证券研究报告|宏观研究报告 [Table_Date] 2026 年 01 月 28 日 [Table_Title] 25Q4，二级债基规模高增 2500+亿 [Table_Title2] 基金转债持仓季度点评 [Table_Summary] ► 25Q4 固收+基金需求暴增，热门产品业绩较强 业绩方面，2025Q4，传统固收+基金与纯债基金表现接近，但 从全年情况来看仍明显更强。收益率方面，2025Q4，转债基 金收益率处于较高水平，为 1.09%。一级债基、二级债基和偏 债混合基金则分别为 0.6%、0.44%、0.31%。不过，从 2025 年 全年情况来看，转债基金收益率中位数 22.43%，一级债基、 二级债基和偏债混合基金分别为 2.06%、4.66%、5.49%，显著 强于中长债基金（1.07%）。 规模方面，常规分类（不含转债基金）中，25 年四季度，二 级债基规模环比高增 2506 亿元至 15535 亿元。不过，一级债 基、偏债混合基金规模分别减少 142.5 亿元、7 亿元。转债基 金也环比减少 117 亿元至 1216 亿元。 25Q4 环比规模增长最大的 20 只二级债基的主要特征:其 ...

Group 1 - The core viewpoint of the article highlights the continued growth of fixed income and the strategic adjustments in equity exposure amidst market fluctuations, with a notable increase in financial bonds [1][2]. - In Q4 2025, the net subscription for fixed income + funds reached 160.55 billion units, showing a significant growth trend despite being lower than Q3 2025, primarily concentrated in secondary bond funds [1]. - Convertible bond funds saw a net subscription of 2.014 billion units in Q4 2025, maintaining a positive subscription trend for two consecutive quarters [1]. Group 2 - Institutional behavior regarding convertible bonds remains diverse, with public funds, social security, and trusts reducing their holdings in October and November, likely for profit-taking, followed by a renewed allocation in December [2]. - Insurance funds significantly reduced their convertible bond holdings, with a decrease of over 50% in face value by the end of 2025 compared to the beginning of the year [2]. - Public funds are actively seeking alternative bottom assets, showing a reduction in bank convertible bonds primarily due to the delisting of the Pudong Development Bank convertible bond, while still demonstrating a strong inclination to increase holdings in other sectors like electronics and defense [2]. Group 3 - In terms of marginal increases, public funds are diversifying their allocation while maintaining core themes, with notable increases in convertible bonds related to power equipment and oil and petrochemicals, as well as defense and military industries [3]. - Specific convertible bonds such as Long 22 and Jingneng convertible bonds have seen significant increases in holdings, reflecting resource and geopolitical logic [3]. - Other sectors like steel and basic chemicals are also seeing increased allocations, indicating a broader trend of investment across various cyclical and manufacturing chains [3].