Fixed income + significant rebound in scale, elite leading products are favored.

Since the beginning of this year, "fixed income +" funds have once again gained market favor, with a significant increase in size. According to Huaxi Securities data, as of March 31, 2025, the total size of "fixed income +" funds has risen to 13807.34 billion yuan, an increase of 1560.29 billion yuan compared to the previous period, with a 2 percentage point increase in the proportion of the total size among general bond funds. This is the first significant increase in the proportion of "fixed income +" fund sizes since the first quarter of 2022. In terms of fund companies, in the first quarter, the top 20 fund companies in terms of growth in "fixed income +" product sizes all had increases of over 28 billion yuan. Among them, Penghua Fund's fixed income team saw an increase of 6.33 billion yuan in the size of its "fixed income +" products in the first quarter, ranking eighth in the industry, with an overall size of 370.35 billion yuan.