二级债基规模增幅较大，权益端增持非银金融和通信

1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints of the Report - As of the end of Q4 2025, the total number of active bond - type funds (excluding amortized cost method funds) was 3,399, a 1.5% increase from the previous quarter, and the fund scale was 7.80 trillion yuan, a 1.6% increase [2][5][7]. - In Q4 2025, 93 active bond - type funds were issued, 18 more than the previous quarter, a 24.0% increase. The total issuance scale was 62.49 billion yuan, a 24% increase [2][9][10]. - In Q4 2025, the performance of medium - and long - term pure bond funds was better than that of short - term pure bond funds. Affected by the equity market, the performance of secondary bond funds was slightly weaker [2][14][16]. - Different types of active bond funds had different changes in leverage, duration, and asset allocation. For example, medium - and long - term pure bond funds' heavy - position bond duration decreased, while short - term bond funds' leverage ratio slightly increased [2][19][34]. - The mixed secondary bond funds reduced their stock positions and increased their holdings in non - banking finance and communication sectors [2][54][61]. 3. Summary According to the Table of Contents 3.1 Active Bond - type Fund Scale and Issuance - Scale Change: The total number of active bond - type funds increased by 1.5% to 3,399. The scale increased by 1.6% to 7.80 trillion yuan. The number of medium - and long - term pure bond funds, short - term pure bond funds, and mixed secondary bond funds increased by 0.6%, 0.6%, and 5.8% respectively, while the number of mixed primary bond funds decreased by 0.2%. The scale of medium - and long - term pure bond funds and mixed primary bond funds decreased by 4.0% and 2.1% respectively, and the scale of short - term pure bond funds and mixed secondary bond funds increased by 6.2% and 19.7% respectively [2][5][7]. - Fund Issuance: In Q4 2025, 93 active bond - type funds were issued, an increase of 18 from the previous quarter. Among them, 52 were mixed secondary bond funds. The total issuance scale was 62.49 billion yuan, a 24% increase. The issuance scale of medium - and long - term pure bond funds and mixed primary bond funds decreased by 21.0% and 79.9% respectively, while the issuance scale of mixed secondary bond funds increased by 117.2% [2][9][10]. 3.2 Active Bond - type Fund Performance - Performance of Pure Bond Funds: In Q4 2025, the yields of medium - and long - term pure bond funds were better than those of short - term pure bond funds. The yields of short - term and medium - and long - term pure bond fund indexes were 0.47% and 0.54% respectively [2][14]. - Performance of Secondary Bond Funds: Affected by the equity market, the performance of secondary bond funds was slightly weaker. The yields of mixed primary and secondary bond fund indexes were 0.55% and 0.38% respectively, and the maximum drawdowns were - 0.51% and - 1.04% respectively [2][16]. 3.3 Active Bond Fund Position Analysis - Medium - and Long - term Pure Bond Funds: The leverage ratio of closed - end medium - and long - term pure bond funds increased, while that of open - end ones decreased. The bond position of closed - end funds increased, while that of open - end funds decreased. Closed - end funds increased their holdings of credit bonds and reduced their holdings of interest - rate bonds, and vice versa for open - end funds. Both types of funds reduced their holdings of financial bonds. The weighted duration of the top five heavy - position bonds of both types of funds decreased [19][22][31]. - Short - term Bond Funds: The median leverage ratio increased by 1.5pct to 110.1%. The median bond position increased by 1.2pct to 106.7%. They reduced their holdings of credit bonds and increased their holdings of interest - rate bonds, and the median financial bond position increased by 2.1pct. The weighted duration of the top five heavy - position bonds increased slightly by 0.01 year [34][36][40]. - Mixed Primary Bond Funds: The median leverage ratio and bond position increased by 3.1pct and 4.1pct respectively. They increased their holdings of credit and interest - rate bonds, the median financial bond position increased slightly, the median convertible bond position increased by 0.64pct, and the weighted duration of the top five heavy - position bonds decreased by 0.21 year [42][45][49]. - Mixed Secondary Bond Funds: The median leverage ratio decreased slightly by 0.3pct to 107.5%. The stock position decreased by 0.80pct to 13.85%, and the bond position increased by 0.40pct to 87.85%. The median convertible bond position decreased by 0.97pct. The weighted duration of the top five heavy - position bonds decreased by 0.08 year. They increased their holdings in non - banking finance, communication, and non - ferrous metals sectors, and reduced their holdings in pharmaceutical biology, media, and electronics sectors. Zijin Mining was the largest heavy - position stock, and the heavy - position holding scale of Zijin Mining, Zhongji Innolight, and Ping An of China increased by more than 2 billion yuan [51][54][64].