Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the fixed income plus (固收加) fund market in China, focusing on its performance, growth, and strategies for different investor segments [1][2][3]. Core Insights and Arguments - **Performance and Growth**: The fixed income plus fund market is expected to see significant excess returns from 2023 to 2025, particularly when equity benchmarks rise. The total market size is projected to grow by nearly 1 trillion RMB, reaching 2.735 trillion RMB by 2025, with net subscriptions concentrated in a few star products [1][4][2]. - **Investor Preferences**: Institutional investors favor products with high Sharpe ratios and strong position control. The flexibility and risk management capabilities of primary bond funds are highlighted as superior to standalone equity or bond investments [1][6]. - **High Net Worth Client Behavior**: High net worth clients show low participation in public fixed income plus funds, preferring private products due to their flexible strategies. In contrast, middle to high net worth clients have decreased their engagement with public fixed income plus funds since 2022 [1][9]. - **K-Shaped Demand Trend**: The fixed income plus asset management ecosystem is expected to exhibit a K-shaped demand trend, with public funds primarily targeting next-high net worth clients while traditional savings clients invest in low-volatility products [1][10]. - **Regulatory Impact**: Regulatory policies are pushing public fixed income plus products towards yield-enhancing strategies, which will motivate B-end clients to invest more in these funds [1][12]. Important but Overlooked Content - **Star Products and Managers**: The influence of star products and managers is significant, with a notable concentration of funds flowing to key account managers. The top ten managers now hold 48.1% of the market share, indicating a shift in rankings [1][5]. - **Market Dynamics**: The behavior of different institutional investors varies, with primary bond funds primarily attracting bank proprietary investments, while secondary bond funds see more interest from wealth management, insurance, and trust companies [1][8]. - **Future Strategies**: Recommendations for B-end clients include growth-oriented, high-elasticity growth, and barbell strategies, while C-end clients are advised to consider low-volatility products and macro-timing strategies [1][20][21]. Conclusion - The fixed income plus fund market is poised for growth, driven by regulatory changes and evolving investor preferences. Strategies must be tailored to meet the distinct needs of B-end and C-end clients, with a focus on risk management and yield enhancement to attract more investments [1][22].

1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report - The market value of convertible bonds held by public funds remains at a high level, and the increase at the beginning of the year is in line with expectations. The convertible bond market shows strong resilience, and convertible bond funds perform relatively well among various types of funds. [1][9] - The bottom - position style is stable, and the heavily - held bonds of funds continue to perform well. However, there may be profit - taking in convertible bonds of popular sectors, and they may underperform the underlying stocks. [2] - In terms of convertible bond strategies, the overall position should be maintained with prudent neutrality, and the elastic allocation should be shifted towards balance. [3] 3. Summary According to the Table of Contents I. How did institutional bonds perform after public funds increased their holdings at the beginning of the year? - The market value of convertible bonds held by public funds in Q4 2025 was 308.251 billion yuan, a year - on - year increase of 7.24%. In January 2026, the scale of convertible bonds held by public funds increased by 6.88% compared with the end of 2025, accounting for 44.08%. [9] - In the first week of February, the convertible bond market showed strong anti - decline ability, rising 0.05% against the trend. Convertible bond funds outperformed ordinary stock - type funds and hybrid funds. The higher the proportion of convertible bonds in the fund, the stronger the anti - decline performance. [14] - Bonds heavily held by institutions showed stronger resilience in the first week of February. For example, convertible bonds of bottom - position types such as Industrial Bank and Shanghai Commercial Bank rose 0.72% on average, 0.67 percentage points higher than the convertible bond index. [18] - Convertible bonds of popular sectors such as electronics, non - ferrous metals, and computers may have profit - taking, and they underperformed the underlying stocks to varying degrees. For example, Weice Convertible Bond and Dingjie Convertible Bond had significant callbacks. [20] II. Convertible Bond Strategy: Maintain a Prudent and Neutral Position, and Shift Elastic Allocation towards Balance - Affected by the nomination of Warsh as the Fed Chairman, the A - share market adjusted in the first half of the week and then recovered in the second half. Sectors with stable cash flows such as consumption, transportation, and banking showed compensatory growth. [25] - The average price of convertible bonds rose 0.65% to 139.63 yuan, and the 100 - yuan premium rate increased 1.83 percentage points to 38.94%. The overall position can be maintained with prudent neutrality, and the allocation focus should be adjusted in a timely manner, focusing on mid - stream manufacturing going global and consumer blue - chip stocks. [28] - New convertible bonds are relatively expensive, and non - trading funds should be cautious. Attention can be paid to near - maturity convertible bonds with strong conversion demands and the ability to promote conversion. The allocation strategy should shift from focusing on elasticity at the beginning of January to balanced allocation, with emphasis on convertible bonds priced between 130 - 150 yuan. [29] III. Market Review: Convertible Bonds Rose Weekly, and Valuation Increased (1) Weekly Market Performance: The Convertible Bond Market Rose Slightly, and Most Equity Sectors Performed Weakly - Last week, most major stock indexes declined, while the CSI Convertible Bond Index rose 0.05%. Small - cap stocks and convertible bonds showed better anti - decline performance. [35] - In terms of popular concepts, photovoltaic glass, space photovoltaic, and other concepts rose, while semiconductor - related concepts such as KIMI and MCU chips declined. [35] (2) Valuation Performance: The Premium Rates of Low - Rated and Small - Scale Convertible Bonds Rose Significantly - The closing prices of equity - biased, debt - biased, and balanced convertible bonds changed by - 5.11%, - 0.67%, and + 1.69% respectively compared with the previous Friday. The proportion of convertible bonds in the 120 - 130 yuan range decreased significantly. [43] - The premium rates of low - rated and small - scale convertible bonds rose significantly. The AA - rated convertible bonds rose 2.87 percentage points, and those with a scale of 20 - 50 billion yuan (including 50 billion yuan) rose 1.65 percentage points. [43] IV. Terms and Supply: Five Convertible Bonds Announced Early Redemption, and the Total Newly - Promoted Scale was Approximately 9.88 billion yuan (1) Terms: Five Convertible Bonds Announced Early Redemption Last Week, and Honglu Convertible Bond's Board of Directors Proposed a Downward Revision - As of February 6, Mengsheng, Feng 21, Rong 23, Xinzhi, and Shouhua Convertible Bonds announced early redemption; Daimei, Tairui, and other convertible bonds announced not to redeem early; Jiemei, Daimei, and other convertible bonds announced that they are expected to meet the early redemption conditions. [3][57] - Last week, Honglu Convertible Bond's board of directors proposed a downward revision. Meino and Hongchuan Convertible Bonds announced the results of the downward revision. Four convertible bonds announced not to revise downward, and five convertible bonds announced that they are expected to trigger a downward revision. [4][57] (2) Primary Market: Haitian Convertible Bond was Issued Last Week, and the Total Newly - Promoted Scale was Approximately 9.88 billion yuan - Haitian Convertible Bond was issued with a scale of 801 million yuan, and Shangtai Convertible Bond was listed with a scale of 1.734 billion yuan. There are 379 issued but not yet matured convertible bonds, with a balance of 530.884 billion yuan. [5][60] - There were no new board proposals last week. One company's convertible bond plan passed the general meeting of shareholders, three passed the approval of the issuance review committee, and there were no new approvals from the CSRC. Compared with the same period last year, the numbers were - 2, + 1, + 3, and - 3 respectively. [5][63] - As of February 6, seven listed companies obtained approval for convertible bond issuance, with a planned issuance scale of 5.363 billion yuan. Four new companies passed the issuance review committee, with a total scale of 4.517 billion yuan, and there were no new board proposals. [68]

Group 1 - The core viewpoint of the report indicates that the "fixed income +" fund scale is rapidly expanding, with optimized risk-return profiles and relatively stable asset allocation structures by 2025 [1] Group 2 - Scale: The broad "fixed income +" fund stock reached 1.79 trillion yuan, a year-on-year increase of 90.1%. The secondary bond fund increased by 136% to 1.42 trillion yuan, with new issues totaling 121.6 billion yuan (up 14% year-on-year), primarily driven by secondary bond funds [1] Group 3 - Performance: The cumulative annual return increased by 1.1 percentage points to 6.4%, with convertible bond funds leading at a 23.3% return. The highest quarterly return in Q3 was 3.8%, while the maximum drawdown for the year was -2.7% (down 1.5 percentage points year-on-year), with significant market fluctuations in Q4 resulting in a quarterly return of -1.7% [1] Group 4 - Asset Allocation: The stock-bond position remains centered around 80%/15%, with a 1.5 percentage point increase in stock allocation. In bond subcategories, there was an increase in government bonds by 2 percentage points and financial bonds by 10 percentage points, while convertible bonds and corporate bonds were reduced by 7 percentage points and 3 percentage points, respectively [1] Group 5 - Q4 Outlook: The "fixed income +" fund scale continues to grow, but performance is declining with cautious and proactive operations. The overall scale increased to 1.79 trillion yuan (a 13.8% increase), with secondary bond funds being the core of growth (up 18.1% to 1.41 trillion yuan), while convertible bond fund scale shrank by 4.2% to 58.1 billion yuan [1] Group 6 - Risk-Return Dynamics: The risk-return profile has weakened overall, with a return rate dropping by 3.4 percentage points to 0.4%, and the maximum drawdown expanding by 0.5 percentage points to -1.7%. The risk-return ratio and stability have also weakened [1] Group 7 - Pure Bond Operations: Operations are cautious and proactive, with duration shrinking to 2.9 years. Leverage and position concentration show divergence, with "fixed income +" funds increasing leverage and concentration slightly, while convertible bond funds are reducing leverage and concentration [1]

Market Overview - In Q4 2025, major indices showed mixed performance, with the Shanghai Composite Index rising by 2.22% and the Wind All A Index increasing by 0.97, while the Shenzhen Component Index and the ChiNext Index fell by 0.01% and 1.08% respectively [4] - The China Convertible Bond Index rose by 1.32%, indicating a high-level fluctuation in the equity and convertible bond markets, with overall performance weaker than in Q3 [4] - The conversion premium rate increased from 44.73% on September 30 to 46.57% by December 31 [4] Fund Holdings Analysis - By the end of Q4 2025, the scale of convertible bonds held by funds was 308.256 billion, a decrease of 8.362 billion from the previous quarter [5] - The market value of convertible bonds held by funds accounted for 55.74% of the total convertible bond market balance, an increase of 3.71 percentage points from Q3 2025 [5] - Mixed bond funds increased their holdings by 3.928 billion, while passive index bond funds reduced their holdings by 9.087 billion [5] - The largest holdings in convertible bonds were in the banking sector, totaling 55.014 billion, with a reduction of 2.871 billion from the previous quarter [5] Convertible Bond Fund Holdings Behavior - The largest holdings in convertible bonds by funds were in the electric power equipment sector, valued at 7.331 billion, followed by banking, basic chemicals, agriculture, and electronics sectors [6] - The banking sector saw the largest increase in holdings, while the non-ferrous metals sector experienced the most significant reduction, decreasing by 1.553 billion [6] - The average yield of convertible bond funds in Q4 2025 was 0.86%, with a median yield of 1.09%, underperforming compared to the China Convertible Bond Index and the Wind All A Index [6][7]

Performance Overview - In Q4 2025, convertible bond funds achieved a median return of 1.09%, outperforming first-level bond funds (0.6%), second-level bond funds (0.44%), and mixed bond funds (0.31%) [1] - For the entire year of 2025, the median return for convertible bond funds was 22.43%, significantly higher than first-level bond funds (2.06%), second-level bond funds (4.66%), and mixed bond funds (5.49%) [1] Fund Scale and Demand - In Q4 2025, the scale of second-level bond funds increased by 2506 billion CNY to reach 15535 billion CNY, while first-level bond funds and mixed bond funds saw decreases of 142.5 billion CNY and 7 billion CNY, respectively [1] - The net subscription for second-level bond funds in Q4 2025 was 2344 billion units, while first-level bond funds faced a net redemption of 186 billion units [19] Convertible Bond Holdings - In Q4 2025, the convertible bond holdings of first-level bond funds increased by 0.32 percentage points to 7.97%, while second-level bond funds and mixed bond funds saw declines of 1.07 and 0.88 percentage points, respectively [33] - Public funds focused on increasing holdings in bank bonds, as well as in sectors like new energy, cyclical stocks, and military-related bonds [40] Investment Strategy Insights - The demand for fixed-income plus funds is robust, with second-level bond funds becoming the primary vehicle for this demand, while first-level bond and convertible bond fund scales have marginally declined [3] - Institutions with equity allocation permissions are shifting their demand from first-level bond funds to second-level bond and mixed bond products due to the high valuation of convertible bonds [3]

Core Viewpoint - The "fixed income +" fund sector experienced significant growth in 2025, with a year-on-year increase of over 50%, primarily driven by the expansion of secondary bond funds, which are favored by institutional investors [2][9]. Fund Performance - In 2025, the Shanghai and Shenzhen 300 Index rose by 17.66%, and the convertible bond index increased by 18.66%, leading to strong performance in "fixed income +" funds, particularly those with higher equity allocations [4][16]. - The median return for convertible bond funds in 2025 was 22.4%, while secondary bond funds achieved a median return of 4.6% [4][16]. Fund Size Changes - By the end of 2025, the total size of "fixed income +" funds reached 3.0 trillion yuan, marking a 56% increase compared to the previous year, with secondary bond funds being the main contributors to this growth [5][22]. - The number of "fixed income +" funds reached 2,292, with secondary bond funds expanding to 1.55 trillion yuan, reflecting a 19% quarter-on-quarter growth [5][22]. New Product Issuance - In Q4 2025, the issuance of "fixed income +" products saw a significant rebound, with 119 new products launched, raising a total of 957 billion yuan, a 223% increase from the previous quarter [6][33]. - Secondary bond funds accounted for nearly 50% of the new issuance, indicating strong market demand [6][33]. Subscription and Redemption Trends - The overall net subscription for "fixed income +" products in Q4 2025 was 990 billion units, with secondary bond funds contributing 1,028 billion units to this total [36][38]. - Leading fund companies in net subscriptions included Invesco Great Wall and Jianxin Fund, both exceeding 100 billion units in net subscriptions [36][38]. Asset Allocation Trends - In Q4 2025, most "fixed income +" fund categories reduced their equity allocations, with secondary bond funds decreasing by 1.3 percentage points [7][45]. - The communication sector saw increased investments across various fund categories, while the healthcare sector experienced a reduction in allocations [7][45].

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].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the public fund industry in China, specifically analyzing the performance and trends of various fund types in the second quarter of 2025. Core Insights and Arguments Public Fund Performance - In Q2 2025, the number and scale of newly launched active equity funds significantly increased, with an average fundraising scale of 520 million yuan, focusing on dividend value and technology growth [1][2] - Despite a market rebound, the overall share of active equity funds decreased by 2.2% due to redemptions of older products, maintaining a scale of 3.33 trillion yuan [1][2] - Fixed income plus products surpassed the levels of the second half of 2023, reaching 2.16 trillion yuan, with a notable expansion in mixed bond FOFs [1][2] Fund Categories - Active equity funds showed strong performance, with a 3.1% increase in the equity fund index, outperforming broad-based indices [1][5] - The new issuance of FOF products continued at a high level, with a total new scale of 18.6 billion yuan, leading to a 10% increase in the overall market scale of FOFs to 166.2 billion yuan [1][4] Investment Trends - Active equity funds increased their stock positions slightly, with a notable rise in holdings of Hong Kong stocks, which now account for 17% of their portfolios [3][26] - The communication and financial sectors received increased allocations, while consumer and manufacturing sectors saw reductions [27] Performance Metrics - The median returns for active equity funds in Q2 were strong, with ordinary stock, mixed equity, and flexible allocation products achieving median returns of 2.0%, 2.1%, and 1.8% respectively, all outperforming major indices [19][20] - Fixed income plus funds achieved positive returns across all subcategories, with convertible bond funds leading in performance [22][23] Additional Important Insights - The competitive landscape for FOF products shows a slight decrease in the market share of the top ten managers, which now account for 60.8% of the market [4][8] - The concentration of holdings in active equity funds has decreased, indicating a more diversified investment approach, with the CR10 and CR20 ratios at 17.5% and 25.8% respectively [28] - Notable stock holdings include Ningde Times, which remains the most favored stock among funds, despite a slight reduction in holdings [29] Market Dynamics - The passive index product market reached a total scale of 5.79 trillion yuan by the end of Q2, with a 12.6% quarter-on-quarter growth [11] - The issuance of passive stock products hit a historical high, with 109 new products launched in Q2 2025 [9][10] Sector-Specific Performance - The innovative pharmaceutical sector led the market in Q2, with corresponding theme funds achieving a median return of 10.1% [21] - The report highlights the strong performance of small-cap growth and value products, with median returns of 3.4% and 3.2% respectively [20] This summary encapsulates the key findings and insights from the conference call regarding the public fund industry, highlighting performance metrics, investment trends, and sector-specific dynamics.

Abstract 摘要 点击小程序查看报告原文 我们所说的打新基金，是指以网下打新作为主要投资手段与收益来源的公募基金。这类产品在2019年以来的打新制度红利时期迎来发展，一般以"底仓 +股/债资产+打新"为主要配置思路，而自2021年10月询价新规以来，打新收益退坡，打新基金也迎来大规模赎回，直到2025年以来，市场预期新股发行节 奏恢复常态化，新股涨幅效应仍然凸显，银行理财及保险资管等中长期资金力量逐渐实现与公募等专业机构投资者平权，在此背景下，打新基金也重回视 野。 据我们统计，截至2025Q1，广义打新基金的数量和规模均相较于巅峰时期（2021Q3）缩减一半以上。值得注意的是， 网下打新收益的退坡，使得单纯依 靠打新获取收益的投资策略性价比随之下降，网下打新转而退居成为组合中的一种收益增强手段，而底仓波动控制与收益获取能力的重要性则明显提升。 我们观察近年来打新基金底仓设置方面的主要变化趋势，得到以下结论：1）网下打新所贡献的收益率水平与债券资产YTM之间的收益差距逐渐缩小， 以"底仓+债券+打新"的绝对收益思路进行投资的打新基金热度下行； 2）2021H2-2024H1，股票市场震荡下行 ， 打新基 ...