公募基金三季度转债持仓分析：公募转债持仓规模大增，绩优产品8月末减转债加股票

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - In Q3 2025, the public - fund convertible bond (CB) holding scale increased significantly, while high - performing products reduced CBs and increased stocks at the end of August [1][12] - The secondary bond funds, CB funds, and ETFs were the main forces for increasing CB allocations, and the number of "marginal CB allocators" decreased [1] - Funds mainly increased positions in photovoltaic, battery, TMT, non - ferrous, and pharmaceutical sectors in Q3, while reducing allocations in the large - financial and consumer sectors [2] - In Q3, equity - biased products led the active funds, and the median return of CB funds was + 13% [2] Group 3: Summary by Related Catalogs 1. Fund Holding CB Scale and Fund Type Distribution - The total asset scale of public funds reached 39.0 trillion in Q3 2025 (excluding QDII and REITs), with the number reaching 12,908, showing significant growth compared to the previous quarter [12] - The asset value of CB funds increased from 56.338 billion yuan at the end of Q2 to 67.850 billion yuan at the end of Q3 [1][12] - The CB market scale decreased by 77.8 billion yuan in Q3, but the overall public - fund CB holding scale increased by 43.8 billion yuan to 316.6 billion yuan [1][13] - The ratio of funds increasing positions to those reducing positions in CBs was 0.73 in Q3 [15] - The number of funds with a CB position > 5% decreased to 753 from 927/894 in 25Q1/25Q2 [17] - By fund type, primary bond funds, secondary bond funds, convertible bond funds, bond - biased hybrid funds, and flexible - allocation funds were the main CB allocators in 25Q3, accounting for 20.4%/33.7%/16.4%/3.9%/2.0% respectively [19] - The CB positions of balanced hybrid and flexible - allocation funds decreased slightly in Q3 after rising in Q2, while those of primary bond, secondary bond, and bond - biased hybrid funds continued to decline. The CB position of equity - biased hybrid funds increased slightly, and the average CB position of CB funds was basically flat at 78.77% [19] - More balanced hybrid funds started to allocate CBs in 25Q3, and the scale of primary bond, equity - biased hybrid, and convertible bond funds expanded significantly [22] 2. Public - Fund CB Individual Bond Allocation - In Q3, the price of public - fund held CBs increased with the market. The proportion of equity - biased and high - price CBs increased, and the position of bank CBs continued to decline [24] - Funds mainly increased positions in photovoltaic, battery, TMT, non - ferrous, and pharmaceutical sectors, while reducing allocations in large - financial and consumer sectors [2][27] - Financial CBs were generally underweighted by institutions. Only a few CBs like Changyin CB (+6 times) and Ruida CB (+3 times) had an increased number of times in the top 10 positions [31][34] - Some low - price CBs in environmental protection, public utilities, steel, and transportation sectors were increased, such as Zhongte CB (+20 times) and Jieneng CB (+17 times) [31][34] - TMT sector CBs, especially those related to semiconductors and consumer electronics, were significantly increased. For example, Wenti CB (+23 times) and Lixun CB (+11 times) [34] - Pharmaceutical CBs were generally increased. For example, Haoyuan CB (+25 times) and Huayi CB (+13 times) [35][36] - Most remaining auto CBs were increased, but some like Sheng 24 CB (-16 times) and Baolong CB (-11 times) were decreased [37] - The CB positions in photovoltaic and battery sectors increased significantly. For example, Tian 23 CB (+54 times) and Yiwei CB (+78 times) [37] - Leading pig - breeding enterprises' CBs were increased, such as Wenshi CB (+18 times) and Muyuan CB (+11 times) [38] - Non - ferrous sector CBs were generally increased, such as Hengbang CB (+17 times) and Bo 23 CB (+14 times) [38][41] - Chemical sector CBs showed a mixed performance. Most were increased, but Shenma CB (-10 times) was decreased [38][41] - Most consumer sector CBs were decreased, such as Ou 22 CB (-15 times) and Lizhi CB (-5 times), while some like Yitian CB (+5 times) and Lutai CB (+5 times) were increased [41][42] 3. 2025 Q3 Returns of Various Funds - In Q3 2025, equity - biased hybrid funds led the active funds, with the average return of common stock and equity - biased hybrid funds around 25% [42] - The average quarterly return of convertible bond funds was 13.67%, significantly lower than that of equity - biased funds [42] - The average Q3/one - year returns of primary bond funds were + 0.57%/4.44%, secondary bond funds were + 3.11%/7.57%, bond - biased hybrid funds were 4.50%/8.25%, and flexible - allocation funds were 21.54%/26.30% [43] - CB funds performed well, with the scale reaching a new high. The median Q3 return of 41 CB funds was + 13%, and the median one - year return was 25.17% [44] - Many products increased positions in mid - July and achieved returns exceeding the index. By the end of September, 33 out of 39 active CB products had higher returns than ETFs [44] 4. Performance of High - Performing Products - Among the funds with a CB ratio > 40% and an asset value > 100 million yuan, 78 out of 79 achieved positive returns in Q3, with a median net - value growth rate of 11.4% and a median year - to - date net - value growth rate of 10.4% as of October 28 [48][50] - Fund A, with a Q3 return of + 28.73%, increased CB positions in mid - July,重仓ed TMT and military - industry CBs/individual stocks. In September, it increased stock positions and reached a new net - value high during the CB market adjustment [50][51] - Fund B, with a Q3 return of + 27.29%, had a balanced CB allocation across industries and concentrated stock positions in semiconductor design and manufacturing. Similar to Fund A, it also reached a new net - value high during the CB market adjustment [53][57][60]