债券研究 证 券 研 究 报 告 【债券深度报告】 一二级债基增配转债，转债基金仓位提升 ——25Q4 公募基金可转债持仓点评 ❖ 公募基金持有转债仓位回落，加仓银行及电子转债 2025Q4 公募基金持有可转债市值 3082.51 亿元，环比减少 2.63%，但同比增加 7.24%。公募基金持有可转债市值占债券投资市值比为 1.46%，较 25Q3 降低 0.11pct；占净值比为 0.83%，较 25Q3 降低 0.04pct。 一级及二级债基增持。25Q4 股票型、混合型和债券型基金持有转债的市值分 别-9.08%、-11.55%、-1.92%至 8.25 亿元、196.86 亿元、2875.95 亿元。债券型 基金中，二级债基、一级债基、可转债基金持有转债市值分别+3.69%、+2.54%、 -3.67%至 1105.66、663.91、500.68 亿元；混合型基金中，灵活配置型和偏债混 合型持有转债市值分别为+1.53%和-17.88%至 63.61、102.35 亿元。 从变化的绝对金额上来看，各一级分类基金持转债市值均有所减少，股票型基 金持仓市值微降 0.82 亿元，但在本身体量偏小的影响下， ...

Core Viewpoint - The China Convertible Bond Index increased by 2.63%, closing at 521.46 points on February 3rd, indicating a positive trend in the convertible bond market [1] Group 1: Performance of Convertible Bonds - Baichuan Convertible Bond (百川转2) rose by 17.34%, showing significant appreciation [1] - Shuangliang Convertible Bond (双良转债) increased by 16.56%, reflecting strong investor interest [1] - Haiyou Convertible Bond (海优转债) gained 11.44%, contributing to the overall positive performance of the index [1] - Huazhong Convertible Bond (华安转债) declined by 4.85%, indicating some volatility in the market [1] - Shangyin Convertible Bond (上银转债) fell by 0.76%, showing a slight decrease [1] - Zhonghuan Convertible Bond (中环转2) decreased by 0.57%, suggesting mixed performance among different bonds [1]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - In Q4 2025, the market showed mixed performance with the Shanghai Composite Index and Wind All - A Index rising, while the Shenzhen Component Index and ChiNext Index falling. The CSI Convertible Bond Index rose by 1.32%. The equity and convertible bond markets fluctuated at high levels with weaker overall gains than in Q3. The conversion premium rate increased from 44.73% on September 30 to 46.57% on December 31 [1][10]. - At the end of Q4 2025, the scale of convertible bonds held by funds decreased, but the proportion of the market value of convertible bonds held by funds to the balance of the convertible bond market increased. Different - type funds had differentiated changes in the scale of convertible bonds held, with mixed - bond - type secondary funds increasing their holdings and passive - index - type bond funds reducing their holdings [2][11]. - Convertible bond funds' scale increased quarter - on - quarter. Their performance was weaker than the CSI Convertible Bond Index and the Wind All - A Index in Q4 2025. The average return rate was 0.86%, and the median return rate was 1.09% [3][40]. 3. Summary by Relevant Catalogs 3.1 2025 Q4 Market Review - The Shanghai Composite Index rose 2.22%, the Wind All - A Index rose 0.97%, the Shenzhen Component Index fell 0.01%, and the ChiNext Index fell 1.08%. The CSI Convertible Bond Index rose 1.32%. The conversion premium rate increased from 44.73% on September 30 to 46.57% on December 31 [1][10]. 3.2 Fund Holding Convertible Bond Behavior Analysis 3.2.1 Fund Holding Convertible Bond Total Scale Change - By the end of Q4 2025, the balance of the convertible bond market was 552.999 billion yuan, a decrease of 55.551 billion yuan from the end of the previous quarter. The scale of newly issued convertible bonds was 15.035 billion yuan. The scale of convertible bonds held by funds was 308.256 billion yuan, a reduction of 8.362 billion yuan from the end of the previous quarter, a 2.64% quarter - on - quarter decrease. The proportion of the market value of convertible bonds held by funds to the balance of the convertible bond market was 55.74%, a 3.71 - percentage - point increase from the end of Q3 2025 [11]. 3.2.2 Various Funds' Holding Convertible Bond Scale Change - In Q4 2025, mixed - bond - type secondary funds held the largest scale of convertible bonds (110.566 billion yuan), followed by mixed - bond - type primary funds (66.391 billion yuan) and passive - index - type bond funds (60.141 billion yuan). Mixed - bond - type secondary funds increased their holdings by 39.28 billion yuan, and mixed - bond - type primary funds increased by 16.07 billion yuan. Passive - index - type bond funds reduced their holdings by 90.87 billion yuan, and other types of funds also had different changes in holdings [15][19]. 3.2.3 Fund Positioning Behavior Analysis - **Fund Positioning Industry Distribution**: The top five industries with the largest scale of convertible bonds held in Q4 2025 were banking (55.014 billion yuan), power equipment (47.634 billion yuan), basic chemicals (24.739 billion yuan), electronics (24.298 billion yuan), and agriculture, forestry, animal husbandry, and fishery (17.188 billion yuan). Non - ferrous metals had the largest reduction in holdings (4.636 billion yuan), and the electronics industry had a relatively large increase in holdings (2.853 billion yuan) [23][24]. - **Fund Positioning Individual Bond Distribution**: Among the top 5 convertible bonds held by funds, 3 were bank - related (Industrial Bank Convertible Bond, Shanghai Bank Convertible Bond, and Chongqing Bank Convertible Bond). Industrial Bank Convertible Bond had the largest increase in holdings (1.905 billion yuan) [29][30]. - **Fund Holding Convertible Bond Rating**: AA - rated convertible bonds had the highest proportion (30.81%) among those held by funds [33]. 3.3 Convertible Bond Fund Holding Convertible Bond Behavior Analysis 3.3.1 Convertible Bond Fund Scale Change - By the end of Q4 2025, there were 38 existing convertible bond funds, with a holding scale of 51.287 billion yuan, a quarter - on - quarter increase of 2.15 billion yuan [34]. 3.3.2 Convertible Bond Fund Positioning Behavior Analysis - **Convertible Bond Fund Positioning Industry Distribution**: The convertible bond funds held the largest market value of convertible bonds in the power equipment industry (7.331 billion yuan). The banking industry had the largest increase in holdings (659 million yuan), and non - ferrous metals had the largest reduction in holdings (1.553 billion yuan) [35]. - **Convertible Bond Fund Performance**: In Q4 2025, the average return rate of convertible bond funds was 0.86%, the median return rate was 1.09%, and the average return rate of the top - ten convertible bond funds was 2.79%. Their performance was weaker than the CSI Convertible Bond Index and the Wind All - A Index [40].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints - The return variance of funds has widened, and convertible bond funds have outperformed active products. The scale of public funds' convertible bond holdings decreased by 2.6% to 30.83 billion yuan, less than the overall market scale decline of -7%. Most convertible bond funds achieved positive returns, and there was an obvious trend of funds flowing from passive to active products [1][13]. - In Q4 2025, funds mainly increased positions in bank, military, photovoltaic industry targets and semiconductor new - issue bonds, and reduced positions in battery convertible bonds. Convertible bond funds led active - type funds, and the performance variance of active equity - oriented funds was extremely large [2]. - Among the high - performing products, Fund A, which ranked first in returns, adopted a quantitative strategy with outstanding asset - switching ability. Fund B, which ranked second, had excellent bond - selection ability, heavily invested in securities and technology, and significantly outperformed the index during the rising stage [3]. 3. Summary According to the Directory 3.1 Fund Holding Convertible Bond Scale and Fund Type Distribution - The convertible bond holding scale of first - and second - tier bond funds and flexible allocation funds slightly increased, while that of partial - debt hybrid and convertible bond funds decreased. The total asset value of convertible bond funds decreased from 67.85 billion yuan at the end of Q3 to 65.459 billion yuan [12]. - In Q4 2025, affected by multiple factors, the market mostly oscillated until late December. The scale of the convertible bond market continued to shrink, and the supply - demand contradiction was prominent. The convertible bond holding scale of public funds decreased by 830 million yuan to 30.83 billion yuan, with a decline of 2.6%, less than the overall market scale decline [13]. - The number of funds with a decreased convertible bond position in Q4 2025 was more than those with an increased position, and the ratio of adding - position funds to reducing - position funds was 0.74. The number of funds with a convertible bond position of more than 5% decreased significantly compared with Q2 and Q3 2025 [15][17]. - By fund type, first - tier bond funds, second - tier bond funds, convertible bond funds, partial - debt hybrid funds, and flexible allocation funds were the main forces in convertible bond allocation. More first - tier bond funds began to allocate convertible bonds in Q4 2025, and the scale of second - tier bond funds expanded most significantly [20][25]. - In terms of the price of convertible bonds held by public funds in Q4 2025, the proportion of balanced convertible bonds slightly increased, the position of bank convertible bonds remained stable, and the proportion of high - priced convertible bonds slightly decreased [27]. 3.2 2025 Q4 All Types of Fund Return Statistics - In Q4 2025, convertible bond funds led active - type funds, and the performance variance of active equity - oriented funds was extremely large. The average quarterly returns of ordinary stock funds and partial - equity hybrid funds were - 1.59% and - 1.94% respectively, with performance variances of 6.72% and 7.5% respectively. The average quarterly return of convertible bond funds was 0.86% [2][43]. - Most convertible bond funds achieved positive returns, and the trend of funds flowing from passive to active products was obvious. The median return of 41 convertible bond funds (including convertible bond funds, Xingquan Convertible Bond, and two ETFs) in Q4 was + 1.09%, and the return of convertible bond ETFs was 1.45%. The median return of these 41 products in the past year was 1.21% [46]. - Among the high - performing products, Fund A, which ranked first in returns, adopted a quantitative strategy, with the proportion of convertible bonds in the fund's total assets increasing significantly in Q4. It had outstanding asset - switching ability. Fund B, which ranked second, had excellent bond - selection ability, heavily invested in securities and technology, and significantly outperformed the index during the rising stage [3][51][62].

公告显示，本次付息对应的计息期间为2025年1月25日至2026年1月24日，根据此前《募集说明书》约定，本计息年度可转债票面利率为3.50%（含税）。按 每张可转债面值100元计算，持有人每张可获利息3.50元（含税），扣税后实际到手金额将根据持有人税负类型有所差异。 关于本次付息的关键时间节点，上海银行明确，付息债权登记日为2026年1月23日，即截至当日上海证券交易所收市后，在中国证券登记结算有限责任公司 上海分公司登记在册的全体"上银转债"持有人，均可享受本次利息派发。值得注意的是，原定付息日为2026年1月25日，因该日为非交易日，故顺延至1月26 日，当日同时作为本次付息的除息日与兑息日。 "上银转债"于2021年1月25日公开发行，发行规模达200亿元，本次付息是其存续期间的常规付息安排，后续将按照募集说明书约定履行信息披露及兑付义 务。截至公告披露日，上海银行股价报9.79元/股，涨幅1.35%；"上银转债"价格为128.015元，涨幅0.41%。 银行频道更多独家策划、专家专栏，免费查阅>> 近日，上海银行（601229.SH）发布公告，披露其2021年发行的200亿元A股可转换公司债券（简 ...

Core Viewpoint - Shanghai Bank announced that the 200 billion RMB A-share convertible bonds issued on January 25, 2021, will start paying interest on January 26, 2026, for the period from January 25, 2025, to January 24, 2026, with a coupon rate of 3.50% [1][14][18] Summary by Sections Bond Issuance Overview - The convertible bonds, referred to as "Shangyin Convertible Bonds," have a total issuance size of 200 billion RMB, with 20 million bonds issued at a par value of 100 RMB each [6][21] - The bonds were issued from January 25 to January 29, 2021, and listed on February 10, 2021, with a maturity period of six years [21][22] - The coupon rates are structured as follows: 0.30% for the first year, 0.80% for the second year, 1.50% for the third year, 2.80% for the fourth year, 3.50% for the fifth year, and 4.00% for the sixth year [21][22] Interest Payment Details - The interest payment for the current period will be 3.50 RMB per bond (including tax), with the interest payment record date set for January 23, 2026, and the interest payment date on January 26, 2026 [9][10][24] - The interest payment date was postponed from January 25, 2026, due to it being a non-trading day [10][19] Taxation Information - According to the latest tax policy, from January 1, 2026, to December 31, 2027, interest income from bonds held by foreign institutions will be temporarily exempt from corporate income tax and value-added tax [3][18][28] - Individual investors are subject to a 20% personal income tax on interest income, resulting in a net interest payment of 2.80 RMB per bond after tax [12][27] Payment Method - The company has signed an agreement with China Securities Depository and Clearing Corporation Limited Shanghai Branch for bond payment and interest distribution [11][26] - If the company fails to transfer the interest payment funds on time, the responsibility for subsequent payments will revert to the company [11][26]

Core Viewpoint - Shanghai Bank will begin paying interest on its convertible bonds, "Shangyin Convertible Bonds," starting January 26, 2026, for the period from January 25, 2025, to January 24, 2026 [2][11]. Group 1: Convertible Bond Overview - The company issued 20 billion RMB worth of convertible bonds on January 25, 2021, with a total of 20 million bonds issued at a face value of 100 RMB each [5]. - The bonds have a maturity period of six years, from January 25, 2021, to January 24, 2027 [5]. - The bonds are convertible into the company's A-shares [2]. Group 2: Interest Payment Details - The interest rates for the bonds are structured as follows: 0.30% for the first year, 0.80% for the second year, 1.50% for the third year, 2.80% for the fourth year, 3.50% for the fifth year, and 4.00% for the sixth year [3]. - The interest for the current period is set at 3.50% (including tax), amounting to 3.50 RMB per bond [11]. - The interest payment record date is January 23, 2026, with the interest payment date and ex-dividend date both on January 26, 2026 [4][12]. Group 3: Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net payment of 2.80 RMB per bond after tax [14]. - For corporate investors, the interest income is subject to self-payment of taxes, with the gross amount remaining at 3.50 RMB per bond [14]. - Foreign institutional investors are temporarily exempt from corporate income tax and value-added tax until December 31, 2025 [15]. Group 4: Contact Information - The issuer is Shanghai Bank, located at 688 Zhongshan South Road, Huangpu District, Shanghai [15]. - The underwriter and trustee for the convertible bonds is Guotai Junan Securities Co., Ltd. [15].

Core Viewpoint - The article introduces the "Xingye Juhua Mixed A" fund, managed by seasoned fixed-income investor Ding Jin, which employs a "fixed income plus" strategy to pursue stable returns while controlling volatility [3][27]. Fund Overview - Xingye Juhua Mixed A was established in March 2020 and has been managed by Ding Jin since inception, achieving an annualized return of 9.6% [4]. - The fund's current combined scale exceeds 1.9 billion [3]. - Year-to-date performance shows a return of +15.77%, with a +69.43% return since inception, outperforming the CSI 300 index which returned +23.11% [5]. Performance Analysis - Under Ding Jin's management, the fund has consistently outperformed its benchmark and peers in most complete years, with a maximum drawdown of less than 10% [8][9]. - The fund's performance in recent years includes a return of 16.32% in 2025 and 13.42% in 2024, while it faced a slight decline of -4.07% in 2022 [9]. Investment Strategy - As a mixed-asset fund, Xingye Juhua maintains a stock investment ratio between 0%-40%, with fixed income assets serving as the foundation [16]. - The fund has maintained an equity position around 36%, enhancing its flexibility [17]. - The investment strategy balances value and growth, focusing on sectors like pharmaceuticals, telecommunications, and electronics [19]. Holdings and Concentration - The top ten holdings account for over 75% of the fund's equity market value, indicating a concentrated portfolio [21]. - Major holdings include Midea Group, Luxshare Precision, and Mindray Medical, with significant weightings in each [21]. Bond Allocation - The bond allocation primarily consists of convertible bonds and financial bonds, focusing on high-rated bank bonds for safety and limited downside risk [22]. - The fund has been reducing its convertible bond position in response to a strengthening market, maintaining a defensive allocation [25]. Institutional Interest - The fund has garnered significant institutional interest, with over 80% of the A-class shares held by institutional investors as of June 30, 2025 [27]. Target Audience - The fund is positioned as an attractive option for individual investors seeking higher returns than pure bond funds while maintaining lower volatility than equity funds [29].

Group 1: Bond Issuance - The company has received approval from the People's Bank of China and the Shanghai Regulatory Bureau to issue "Shanghai Bank Co., Ltd. 2025 Perpetual Capital Bonds" with a total issuance size of RMB 10 billion and a coupon rate of 2.42% [1] - The bonds will be used to supplement the company's other Tier 1 capital as per applicable laws and regulatory approvals [1] Group 2: Preferred Share Redemption - The company plans to redeem all 200 million shares of its preferred stock "Shangyin Preferred 1" (code: 360029) on December 19, 2025, with a total redemption amount of RMB 20 billion [2] - The redemption price will include the face value plus any declared but unpaid dividends [3] - The payment for the redemption will occur on the same day as the redemption date [4][5] Group 3: Dividend Distribution for Preferred Shares - The dividend rate for the preferred shares has been adjusted to 4.02% since December 19, 2022, with a total cash dividend distribution of RMB 804 million (including tax) based on this rate [9][10] - The last trading day for the preferred shares is December 17, 2025, with the record date on December 18, 2025, and the dividend payment date also on December 19, 2025 [11][15] - The cash dividend will be distributed to all registered shareholders of the preferred shares as of the record date [12]

Core Viewpoint - The announcements detail the resignation of a non-executive director and the approval of a senior management appointment, indicating ongoing governance changes within the company. Group 1: Director Resignation - The company received a resignation letter from non-executive director Mr. Gu Jingshan due to age reasons, effective from December 4, 2025 [2] - Mr. Gu confirmed there were no disagreements with the board and no other matters to notify shareholders or creditors [3] - The resignation will not impact the board's operations or the company's management, and Mr. Gu has completed the necessary handover [3] - The board expressed gratitude for Mr. Gu's contributions during his tenure [4] Group 2: Senior Management Appointment - The company received approval from the Shanghai Regulatory Bureau of the National Financial Supervision Administration for Mr. Chen Lei's appointment as vice president [6] - Mr. Chen's resume was previously published on the Shanghai Stock Exchange website on August 29, 2025 [6]