Core Viewpoint - The article highlights the journey of Pan Huanhuan, who transitioned from various roles in the finance industry to founding a private equity firm, emphasizing a multi-asset, multi-strategy investment approach aimed at achieving resilient absolute returns [1][5]. Investment Philosophy - The multi-asset, multi-strategy investment philosophy was developed during Pan's tenure at a brokerage, where he observed the limitations of single-asset investment structures, particularly during market downturns [3][4]. - This approach allows for capturing investment opportunities across various asset classes while controlling overall risk through diversification, especially when asset correlations are low [4]. Main Strategies - The company has established four primary strategies: multi-asset strategy, fixed increase combination strategy, convertible bond combination strategy, and cross-market arbitrage strategy [5]. - The multi-asset strategy combines top-down macro analysis with bottom-up asset valuation to achieve diversified allocation [5]. - The fixed increase strategy focuses on discounted fixed increases and bulk trading to balance returns and liquidity risks [5]. - The convertible bond strategy employs financial engineering tools to create a multi-factor driven investment strategy [5][6]. - The arbitrage strategy encompasses various elements, including convertible bonds, stocks, commodities, and overseas markets [5]. Future Outlook - The company is optimistic about the investment value of convertible bonds, particularly in a low-interest-rate environment, where they can provide a balance of equity and debt characteristics [7][8]. - The firm has developed seven sub-strategies for convertible bond investments, focusing on diversification and specific market conditions [8]. - The expectation is that as market volatility increases, convertible bonds will offer better risk-adjusted returns due to their unique attributes [8].

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].

Group 1 - Multiple convertible bonds are experiencing significant declines as they approach their last trading days, with specific examples highlighting the risks involved [1][2][3] - Tongguang Convertible Bond dropped 5.29% on October 29, following a 16.06% decline on October 28, marking four consecutive days of decline before its last trading day [1] - If Tongguang Convertible Bond is not converted by November 3, it will be forcibly redeemed at 113 RMB per bond, resulting in a potential loss of 6.3% based on its closing price of 120.602 RMB on October 29 [1] Group 2 - Fushi Convertible Bond also faced a decline, with its latest price at 137.805 RMB, down approximately 17% from its historical high in September [1][2] - Investors holding Fushi Convertible Bond must convert by November 3 to avoid a loss of 27.30% if not sold or converted [2] - Changji Convertible Bond has seen a continuous decline since an early redemption announcement on October 14, with a current price of 117.358 RMB, leading to a potential loss of 13.81% if not redeemed by November 3 [2] Group 3 - Enjie Convertible Bond has decreased by 20.58% from its October high of 160.8 RMB, with a current price of 127.714 RMB [3] - If Enjie Convertible Bond is not converted by the last trading day on October 30, it will be redeemed at 101.44 RMB, resulting in a loss of 20.57% [3] - Despite the overall downward trend, some convertible bonds are performing well, indicating a disparity in price movements among different bonds [3] Group 4 - Investors should be aware of the option to convert bonds before the last trading day, as companies typically remind bondholders to convert during the conversion period [4] - For convertible bonds issued by companies on the ChiNext board, investors must have the appropriate trading permissions to convert, highlighting the risk of being unable to convert [4] Group 5 - Upcoming convertible bonds entering their last trading days include Niutai Convertible Bond on October 30, Chunqiu Convertible Bond on November 3, Sheng24 Convertible Bond on November 10, Chenfeng Convertible Bond on November 17, and Hengbang Convertible Bond on November 24 [5]

Core Viewpoint - Several convertible bonds are experiencing significant declines as they approach their last trading days, highlighting the importance of understanding the details and investment risks associated with these bonds [1] Group 1: Convertible Bond Performance - Tongguang Convertible Bond fell by 5.29% on October 29, following a 16.06% drop on October 28, marking four consecutive days of decline [2] - The last trading day for Tongguang Convertible Bond is October 29, with a forced redemption price of 113 RMB per bond if not converted by November 3, potentially resulting in a loss of 6.3% based on the closing price of 120.602 RMB [2] - Fushi Convertible Bond is also facing a decline, with a current price of 137.805 RMB, down approximately 17% from its historical high in September [2] - Fushi Convertible Bond's last trading day is also October 29, with a forced redemption price of 100.19 RMB per bond, leading to a potential loss of 27.30% if not converted [3] - Changji Convertible Bond has seen a continuous decline since an early redemption announcement on October 14, with a current price of 117.358 RMB, which is significantly lower than pre-announcement levels [3] - If Changji Convertible Bond is not redeemed by November 3, it will be redeemed at 101.151 RMB, resulting in a loss of 13.81% [3] - Enjie Convertible Bond has dropped 20.58% from its October high of 160.8 RMB, with a current price of 127.714 RMB [4] - If Enjie Convertible Bond is not converted by the last trading day of October 30, it will be redeemed at 101.44 RMB, leading to a loss of 20.57% [4] Group 2: Important Details for Investors - Investors holding convertible bonds nearing their last trading days should consider options such as selling the bonds or converting them before the redemption period ends [5] - Companies typically remind bondholders to convert their bonds during the conversion period, as seen in Tongguang Cable's announcement [5] - For convertible bonds issued by companies on the ChiNext board, investors must have the appropriate trading permissions to convert their bonds into stocks, as highlighted in Fushi's announcement [5] Group 3: Upcoming Convertible Bonds - Several convertible bonds are approaching their last trading days, including Niutai Convertible Bond on October 30, Chunqiu Convertible Bond on November 3, Sheng24 Convertible Bond on November 10, Chenfeng Convertible Bond on November 17, and Hengbang Convertible Bond on November 24 [6]