国泰海通证券研究·2025-07-29 10:07Core Viewpoint - The report indicates that the fixed income and growth in fund size are expected to continue, supported by market conditions, while the rapid exit of bank convertible bonds will exacerbate the supply-demand imbalance, leading to a preference for larger convertible bond targets [1][2]. Group 1: Fund Flows and Performance - In Q2 2025, fixed income funds saw a net subscription of 56.641 billion units, with primary bond funds contributing 52.548 billion units and secondary bond funds adding 7.774 billion units, while mixed bond funds experienced a net redemption of 3.68 billion units [1]. - Convertible bond funds had a net redemption of 2.164 billion units, slightly higher than Q1 2025 but still manageable compared to Q4 2024 [1]. - Brokerages have significantly increased their holdings in convertible bonds, while public funds and insurance capital have generally reduced their positions [1]. Group 2: Sector Distribution and Investment Trends - Public funds have continued to reduce their holdings in bank convertible bonds, primarily due to strong redemptions in specific bonds and the approaching maturity of others [2]. - Other convertible bonds in the financial sector have seen increased investments from public funds, with notable inflows into bonds like Shangyin, Zhongyin, and Huazhong [2]. - Public funds are also marginally increasing their positions in high-growth and high-volatility sectors, with significant investments in bonds from the power equipment, electronics, and chemical industries [2].