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， ...

Summary of Key Points Core Viewpoint - Industrial Bank has announced a cash dividend of 0.565 yuan per share (including tax) for its A-shares, with the ex-dividend date set for February 6, 2026 [1]. Group 1: Dividend Distribution - The cash dividend distribution for A-shares will take place on February 6, 2026, coinciding with the ex-dividend date [2]. - The dividend payout reflects the bank's commitment to returning value to its shareholders [1]. Group 2: Convertible Bond Adjustment - Due to the A-share dividend distribution, the conversion arrangement for Industrial Bank's convertible bonds will be adjusted [1]. - The suspension of the conversion will occur from January 30, 2026, to February 5, 2026, with resumption on February 6, 2026 [1]. - The conversion price for the bonds will be adjusted from 21.19 yuan per share to 20.63 yuan per share [1].

Core Viewpoint - Industrial Bank has announced a cash dividend of RMB 0.565 per share (tax included) for its A-shares, with the ex-dividend date set for February 6, 2026 [1][2]. Group 1: Dividend Announcement - The cash dividend of RMB 0.565 per share is part of the 2025 semi-annual A-share equity distribution [1][2]. - The ex-dividend date is scheduled for February 6, 2026 [1][2]. Group 2: Securities Trading Suspension - The convertible bonds of Industrial Bank ("兴业转债") will suspend conversion from January 30, 2026, until the equity registration date on February 5, 2026 [1][2]. - Trading for the convertible bonds will resume on February 6, 2026, with the conversion price adjusted from RMB 21.19 per share to RMB 20.63 per share [1][2].

Core Viewpoint - The banking ETF Tianhong (515290) has shown significant growth in both scale and net inflow, indicating strong investor interest in the banking sector, particularly in light of the upcoming operational strategies for 2026 and the performance of constituent banks [2][3][9]. Group 1: ETF Performance - As of February 2, 2026, the banking ETF Tianhong (515290) recorded a transaction volume of 46.018 million yuan, with the tracked CSI Bank Index (399986) rising over 1% [1]. - In the week leading up to January 30, 2026, the banking ETF Tianhong (515290) saw a scale increase of 70.4748 million yuan and a share increase of 36.3 million shares [2]. - Over the past 10 days, the banking ETF Tianhong (515290) has accumulated a net inflow of 145 million yuan [3]. Group 2: Product Highlights - The banking ETF Tianhong (515290) tracks the CSI Bank Index and includes 42 listed banks in A-shares, with nearly 30% of its holdings in major state-owned banks like ICBC, ABC, and CCB, focusing on high dividend opportunities [4]. - Approximately 70% of the ETF's holdings are in high-growth joint-stock banks, city commercial banks, and rural commercial banks, making it an efficient investment tool for tracking the overall banking sector [4]. Group 3: Key Events - On February 2, 2026, Industrial Bank announced a cash dividend of 5.65 yuan per 10 shares, totaling approximately 11.957 billion yuan, as part of its 2025 interim profit distribution plan [6]. - The bank's 2025 annual performance report indicated a dual increase in revenue and net profit, with total assets surpassing 11 trillion yuan [7]. Group 4: Industry Outlook - The 2026 banking industry management meetings emphasized serving the real economy, optimizing business structures, enhancing risk control, and advancing digital transformation, with a focus on "seeking progress while maintaining stability" [8]. - Huachuang Securities highlighted that the banking sector remains under-allocated, predicting a systemic recovery in valuations for 2026, transitioning from a defensive to a dual-driven growth model [9].

Core Viewpoint - The announcement details the adjustment of the conversion price for the company's convertible bonds following the distribution of cash dividends to shareholders for the 2025 interim profits. Group 1: Convertible Bond Adjustment - The conversion price for "Xingye Convertible Bonds" will be adjusted from RMB 21.19 per share to RMB 20.63 per share effective from February 6, 2026 [4][5]. - The adjustment is based on the company's decision to distribute a cash dividend of RMB 5.65 per 10 shares, which was approved at the first extraordinary shareholders' meeting on January 20, 2026 [3][4]. Group 2: Dividend Distribution - The cash dividend distribution will amount to a total of RMB 11,957,013,637.18, based on a total share capital of 21,162,855,995 shares, with each share receiving a cash dividend of RMB 0.565 [10]. - The record date for the dividend distribution is set for February 5, 2026, with the ex-dividend date on February 6, 2026 [3][8]. Group 3: Shareholder Information - The dividend will be distributed to all A-share shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the record date [9]. - The company will not withhold personal income tax on the cash dividends at the time of distribution, but tax obligations will be calculated based on the holding period when shares are sold [14].

Core Viewpoint - The announcement details the implementation of the 2025 semi-annual profit distribution plan by Industrial Bank Co., Ltd, including cash dividends per share and the adjustment of convertible bond conversion prices [1][15]. Group 1: Dividend Distribution - The cash dividend per A-share is set at RMB 0.565 (including tax), approved by the shareholders' meeting on January 20, 2026 [2][4]. - The total cash dividend distribution amounts to RMB 11,957,013,637.18, based on a total share capital of 21,162,855,995 shares [4]. - The distribution is applicable to all A-share shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the registration date [3]. Group 2: Implementation Dates - The record date for the dividend distribution is February 5, 2026, with the first trading day for the resumption of convertible bond conversion set for February 6, 2026 [15][16]. - The cash dividends will be distributed through the clearing system of China Securities Depository and Clearing Corporation Limited, with specific arrangements for shareholders who have or have not completed designated transactions [5]. Group 3: Taxation Details - For individual shareholders and securities investment funds, the tax treatment varies based on the holding period, with a maximum tax rate of 20% for shares held for one month or less [9]. - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in a net cash dividend of RMB 0.5085 per share [10]. - For investors under the Hong Kong Stock Connect, the same 10% withholding tax applies, with the net cash dividend also being RMB 0.5085 per share [11]. Group 4: Convertible Bond Adjustment - The conversion price of the "Xingye Convertible Bonds" will be adjusted from RMB 21.19 per share to RMB 20.63 per share following the dividend distribution [17]. - The adjustment formula for the conversion price is based on the cash dividend per share, with the new price effective from February 6, 2026 [17].

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].

Group 1 - The company announced a cash dividend distribution of RMB 5.65 per 10 shares for all common shareholders based on the total share capital as of the dividend record date [1][2] - The convertible bonds "Xingye Convertible Bonds" will suspend conversion from January 30, 2026, until the dividend record date, after which conversion will resume [1][3] - The company will disclose further details regarding the dividend distribution and the adjustment of the convertible bond conversion price on February 2, 2026 [3] Group 2 - The company's board of directors confirmed the accuracy and completeness of the announcement, taking legal responsibility for its content [1] - The announcement includes contact information for inquiries, specifically the board office of the company [3]

Group 1 - The core announcement from the company states that the "Xingye Convertible Bonds" will suspend conversion from January 30, 2026, until the equity registration date for the 2025 A-share interim profit distribution [1][5][7] - After the equity registration date, the "Xingye Convertible Bonds" will resume conversion on the first trading day [1][5][7] Group 2 - The company has approved a cash dividend distribution of RMB 5.65 per 10 shares (including tax) to all ordinary shareholders based on the total share capital on the profit distribution registration date [9]

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].