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  数据来源:Wind陈书玉/制表图虫创意/供图

  证券时报记者陈书玉

  近期,受美国加征关税等事件的影响,A股市场开启震荡行情。在此背景下,兼具控制波动与追求弹性双重属性的“固收+”策略产品再度受到市场广泛关注。Wind数据显示,截至4月18日,超六成“固收+”基金稳步快跑,年内单位净值增长率为正。此外,近200只基金的单位净值在4月创出成立以来新高。

  展望后市,多位基金经理认为,“固收+”策略有望继续斩获收益,基金管理人将进一步加强产品布局,产品规模有望持续扩容。

  近200只产品净值创新高

  从业绩表现来看,Wind数据显示,截至4月18日,超六成“固收+”基金年内单位净值增长率为正。其中,富国久利稳健配置净值增长率超9%,工银聚享净值增长率超8%,格林鑫利六个月持有、兴全汇吉一年持有净值增长率超7%,富国优化增强A、国泰双利债券A等多只基金涨幅超5%。

  此外,国联安添益增长A、大成安享得利六个月持有A、中信保诚安鑫回报A、汇添富稳乐回报A、东兴兴福一年定开A、平安鑫惠90天持有A等27只基金,截至4月18日净值创出成立以来新高,如果将时间拉长,有近200只基金在4月净值创出新高。

  民生加银基金固定收益部总监谢志华认为,从目前情况来看,“固收+”策略有望继续斩获收益。当前资本市场的活跃是由多方面因素合力共同促成的,经济弱企稳、技术革新、大国博弈韧性等因素对国内资产的价值再发现过程的推进有望持续,这将为“固收+”策略基金提供良好收益基础。此外,债券票息也能为“固收+”策略基金提供较稳定的基础收益。对于风险偏好适中,追求长期稳健投资的投资者而言,“固收+”策略基金是非常适合的投资品种。随着市场好转,“固收+”策略基金受到的关注度和认可度将有所提高,基金管理人也将其作为重要布局方向,产品规模有望扩容。

  权益资产对净值贡献较大

  需要注意的是,目前市场观点普遍认为,债券利率已经下行至非常低的位置,债券资产未来能为投资者贡献的收益有限,对权益资产的配置成为“固收+”基金的重要一环。

  根据已披露的基金一季报,对股票和可转债资产配置较多的基金取得较好回报。如一季度净值上涨超6%的中欧可转债,一季度转债资产占基金净资产比例达到99%。该基金一季报表示,受益于权益市场风险偏好的提升,一季度转债市场整体震荡上行,中证转债指数和等权指数上涨3%—4%,整体表现是不错的。转债今年的贝塔价值可以从两个方面来理解:债券端,纯债在当前利率环境下波动加大,带来的是夏普比率的下降。这意味着固收资金今年可能较难单纯依靠纯债满足自身负债端的需求,无论从收益增强还是风险分散的角度,转债或都有很强的配置价值。股票端,今年小票+科技的风格持续活跃,和转债底层的股票风格相契合。本质上就是在人工智能的产业趋势下,分享流动性和风险偏好推动的估值行情。因此今年从股债两端来看,转债的底层需求或都有较强支撑。

  安信聚利增强一季度权益资产占基金净资产比例为16.85%,转债占比32.61%,该基金一季报表示,投资策略方面,增加了偏成长方向的配置,降低了周期类资产的配置。对AI相关产业链给经济可能带来的持续性改变持乐观积极态度。转债配置思路仍然是“低价高弹”,并且强调其债底的安全性,不能有信用风险。另外,增加了纯债的配置,原因是债券下跌之后配置价值显著增加。

  金信民旺一季报表示,春节后DeepSeek、机器人等科技板块情绪上涨,转债和权益明显上行,转债估值也被拉升至相对高位。3月18日后,AI等板块热度退却,临近业绩披露期,权益风险偏好下降,小盘股波动更大。转债受小盘风格和前期估值高位拖累,部分机构采取止盈操作。整体来看,转债市场当季仍取得较好回报,权益方面小盘和科技表现相对较好。

  多资产协同能力要求更高

  在目前震荡市下,“固收+”基金受到越来越多的关注,基金公司也在加强布局。一个明显的趋势是,为更好地发挥“固收+”基金中“+”的优势,多只产品新增了主动权益基金经理管理“+”的部分。

  如年内新发的二级债基西部利得裕丰回报,由盛丰衍和易圣倩两位基金经理共同管理,这是主动权益投资出身的盛丰衍首次管理“固收+”基金。此外,永赢基金首席权益投资官、基金经理高楠自2023年12月28日起管理二级债基永赢稳健增强,截至4月3日,其任职回报为11.53%。国泰基金权益基金经理张容赫自2024年初开始管理偏债混合基金国泰招享添利6个月持有。

  高楠认为,管理“固收+”基金,主动权益基金经理的优势在于选股能力,能够在把握结构性机会时更具穿透力。难点在于需重构绝对收益思维,不仅要把握权益仓位动态调整的节奏,对多资产协同能力也有更高要求,在保持权益组合锐度的同时,要兼顾固收底仓的稳定性。高楠表示,具备跨资产配置框架以及绝对收益投资能力的权益基金经理相对更具优势,这个领域最终比拼的是风险调整后的收益获取能力。综合来看,能否在股债两端持续创造阿尔法收益,或成为“固收+”基金下一阶段的核心竞争力。

  展望后市,张容赫认为,从基本面的角度来看,经济周期同步指标仍有阶段性压力,信贷脉冲的领先指标有抬升之势,而传导至经济周期仍有半年以上时滞。海外方面,面临非周期性风险,政治风险加速了财政风险的暴露,欧美全面加速右转,财政宽松后遗症开始加速暴露。因此,国内经济的底部和企业盈利的底部,很可能与潜在的海外负面冲击重合于2025年的年中。财政是本轮政策的重心,驱动政策转向的焦点在于杠杆率的被动抬升以及应该如何去扭转。因此,资产波动背后隐含的财富效应或成为政策的关注点。

  市场方面,张容赫预计A股市场会重新回归以内为主,在政策不断加力的背景下,整体形成先稳后升之势。港股市场走势健康,基本面展望积极,但必须警惕可能出现的海外衰退氛围下美元流动性稀缺造成的流动性压力。权益方面,从行业配置角度讲,政策端提振内需优先级明显抬升,优先关注消费服务板块的机会,同时关注周期底部的工业、制造业,最后配置部分公用事业作为平衡。固收方面,一直以来重视信用品类的资质和收益率,利率部分则继续维持了中短久期。

  本版导读

“固收+”稳步快跑近200只产品净值创新高2025-04-21人形机器人再度火出圈多只概念股获基金经理增持2025-04-21MACD金叉信号形成,这些股涨势不错!

  周一日本股市下跌,因美国关税及其经济影响的不确定性持续。日经225指数下跌0.5%,报34570.37点。电子和银行股领跌。TDK下跌1.7%,村田制作所下跌1.6%,瑞穗金融集团下跌1.3%,ResonaHoldings下跌1.5%。美元兑日元报141.40日元,较上周五东京股市收盘时的142.33日元大幅下跌。投资者正密切关注与美国关税相关的任何进展,国内财报季将于本周晚些时候开始。

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