所以最后除了苹果茅台腾讯我也没获得任何新想法跳不出这个圈子。 资水 两只白天鹅飞在万米高空，谈论着他们飞过的高山、草原、沙漠、海洋，那些无比壮阔的风 景。 我是一只小蜥蜴，草丛里的爬行动物，怎么飞我是不可能学会的，我也不关心。我只关心眼 前有一只蚱蜢，我全神贯注地瞄准，吐出舌头，一击必中。啊，好美味的一餐啊！ 说说"道"。 1、JSL上好多人展现了挣钱方法，封基老师的量化轮动、Flitter的银行股轮动、吾知的涨价 题材、打新交朋友的套利、孔曼子的十八般兵器、小卡的可转债打电话、建淞的期权、 dingo49的小市值轮动、GLZ0514的摘帽、chineseumi的大类资产配置、daxian100的北交 所打新、安全饕的价值投资、liutong530的重整、elodia的量化投资。。。这些都是赚了几 十倍上百倍的人，他们有些是我好友，我经常向他们请教，学到的策略是有效的、可复现 的，我认为他们的业绩真实可信。这些都是"道"， 资本市场的道有很多，每一条路都是可以 走通的。 看完段总的方略访谈 感觉是目前最好的一期 两人投资观比较合拍 所以感觉聊的比较好 但我想明白为什么我听了段总各种访谈讲话还是觉得搞不懂投资 ...

1. Report Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - In 2025Q3, the market value of convertible bonds held by public - funds increased, with the bond - type funds being the main force of the increase, and they mainly added positions in power equipment convertible bonds. The position of convertible bonds held by public - funds also rose. Although the convertible bond market continued to shrink, the convertible bond assets still had considerable returns under the catalysis of equity enthusiasm [2][8][9]. - The performance of convertible bond funds outperformed the index in 2025Q3, showing net subscriptions and scale expansion. However, the overall position and leverage ratio of these funds declined. Both public - funds and convertible bond funds focused on adding positions in power equipment convertible bonds [5][8][9]. 3. Summary by Directory 3.1 Public - funds Increase Convertible Bond Positions and Add Positions in Power Equipment Convertible Bonds 3.1.1 Market Value of Convertible Bonds Held by Public - funds Increases Month - on - Month, and Positions Rise - In 2025Q3, the market value of convertible bonds held by public - funds was 316.618 billion yuan, a month - on - month increase of 16.09% and a year - on - year increase of 12.72%. The ratio of the market value of convertible bonds held by public - funds to the market value of bond investments was 1.57%, a 0.28 - percentage - point increase from 25Q2; the ratio to net worth was 0.87%, a 0.07 - percentage - point increase from 25Q2 [13]. - The market value changes of convertible bonds held by different types of funds varied month - on - month. Stock - type and secondary bond - type funds significantly increased their positions. From the perspective of absolute amount changes, the bond - type funds had the largest increase in market value, with a month - on - month increase of 48.61 billion yuan in 25Q3 [17][19]. - The overall position of public - funds in convertible bonds increased, but the position of convertible bond funds was diluted. According to the Wind fund primary classification, the convertible bond position of stock - type funds remained flat at 0.02% month - on - month, that of hybrid funds decreased by 0.26 percentage points to 0.59%, and that of bond - type funds increased by 0.49 percentage points to 2.73% [23][25]. 3.1.2 Public - funds Inversely Increase Positions, while Insurance Funds, Enterprise Annuities, and Securities Firms' Proprietary Trading Reduce Positions - As of the end of 2025Q3, the total face value of convertible bonds held by the Shanghai and Shenzhen Stock Exchanges was 599.489 billion yuan, a decrease of 55.679 billion yuan from the end of 25Q2, a month - on - month decrease of 8.50%. Insurance institutions, enterprise annuities, and securities firms' proprietary trading significantly reduced their positions, while public - funds significantly increased their positions inversely, with a month - on - month increase of 7.68% to 233.561 billion yuan [35]. 3.1.3 Public - funds Mainly Add Positions in Power Equipment, and Bank Convertible Bonds Further Shrink - In terms of industry layout in 25Q3, banks were still the primary layout sector, but the overall position market value shrank significantly under the early redemption of multiple bank convertible bonds, with only a 233 - million - yuan difference from the power equipment market value. From the perspective of the market value month - on - month change rate, 24 industries had positive month - on - month changes, with the petrochemical, power equipment, and beauty care industries leading in growth [42]. 3.1.4 Industrial Convertible Bonds Maintain the First - Positioned Heavy - Position Bond - Industrial convertible bonds were the first - positioned heavy - position bond of public - funds, and EVE and Industrial convertible bonds led in terms of incremental positions. Among the top ten convertible bonds in terms of total position market value, there were 3 bank convertible bonds, which was fewer than in Q2. The types of bottom - position bonds gradually diversified [50]. 3.2 Convertible Bond Funds' Performance Outperforms the Index, and Convertible Bond Positions and Leverage Ratios Decline 3.2.1 Net Asset Value after Reinvestment Increases, and Overall Net Subscriptions Occur - As of 2025Q3, there were 39 convertible bond funds in the market. The performance of convertible bond funds outperformed the convertible bond index, showing net subscriptions and scale expansion. The scale of convertible bond funds in 25Q3 was 63.284 billion yuan, a significant increase of 11.635 billion yuan from 25Q2, a month - on - month increase of 22.53% [55]. - By observing the asset allocation changes of high - performing convertible bond funds, most of the larger - scale funds had reduced convertible bond positions. The top five funds in terms of net value performance in 25Q3 all had a certain scale, and most of them reduced their positions in stocks and convertible bond assets [57][58]. 3.2.2 Convertible Bond Positions Slightly Decrease Month - on - Month, and Leverage Ratios Decline Month - on - Month - The overall position of 39 convertible bond funds slightly decreased, and the leverage ratio declined month - on - month. In the third quarter of 2025, the ratio of the market value of convertible bonds to the net value of convertible bond funds was 84.18%, a month - on - month decrease of 1.16 percentage points; the median position was 85.54%, a more obvious month - on - month decrease of 6.14 percentage points. The average leverage ratio of 39 convertible bond funds was 114.13%, a decrease of 2.79 percentage points month - on - month, continuing the downward trend [5][68]. 3.2.3 Convertible Bond Funds Focus on Adding Positions in Power Equipment - From the perspective of the quarterly change in the number of times funds held convertible bonds, more than half of the industries had an increase in the number of holdings in 25Q3, with power equipment, electronics, and machinery leading in the increase. From the perspective of the quarterly change in the proportion of the market value of fund positions, the proportion of power equipment increased by 4.46 percentage points, leading by a large margin [6]. - Among the 39 convertible bond funds, Industrial convertible bonds were still the main heavy - position bond and increased in position. The banking and power equipment industries remained at the forefront of heavy - position industries [6].

近日，作为海南恒立私募基金管理有限公司的总经理，潘焕焕在接受中国证券报记者专访时表示，每一 次选择的背后，他更在意的是自己想要做成什么样的事情。创立私募的初衷是希望在券商自营投资中被 证明有效的多资产多策略投资理念能够服务于更多客户。 从电厂技术员到回炉读研读博，再到券商研究员、头部券商自营部门总经理，潘焕焕并未止步于此，而 是选择再出发。他于2022年创业，成为一家私募机构的创始人，开启了一段新的投资征程。 采取多资产多策略模式 他认为，好的投资，防御性应该是第一位的，应在尽量避免较大回撤的基础上追求超额收益。而多资产 多策略模式恰恰是较坚硬的防御盾牌。目前恒立私募已形成多资产组合、定增组合、可转债组合和跨市 场套利四大主打产品线，致力于追求有韧性的绝对收益。展望未来，看好可转债资产的攻守平衡投资价 值。 潘焕焕表示，多资产多策略投资理念的形成，可回溯至他在券商工作的时期。早期，券商更多是按资产 类别将团队和资金划分为股票投资部、固定收益投资部、衍生品投资部等。然而，某一类资产遇到至暗 时刻的情况时有发生，这容易导致一个业务团队的投资因风控被全部斩仓止损，有时候在止损后不久， 这类资产又开始企稳回升。 这样 ...

从电厂技术员到回炉读研读博，再到券商研究员、头部券商自营部门总经理，潘焕焕并未止步于此，而 是选择再出发。他于2022年创业，成为一家私募机构的创始人，开启了一段新的投资征程。 近日，作为海南恒立私募基金管理有限公司的总经理，潘焕焕在接受中国证券报记者专访时表示，每一 次选择的背后，他更在意的是自己想要做成什么样的事情。创立私募的初衷是希望在券商自营投资中被 证明有效的多资产多策略投资理念能够服务于更多客户。 他认为，好的投资，防御性应该是第一位的，应在尽量避免较大回撤的基础上追求超额收益。而多资产 多策略模式恰恰是较坚硬的防御盾牌。目前恒立私募已形成多资产组合、定增组合、可转债组合和跨市 场套利四大主打产品线，致力于追求有韧性的绝对收益。展望未来，看好可转债资产的攻守平衡投资价 值。 采取多资产多策略模式 潘焕焕表示，多资产多策略投资理念的形成，可回溯至他在券商工作的时期。早期，券商更多是按资产 类别将团队和资金划分为股票投资部、固定收益投资部、衍生品投资部等。然而，某一类资产遇到至暗 时刻的情况时有发生，这容易导致一个业务团队的投资因风控被全部斩仓止损，有时候在止损后不久， 这类资产又开始企稳回升。 这样 ...

当然，值得投资者买入的是估值合理的可转债，对于高溢价、高价格的双高可转债，投资者还是应该敬 而远之。 北京商报评论员 周科竞 从风险控制的角度来看，可转债的投资风险相对较低。其债券属性决定了它具有固定的利息收入和到期 本金偿还的保障，这使得它在市场下跌时具有一定的抗跌性。同时，可转债的转股条款又为投资者提供 了在市场上涨时分享收益的机会。这种风险与收益的平衡，使得可转债成为一种较为稳健的投资工具， 尤其适合那些风险偏好适中、追求稳健收益的投资者。 此外，可转债市场的不断发展也为投资者提供了更多的选择和机会。随着越来越多的公司发行可转债， 市场上的品种日益丰富，涵盖了不同行业、不同规模的企业。投资者可以根据自己的投资策略和风险偏 好，选择适合自己的可转债品种买入并持有。而且，可转债的交易规则相对灵活，投资者可以在二级市 场上进行快速买卖，不必受到T+1的交易限制。 然而，投资可转债也并非毫无风险。投资者需要关注可转债的转股价格、到期收益率、信用评级等关键 因素，以及发行公司的基本面和市场环境的变化。但在当前沪指震荡的市场环境下，可转债凭借其独特 的进可攻、退可守的特性，以及相对可控的投资风险，成为投资者更加值得 ...

Group 1 - Report Industry Investment Rating - No investment rating information provided in the report [1][2] Group 2 - Core Views of the Report - Convertible bond high valuation and limited bond selection space weaken the elasticity of convertible bonds, showing weak Sharpe characteristics. In a strong bullish atmosphere in the equity market, it is recommended to maintain convertible bond positions, balance style allocation, and use a trading mindset for individual bonds. Select balanced convertible bonds with strong underlying stock logic, where high stock price volatility can quickly digest the high premium of convertible bonds, and high - quality convertible bonds in non - callable equity - biased varieties with low premium rates [1][2] - The convertible bond index has been oscillating upwards recently but is weaker than equities. The convertible bond elasticity is weak, and it shows weak Sharpe characteristics. The high valuation of convertible bonds and limited bond selection space have weakened their elasticity. The convertible bond market lacks incremental capital inflows, and most institutional convertible bond positions have decreased [2] Group 3 - Summary by Relevant Catalogs 1. Convertible Bond Weekly Thinking - The convertible bond index has been oscillating upwards, but it is weaker than equities. The median of convertible bond prices has reached 133 yuan, still some distance from the August high. Convertible bond elasticity is weak, and internal styles lack a clear trend, increasing trading difficulty [7] - High convertible bond valuations and limited bond selection space weaken elasticity. The valuations of convertible bonds are oscillating at a high level. The premium rates of debt - biased, balanced, and equity - biased convertible bonds are about 85%, 24%, and 9.6% respectively. The convertible bond return space has decreased compared to the third quarter [7] - Funds represented by ETFs have been flowing out slightly, and the convertible bond market lacks incremental capital inflows. Except for QFII, the convertible bond positions of institutions have decreased, with public funds reducing their holdings by 3.65 billion yuan [8] - In a strong bullish atmosphere in the equity market, it is recommended to maintain convertible bond positions, balance style allocation, and use a trading mindset for individual bonds. Select balanced convertible bonds with strong underlying stock logic and low - premium targets among non - callable equity - biased varieties [8][9] 2. Convertible Bond Market Tracking 2.1 Convertible Bond Market Conditions - The report provides the performance data of various convertible bond indexes such as the Wind Convertible Bond Energy Index, Wind Convertible Bond Materials Index, etc. in different time periods including the recent week, two weeks, since September, etc. [12] 2.2 Individual Convertible Bonds - The report shows the top ten and bottom ten individual convertible bonds in terms of price increase and decrease in the recent week [13][15] 2.3 Convertible Bond Valuations - The report presents the valuation trends of debt - biased, balanced, and equity - biased convertible bonds, as well as the valuation trends of convertible bonds with different parities [19][21][26] 2.4 Convertible Bond Prices - The report shows the proportion trend of high - priced bonds and the median trend of convertible bond prices [23][30] 3. November Convertible Bond Recommendations - It is recommended to pay attention to convertible bonds such as Shangyin Convertible Bond, Shouhua Convertible Bond, etc. [11]

Group 1 - The core viewpoint of the articles highlights the resilience of the convertible bond market amid fluctuations in the A-share market, with convertible bonds showing less adjustment than underlying stocks and maintaining high price and valuation levels [1] - The convertible bond market is experiencing positive signals from the supply side, including an increase in the number of issuance plans and a faster approval pace, which may lead to marginal improvements in the market [1] - Long-term optimism for the convertible bond market is supported by four key factors: a positive policy stance towards the capital market, the revaluation of Chinese assets amid US-China trade tensions, a long-term trend of asset allocation towards equity markets, and a tightening supply of convertible bonds due to declining stock levels [1] Group 2 - The "fixed income enhancement" funds focusing on convertible bond allocation may become an important choice for investors seeking to balance risk and return, allowing for more flexible engagement with structural opportunities in both the convertible bond and equity markets [2] - The company has developed a diverse "fixed income+" product matrix, emphasizing refined investment management to meet the varied and differentiated investment needs of investors in a complex capital market [2]

Report Overview - The report analyzes the convertible bond holdings of public funds in Q3 2025, including scale, industry and style preferences, and factor performance [1][9] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - As of Q3 2025, public funds held convertible bonds worth 303.8 billion yuan, with the market value ratio increasing to 38.94%. Funds prefer convertible bonds with low BS pricing premium, high conversion value, large balance, and low conversion premium ratio. Factors such as maturity, implied volatility, and pure bond value have performed well this year [1][9] 3. Summary by Relevant Catalog 3.1 Publicly - Held Convertible Bond Scale - As of Q3 2025, 1581 public funds held convertible bonds, with a total scale of 303.8 billion yuan, accounting for 38.94% of the total convertible bond market value [9][13] 3.2 Convertible Bond Funds and Heavy - Held Convertible Bonds - Funds with large convertible bond holdings in Q3 2025 include Boshi CSI Convertible and Exchangeable Bond ETF, Haifutong Shanghai Stock Exchange Investment - Grade Convertible and Exchangeable Bond ETF, etc., all with holdings over 7 billion yuan. Funds with a high proportion of convertible bonds include Huashang Convertible Bond Selection A, Rongtong Convertible Bond A, etc., all with a proportion over 105% [15] 3.3 Convertible Bond Holding Industry Distribution - In terms of market value, the banking, power equipment and new energy, basic chemicals, and electronics industries have the largest holdings, all over 20 billion yuan. The banking industry accounts for 19%. Power equipment and new energy, banking, and basic chemicals are over - allocated, while power and utilities, non - banking, and construction are under - allocated [9][20] 3.4 Convertible Bond Holding Style Distribution - 21 style factors are constructed from four aspects: convertible bond valuation, underlying stock, trading, and terms. The market's funds prefer convertible bonds with low BS pricing premium, high conversion value, large scale, and low conversion premium ratio [22][27] 3.5 Convertible Bond Holding Factor Performance - From December 31, 2024, to October 29, 2025, factors such as maturity, implied volatility, implied volatility premium for 1 year, pure bond value, and peak factor have performed relatively well, with information ratios above 1.7 [29][30]

Core Insights - The public funds held convertible bonds accounted for 55.34% of the total market value of convertible bonds as of Q3 2025, with a quarter-on-quarter increase of 12.93 percentage points, indicating a slight rise in positions by 0.09 percentage points [1][7] - Despite a decrease in the total balance of convertible bonds to 572.07 billion yuan, the proportion of convertible bonds held by institutions continues to increase [1][7] Group 1: Public Fund Holdings - As of Q3 2025, public funds held convertible bonds worth 316.57 billion yuan, representing 55.34% of the total market value, an increase of 12.93 percentage points from Q2 [1][14] - The number of public funds holding convertible bonds exceeded 2,009, with 61 funds holding over 1 billion yuan in convertible bonds, accounting for 69.46% of the total value of convertible bonds held by public funds [14][17] Group 2: Convertible Bond Fund Holdings - Convertible bond funds, totaling 40, held convertible bonds worth 121.21 billion yuan, a quarter-on-quarter increase of 42.2% [3][17] - The average position of convertible bond funds rose from 84.99% in Q2 to 87.17% in Q3, while the leverage ratio decreased from 142.08% to 135.17% [19][22] Group 3: Sector Performance - The fastest growth in public fund holdings of convertible bonds was observed in the oil and petrochemical sector, which increased by 59.14% quarter-on-quarter, followed by the electric power equipment sector with a 40.93% increase [4][26] - Significant increases were also noted in the beauty care, computer, steel, and communication sectors, while reductions were seen in the media, non-ferrous metals, social services, and household appliances sectors [4][26] Group 4: Fund Performance - The average annualized return of convertible bond funds in Q3 2025 was 67.31%, outperforming the average annualized return of the Zhongzheng Convertible Bond Index, which was 41.57% [22][24] - Notable performers included the Southern Changyuan Convertible Bond Fund with a return of 172.4% and the Huaxia Convertible Bond Enhanced Fund with a return of 160.4% [22][24]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report In Q3 2025, despite the accelerating decline in the convertible bond market's outstanding balance, institutional holdings of convertible bonds continued to increase. Convertible bond funds and secondary bond funds increased their positions in convertible bonds, and convertible bond funds showed good performance in terms of returns and positions. Some industries such as petroleum and petrochemicals, and power equipment saw significant increases in positions, while others like media and non - ferrous metals saw reductions [1][2][4]. 3. Summary by Related Catalogs 3.1 Public Fund Convertible Bond Holdings - In Q3 2025, public funds' convertible bond holdings accounted for 55.34% of the total convertible bond market value, a 12.93 - percentage - point increase from Q2, and the position increased slightly by 0.09 percentage points. The outstanding balance of the convertible bond market was 572.072 billion yuan, a 10.96% decrease from Q2 [1][9]. - Convertible bond funds and secondary bond funds increased their positions in convertible bonds. Secondary bond funds' convertible bond market value increased by 20.596 billion yuan (+2.55%), and convertible bond funds' market value increased by 35.972 billion yuan (+7.67%). On the other hand, first - level bond funds, partial - debt hybrid funds, and flexible allocation funds reduced their positions [2][11]. - As of Q3 2025, there were 61 public funds with convertible bond holdings exceeding 1 billion yuan, accounting for 69.46% of the market value of public funds investing in convertible bonds, a 6.71 - percentage - point increase from Q2. There were 291 funds with holdings exceeding 100 million yuan, accounting for 93.31% of the market value, a 1.76 - percentage - point increase from Q2 [3][18]. 3.2 Convertible Bond Fund's Convertible Bond Holdings - As of Q3 2025, there were 40 convertible bond funds, with a total convertible bond market value of 121.205 billion yuan, a 35.972 - billion - yuan increase from Q2, a 42.2% increase. The convertible bond position rose from 84.99% in Q2 to 87.17%, and the leverage ratio decreased from 142.08% to 135.17% [3][21][22]. - In Q3 2025, the average return of convertible bond funds outperformed the CSI Convertible Bond Index. The average annualized return of the CSI Convertible Bond Index was 41.57%, the average annualized return of convertible bond funds was 67.31%, and 32 funds outperformed the CSI Convertible Bond Index, with a winning rate of 80% [4]. - Industries such as petroleum and petrochemicals, power equipment, beauty and personal care, computer, and steel saw significant increases in positions. The market value of public funds' holdings in the petroleum and petrochemical industry increased by 59.14% compared to Q2, and that in the power equipment industry increased by 40.93%. Industries like media, non - ferrous metals, social services, and household appliances saw significant decreases in holdings [5][31]. - The top five heavy - position convertible bonds of convertible bond funds were Industrial Bank Convertible Bond, Shanghai Bank Convertible Bond, Wens Convertible Bond, Jingneng Convertible Bond, and SDIC Convertible Bond. Among the top 20 convertible bonds held by convertible bond funds, 19 had a credit rating of AA or above, and most were pro - cyclical targets [5][31][33].