公募基金二季度转债持仓分析：一级债基为增配主力，低价个券替银行底仓

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given content. 2. Core Viewpoints of the Report - In Q2 2025, secondary bond funds and partial - debt hybrid funds reduced their convertible bond allocation, while first - level bond funds were the main force for increasing convertible bond holdings. The convertible bond market scale decreased significantly by 43 billion yuan, and the overall convertible bond holdings of public funds decreased by 5.4 billion yuan to 282.2 billion yuan [1][13]. - The convertible bond funds led the active funds in performance in Q2 2025, with a median net value growth of 3.52% for 41 (pan) convertible bond funds, but the overall scale declined [2]. - Among the high - performing products, 85 out of 87 funds with a convertible bond proportion of over 40% in the fund's total assets and a total asset value of over 100 million yuan achieved positive returns. The median net value growth rate in Q2 was 3.03%, and as of July 24, it was 7.24% [3]. 3. Summary According to the Directory 3.1 Fund Holding Convertible Bond Scale and Fund Type Distribution - In Q2 2025, the total asset scale of public funds reached 37.3 trillion yuan (excluding QDII and REITs), with the number reaching 12,576. The scale and number increased significantly compared to the previous quarter. The scale of pan - fixed - income + funds increased, and the total asset value of convertible bond funds slightly increased from 56.338 billion yuan at the end of last year to 56.636 billion yuan, but decreased compared to the end of Q1 [12]. - The total asset values of first - level/second - level bond funds/partial - debt hybrid funds changed from 883.6 billion yuan/793.7 billion yuan/288.7 billion yuan at the end of 2024 to 1004.1 billion yuan/940.3 billion yuan/283.8 billion yuan respectively. The number of funds with a decreased convertible bond position was more than those with an increased position in Q2 2025, and the ratio of adding - position funds to reducing - position funds was 0.9 [12][14]. - The number of funds with a convertible bond position of over 5% decreased significantly. By fund type, first - level bond funds, second - level bond funds, convertible bond - type funds, partial - debt hybrid funds, and flexible allocation funds were the main forces for convertible bond allocation. The average convertible bond position of convertible bond funds increased to 78.84% [17][21]. - More first - level bond funds started to allocate convertible bonds in Q2 2025. The scale of short - term pure bond funds, first - level bond funds, and second - level bond funds expanded significantly, and the proportion of first - level bond funds with convertible bond holdings in the total scale of first - level bond funds rose to 57.8%, the highest since 2023 [26]. 3.2 Public Fund Convertible Bond Individual Bond Allocation Situation Sorting - In Q2 2025, public funds increased their holdings of high - price and balanced convertible bonds and reduced their holdings of partial - equity, partial - debt, and bank convertible bonds. At the individual bond level, funds increased their positions in convertible bonds related to computing power, military industry, medicine, and pig farming, and significantly reduced their positions in photovoltaic and mechanical convertible bonds [28][30]. - The sharp decline in the scale of bank convertible bonds led to a switch in the market's bottom - position allocation. Most financial convertible bonds were added to positions. Some low - price varieties in sectors such as environmental protection, public utilities, steel, and transportation were increased in holdings, while high - dividend targets that were favored in Q1 2025 saw a decrease in the number of times they entered the top 10 heavy - position holdings [31]. - Convertible bonds related to the military industry and computing power were generally added to positions. Most pharmaceutical convertible bonds were increased in holdings due to the recovery of the pharmaceutical industry's prosperity. The performance of automobile industry convertible bonds was divided, with some decreasing and some increasing in the number of times they entered the top 10 heavy - position holdings [34][35][37]. - In the resource sector, copper - processing - related convertible bonds were reduced, while some others were added. In the chemical sector, large - cap low - price varieties were significantly increased in positions, and the performance of other convertible bonds was relatively divided. In the consumption sector, most home appliance convertible bonds were reduced, light industry and textile and apparel convertible bonds increased in the number of times they entered the top 10 heavy - position holdings, and the performance of food and beverage convertible bonds was divided [38][40]. 3.3 Statistics on the Returns of Various Funds in Q2 2025 - Convertible bond funds led the active funds in performance in Q2 2025. The average returns of first - level bond funds, second - level bond funds, partial - equity hybrid funds, partial - debt hybrid funds, and flexible allocation funds in Q2 2025/nearly one year were +1.19%/1.85%, +1.39%/2.90%, +2.94%/12.71%, 1.29%/3.23%, and 2.39%/9.11% respectively [41]. - The convertible bond funds performed well, but the overall scale declined. The median return of 41 convertible bond funds in Q2 was +3.52%, and the return of convertible bond ETFs was 3.6%. The median return of these 41 products in nearly one year was 20.1%. The scale of convertible bond ETFs slightly decreased to 36.924 billion yuan in Q2 but rose to 41.518 billion yuan as of July 24 [43]. - Among the funds with a convertible bond proportion of over 40% in the fund's total assets and a total asset value of over 100 million yuan, 85 out of 87 achieved positive returns. The median net value growth rate in Q2 was 3.03%, and as of July 24, it was 7.24%. The top - performing A fund had strong bond - selection ability, maintained a high position, and outperformed the index in the upward phase of the equity market. The second - ranked B fund allocated to securities + growth, with a decreasing convertible bond position and strong historical net value stability [3][52][60].