【申万固收|转债】仓位普降的背后：萎缩的规模，爆发的需求——2025年Q3公募基金转债持仓分析

Core Insights - The article discusses the significant decline in the holdings of convertible bonds by public funds, highlighting a shrinking scale alongside an increasing demand for these financial instruments [2] Group 1: Market Trends - Public funds have reduced their convertible bond holdings, indicating a broader trend of decreasing investment in this asset class [2] - Despite the reduction in holdings, there is a notable surge in demand for convertible bonds, suggesting a potential shift in market dynamics [2] Group 2: Fund Analysis - The analysis reveals that the total market size for convertible bonds has contracted, which may impact liquidity and pricing in the market [2] - The article provides insights into the specific sectors and companies that are driving the demand for convertible bonds, indicating potential investment opportunities [2]