25Q4基金转债持仓分析：固收+继续扩张，增配科技化工

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report In Q4 2025, against the backdrop of a strong equity market, there was still demand for "Fixed - Income +" allocation. The convertible bond market's outstanding balance increased slightly, while the proportion of convertible bonds held by institutions decreased. Some types of funds increased their positions in convertible bonds, while others reduced them. Convertible bond funds saw a decline in their convertible bond positions and an increase in leverage, with their average returns in Q4 2025 lower than the CSI Convertible Bond Index. There were significant increases in positions in industries such as petroleum and petrochemicals, national defense and military industry, while some industries like communication and non - ferrous metals were significantly reduced [1][3]. 3. Summary According to the Directory 3.1 Public Fund Convertible Bond Holdings - Overall situation: In Q4 2025, the scale of convertible bonds held by public funds accounted for 57.74% of the total convertible bond market value, a decrease of 4.08 pcts compared to Q3. The position decreased slightly by 0.05 pcts. The outstanding balance of the convertible bond market was 533.89 billion yuan, a 4.30% increase compared to Q3 2025. The market value of convertible bonds held by public funds was 308.251 billion yuan [1][8]. - Fund type structure: The fund types that held more convertible bonds were secondary bond funds (36.41%), convertible bond funds (36.29%), primary bond funds (21.90%), partial - debt hybrid funds (3.30%), and flexible allocation funds (2.10%). Compared to Q3 2025, secondary bond funds and primary bond funds increased their positions in convertible bonds, with the market value of convertible bonds held by secondary bond funds increasing by 3.963 billion yuan (+3.72%) and that of primary bond funds increasing by 1.639 billion yuan (+2.53%). Flexible allocation funds also increased by 0.088 billion yuan (+1.40%). Convertible bond funds and partial - debt hybrid funds reduced their positions, with the market value of convertible bonds held by convertible bond funds decreasing by 10.996 billion yuan (-9.07%) and that of partial - debt hybrid funds decreasing by 2.160 billion yuan (-17.75%) [1][13]. - Funds with large - scale holdings: As of Q4 2025, there were 1,921 public funds holding convertible bonds, with a total market value of 308.251 billion yuan. Among them, 62 funds held convertible bonds with a market value of over 1 billion yuan, with a total market value of 213.525 billion yuan, accounting for 69.27% of the market value of public funds investing in convertible bonds, a 0.23% decrease compared to Q3. 281 funds held convertible bonds with a market value of over 100 million yuan, with a total market value of 288.495 billion yuan, accounting for 93.59% of the market value of public funds investing in convertible bonds, a 0.24% increase compared to Q3 2025 [2][18]. 3.2 Convertible Bond Fund Convertible Bond Holdings - Market value change: As of Q4 2025, there were 40 convertible bond funds, holding a total market value of convertible bonds of 110.209 billion yuan, a decrease of 10.996 billion yuan compared to Q3 2025, a 9.07% decrease [2][22]. - Position and leverage change: The convertible bond position of convertible bond funds decreased from 87.17% in Q3 2025 to 86.82%, a decrease of 0.35 pcts. The leverage ratio increased from 135.17% to 142.34%, an increase of 7.17 pcts [2][25]. - Return performance: In Q4 2025, the average annualized return of the CSI Convertible Bond Index was 6.03%, and the average annualized return of convertible bond funds was 3.69%. There were 28 convertible bond funds with positive returns, among which Baoying Rongyuan Convertible Bond A had the best return of 16.41%, and Huatai - PineBridge Convertible Bond A also performed well with a return of 15.31%. 15 convertible bond funds outperformed the CSI Convertible Bond Index and the convertible bond fund index, with a win - rate of 37.5% [3][28]. - Industry position adjustment: Public funds significantly increased their positions in industries such as petroleum and petrochemicals, national defense and military industry, steel, public utilities, electronics, and machinery. The market value of convertible bonds in the petroleum and petrochemical industry held by public funds increased by 59.23% compared to Q3 2025, and that in the national defense and military industry increased by 30.40%. Public funds held a total of 8.224 billion yuan of convertible bonds in the steel industry. In terms of reduction, industries such as communication, non - ferrous metals, building materials, automobiles, and media had significant decreases in the market value of convertible bonds held by public funds in Q4 2025 [3][33]. - Top - holding convertible bonds: The top five heavy - holding convertible bonds of convertible bond funds were Industrial Bank Convertible Bond, 25 Treasury Bond 08, Shanghai Bank Convertible Bond, Wens Convertible Bond, and 25 Treasury Bond 01. The top five heavy - holding individual bonds held by 38 convertible bond funds in Q4 2025 involved a total of 67 bonds [4][35].