可转债周报：2025Q3“固收+”基金和其转债持仓如何变动？-20251106

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The convertible bond market recovered as the stock index rose during the week, with continuous structural rotation. The trading enthusiasm in the growth direction remained high, and the power equipment and electronics sectors were actively traded. The valuation of medium - and high - priced individual bonds was significantly compressed, some negative - premium bonds showed prominent elasticity, and the implied volatility fluctuated at a high level [2][7]. - In Q3, the overall scale of "fixed - income +" funds increased, but the convertible bond allocation ratio decreased, which may reflect investors' periodic considerations of the cost - effectiveness and valuation of convertible bonds [2][7]. - The supply in the primary market advanced steadily, and frequent clause events were still important factors disturbing the short - term trading rhythm. Allocation should take into account both the logic of the underlying stocks and the cost - effectiveness of valuation [2][7]. 3. Summary by Relevant Catalogs 2025Q3 "Fixed - income +" Funds and Their Convertible Bond Holdings Changes - Mixed - bond secondary funds became an important increment of "fixed - income +" funds. In the first three quarters of 2025, the share of "fixed - income +" funds achieved year - on - year positive growth, with a 32% increase in Q3. In Q3 2025, the total scale of mixed - bond secondary funds accounted for 51.7% of "fixed - income +" funds, a year - on - year increase of 14.5 pct [18]. - The issuance of "fixed - income +" funds recovered this year, but the share decreased slightly. The number of newly issued "fixed - income +" funds in the first 10 months increased by 9.8% year - on - year, while the total share decreased by 10.5% year - on - year [18]. - The overall convertible bond holdings of "fixed - income +" funds declined slightly, with the most significant decline in mixed - bond secondary funds. This may be affected by the strong performance of the equity market and the relatively high valuation and shrinking scale of the convertible bond market. In Q3 2025, the median ratio of convertible bond holdings to net assets of mixed - bond secondary funds decreased the most [21][26]. Market Theme Weekly Review - During the week (October 26 - November 1, 2025), the energy storage theme in the equity market was strong, while the real estate and finance sectors were weak. The lithium - battery electrolyte index, lithium hexafluorophosphate index, and power battery index led the gains [28]. Market Weekly Tracking Main Stock Indexes Strengthened with Reduced Volume, and Technology Growth Sectors Attracted More Attention - The main A - share stock indexes strengthened slightly during the week. The Shenzhen Component Index performed well among the three major indexes, and the Sci - tech Innovation 50 Index underperformed [30]. - The net outflow of main funds expanded, and the trading volume recovered moderately, reflecting a periodic repair of risk appetite. The cycle and technology growth sectors were dominant, with active trading in the power equipment and electronics sectors, especially the energy storage theme. The real estate and communication sectors were under pressure, and the crowding degree among sectors was differentiated [10]. Convertible Bond Market Strengthened Following the Equity Market, and Small - cap Convertible Bonds Were More Elastic - The convertible bond market strengthened following the equity market. The CSI Convertible Bond Index rose, and large - cap convertible bonds outperformed small - and medium - cap ones [42]. - The valuation structure of convertible bonds was slightly differentiated, with a larger compression of medium - and high - priced varieties. The implied volatility remained high but declined, and the median market price continued to oscillate upward, indicating a marginal repair of market confidence [10]. - At the industry level, the cycle and technology growth directions were relatively active, with trading concentrated in the power equipment and electronics sectors. Individual bonds generally strengthened, and some negative - premium bonds showed prominent elasticity [10]. Convertible Bond Issuance and Clause Tracking Primary Market Pre - issuance Situation during the Week - Two new convertible bonds were listed, and 26 companies updated their issuance plans. The total scale of existing projects at the exchange acceptance stage and later was 68.99 billion yuan [10][64][65]. Summary of Downgrade - related Announcements during the Week - Ten convertible bonds announced that they were expected to trigger a downgrade, with a market - value - weighted average PB of the underlying stocks of 3.3; 11 convertible bonds announced not to downgrade, with a market - value - weighted average PB of 2.6; and two convertible bonds proposed a downgrade [73]. Summary of Redemption - related Announcements during the Week - One convertible bond announced that it was expected to trigger redemption; 11 convertible bonds announced not to redeem in advance; and one convertible bond announced an early redemption [77].