Kaiyuan Securities research, covering publicly offered quant 'fixed‑income+'
funds with ≥ CNY100 mln AUM, shows rapid expansion since 2020 and an
acceleration from Q3 2025. As of April 26, 2026 there are 70 such funds with
combined AUM of CNY159.6 bln; assets have nearly doubled in under a year amid
lower risk‑free rates and widening A‑share dispersion as managers deploy quant
strategies to capture equity opportunities.