CITIC Securities: The scale of "fixed income +" continues to expand, and wealth management significantly increases the allocation of high-elastic products.

CITIC Securities pointed out that in May 2026, the equity market saw a structural bull market, and convertible bonds followed the adjustment of the underlying stocks. Benefiting from the warming bond market, most pure bond mutual fund categories outperformed the cost-averaging fixed income funds. From the perspective of the beginning of the year to the present, almost all types of "fixed income +" funds have outperformed pure bond funds. The selected portfolio of pure bond funds has remained stable, absolute return-type "fixed income +" fund portfolios have performed well, while conservative and balanced type "fixed income +" fund selected portfolios have underperformed the benchmark due to structural market conditions and fund manager asset allocation. The scale of "fixed income +" continues to expand, and from the perspective of the first quarter report of 2026, financial management has significantly increased the allocation of high-elasticity products.