Top-performing "Fixed Income+" Funds' Hidden Major Holdings Revealed, with Post-Market Views Disclosed After Concentrated Disclosure

Financial Associated Press, March 28 (Reporter Zhou Xiaoya) In the booming year for “fixed income +,” what hidden heavy positions do top-performing fixed income + funds hold, and what do fund managers think about the market outlook? The latest disclosed fund reports for 2025 already have the answers.

For the “fixed income +” funds that heavily invested in the AI industry chain last year, they still remain optimistic about opportunities in the industry chain this year, focusing on several related sub-sectors such as computing power, AI applications, and electricity; some “fixed income +” fund annual reports also mentioned that the bond market is unlikely to have a trending opportunity in 2026, and whether consumption will show improvement will be a risk point affecting the bond market.

It is noteworthy that under last year’s scale explosion, institutional investors also significantly bought into “fixed income +” funds, with the 70 “fixed income +” funds included in the statistics being net subscribed for over 46 billion units in the second half of the year, with multiple products under Invesco Great Wall Fund being heavily increased by institutional investors.

Stock Market: Optimism about AI is Consensus

Last year, the Rongtong Stable Income Enhancement Fund with a 6-month holding period achieved a return of 39.79%, ranking among the top in the “fixed income +” fund market. The latest disclosed annual report shows that multiple double-bag stocks appear among the fund’s hidden heavy positions.

Specifically, Huadian Power, Shenzhen South China Electric Circuit, Tianfu Communication, and Industrial Fulian ranked 11th to 14th among the fund’s heavy positions, all being new additions in the second half of the year. Among them, Shenzhen South China Electric Circuit, Tianfu Communication, and Industrial Fulian saw their stock prices double in the second half of last year, with Industrial Fulian having the largest increase, with a cumulative increase of over 190%.

Although the stock position remains around 30%, most holdings of the Rongtong Stable Income Enhancement Fund with a 6-month holding period are concentrated in the AI industry chain. Looking ahead, fund managers He Long and Zhang Caiting remain optimistic about the AI industry chain, especially the computing power chain.

In their 2025 annual report, they mentioned that the continuous development of the AI chain is the most certain main theme for 2026, as AI has transitioned from the “illusion period” in laboratories to the “practical period” across industries. Based on their firm belief that the prosperity of the computing power chain has not yet peaked, they will continue to hold the highest performance-determined computing power hardware targets, treating them as the core source of enhanced returns.

Regarding the reassessment of domestic computing power chains, they believe that under the pressure of overseas uncertainties, domestic GPU, optical module, and PCB fields have achieved breakthroughs in both technology and market share, marking the “backup turning positive” of domestic bases entering a period of scaled harvest.

Additionally, they mentioned the explosion of AI application scenarios and the resonance of domestic demand and technology, emphasizing that in 2026, AI will no longer just be a large model in the cloud, but will penetrate domestic vertical segments (such as intelligent manufacturing, domestic service, etc.). Through AI empowerment, traditional domestic demand industries are undergoing an efficiency revolution.

“In 2026, we are facing a new arena after the restructuring of order.” With the weakening of real estate drag, they believe that the macro economy is expected to show strong resilience in 2026. This rebound is not merely a numerical rebound, but a “quality growth” driven by high-tech manufacturing and modern service industries.

Not only He Long, but several top-performing “fixed income +” fund managers also expressed optimism about the AI industry. Last year, the net value return reached 26.77%, and the Zhongyou Ruixiang two-year fixed stock portfolio included artificial intelligence, industrial metals, etc., with Shijia Photonics, Shengyi Technology, and Xingye Silver Tin appearing in the fund’s hidden heavy positions.

Regarding key investment directions for the products, fund manager Jiang Liwei mentioned in the annual report that the short-term prosperity of industrial metals (copper and aluminum bottom warehouse + lithium, cobalt, tin, nickel, chromium) is expected to continue with high certainty in the first half of 2026, focusing on three core points: First, breakthroughs in supply constraints of various varieties, such as the resumption of copper production and new overseas aluminum production capacity; second, the negative feedback on demand after price increases of various varieties, mainly observed from seasonal inventory; third, the possibility of inflation resonance and the Federal Reserve’s tightening.

In terms of artificial intelligence, he mainly focuses on tight links (storage, Cowos, optical chips, power-related, etc.), with end testing and applications primarily based on Hong Kong stock leaders; the cyclical aspect focuses on sectors that possess a clearing foundation under weak demand, such as MDI, PTA, pesticides, and refrigerants in chemicals, and express delivery, aviation, and cultural tourism hotels in transportation.

The Invesco Great Wall Jingyifengli Bond Fund also achieved a net value return of 25.96% last year. Fund managers Xu Dong, Li Yiwen, and Jiang Shan mentioned in the fund’s annual report that looking ahead to the new year, they are full of confidence in the A-share return from various aspects, including industrial fundamentals, liquidity, and policies.

“From the industry perspective, AI remains the most exciting industrial main line. As internet giants continue to increase investment and conduct financing, AI will no longer merely drive demand in the IDC industry but will also exert greater influence on the macro economy through driving infrastructure investment.” They believe that the connotation of AI investment will expand from the traditional IDC supply chain to broader fields such as power grids, new energy, bulk electronic components, and even energy metals, while application ends are also expected to bloom in multiple places.

Bond Market: Seeking Opportunities Under a Bearish Trend

On the fixed income side, the Rongtong Stable Income Enhancement Fund’s annual report mentioned that the overall trend of the bond market remains bearish, but attention can be paid to the profit realization and capital expenditure growth of technology companies, the concentration of stock market technology positions, and the sustained strength of policies after the economic opening. There may be short-term opportunities in the bond market.

Additionally, the annual report mentioned that a new observation needed is whether consumption will improve after the increased emphasis on the economy’s focus on domestic demand, especially consumption; and after the increased emphasis on prices, whether anti-involution will be implemented more vigorously in more industries. These two factors may be risk items for the future bond market.

Fund managers of Invesco Great Wall Jingyifengli Bond believe that after a year of adjustment, bond yields have rebounded relative to 2025, and they expect the cost of funds to remain low, supporting bond coupon returns; however, the improvement in investor expectations for the future and the supply pressure on ultra-long bonds will make medium- and long-term bond yields hard to rise, making it difficult to form trending investment opportunities.

Regarding convertible bonds, they believe that due to the high premium impact, the expected investment return rate for 2026 will decline compared to 2025, and the difficulty of investment has also significantly increased, requiring more exploration of individual bond investment opportunities.

Institutional Investors’ Large-scale Purchases

It is worth noting that the buying power behind “fixed income +” funds has also surfaced in the 2025 annual report. Previously, the fourth-quarter report for 2025 showed that, based on a statistical caliber of biased bond mixed funds, primary bond funds, and secondary bond funds, Invesco Great Wall Fund became the fund company with the largest scale increase for last year’s “fixed income +” funds, with a scale increase of 1673.66 million, and as of the end of last year, its scale was 2251.31 billion, also ranking first in the industry.

Currently, among the “fixed income +” funds that have disclosed their 2025 annual reports, the Invesco Great Wall Jingsheng Shuangxin Yield Bond Fund was the most heavily increased by institutional investors in the second half of last year, with the fund share held increasing by 18.851 billion units to 27.882 billion units, with an increase of over 2 times. Additionally, the Invesco Great Wall Jinging Shuangli Bond, Invesco Great Wall Jingyi Shuangli Bond, and Invesco Great Wall Jingyifengli Bond were also increased by institutional investors by over 5 billion units.

Funds that have been increased by institutional investors by over 1 billion units include Zhongyou Ruixin Enhanced Bond, Invesco Great Wall Jingyi Zunli Bond, and Ruiyuan Stable Income Enhanced 30-Day Holding Bond, among others.

However, the Anxin Hengxin Enhanced Bond was reduced by 900 million units, making it the fund that has been most reduced by institutional investors so far; additionally, Anxin Stable Growth Mixed and Anxin Min Stable Growth Mixed have also been significantly reduced, products that were previously managed by Zhang Yifei, who left his position in July last year. Furthermore, top-performing “fixed income +” funds have also seen institutional investors cashing out, such as the aforementioned Rongtong Stable Income Enhancement Fund with a 6-month holding period, where institutional investors reduced their holdings by 22.4119 million units in the second half of last year.

Overall, as of March 27, among the 70 “fixed income +” funds that have disclosed their 2025 annual reports, institutional investors have collectively increased their holdings by 46.268 billion fund shares in the second half of last year.