassing one trillion yuan for the first time in 2019, and reaching 2.8 trillion yuan at the end of 2021. However, during this phase, strategies of the “+” approach became homogenized, such as heavy stock holdings in core assets, and faced tests during style shifts in the market, including the “Fixed Income -” scenario.

The third wave is the current new era since 2025, marking a new stage of “Fixed Income +” with refined and diversified features. The low interest rate environment combined with a slow bull market in equities has gradually compressed the yield space of pure bonds. Whether for residents seeking steady wealth growth or institutions aiming for higher returns, there is a call for clearer positioning and more reliable strategies in new “+” wealth management methods. In 2025, the scale of “Fixed Income +” funds increased significantly for four consecutive quarters, reaching a new high.

As investment demands evolve and market cycles are tested, fund managers like those at Harvest Fund are proactively upgrading their strategy frameworks, product offerings, and investment processes. This promotes the evolution of “Fixed Income +” products into a healthy integration of multi-asset and multi-strategy approaches, with greater emphasis on investor experience and risk control. The investment research mechanisms and platform paradigms have further enhanced the replicability and predictability of steady returns. Efforts are made to make the “+” approach reliable, making Harvest’s “Fixed Income +” a more trustworthy choice.

In a Volatile Environment, How to Sustain “+”?

Platform-based, Modular Foundations to Improve Investment Success Rates

The “+” in “Fixed Income +” can generally be divided into “+ assets” and “+ strategies.” Asset-wise, options have expanded from stocks and convertible bonds to include stock ETFs, derivatives, alternative assets, and more; strategy-wise, from single-direction enhancements to balanced, style, and quantitative multi-strategy collaborations.

However, assembling multiple assets does not necessarily guarantee higher returns.

Just like a nutritious meal requires scientific planning, the essence of “Fixed Income +” is to achieve a more stable risk-return profile through orderly multi-asset allocation. This demands not only asset knowledge but also understanding the relationships between assets and the ability to adapt strategies to different market changes.

Starting from client needs and in-depth research, Harvest Fund has proactively reconstructed and upgraded a more detailed, dynamic multi-asset allocation system, evolving toward excellence in risk-return optimization and adaptability to diverse market environments.

一是依赖平台化“底座”支撑：面对投资线索的变化与市场快速轮动，单一投资经理与单一策略难以实现“全天候”胜利。Harvest Fund深知，组织层面的平台化、模块化沉淀，将有效提升整体确定性的实现。

在固收基础方面，2005年，Harvest Fund率先在业内成立固收研究团队，并开始构建自有信用评级体系。经过多年的积累，Harvest固收研究涵盖宏观经济、利率、信用、可转债、非标产品和中资美元债等领域，通过系统化的研究框架、动态风险管理、全覆盖信用评级体系及智能预警体系，建立了行业领先的信用风险控制和策略能力，致力于为投资提供稳健基础。

在多元增强方面，如何“+”是关键。Harvest依托行业领先的股票研究、宏观与策略研究实力，对各资产模块的定价范式进行了更细致、更精准的拆解，形成价值、成长、均衡等不同风格，以及红利、GARP、行业轮动、转债等多元投资策略，将“深度研究”转化为可复用、可组合、可检测的“策略零件”。例如，红利模块基于Harvest的基本面研究，细化为稳健高息池、红利低波池、红利质量池等策略模块，以适应不同市场环境。

二是以“胜率思维”为核心的投资端，实现资产的有序搭配：在当前环境下，资产之间不再是静态标签，不能简单拼凑。Harvest多资产配置体系持续追踪资产间更深层次的定价因子及其稳定相关性，挖掘更优的风险收益比。

“胜率思维”是Harvest“固收+”投资的核心逻辑，其本质是通过体系化构建多资产，在锚定正确Beta方向的基础上，叠加高胜率、可归因、可回测的“alpha”增强策略模块；并根据产品的风险收益目标，匹配风格多元的“固收+”投资经理团队，通过标准化平台与个性化策略协同，将市场的不确定性和机遇转化为长期稳健的投资体验。

多样需求 如何匹配“+”法？

Harvest固收+ 稳健配置“三部曲”

“固收+”基金能满足“稳进派”投资者“既想求稳，又想求进”的典型需求。随着市场产品供给丰富，“固收+”不能成为波动和策略不可知的“盲盒”。Harvest基金认为，策略清晰、产品收益波动稳定，对投资者选择和资金匹配尤为重要。

围绕客户需求拆解，Harvest基金以标准化思维提供了从仓位、波动、策略等方面的细致产品线梯队，稳进配置“三部曲”从理财升级到多元增利、长钱进取，帮助投资逐步实现理财新“+”法。

入门款固收+：理财升级的“稳”系列

“+”法第一步，存款、纯债先升级。Harvest布局了多只以“稳”命名、专注追求绝对收益的低波动固收+产品，从客户体验出发，主要投资债券类资产，辅以转债红利等少量含权资产以增强收益，成为居民理财升级的优选。如Harvest稳盛债券（002749）、Harvest稳裕混合（011249）、Harvest安益混合（016322）等，产品要求严格控制回撤，力求获得优于纯债的弹性回报。适合中低风险偏好的稳健投资者，适配6个月以上的闲钱。如二级债基Harvest稳盛近1年收益4.59%，跑赢业绩基准6.91个百分点；近3年收益11.62%，自成立以来收益达22.01%（截至基金2025年四季报）。

进阶款固收+：多元增利的“多”系列

稳进第二步，可以逐步配置中波固收+。Harvest“多”系列产品定位中等波动，核心在于“多资产、多策略”以实现长期稳健增值，如Harvest多益债券（020857）、Harvest稳固收益债券（009089）、Harvest同舟债券（018562）等，利用多元资产和策略，追求更优的风险收益比。适合中风险偏好、持有期1年以上的投资者。业绩表现方面，Harvest稳固收益债券近1年收益7.05%，近3年收益15.27%，自成立以来收益30.24%（截至2025年四季报）。

进取款固收+：长钱追求“新”系列

对于持有期超过2年的长钱，能承受短期波动、追求中长期增值的，可以选择Harvest旗下高波动定位的固收+，适当增加“含权”资产比例，为收益弹性提供更多“新”可能。该系列关注“新领域”、把握“新机会”、拥抱“新资产”，风格更为犀利，通过把握权益市场和可转债市场的结构性机会，追求更高收益。例如，Harvest多利收益债券（160718）通过均衡增强策略实现长期优异表现，近1年净值增长14.55%，同期业绩基准-0.38%，近3年收益22.99%。Harvest稳宏债券（003458）凭借对可转债市场的精准把握，近1年收益率达26.30%，跑赢业绩基准26.68个百分点，自成立以来收益率高达75.4%，成为高波“固收+”的标杆产品之一。

多元挑战 如何保障“+”的体验？

全生命周期品质管理体系

根据基金四季报数据，截至去年12月31日，Harvest基金旗下超过20只“固收+”产品在过去一年中收益率均超过5%，近两年超过15只产品收益率超过10%，在市场波动中保持了持续的业绩韧性。

长期业绩的背后，是Harvest多资产配置体系平台化能力的积累与“研产投销”一体化协作，包括研究端“平台型、一体化、多策略”的投研体系，产品端围绕多元客户需求提供稳定清晰的产品线，以及投资端“胜率思维”、风险和品质管理等措施，都成为提升投资结果和稳定性的重要保障。

“固收+”不仅关注收益的质量和稳定性，回撤控制和管理也是影响投资体验的重要因素。Harvest还建立了细致的品质管理体系，帮助产品策略和结果的稳定交付，贯穿投前、投中和投后的全过程，以实现收益增强与风险控制的升级。

就像一套可靠的操作流程，在战略层面，具有超额风险的前瞻性、高频监控与管理，确保整体偏离结果的适度和可控；在战术层面，严格匹配风格股票池、资产相对超额、回撤阶梯控制、Alpha动态监控等多种定制方案，力求提高胜率。

在考核机制方面，会根据不同定位的“固收+”设置全面细致的指标。例如，低波动固收+，首要考核最大回撤不能突破上限，即使阶段收益再高，也会被否决。

市场从不缺乏业绩爆发，真正稀缺的是如何通过平台机制构建出能够穿越周期、实现长期稳健的投资交付。Harvest“固收+”通过多资产体系化构建，在锚定正确Beta方向的基础上，叠加Harvest平台积淀的多策略能力，同时贯穿品质管理，助力投资端每一BP收益的积累与可持续。