债市专题研究：固收+视角下的公募基金四季报

1. Report Industry Investment Rating No investment rating information provided in the report. 2. Core Viewpoints of the Report - As of Q4 2025, the management scale and share of the entire market's public - offering funds have steadily increased. Under the slow - bull expectation, the scale trends of equity funds and bond funds remain divergent. The passive trend of public - offering funds continues, the scale of secondary bond funds continues to expand, and the scale of medium - and long - term bond funds continues to shrink [1][3][17]. 3. Summary According to the Table of Contents 3.1 1.1 可转债行情方面 (Convertible Bond Market Conditions) - In the past week (January 19 - 23, 2026), the equity market continued to fluctuate, performing weaker than the convertible bond market. The performance of small - and medium - cap indices of convertible bonds was better than that of the large - cap index. The medium - and high - price index was strong, and low - price convertible bonds showed a stable trend [2][11]. - The trading volume of the equity market declined from a high level. The core driving factor shifted from "theme gaming" to "profit constraints". The sustainability of pure concept sectors lacking performance support weakened. As the disclosure window for annual reports and performance pre - announcements approached, funds' attention to fundamental certainty increased systematically, and the previously active theme market weakened significantly [2][11]. - The equity market style showed that small - and medium - caps outperformed large - caps, driving up convertible bond varieties with strong equity characteristics. The medium - cap index (+3.51%) and small - cap index (+3.24%) of convertible bonds significantly outperformed the large - cap index (+1.45%). In terms of industries, the materials, energy, and industrial sectors strengthened [2][11]. - As an investment product with both offensive and defensive capabilities, the capital preference in the convertible bond market shifted from high - volatility varieties to reasonably - valued targets. The high - price and low - premium index (5.32%) significantly outperformed the double - low index (1.97%), and the market style tended to be balanced [2][11]. 3.2 1.2 转债个券方面 (Individual Convertible Bond Issues) - The report provides information on the top ten and bottom ten individual convertible bond issues in terms of price changes in the past week, but specific analysis is not elaborated [29]. 3.3 1.3 转债估值方面 (Convertible Bond Valuation) No specific content is provided for this part in the report. 3.4 1.4 转债价格方面 (Convertible Bond Prices) - Information on the proportion of high - price bonds and the median price of convertible bonds is presented, but specific analysis is not elaborated [36][43].