债券持仓规模回落，杠杆久期齐收缩：——主动型债券基金2025三季报分析

Report Industry Investment Rating No information regarding the report industry investment rating is provided in the content. Core Viewpoints of the Report In Q3 2025, under the influence of the "anti - involution" policy and the new public fund fee regulations, the bond market weakened, and the bond fund market scale declined. Active bond funds adopted a "defensive" strategy of reducing leverage and shortening duration. In terms of performance, hybrid secondary bond funds had outstanding returns, while other types of funds showed different degrees of decline. In terms of bond holdings, active bond funds increased their holdings of convertible bonds and reduced their holdings of other bond types. In terms of heavy - held credit bonds, they increased their holdings of urban investment bonds and industrial bonds and reduced their holdings of financial bonds [1][2][3]. Summary According to Relevant Catalogs 1. Overview of the Bond Fund Market in Q3 2025 - The number of bond funds increased, with 3,936 funds at the end of Q3 2025, a quarter - on - quarter increase of 74 funds or 1.92%. The market scale decreased, with a total market scale of 10.69 trillion yuan, a quarter - on - quarter decrease of 0.24 trillion yuan or 2.23%. The fund shares had a net redemption of 475.2 billion shares, with a redemption ratio of 4.95% [12]. - In terms of market structure, medium - and long - term pure bond funds dominated the market, accounting for 55.5% of the total scale, followed by passive index bond funds at 14.7% [14]. - Different types of funds had different trends. Pure bond funds and hybrid primary bond funds had net redemptions and a decrease in market scale, while hybrid secondary bond funds and convertible bond funds had net subscriptions and an increase in market scale [17]. 2. Quarterly Performance of Active Bond Funds 2.1 Performance: Significantly Improved Quarterly Returns of Hybrid Secondary Bond Funds - In Q3 2025, the single - quarter weighted average returns of short - term pure bond funds, medium - and long - term pure bond funds, hybrid primary bond funds, and hybrid secondary bond funds were 0.17%, - 0.19%, 0.48%, and 4.31% respectively. Compared with the previous quarter, the return of hybrid secondary bond funds increased by 262.5 BP, while those of other funds decreased [22]. 2.2 Leverage Ratio and Duration: Reducing Leverage and Shortening Duration - At the end of Q3 2025, the single - quarter weighted average leverage ratios of short - term pure bond funds, medium - and long - term pure bond funds, hybrid primary bond funds, and hybrid secondary bond funds were 110.96%, 119.72%, 113.12%, and 108.14% respectively, with quarter - on - quarter decreases [25]. - The weighted average durations of heavy - held bonds were 0.91 years, 2.80 years, 3.16 years, and 3.77 years respectively, also showing quarter - on - quarter decreases [28]. 2.3 Bond Holdings: Increasing Holdings of Convertible Bonds and Reducing Holdings of Other Bond Types - At the end of Q3 2025, the total bond holding market value of active bond funds decreased by 7.66% quarter - on - quarter. Only the market value of convertible bonds held by active bond funds increased quarter - on - quarter, while other bond types decreased to varying degrees [30]. - By fund type, the bond holding scales of pure bond funds and hybrid primary bond funds decreased, while that of hybrid secondary bond funds increased [33]. 3. Analysis of Heavy - Held Credit Bonds of Active Bond Funds 3.1 Urban Investment Bonds: Leading Increase in Holdings in Regions such as Jiangxi and Jiangsu - Heavy - Held Region Analysis: At the end of Q3 2025, the market value of heavy - held urban investment bonds by active bond funds was 76.841 billion yuan, a quarter - on - quarter increase of 4.344 billion yuan. Regions such as Zhejiang, Jiangsu, and Shandong had large heavy - held market values. Active bond funds increased their holdings in regions such as Jiangxi and Jiangsu and reduced their holdings in regions such as Guangdong and Sichuan [35]. - Heavy - Held Subject Analysis: At the end of Q3 2025, active bond funds mainly held high - rated urban investment subjects such as Hunan Expressway, Hanjiang State - owned Assets, and Tianjin Urban Construction. Subjects such as Jiangxi Communications Investment and Hanjiang State - owned Assets had leading increases in holdings [39]. 3.2 Industrial Bonds: Increasing Holdings in Transportation and Real Estate, Reducing Holdings in Petroleum and Petrochemicals and Non - bank Finance - Heavy - Held Industry Analysis: At the end of Q3 2025, the market value of heavy - held industrial bonds by active bond funds was 129.823 billion yuan, a quarter - on - quarter increase of 8.719 billion yuan. Industries such as non - bank finance, public utilities, and transportation had large holding scales. Active bond funds increased their holdings in industries such as transportation and real estate and reduced their holdings in industries such as petroleum and petrochemicals and non - bank finance [41]. - Heavy - Held Subject Analysis: At the end of Q3 2025, active bond funds mainly held AAA - rated central and state - owned enterprises such as Central Huijin, State Grid, and China Guoxin. Subjects such as State Power Investment, China Chengtong, and Beijing Capital Tourism Group had leading increases in holdings [44]. 3.3 Financial Bonds: Leading Reduction in Holdings of Commercial Bank Tier 2 Capital Bonds - Heavy - Held Variety Analysis: At the end of Q3 2025, the market value of heavy - held financial bonds by active bond funds was 553.951 billion yuan, a quarter - on - quarter decrease of 21.666 billion yuan. Ordinary commercial financial bonds and commercial bank tier 2 capital bonds accounted for the main scale. Active bond funds increased their holdings of ordinary commercial financial bonds and TLAC bonds and reduced their holdings of sub - debt, perpetual bonds, and tier 2 capital bonds [46]. - Heavy - Held Subject Analysis: At the end of Q3 2025, active bond funds mainly held large state - owned banks and joint - stock banks such as Bank of China, China Construction Bank, and China Everbright Bank. Subjects such as Shanghai Bank, Huatai Securities, and Ping An Bank had leading increases in holdings [49].