债基2025Q4季报分析：赎纯债、降久期、增信用

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoint of the Report The report analyzes the asset allocation changes of public - offering bond funds in Q4 2025. In Q4, medium - and long - term pure bond funds continued to shrink, while second - tier bond funds maintained growth. All types of bond funds increased their bond positions, with second - tier bond funds reducing their stock positions. Short - term bond funds increased leverage, medium - and long - term bond funds decreased leverage, and most bond funds reduced duration. All bond funds significantly increased their allocation to credit bonds and reduced their allocation to interest - rate bonds. There were signs of marginal credit downgrading in the top - holding bonds, and there were regional differences in the allocation of top - holding urban investment bonds. [1][2][3] 3. Summary by Directory 3.1 Medium - and Long - term Pure Bond Funds Shrink, Second - tier Bond Funds Grow In Q4 2025, the scale of medium - and long - term pure bond funds continued to shrink, while the scale of second - tier bond funds maintained growth. The total net asset value of the four types of bond funds was 9.2 trillion yuan, an increase of 151.2 billion yuan from the previous quarter. Medium - and long - term pure bond funds decreased by 154.9 billion yuan to 5.76 trillion yuan, short - term pure bond funds increased by 69.9 billion yuan to 1.02 trillion yuan. The first - tier bond funds decreased by 14 billion yuan to 833.1 billion yuan, and second - tier bond funds increased by 250.3 billion yuan to 1.6 trillion yuan. [1][10] 3.2 Asset Structure: Bond Positions Increase In terms of asset allocation structure, the scale contraction led medium - and long - term bond funds to reduce their bond holdings, while second - tier bond funds increased their bond allocation due to share expansion. The four types of funds collectively increased their bond holdings by 168.1 billion yuan. By the end of 2025, medium - and long - term pure bond funds, short - term pure bond funds, first - tier bond funds, and second - tier bond funds held bond market values of 6.69 trillion yuan, 1.1 trillion yuan, 941 billion yuan, and 1.42 trillion yuan respectively. Medium - and long - term pure bond funds reduced their holdings by 186.3 billion yuan, while short - term pure bond funds, first - tier bond funds, and second - tier bond funds increased their holdings by 84.2 billion yuan, 17.5 billion yuan, and 252.6 billion yuan respectively. The bond positions of all types of bond funds increased, and the stock position of second - tier bond funds decreased slightly. [18][19] 3.3 Medium - and Long - term Bond Funds Reduce Leverage and Control Duration Short - term bond funds increased leverage, while medium - and long - term bond funds decreased leverage. In Q4, short - term pure bond funds adopted a defensive coupon strategy of "increasing leverage + reducing duration", with the leverage ratio increasing by 0.26 pct to 111.66%. Medium - and long - term pure bond funds actively reduced leverage due to net redemption pressure and unstable long - term interest rates, with the leverage ratio decreasing by 0.92 pct to 115.83%. The leverage ratios of first - tier and second - tier bond funds increased by 1.58 pct and 0.82 pct to 113.53% and 111.59% respectively. Most bond funds reduced their duration exposure. The arithmetic average durations of medium - and long - term interest - rate bond funds, medium - and long - term credit bond funds, short - term interest - rate bond funds, and short - term credit bond funds in Q4 were 3.35 years, 2.38 years, 0.99 years, and 0.88 years respectively, decreasing by 0.23 years, 0.15 years, 0.19 years compared to Q3, and the short - term credit bond fund increased by 0.02 years. [28] 3.4 Bond Type Portfolio: Increase Allocation to Credit Bonds, Reduce Allocation to Interest - rate Bonds In Q4, the four types of bond funds collectively increased their credit bond holdings by 306.1 billion yuan and reduced their interest - rate bond holdings by 117.4 billion yuan. Among pure bond funds, medium - and long - term bond funds reduced interest - rate bonds and increased credit bonds, and short - term bond funds increased their credit bond allocation more than interest - rate bonds. Among bond funds with equity components, first - tier bond funds mainly increased their credit bond holdings, and second - tier bond funds increased their credit bond allocation more than interest - rate bonds. In terms of specific bond types, medium - and long - term pure bond funds mainly reduced their holdings of treasury bonds, policy - financial bonds, and financial bonds and increased their holdings of medium - term notes; short - term pure bond funds mainly increased their holdings of financial bonds, policy - financial bonds, and commercial paper; first - tier bond funds mainly increased their holdings of financial bonds; second - tier bond funds mainly increased their holdings of financial bonds and policy - financial bonds. The proportion of policy - financial bonds in the interest - rate bond portfolio of most bond funds increased. [35][43][52] 3.5 Top - holding Bond Analysis: Rating Central Tendency Migrates Downward In Q4 2025, bond funds significantly reduced their holdings of interest - rate bonds, slightly reduced their holdings of urban investment bonds, increased their holdings of convertible bonds, industrial bonds, and certificates of deposit, and slightly increased their holdings of financial bonds. There were signs of marginal credit downgrading in the top - holding bonds. Most bond funds reduced the proportion of AAA - rated bonds and increased the proportion of AA - and below - rated bonds. In terms of regional allocation of top - holding urban investment bonds, bond funds significantly reduced their holdings of urban investment bonds in Zhejiang and Anhui and increased their holdings in Sichuan and Chongqing. [55][58][65]