基 金 研 究 主动债券开放型基金二季报分析： [Table_Authors] 倪韵婷(分析师) 纯债仓位整体上行，杠杆久期双升 本报告导读： 金 2025 年二季度，主动债基纯债仓位上行，权益仓位整体下降；杠杆久期双升。 季 投资要点： 请务必阅读正文之后的免责条款部分 基 | | | | | 021-38676666 | | --- | --- | | 登记编号 | S0880525040097 | | | 魏玮(分析师) | | | 021-38676666 | | 登记编号 | S0880525040123 | | | 刘悦(研究助理) | | | 021-38676666 | | 登记编号 | S0880125042244 | 究 报 告 报 证 | 1. | 2025 | 年二季度市场回顾 3 | | --- | --- | --- | | 2. | | 大类资产配置：纯债仓位整体上升，权益仓位整体下降 3 | | 3. | | 类属资产配置：纯债类产品利率债和信用债仓位上升 5 | | 4. | 杠杆率：有所回升 | 5 | | 5. | | 个券选择：拉长久期，加仓高等级信用债 6 | | 6 ...

Core Insights - The report from Guotai Junan indicates that as of June 30, 2025, the equity position of actively managed bond open-end funds (old) is 4.70%, a decrease of 0.31 percentage points from the end of the first quarter [1] - The pure bond position is 109.03%, an increase of 2.88 percentage points from the previous quarter [1] - The overall market for the second quarter of 2025 saw a bullish trend in both stocks and bonds, with varying strategies among different types of actively managed bond funds regarding their pure bond positions [1][2] Market Overview - In Q2 2025, the bond market experienced low volatility and oscillation, with short-term bonds outperforming long-term ones [1] - The market was influenced by factors such as administrative orders on "reciprocal tariffs," monetary easing expectations, and the Lujiazui Financial Forum, leading to a general increase in bond prices [1] - Major indices showed positive performance, with the China Bond Total Net Price Index rising by 0.90% and the China Convertible Bond Index increasing by 3.77% [1] Fund Positioning - As of Q2 2025, the overall equity position of actively managed bond open-end funds is 4.68%, with a pure bond position of 108.89% [2] - The leverage ratio for these funds stands at 116.67%, indicating a slight increase [2] - The report highlights a significant increase in pure bond positions across various fund types, while equity positions have generally decreased [1][2] Asset Allocation - The allocation to pure bonds has increased, while equity positions have decreased across the board [2] - Within pure bond assets, the allocation to interest rate bonds is 43.45%, and credit bonds is 65.45% [2] - The report notes that institutions are increasing their allocation to interest rate bonds due to a downward trend in interest rates [12] Credit Bond Analysis - The allocation to high-grade credit bonds is approximately 51.19%, reflecting an increase, while low-grade credit bonds have decreased to about 14.42% [20] - The duration of high-grade credit bonds has been extended, indicating a strategic shift towards longer durations in anticipation of favorable interest rate movements [20] Leverage and Duration - The overall leverage ratio for actively managed bond funds has increased to 116.76%, suggesting a trend towards leveraging for enhanced returns [17] - The weighted average duration of the funds has also been extended, with pre-leverage duration at 4.13 years and post-leverage duration at 4.49 years [20]

Core Insights - The report indicates that in Q2 2025, the pure bond positions of active bond funds increased while equity positions decreased overall [1][2] - The leverage duration for active bond funds has risen, reflecting a strategic shift in asset allocation [2][3] Market Review - The bond market experienced low volatility and oscillation, with short-term bonds outperforming long-term ones. In April, the market rose due to reduced investor risk appetite influenced by "reciprocal tariffs," followed by fluctuations due to monetary easing expectations and changing tariff policies. By June, the market saw an overall increase, supported by a loose funding environment and the potential for restarting government bond trading [1] - Key indices showed positive performance: the China Bond Total Net Price Index rose by 0.90%, the China Bond Financial Bond Total Net Price Index increased by 0.53%, and the China Bond Corporate Bond Total Net Price Index saw a slight rise of 0.01% [1] Asset Allocation - There was an overall increase in pure bond positions and a decrease in equity positions among active bond funds. Specifically, convertible bond funds saw a significant reduction in equity positions, while other types of active bond funds increased their pure bond positions [1] - For pure bond products, the allocation to interest rate bonds and credit bonds increased, with interest rate bonds rising to 46.81% and credit bonds decreasing to 65.85% [2] Leverage and Duration - The leverage ratio for active bond funds rose to 116.76%, an increase of 2.31 percentage points from the previous quarter, indicating a strategy to enhance returns amid a loose funding environment [2] - The duration of high-grade credit bonds increased to approximately 51.19%, while low-grade credit bonds decreased to about 14.42%. The overall duration of key holdings also lengthened, with pre-leverage duration at 4.13 years and post-leverage duration at 4.49 years [3]