25Q2公募基金可转债持仓点评：一级债基强势增持，可转债基金仓位抬升

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025Q2, the market value of convertible bonds held by public - funds decreased, with a 3.34% quarter - on - quarter reduction and a 1.02% year - on - year decrease. The proportion of convertible bond market value in bond investment market value and net value also declined. Different types of funds showed varying trends in convertible bond market value changes, with first - tier bond funds being the main growth driver [2][8][12]. - Convertible bond funds underperformed the index in terms of performance in 2025Q2, with a small - scale net redemption and a reduction in overall scale. However, the convertible bond position and leverage ratio increased simultaneously [4][8][11]. - In terms of industry allocation, banks remained an important underlying position for convertible bonds. Both public - funds and convertible bond funds mainly increased their positions in public utilities, non - banking, and chemical convertible bonds. Additionally, public - funds also increased their positions in pharmaceutical and biological industry convertible bonds, while convertible bond funds increased their positions in non - ferrous metal convertible bonds [8][11][41]. 3. Summary According to the Directory I. Public - funds' Convertible Bond Positions Decrease, with Increased Positions in Public Utilities and Non - banking Convertible Bonds (1) The Market Value of Convertible Bonds Held by Public - funds Decreases Quarter - on - Quarter, and Positions Decline - In 2025Q2, the market value of convertible bonds held by public - funds was 272.823 billion yuan, a 3.34% quarter - on - quarter and 1.02% year - on - year decrease. The proportion of convertible bond market value in bond investment market value and net value decreased by 0.14pct and 0.09pct respectively compared to 25Q1 [2][12]. - Most types of funds saw a decrease in the market value of convertible bonds held, mainly due to the overall contraction of the convertible bond market. Among them, first - tier bond funds continued to expand their convertible bond scale, while second - tier bond funds and convertible bond funds decreased their positions [13][14]. (2) The Proportion of Public - funds' Positions Decreases, while Securities Asset Management and Proprietary Trading Increase Positions - As of the end of 2025Q2, the total face value of convertible bonds held by the Shanghai and Shenzhen Stock Exchanges decreased by 5.90% quarter - on - quarter. Public - funds, insurance institutions, enterprise annuities, and general institutions all significantly reduced their positions, while securities proprietary trading and asset management increased their positions [33]. - The face value of convertible bonds held by public - funds decreased quarter - on - quarter, but there was a marginal improvement in July [37]. (3) Public - funds' Positions Mainly Increase in Public Utilities and Non - banking Convertible Bonds - In 2025Q2, the banking sector remained the primary layout, but the overall position market value decreased significantly due to the forced redemption of multiple bank convertible bonds. The market value of public utilities, non - banking, and other industries increased, while the market value of household appliances, banks, and other industries decreased [41]. (4) Industrial Bank Convertible Bonds Maintain the First - Ranked Heavy - Position Bond, but the Proportion of Banks Decreases - Industrial Bank Convertible Bonds remained the first - ranked heavy - position bond for public - funds. Among the top ten convertible bonds in terms of total position market value, the number of bank convertible bonds decreased compared to Q1. G Sanxia EB2 entered the top five, and the total position market value of Hebang Convertible Bonds increased by over 1 billion yuan [45]. II. Convertible Bond Funds Underperform the Index, with Simultaneous Increases in Convertible Bond Positions and Leverage Ratios (1) The Re - invested Unit Net Value Increases, with Overall Net Redemption - As of 2025Q2, there were 39 convertible bond funds in the market. Their performance underperformed the convertible bond index, with a small - scale net redemption and a 5.96% quarter - on - quarter reduction in scale [50]. - The average increase in the re - invested unit net value of 39 convertible bond funds was 3.44%, and the median was 3.34%. The net redemption amount was 3.272 billion yuan, and the net subscription rate was 30.77%, a 20.51pct decrease compared to 25Q1 [50][52]. (2) The Convertible Bond Position Increases Quarter - on - Quarter, and the Leverage Ratio Increases Slightly - In the second quarter of 2025, the proportion of convertible bond market value in the net value of 39 convertible bond funds increased by 0.64pct quarter - on - quarter, and the median position increased by 4.78pct. The average leverage ratio increased by 2.10 percentage points [64]. (3) Convertible Bond Funds Mainly Increase Positions in Public Utilities, Non - banking Finance, etc. - Most industries saw an increase in the number of times held by convertible bond funds in 2025Q2. Public utilities and non - banking finance had the largest increases in the proportion of position market value. Banks and public utilities remained among the top heavy - position industries [5][50]