报告摘要 1、2025 年第四季度市场回顾 2025 年第四季度，市场主要指数中，上证指数和万得全 A 有所上涨，深证成指和创业板指有所下跌。上 证指数上涨 2.22%，万得全 A 指数上涨 0.97%，深证成指下跌 0.01%，创业板指下跌 1.08%。中证转债指 数涨幅为 1.32%。四季度权益市场和转债市场高位震荡，整体涨幅表现弱于三季度。转股溢价率方面，由 9 月 30 日的 44.73%上升至 12 月 31 日的 46.57%。 2、基金持有转债行为分析 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 2025 年第四季度转债基金持有规模最大的是电力设备行业转债，持仓市值达 73.31 亿元；银行、基础化 工、农林牧渔和电子行业转债持仓市值规模分别为 64.99 亿元、4 ...

Market 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]