The equity position of fixed income+ products has increased significantly, with a key focus on heavy investment in technology.

The second quarter reports of funds are being released one after another, and the rebalancing routes of the first batch of "fixed income +" funds have emerged. As of July 15th, several products that have already disclosed their second quarter reports have shown a distinct aggressive approach - such as the Chunhou Tianyi Enhanced Bond Fund and the Yongyin Craftsmanship Profit-Enhancing Bond Fund, both of which have had a return rate of over 9% so far this year, with the common factor behind this being the active increase in equity positions. Based on the disclosed data, most "fixed income +" products chose to increase their positions in the second quarter, with equity positions generally rising by 1 to 3 percentage points, and some products even close to their 20% limit. It is worth noting that technology growth stocks have become the core source of excess returns for these "fixed income +" funds. Some "fixed income +" fund managers have explicitly stated that the first quarter reports of listed companies showed outstanding performance in the growth sector, which aligns with a performance-driven allocation strategy, hence further strengthening their positions in the technology sector. Looking ahead, fund managers generally believe that the market pricing logic is shifting from valuation-driven to performance-driven, and the technology sector is expected to continue to be the core theme of structural market movements following verification in the semi-annual reports.