基金转债持仓季度点评：25Q4，二级债基规模高增2500+亿

Performance Overview - In Q4 2025, convertible bond funds achieved a median return of 1.09%, outperforming first-level bond funds (0.6%), second-level bond funds (0.44%), and mixed bond funds (0.31%) [1] - For the entire year of 2025, the median return for convertible bond funds was 22.43%, significantly higher than first-level bond funds (2.06%), second-level bond funds (4.66%), and mixed bond funds (5.49%) [1] Fund Scale and Demand - In Q4 2025, the scale of second-level bond funds increased by 2506 billion CNY to reach 15535 billion CNY, while first-level bond funds and mixed bond funds saw decreases of 142.5 billion CNY and 7 billion CNY, respectively [1] - The net subscription for second-level bond funds in Q4 2025 was 2344 billion units, while first-level bond funds faced a net redemption of 186 billion units [19] Convertible Bond Holdings - In Q4 2025, the convertible bond holdings of first-level bond funds increased by 0.32 percentage points to 7.97%, while second-level bond funds and mixed bond funds saw declines of 1.07 and 0.88 percentage points, respectively [33] - Public funds focused on increasing holdings in bank bonds, as well as in sectors like new energy, cyclical stocks, and military-related bonds [40] Investment Strategy Insights - The demand for fixed-income plus funds is robust, with second-level bond funds becoming the primary vehicle for this demand, while first-level bond and convertible bond fund scales have marginally declined [3] - Institutions with equity allocation permissions are shifting their demand from first-level bond funds to second-level bond and mixed bond products due to the high valuation of convertible bonds [3]