可转债周报20260208：公募基金年初增持，机构券表现如何？-20260208

1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report - The market value of convertible bonds held by public funds remains at a high level, and the increase at the beginning of the year is in line with expectations. The convertible bond market shows strong resilience, and convertible bond funds perform relatively well among various types of funds. [1][9] - The bottom - position style is stable, and the heavily - held bonds of funds continue to perform well. However, there may be profit - taking in convertible bonds of popular sectors, and they may underperform the underlying stocks. [2] - In terms of convertible bond strategies, the overall position should be maintained with prudent neutrality, and the elastic allocation should be shifted towards balance. [3] 3. Summary According to the Table of Contents I. How did institutional bonds perform after public funds increased their holdings at the beginning of the year? - The market value of convertible bonds held by public funds in Q4 2025 was 308.251 billion yuan, a year - on - year increase of 7.24%. In January 2026, the scale of convertible bonds held by public funds increased by 6.88% compared with the end of 2025, accounting for 44.08%. [9] - In the first week of February, the convertible bond market showed strong anti - decline ability, rising 0.05% against the trend. Convertible bond funds outperformed ordinary stock - type funds and hybrid funds. The higher the proportion of convertible bonds in the fund, the stronger the anti - decline performance. [14] - Bonds heavily held by institutions showed stronger resilience in the first week of February. For example, convertible bonds of bottom - position types such as Industrial Bank and Shanghai Commercial Bank rose 0.72% on average, 0.67 percentage points higher than the convertible bond index. [18] - Convertible bonds of popular sectors such as electronics, non - ferrous metals, and computers may have profit - taking, and they underperformed the underlying stocks to varying degrees. For example, Weice Convertible Bond and Dingjie Convertible Bond had significant callbacks. [20] II. Convertible Bond Strategy: Maintain a Prudent and Neutral Position, and Shift Elastic Allocation towards Balance - Affected by the nomination of Warsh as the Fed Chairman, the A - share market adjusted in the first half of the week and then recovered in the second half. Sectors with stable cash flows such as consumption, transportation, and banking showed compensatory growth. [25] - The average price of convertible bonds rose 0.65% to 139.63 yuan, and the 100 - yuan premium rate increased 1.83 percentage points to 38.94%. The overall position can be maintained with prudent neutrality, and the allocation focus should be adjusted in a timely manner, focusing on mid - stream manufacturing going global and consumer blue - chip stocks. [28] - New convertible bonds are relatively expensive, and non - trading funds should be cautious. Attention can be paid to near - maturity convertible bonds with strong conversion demands and the ability to promote conversion. The allocation strategy should shift from focusing on elasticity at the beginning of January to balanced allocation, with emphasis on convertible bonds priced between 130 - 150 yuan. [29] III. Market Review: Convertible Bonds Rose Weekly, and Valuation Increased (1) Weekly Market Performance: The Convertible Bond Market Rose Slightly, and Most Equity Sectors Performed Weakly - Last week, most major stock indexes declined, while the CSI Convertible Bond Index rose 0.05%. Small - cap stocks and convertible bonds showed better anti - decline performance. [35] - In terms of popular concepts, photovoltaic glass, space photovoltaic, and other concepts rose, while semiconductor - related concepts such as KIMI and MCU chips declined. [35] (2) Valuation Performance: The Premium Rates of Low - Rated and Small - Scale Convertible Bonds Rose Significantly - The closing prices of equity - biased, debt - biased, and balanced convertible bonds changed by - 5.11%, - 0.67%, and + 1.69% respectively compared with the previous Friday. The proportion of convertible bonds in the 120 - 130 yuan range decreased significantly. [43] - The premium rates of low - rated and small - scale convertible bonds rose significantly. The AA - rated convertible bonds rose 2.87 percentage points, and those with a scale of 20 - 50 billion yuan (including 50 billion yuan) rose 1.65 percentage points. [43] IV. Terms and Supply: Five Convertible Bonds Announced Early Redemption, and the Total Newly - Promoted Scale was Approximately 9.88 billion yuan (1) Terms: Five Convertible Bonds Announced Early Redemption Last Week, and Honglu Convertible Bond's Board of Directors Proposed a Downward Revision - As of February 6, Mengsheng, Feng 21, Rong 23, Xinzhi, and Shouhua Convertible Bonds announced early redemption; Daimei, Tairui, and other convertible bonds announced not to redeem early; Jiemei, Daimei, and other convertible bonds announced that they are expected to meet the early redemption conditions. [3][57] - Last week, Honglu Convertible Bond's board of directors proposed a downward revision. Meino and Hongchuan Convertible Bonds announced the results of the downward revision. Four convertible bonds announced not to revise downward, and five convertible bonds announced that they are expected to trigger a downward revision. [4][57] (2) Primary Market: Haitian Convertible Bond was Issued Last Week, and the Total Newly - Promoted Scale was Approximately 9.88 billion yuan - Haitian Convertible Bond was issued with a scale of 801 million yuan, and Shangtai Convertible Bond was listed with a scale of 1.734 billion yuan. There are 379 issued but not yet matured convertible bonds, with a balance of 530.884 billion yuan. [5][60] - There were no new board proposals last week. One company's convertible bond plan passed the general meeting of shareholders, three passed the approval of the issuance review committee, and there were no new approvals from the CSRC. Compared with the same period last year, the numbers were - 2, + 1, + 3, and - 3 respectively. [5][63] - As of February 6, seven listed companies obtained approval for convertible bond issuance, with a planned issuance scale of 5.363 billion yuan. Four new companies passed the issuance review committee, with a total scale of 4.517 billion yuan, and there were no new board proposals. [68]