2025年Q4公募基金转债持仓分析：一级债基积极补仓，偏爱次新减持临期

Group 1 - The total market value of convertible bonds decreased to approximately 725.5 billion yuan in Q4 2025, a decline of 57.8 billion yuan from the previous quarter, primarily due to the maturity and delisting of certain bonds [2][3] - The proportion of convertible bonds held by public funds increased to 42.5% of the total market value, up by 2.1% from the previous quarter, despite the overall market contraction [2][3] - The growth rate of public fund assets slowed down, with the total net value of funds reaching 22 trillion yuan, an increase of 0.7 trillion yuan, while the ratio of convertible bond market value to total fund value was about 3.3%, down by 0.4% from Q3 2025 [2][3] Group 2 - In Q4 2025, the secondary bond funds and primary bond funds were the main contributors to the increase in convertible bond holdings, while two convertible bond ETFs significantly reduced their holdings due to asset shrinkage [4][7] - The growth rates of various fund types showed significant variation, with commodity funds growing by 46%, bond FOF funds by 31%, and passive index bond funds by 21%, while ordinary stock funds and convertible bond funds saw declines of 6% and 4% respectively [4][10] - The overall position of secondary bond funds decreased the most, with a decline of 1.1%, while primary bond funds and convertible bond funds increased their positions by 0.4% and 0.5% respectively, indicating a selective optimism towards convertible bonds [12][17] Group 3 - The industry showed a clear "high cut low" trend, with increased holdings in convertible bonds from sectors such as oil and petrochemicals, banking, electronics, and steel, while holdings in communications, media, and computing sectors decreased [24][30] - The price selection for convertible bonds shifted towards more elastic ranges, with increased holdings in the price ranges of 115-130 yuan and above 170 yuan, while holdings in the ranges of 150-170 yuan and below 115 yuan saw a decline [30][32] - The report highlighted a preference for newly issued bonds and a reduction in holdings of bonds nearing maturity, indicating a cautious approach by public funds in their investment strategies [24][28]