Q3债基规模下滑久期杠杆双降，机构认为债券配置价值提升

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q3 2025, the value of bond allocation has gradually emerged, but the trend market still needs to wait. Most high - performing funds have warned about the short - term risks in the equity market, and convertible bonds need to wait for callback opportunities [2][4]. - High - performing pure - bond funds mainly focus on controlling drawdowns, with cautious operations. High - performing hybrid bond funds focus on technology sectors such as semiconductors and AI, and adjust positions in convertible bonds [3][69]. - High - performing convertible bond funds adjust positions based on valuation changes, and believe that convertible bond valuations will remain high, and focus on the stock market's structural opportunities [4]. 3. Summary According to the Table of Contents 3.1 Market Overview - Newly - issued bond funds: In Q3 2025, the number of newly - issued bond funds increased, but the share of newly - issued bond funds was still at a relatively low level in recent years. The number of newly - issued bond funds increased by 17 to 88, and the issuance scale was 146.6 billion shares, slightly higher than the same period last year but still at a low level in the past five years [6][10]. - Bond fund scale: The overall scale of bond funds decreased slightly, but the scale of hybrid bond funds increased significantly. The scale of bond funds decreased by 0.17 trillion to 10.74 trillion. Among them, the scale of hybrid bond funds increased by 23.84% quarter - on - quarter, while the scale of medium - and long - term pure - bond funds and short - term pure - bond funds decreased [3][13][18]. 3.2 Portfolio Management - Fund returns: In the context of a strong stock market and a weak bond market, the returns of bond funds declined compared to Q2. Hybrid bond funds performed strongly, while medium - and long - term pure - bond funds had negative returns. The weighted average net value of bond funds rose by 0.78% [21]. - Asset allocation: In Q3 2025, the proportion of public funds allocated to bonds and cash decreased, while the proportion of stock allocation increased. Open - ended bond funds significantly reduced their bond allocation by 915.233 billion, and the proportion of other types of assets increased [29][30]. - Bond type combination: Short - term pure - bond funds continued to increase their allocation to interest - rate bonds, medium - and long - term pure - bond funds continued to increase their allocation to credit bonds, and hybrid bond funds increased their allocation to interest - rate bonds and reduced their allocation to credit bonds and convertible bonds [37]. - Leverage and duration: In Q3, the leverage ratios of pure - bond funds and hybrid bond funds decreased significantly, and the durations of various bond funds were reduced to varying degrees. The weighted durations of medium - and long - term pure - bond funds, short - term pure - bond funds, and hybrid bond funds decreased by 0.55 years, 0.16 years, and 0.62 years respectively [48][49]. - Convertible bond investment: In Q3 2025, the convertible bond positions of public funds increased, and the proportion of convertible bond positions in bond funds increased quarter - on - quarter. The positions of various rating convertible bonds increased to varying degrees, and public funds increased their positions in convertible bonds in sectors such as petroleum and petrochemicals, power equipment, and computers [57][58]. - Investor behavior: Most financial institutions and non - financial entities reduced their convertible bond positions in Q3, but public funds increased their positions by 9.78% [61]. 3.3 Institutional Views - Operation strategies of high - performing funds: In Q3 2025, pure - bond assets mainly focused on controlling drawdowns, and most high - performing pure - bond and hybrid bond funds reduced bond durations. High - performing hybrid bond funds focused on technology sectors and adjusted their positions in convertible bonds [69]. - Market outlook: High - performing pure - bond funds believe that the allocation value of bonds has gradually emerged, but the trend market still needs to wait. High - performing hybrid bond funds are neutral and optimistic about the bond market, long - term bullish on the A - share market but cautious in the short - term, and cautious about convertible bonds [78][79].