25Q3基金转债持仓分析：谁在增配转债，增配了哪些？

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report In Q3 2025, despite the accelerating decline in the convertible bond market's outstanding balance, institutional holdings of convertible bonds continued to increase. Convertible bond funds and secondary bond funds increased their positions in convertible bonds, and convertible bond funds showed good performance in terms of returns and positions. Some industries such as petroleum and petrochemicals, and power equipment saw significant increases in positions, while others like media and non - ferrous metals saw reductions [1][2][4]. 3. Summary by Related Catalogs 3.1 Public Fund Convertible Bond Holdings - In Q3 2025, public funds' convertible bond holdings accounted for 55.34% of the total convertible bond market value, a 12.93 - percentage - point increase from Q2, and the position increased slightly by 0.09 percentage points. The outstanding balance of the convertible bond market was 572.072 billion yuan, a 10.96% decrease from Q2 [1][9]. - Convertible bond funds and secondary bond funds increased their positions in convertible bonds. Secondary bond funds' convertible bond market value increased by 20.596 billion yuan (+2.55%), and convertible bond funds' market value increased by 35.972 billion yuan (+7.67%). On the other hand, first - level bond funds, partial - debt hybrid funds, and flexible allocation funds reduced their positions [2][11]. - As of Q3 2025, there were 61 public funds with convertible bond holdings exceeding 1 billion yuan, accounting for 69.46% of the market value of public funds investing in convertible bonds, a 6.71 - percentage - point increase from Q2. There were 291 funds with holdings exceeding 100 million yuan, accounting for 93.31% of the market value, a 1.76 - percentage - point increase from Q2 [3][18]. 3.2 Convertible Bond Fund's Convertible Bond Holdings - As of Q3 2025, there were 40 convertible bond funds, with a total convertible bond market value of 121.205 billion yuan, a 35.972 - billion - yuan increase from Q2, a 42.2% increase. The convertible bond position rose from 84.99% in Q2 to 87.17%, and the leverage ratio decreased from 142.08% to 135.17% [3][21][22]. - In Q3 2025, the average return of convertible bond funds outperformed the CSI Convertible Bond Index. The average annualized return of the CSI Convertible Bond Index was 41.57%, the average annualized return of convertible bond funds was 67.31%, and 32 funds outperformed the CSI Convertible Bond Index, with a winning rate of 80% [4]. - Industries such as petroleum and petrochemicals, power equipment, beauty and personal care, computer, and steel saw significant increases in positions. The market value of public funds' holdings in the petroleum and petrochemical industry increased by 59.14% compared to Q2, and that in the power equipment industry increased by 40.93%. Industries like media, non - ferrous metals, social services, and household appliances saw significant decreases in holdings [5][31]. - The top five heavy - position convertible bonds of convertible bond funds were Industrial Bank Convertible Bond, Shanghai Bank Convertible Bond, Wens Convertible Bond, Jingneng Convertible Bond, and SDIC Convertible Bond. Among the top 20 convertible bonds held by convertible bond funds, 19 had a credit rating of AA or above, and most were pro - cyclical targets [5][31][33].