“固收+”全景分析报告：低利率背景下的绝对收益探索

010203042/CONTENTS010203043

/4

/01

501

61.1

7Wind1.1

20258.866.1+”2.5478.8%

20252018+12882.54124%16%

13%5754132不同类型公募基金数量分布（只，2025Q4）不同类型公募基金规模分布（亿元，2025Q4）8Wind1.2

9Wind1.3•2015+101.3

+“+

121080%-3.5%

13.2%2019-20202018

202211Wind1.3

37.1%

18.8%

13.5%1.972.757.2%2.9%1.6%2.414.401.9%0.6%0.5%2.734.02121.3

+5%131.3

+

22+73129141.3

5.26%2.412019-2021284.402025194.62%

4.53%++1516

/02+”

17

18Wind2.1

19Wind2.1

28/190.62%

2025-0.09%/-0.03%282.24%1.73%2025年资产配置归因（相对股债28静态组合）202.1

13%9%

——21Wind2.2+

22Wind2.2——

23Wind2.2——

AAA43%2014201740%17%2022202569%4%65%

AAA13%A-1固收+信用债信用评级分布-长债（2017H1-2025H2）AAA以下债券占已评级长债比（2017H1-2025H2）24Wind2.2

25Wind2.2——

+固收+债券端单位资产投资收益分解（2015H1-2025H2）固收+债券端单位资产投资收益分解-利息（2015H1-2025H2）26Wind2.2——

固收+债券端单位资产投资收益分解-债券投资（2015H1-2025H2）固收+债券端单位资产投资收益分解-公允价值（2015H1-2025H2）27Wind2.2

282.3+

29Wind2.3/——

30Wind2.3——

+PB

31Wind2.3——

1.971.59

PB市值因子暴露中位估值因子暴露中位数数（2024H1-2025H2）（2024H1-2025H2）换手率因子暴露中位数（2024H1-2025H2）特质波动率因子暴露中位数（2024H1-2025H2）32Wind2.3——+

+18%9TMT5%

4%板块TMT医药201415%9%15%24%10%27%0%201521%8%15%25%10%21%1%2016201715%8%201815%9%14%20%20%22%1%-5%-6%0%2%2%201914%6%13%19%17%30%0%202016%10%14%22%18%19%1%-5%-6%3%2%0%202116%8%19%26%14%15%2%-4%-5%3%1%0%202214%7%20%27%14%13%4%-2%-4%4%-3%1%202319%8%19%27%13%9%202416%6%2025

近3年18%5%20%24%9%11%12%-7%-3%5%近5年近10年16%全区间16%17%10%22%24%13%14%1%-4%-2%0%18%17%7%6%19%26%11%10%9%-7%-4%5%1%2%5%-2%8%18%24%15%17%4%-5%-4%3%1%0%9%-3%8%17%24%14%18%3%-6%-4%2%1%0%9%-2%上游周期中游制造消费16%21%17%23%1%-5%-3%-1%1%19%28%12%10%10%-7%-4%6%1%2%5%-2%19%27%12%11%7%-6%-4%5%0%1%7%-3%固收+金融地产其他TMT6%-7%-5%1%-5%-4%0%-8%-7%1%-6%-4%5%1%1%医药上游周期中游制造消费相对主动股基超配3%2%0%0%6%-1%3%1%1%6%-3%-1%10%0%-2%10%0%0%10%-1%-2%16%-3%金融地产其他10%-2%11%-4%10%-5%8%-3%5%-1%33Wind2.3——+

板块TMTTMTTMTTMT行业电子2014-1%-2%-2%-2%-5%0%-1%0%1%0%0%0%1%2%-2%0%2%-1%-1%2%0%-1%0%0%-1%1%2%7%0%0%0%0%2015-1%-2%-3%0%-4%0%-1%-1%0%1%0%0%1%2%-1%0%1%-1%1%0%0%-1%0%0%-1%2%6%3%0%0%0%0%2016-1%-1%-1%-1%-2%0%-1%0%1%0%0%0%0%2%-1%0%1%-1%0%-1%0%0%0%0%0%2%3%2%0%0%0%0%2017-2%-1%-1%-1%-3%0%0%0%0%-1%0%0%0%2%-2%1%0%0%0%0%0%0%-1%0%0%0%6%4%0%0%-1%0%2018-2%0%-1%-1%-6%-1%0%0%1%-1%0%1%0%2%-1%1%1%0%0%-1%0%0%1%0%1%0%6%4%0%0%-2%0%2019-4%-1%-3%0%-7%-1%0%1%1%-1%0%0%1%2%-1%2%2%-1%0%0%-1%0%-2%0%20202021-3%0%-1%0%-5%0%-1%1%1%0%1%0%1%1%0%1%2%-2%0%-1%0%0%-1%0%1%1%7%2%0%0%-5%0%2022-2%0%-1%0%-4%0%0%1%1%0%1%0%1%1%-1%-1%2%-3%0%-1%0%0%0%0%1%1%4%3%0%0%-3%0%2023-3%-1%-2%-1%-4%0%0%1%1%1%1%0%1%2%-1%-1%3%-1%0%0%0%0%0%0%1%1%2%2%0%0%-1%0%2024-5%-1%-1%0%-4%0%1%0%1%1%1%0%1%2%-1%-1%3%-3%0%0%0%0%1%0%1%0%3%1%0%0%-2%0%2025

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