Report Industry Investment Rating No relevant content provided. Core Viewpoints - As of the end of Q3 2025, the total number of active bond funds increased by 1.4% quarter-on-quarter, while the total fund size decreased by 3.5% quarter-on-quarter. Among them, the scale of hybrid secondary bond funds increased significantly by 61.1% [2][5][6]. - In Q3 2025, the yield of Treasury bonds increased, and the performance of short-term pure bond funds was better than that of medium and long-term pure bond funds. Driven by equity assets, secondary bond funds performed better [2][15][17]. - In terms of positions, medium and long-term pure bond funds, short-term bond funds, and hybrid primary bond funds all reduced leverage and duration. The bond positions of medium and long-term pure bond funds and short-term bond funds decreased, while the convertible bond positions of hybrid primary bond funds increased. Hybrid secondary bond funds increased their stock positions and decreased their bond positions, and increased their positions in sectors such as electronics, power equipment, and media [2]. Summary by Directory 1. Scale and Issuance of Active Bond Funds - **Scale Change**: As of the end of Q3 2025, the number of active bond funds was 3,349 (excluding amortized cost method funds), a quarter-on-quarter increase of 1.4%. The total fund size was 7.68 trillion yuan, a quarter-on-quarter decrease of 3.5%. Among them, the number of medium and long-term pure bond funds, hybrid primary bond funds, and hybrid secondary bond funds increased by 0.8%, 1.7%, and 3.8% respectively quarter-on-quarter, while the number of short-term pure bond funds decreased by 0.3% quarter-on-quarter. The scale of medium and long-term pure bond funds, short-term pure bond funds, and hybrid primary bond funds decreased by 11.1%, 18.0%, and 1.0% respectively, while the scale of hybrid secondary bond funds increased significantly by 61.1% quarter-on-quarter [5][6]. - **Fund Issuance**: In Q3 2025, 75 active bond funds were issued, an increase of 11 from the previous quarter, a growth rate of 17.2%. The total issuance scale was 50.41 billion yuan, a quarter-on-quarter decrease of 39%. Among them, the issuance scale of medium and long-term pure bond funds and short-term pure bond funds decreased compared with the previous quarter, while the issuance scale of hybrid primary bond funds and hybrid secondary bond funds increased by 37.8% and 39.5% respectively quarter-on-quarter [10][12]. 2. Performance of Active Bond Funds - **Treasury Yield Increase**: In Q3 2025, the yields of 1-year, 3-year, 5-year, 7-year, 10-year, and 30-year Treasury bonds increased by 3bp, 12bp, 10bp, 16bp, 22bp, and 39bp respectively. Against the background of rising interest rates, the performance of medium and long-term pure bond funds was poor. The yield of the short-term pure bond fund index was 0.16%, and the yield of the medium and long-term pure bond fund index was -0.37% [15]. - **Better Performance of Equity-Containing Products**: Driven by equity assets in Q3 2025, secondary bond funds performed better. The yield of the hybrid primary bond fund index was 0.64%, with a maximum drawdown of -0.50%; the yield of the hybrid secondary bond fund index was 3.18%, with a maximum drawdown of -0.73% [17]. 3. Position Analysis of Active Bond Funds - **Medium and Long-Term Pure Bond Funds**: Reduced leverage and duration, and bond positions generally decreased. Both closed - end and open - end medium and long-term pure bond funds reduced their positions in interest rate bonds, credit bonds, and financial bonds [20][26][28]. - **Short-Term Bond Funds**: Reduced leverage and duration, and the financial bond position decreased. The bond position and the weighted duration of the top five heavy - held bonds also decreased [35][37][42]. - **Hybrid Primary Bond Funds**: Reduced leverage and duration, and the convertible bond position increased. The leverage ratio and bond position decreased, while the convertible bond position increased [44][46][48]. - **Hybrid Secondary Bond Funds**: - **Asset Allocation**: The bond position decreased, and the stock position increased. The median convertible bond position decreased compared with the end of the previous quarter [56][58]. - **Industry Distribution of Heavy - Held Stocks**: In Q3, sectors such as electronics, power equipment, and media were increased, while sectors such as banks, public utilities, and transportation were reduced [63]. - **Heavy - Held Stocks**: Zijin Mining was the largest heavy - held stock, and the heavy - held scale of the top ten heavy - held stocks increased. Stocks such as CATL and Alibaba - W were increased significantly, while stocks such as Yangtze Power and China Merchants Bank were reduced [67][68].

证 券 研 究 报 告 混合一级债基的配置价值提升：发展历程、策略分类、绩优产品 金融产品每周见20250826 | 证券分析师：肖逸芳 | | A0230524110001 | | | --- | --- | --- | --- | | 蒋辛 | | A0230521080002 | | | 邓虎 | | A0230520070003 | | | 联系人： | 肖逸芳 | A0230524110001 | xiaoyf@swsresearch.com | | 2025.8.26 | | | | 投资要点 www.swsresearch.com 证券研究报告 2 ◼ 混合一级债基的发展历程与现状： 混合一级债基的发展大致分为四个阶段：概念诞生期（2002-2005）、以打新为主要增厚策略打新策 略期（2005-2012）、因打新政策调整而转向的可转债策略期（2012-2021），以及当前监管对可转债投资设限后的 "纯债+"策略期 （2021至今）。截至最新数据，全市场一级债基数量已达415只，总规模约8680亿元。 ◼ 一级债基的收益风险特征： 整体来看，一级债基的收益和风险水平介于二级债基和纯债基金之间，其 ...