【固收】基金持有转债规模下降，有色金属行业转债被减持较多 ——2025Q4 基金持有可转债行为分析（张旭）

Market Overview - In Q4 2025, major indices showed mixed performance, with the Shanghai Composite Index rising by 2.22% and the Wind All A Index increasing by 0.97, while the Shenzhen Component Index and the ChiNext Index fell by 0.01% and 1.08% respectively [4] - The China Convertible Bond Index rose by 1.32%, indicating a high-level fluctuation in the equity and convertible bond markets, with overall performance weaker than in Q3 [4] - The conversion premium rate increased from 44.73% on September 30 to 46.57% by December 31 [4] Fund Holdings Analysis - By the end of Q4 2025, the scale of convertible bonds held by funds was 308.256 billion, a decrease of 8.362 billion from the previous quarter [5] - The market value of convertible bonds held by funds accounted for 55.74% of the total convertible bond market balance, an increase of 3.71 percentage points from Q3 2025 [5] - Mixed bond funds increased their holdings by 3.928 billion, while passive index bond funds reduced their holdings by 9.087 billion [5] - The largest holdings in convertible bonds were in the banking sector, totaling 55.014 billion, with a reduction of 2.871 billion from the previous quarter [5] Convertible Bond Fund Holdings Behavior - The largest holdings in convertible bonds by funds were in the electric power equipment sector, valued at 7.331 billion, followed by banking, basic chemicals, agriculture, and electronics sectors [6] - The banking sector saw the largest increase in holdings, while the non-ferrous metals sector experienced the most significant reduction, decreasing by 1.553 billion [6] - The average yield of convertible bond funds in Q4 2025 was 0.86%, with a median yield of 1.09%, underperforming compared to the China Convertible Bond Index and the Wind All A Index [6][7]