2025Q4摊余债基增配信用债力度放缓

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Report's Core View - The report analyzes the scale increment, yield performance, and credit - bond allocation changes of amortized bond funds in Q4 2025 and forecasts the 2026 opening scale [2][11] - In Q4 2025, the scale of amortized bond funds increased steadily, but they faced yield - decline pressure. The credit - bond allocation intensity slowed down [3][4] - In 2026, the opening scale of amortized bond funds is expected to reach nearly 650 billion yuan, and credit bonds remain an important allocation option [6] Group 3: Summary by Relevant Catalogs 1. Q4 Amortized Bond Fund Scale Growth - In Q4 2025, the scale of amortized bond funds increased by 37.4 billion yuan, reaching about 1.52 trillion yuan. The increment mainly came from the small - scale expansion of some products that did not reach the scale limit after opening for redemption [3][15] - Affected by the interest - rate decline, the amortized bond funds opened in 2025 faced yield - decline pressure. The median of the Q4 2025 fund net - value growth rate of products opened in the first three quarters showed a quarterly decreasing trend [3][19] 2. Q4 Open Amortized Bond Funds' Credit - Bond Allocation Intensity Slowed Down - In Q4 2025, open amortized bond funds continued to increase credit - bond allocation, with the credit - bond holding scale and proportion rising. The credit - bond holding value reached 446 billion yuan, an increase of 153.3 billion yuan from the end of Q3, and the proportion in the total bond holding value increased from 15% to 22.3% [3][22] - Compared with the first three quarters, the credit - bond allocation intensity of Q4 open products slowed down. For products opened for the first time in Q4, the credit - bond holding proportion dropped to 45%. The possible reasons are the reduced cost - effectiveness of credit bonds and their disadvantages in actual construction and pledge financing [4][27] - Among the 4 products opened for the second time in Q4, 3 had a small - scale increase. Although they still focused on credit - bond holdings, the credit - bond holding proportion decreased slightly, and the allocation focus shifted to inter - bank certificates of deposit and financial bonds [4][32] - One 24 - month - closed - period product restarted operation in Q4, but its Q4 holding data was not disclosed. Another 12 - month - closed - period product entered the suspension - operation state after opening for redemption in December 2025 [5][33] 3. 2026 Amortized Bond Fund Opening Scale Nearly 650 Billion Yuan - The top - five held credit bonds of Q4 open products preferred medium - to high - rated varieties. The proportion of implicit ratings of AA+ and above increased compared with products opened in the first three quarters [36] - In 2026, the opening scale of amortized bond funds is expected to be about 645.1 billion yuan. The opening scale and product closed - period vary significantly in different periods [6][40]