主动型债券基金25Q2持仓分析：全面增持利率品，久期杠杆均回升

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report analyzes the performance and bond holdings of active bond funds in Q2 2025. It shows that the bond - type fund market expanded, active bond funds' performance improved, with increased leverage and duration, and there were specific trends in bond holdings and credit - bond investments [1][2]. 3. Summary by Relevant Catalogs 3.1 25Q2 Bond - Type Fund Market Overview - As of the end of Q2 2025, there were 3,862 public open - end bond - type funds, a 1.4% increase from Q1 2025. The market size was 10.93 trillion yuan, an 8.6% increase, and the fund shares were 9.60 trillion, with a net subscription of 565.67 billion shares (6.3% subscription ratio) [1][19]. - Except for convertible bond funds, all types of bond - type funds had net subscriptions and market - scale expansion. For example, mid - long - term bond funds had a net subscription of 207.647 billion shares (3.5% subscription ratio), and short - term bond funds had a net subscription of 152.705 billion shares (17.3% subscription ratio) [24]. 3.2 Active Bond Fund Quarterly Performance 3.2.1 Performance - In Q2 2025, the performance of all types of active bond funds improved compared to the previous quarter. The average returns of short - term pure - bond funds, mid - long - term pure - bond funds, mixed first - tier bond funds, and mixed second - tier bond funds were 0.66%, 0.94%, 1.22%, and 1.68% respectively [2][33]. 3.2.2 Leverage Ratio and Duration - By the end of Q2 2025, the average leverage ratios of short - term pure - bond funds, mid - long - term pure - bond funds, mixed first - tier bond funds, and mixed second - tier bond funds were 115.10%, 126.04%, 119.71%, and 117.98% respectively, all increasing from the previous quarter [39]. - The average durations of their top - five heavy - position bonds were 1.32 years, 3.26 years, 4.26 years, and 3.91 years respectively, also increasing from the previous quarter [42]. 3.2.3 Bond Holdings - By the end of Q2 2025, the total market value of active bond funds' bond holdings was 1.079925 trillion yuan, an 8.03% increase from the previous quarter. Interest - rate bonds were generally increased, and except for convertible bonds and asset - backed securities, the market values of other bond varieties increased [47]. 3.3 Active Bond Fund Heavy - Position Credit - Bond Analysis 3.3.1 Urban Investment Bonds - By the end of Q2 2025, the market value of active bond funds' heavy - position urban investment bonds was 72.406 billion yuan, a decrease of 1.794 billion yuan from Q1 2025. Zhejiang had the highest heavy - position market value, followed by Jiangsu and Shandong. Guangdong, Guangxi, and Shanghai were increased, while Hunan, Sichuan, and Henan were decreased [52]. - The average remaining term was 2.43 years, a decrease of 0.17 years from Q1 2025. Shaanxi had the longest average remaining term, and Ningxia had the shortest. The average valuation yield was 1.93%, a decrease of 25.63 BP from Q1 2025, and yields in all provinces decreased [52][53]. - The main heavy - position urban investment entities were high - rated ones like Shandong Hi - Speed Group and Jilin Hi - Speed Group. Entities like Yiwu State - owned Assets and Guangzhou Knowledge City Group were increased [57]. 3.3.2 Industrial Bonds - By the end of Q2 2025, the market value of active bond funds' heavy - position industrial bonds was 121.104 billion yuan, an increase of 20.135 billion yuan from Q1 2025. Non - bank finance, public utilities, and transportation had large positions. Public utilities and transportation were increased, while real estate and food and beverage were decreased [61]. - The average remaining term was 2.52 years, an increase of 0.05 years from Q1 2025. The average valuation yield was 1.88%, a decrease of 25.74 BP from Q1 2025, and yields in all industries decreased [61]. - The main heavy - position industrial entities were AAA - rated central state - owned enterprises like Central Huijin and State Grid. State Grid, China National New Energy Holdings, and China National Chemical Corporation were increased [66]. 3.3.3 Financial Bonds - By the end of Q2 2025, the market value of active bond funds' heavy - position financial bonds was 575.617 billion yuan, an increase of 8.97 billion yuan from Q1 2025. Ordinary commercial financial bonds and commercial bank secondary capital bonds accounted for the main scale. Secondary capital bonds were increased, and ordinary commercial financial bonds were decreased [69]. - The average remaining term was 3.75 years, an increase of 0.60 years from Q1 2025. The average valuation yield was 1.78%, a decrease of 21.39 BP from Q1 2025, and yields of all types of financial bonds decreased [70]. - The main heavy - position financial bond entities were large - state - owned and joint - stock banks like China Construction Bank, and entities like China Construction Bank, Industrial and Commercial Bank of China, and Bank of China were increased [74].