——25Q3公募基金可转债持仓点评：二级债基增持显著，电新转债占比提升

1. Report Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - In 2025Q3, the market value of convertible bonds held by public - funds increased, with the bond - type funds being the main force of the increase, and they mainly added positions in power equipment convertible bonds. The position of convertible bonds held by public - funds also rose. Although the convertible bond market continued to shrink, the convertible bond assets still had considerable returns under the catalysis of equity enthusiasm [2][8][9]. - The performance of convertible bond funds outperformed the index in 2025Q3, showing net subscriptions and scale expansion. However, the overall position and leverage ratio of these funds declined. Both public - funds and convertible bond funds focused on adding positions in power equipment convertible bonds [5][8][9]. 3. Summary by Directory 3.1 Public - funds Increase Convertible Bond Positions and Add Positions in Power Equipment Convertible Bonds 3.1.1 Market Value of Convertible Bonds Held by Public - funds Increases Month - on - Month, and Positions Rise - In 2025Q3, the market value of convertible bonds held by public - funds was 316.618 billion yuan, a month - on - month increase of 16.09% and a year - on - year increase of 12.72%. The ratio of the market value of convertible bonds held by public - funds to the market value of bond investments was 1.57%, a 0.28 - percentage - point increase from 25Q2; the ratio to net worth was 0.87%, a 0.07 - percentage - point increase from 25Q2 [13]. - The market value changes of convertible bonds held by different types of funds varied month - on - month. Stock - type and secondary bond - type funds significantly increased their positions. From the perspective of absolute amount changes, the bond - type funds had the largest increase in market value, with a month - on - month increase of 48.61 billion yuan in 25Q3 [17][19]. - The overall position of public - funds in convertible bonds increased, but the position of convertible bond funds was diluted. According to the Wind fund primary classification, the convertible bond position of stock - type funds remained flat at 0.02% month - on - month, that of hybrid funds decreased by 0.26 percentage points to 0.59%, and that of bond - type funds increased by 0.49 percentage points to 2.73% [23][25]. 3.1.2 Public - funds Inversely Increase Positions, while Insurance Funds, Enterprise Annuities, and Securities Firms' Proprietary Trading Reduce Positions - As of the end of 2025Q3, the total face value of convertible bonds held by the Shanghai and Shenzhen Stock Exchanges was 599.489 billion yuan, a decrease of 55.679 billion yuan from the end of 25Q2, a month - on - month decrease of 8.50%. Insurance institutions, enterprise annuities, and securities firms' proprietary trading significantly reduced their positions, while public - funds significantly increased their positions inversely, with a month - on - month increase of 7.68% to 233.561 billion yuan [35]. 3.1.3 Public - funds Mainly Add Positions in Power Equipment, and Bank Convertible Bonds Further Shrink - In terms of industry layout in 25Q3, banks were still the primary layout sector, but the overall position market value shrank significantly under the early redemption of multiple bank convertible bonds, with only a 233 - million - yuan difference from the power equipment market value. From the perspective of the market value month - on - month change rate, 24 industries had positive month - on - month changes, with the petrochemical, power equipment, and beauty care industries leading in growth [42]. 3.1.4 Industrial Convertible Bonds Maintain the First - Positioned Heavy - Position Bond - Industrial convertible bonds were the first - positioned heavy - position bond of public - funds, and EVE and Industrial convertible bonds led in terms of incremental positions. Among the top ten convertible bonds in terms of total position market value, there were 3 bank convertible bonds, which was fewer than in Q2. The types of bottom - position bonds gradually diversified [50]. 3.2 Convertible Bond Funds' Performance Outperforms the Index, and Convertible Bond Positions and Leverage Ratios Decline 3.2.1 Net Asset Value after Reinvestment Increases, and Overall Net Subscriptions Occur - As of 2025Q3, there were 39 convertible bond funds in the market. The performance of convertible bond funds outperformed the convertible bond index, showing net subscriptions and scale expansion. The scale of convertible bond funds in 25Q3 was 63.284 billion yuan, a significant increase of 11.635 billion yuan from 25Q2, a month - on - month increase of 22.53% [55]. - By observing the asset allocation changes of high - performing convertible bond funds, most of the larger - scale funds had reduced convertible bond positions. The top five funds in terms of net value performance in 25Q3 all had a certain scale, and most of them reduced their positions in stocks and convertible bond assets [57][58]. 3.2.2 Convertible Bond Positions Slightly Decrease Month - on - Month, and Leverage Ratios Decline Month - on - Month - The overall position of 39 convertible bond funds slightly decreased, and the leverage ratio declined month - on - month. In the third quarter of 2025, the ratio of the market value of convertible bonds to the net value of convertible bond funds was 84.18%, a month - on - month decrease of 1.16 percentage points; the median position was 85.54%, a more obvious month - on - month decrease of 6.14 percentage points. The average leverage ratio of 39 convertible bond funds was 114.13%, a decrease of 2.79 percentage points month - on - month, continuing the downward trend [5][68]. 3.2.3 Convertible Bond Funds Focus on Adding Positions in Power Equipment - From the perspective of the quarterly change in the number of times funds held convertible bonds, more than half of the industries had an increase in the number of holdings in 25Q3, with power equipment, electronics, and machinery leading in the increase. From the perspective of the quarterly change in the proportion of the market value of fund positions, the proportion of power equipment increased by 4.46 percentage points, leading by a large margin [6]. - Among the 39 convertible bond funds, Industrial convertible bonds were still the main heavy - position bond and increased in position. The banking and power equipment industries remained at the forefront of heavy - position industries [6].