固定收益点评：定制债基知多少

Group 1: Report Overview - The report analyzes the holder structure of bond funds and estimates the potential scale of customized bond funds [2][8] Group 2: Investment Rating - No industry investment rating is provided in the report Group 3: Core View - Bond funds are dominated by institutional investors, and institutions generally hold a dominant position in various sub - categories, except for short - term bond funds where institutional and individual forces are relatively balanced. The specific definition and recognition criteria of customized funds need further regulatory clarification [15] Group 4: Overall Holder Structure - As of the end of June 2025, the institutional holding ratio of bond funds reached 82.8%. Assuming the ratio remained unchanged, as of the end of September, institutional investors held bond funds worth 8.9 trillion yuan, and individual investors held 1.9 trillion yuan [4][8] - Regarding the types of holding institutions, the estimated scale of bond funds held by bank self - operation is between 4.6 - 6.5 trillion yuan, by wealth management is between 1.0 - 1.3 trillion yuan, and by insurance funds is between 0.7 - 1.7 trillion yuan. However, the estimation method has limitations [9][10][11] - In terms of different sub - fund varieties, as of the end of June 2025, the institutional holding ratios of medium - long - term bond funds and passive index bond funds were 92% and 86% respectively; the institutional holding ratios of convertible bond funds, first - class bond funds, and second - class bond funds were 82%, 61%, and 68% respectively; the institutional holding ratio of short - term bond funds was 55%. The actual institutional holding ratio may be higher in non - quarter - end periods [12][13] Group 5: Potential Scale of Customized Bond Funds - As of the end of September 2025, from the perspective of a single investor, bond funds worth 2.5 trillion yuan had a single - institutional holding ratio exceeding 50%, and if only initiator funds were considered, the scale was 1.3 trillion yuan. Considering only institutional nature, bond funds worth 8.7 trillion yuan had the total institutional investor holding ratio exceeding 50% [14]