光大证券研究·2025-07-29 23:08Market Overview - In Q2 2025, major market indices, except for the Shenzhen Component Index, experienced an increase, with the Shanghai Composite Index rising by 2.8% and the CSI 300 Index increasing by 3.0% [3] - The convertible bond market showed a similar upward trend, with the convertible bond index rising by 3.3% [3] - The convertible bond premium rate decreased from 46.58% on April 1 to 44.09% by June 30 [3] Fund Holdings Analysis - By the end of Q2 2025, the scale of convertible bonds held by funds was 272.825 billion yuan, a reduction of 9.457 billion yuan from the previous quarter [4] - The market value of convertible bonds held by funds accounted for 41.30% of the total convertible bond market balance, an increase of 1.03 percentage points from Q1 2025 [4] - The largest reduction in convertible bonds was seen in mixed bond secondary funds, which decreased their holdings by 8.14 billion yuan [4] Convertible Bond Fund Holdings Behavior - The largest holdings in convertible bonds by funds were in the banking sector, amounting to 6.917 billion yuan [5] - Other significant holdings were in the power equipment, basic chemicals, non-ferrous metals, and automotive sectors, with holdings of 4.698 billion yuan, 3.559 billion yuan, 3.454 billion yuan, and 3.112 billion yuan respectively [5] - The average yield of convertible bond funds in Q2 2025 was 3.50%, with the median yield at 3.43% [5]