內(nèi)容目錄一、公募基金可轉(zhuǎn)債持倉(cāng)情況 3二、可轉(zhuǎn)債基金的轉(zhuǎn)債持倉(cāng)情況 6風(fēng)險(xiǎn)提示 12圖表目錄圖表1：22Q1-25Q3公募基金持有轉(zhuǎn)債規(guī)模 3圖表2：22Q1-25Q3公募基金可轉(zhuǎn)債倉(cāng)位變化 3圖表3：2025Q3各類基金持有轉(zhuǎn)債占比 4圖表4：25Q2-25Q3各類基金持有轉(zhuǎn)債市值及變化率（億元） 4圖表5：2025Q3轉(zhuǎn)債規(guī)模超10億的公募基金（按可轉(zhuǎn)債市值排序） 4圖表6：2025Q3轉(zhuǎn)債基金持有轉(zhuǎn)債市值情況 6圖表7：22Q1-25Q3轉(zhuǎn)債基金轉(zhuǎn)債倉(cāng)位情況 6圖表8：22Q1-25Q3轉(zhuǎn)債基金杠桿率情況 6圖表9：2025Q3可轉(zhuǎn)債基金年化收益情況（%） 7圖表10：2025Q3可轉(zhuǎn)債基金持有轉(zhuǎn)債倉(cāng)位及年化收益率情況（按收益率排序） 7圖表11：2025Q3公募基金持倉(cāng)行業(yè)明細(xì)及變化（按變化率排列） 9圖表12：2025Q3可轉(zhuǎn)債基金持有家數(shù)前20可轉(zhuǎn)債情況 10圖表13：2025Q3可轉(zhuǎn)債基金前五大重倉(cāng)證券情況 11一、公募基金可轉(zhuǎn)債持倉(cāng)情況2025Q3公募基金持有轉(zhuǎn)債規(guī)模占轉(zhuǎn)債總市值的55.34%，環(huán)比上漲12.93pcts，倉(cāng)位小幅上升。2025Q35720.7225Q2減10.96%2025Q33165.7的55.34%，較二季度增加12.93pcts；公募基金持有轉(zhuǎn)債倉(cāng)位為0.82%，環(huán)比上升0.09pcts。圖表1：22Q1-25Q3公募基金持有轉(zhuǎn)債規(guī)模

轉(zhuǎn)債存量余額（億元）（左軸）基金持有轉(zhuǎn)債市值占比的變化率（右軸）22Q122Q222Q322Q423Q123Q223Q323Q424Q124Q224Q324Q425Q125Q225Q3

15%10%5%0%-5%-10%圖表2：22Q1-25Q3公募基金可轉(zhuǎn)債倉(cāng)位變化

22Q122Q222Q322Q423Q123Q223Q323Q424Q124Q224Q324Q425Q125Q225Q3

1.2%公墓基金持有的轉(zhuǎn)債市值公募基金可轉(zhuǎn)債倉(cāng)位（右軸）公墓基金持有的轉(zhuǎn)債市值公募基金可轉(zhuǎn)債倉(cāng)位（右軸）1.0%0.9%0.8%0.7%0.6%可轉(zhuǎn)債基金、二級(jí)債基加倉(cāng)轉(zhuǎn)債。（35.27%）（19.83%）和混合型基25Q2205.96億元（+2.55%，表示轉(zhuǎn)債2.55%，下同35.978.71億元（-0.61%）59.85億元（-5.01%），可轉(zhuǎn)債基金持有轉(zhuǎn)債市值增加359.72億元（+7.67%）。圖表3：2025Q3各類基金持有轉(zhuǎn)債占比 圖表4：25Q2-25Q3各類基金持有轉(zhuǎn)債市值及變化率（億元）一級(jí)債基 二級(jí)債基 可轉(zhuǎn)債基金 偏債混合 靈活配置3.95% 2.02%19.83%38.93%35.27%

0

一級(jí)債基 可轉(zhuǎn)債基金 靈活配置

25Q225Q325Q225Q3變化率0%-10%-20%-30%61只公募基金持有轉(zhuǎn)債規(guī)模超10億元。3165.7億元的基金共2198.96Q212912953.81億元，占投資轉(zhuǎn)債公募基金市值的93.31%，環(huán)比25Q2上升1.76%。圖表5：2025Q3轉(zhuǎn)債規(guī)模超10億的公募基金（按可轉(zhuǎn)債市值排序）可轉(zhuǎn)債市值（億元）（億元）（億元）（億元）可轉(zhuǎn)債ETF599.91616.3297.34%上證可轉(zhuǎn)債ETF92.3795.5996.63%中歐可轉(zhuǎn)債債券A87.3394.2592.66%鵬華可轉(zhuǎn)債債券A74.5998.1476.00%鵬華雙債加利債券A58.38189.1130.87%富國(guó)優(yōu)化增強(qiáng)債券A/B54.56216.6625.18%光大保德信信用添益?zhèn)疉類45.3963.5771.39%博時(shí)信用債券A/B44.1862.0271.23%易方達(dá)裕鑫債券A42.97107.2040.09%工銀可轉(zhuǎn)債債券41.1470.7958.11%華商信用增強(qiáng)債券A39.76168.6123.58%富國(guó)興利增強(qiáng)債券A38.91101.4138.36%華安可轉(zhuǎn)債債券A類35.9247.9974.85%華寶可轉(zhuǎn)債債券A35.0538.0992.04%中郵睿信增強(qiáng)債券35.0185.3741.01%匯添富可轉(zhuǎn)換債券A31.1541.3975.25%南方昌元可轉(zhuǎn)債債券A29.6338.0277.94%華泰保興尊利債券A29.5871.9441.13%景順長(zhǎng)城景頤雙利債券A類28.86350.648.23%富國(guó)可轉(zhuǎn)債A27.4029.8491.80%中郵純債恒利債券A26.2757.0146.08%華泰保興尊合債券A25.84143.7817.97%易方達(dá)增強(qiáng)回報(bào)債券A24.95358.516.96%匯添富實(shí)業(yè)債債券A24.3857.5842.33%

基金資產(chǎn)總值

可轉(zhuǎn)債倉(cāng)位廣發(fā)可轉(zhuǎn)債債券A23.9132.5573.45%博時(shí)轉(zhuǎn)債增強(qiáng)債券A23.1831.4573.72%西部利得匯享債券A22.96200.4411.45%鵬華豐利LOF22.5693.4524.14%易方達(dá)安心回報(bào)債券A22.34120.3818.56%景順長(zhǎng)城景頤豐利債券A22.12295.737.48%興業(yè)收益增強(qiáng)債券A22.08161.1413.70%南方廣利回報(bào)債券A/B21.9966.8332.90%中郵穩(wěn)定收益?zhèn)疉21.64126.9517.05%招商安本增利債券C21.00102.9420.41%南方希元可轉(zhuǎn)債債券A20.8326.2979.25%富國(guó)裕利債券A20.52254.098.08%華夏可轉(zhuǎn)債增強(qiáng)債券A19.8130.2365.52%景順長(zhǎng)城景盛雙息收益?zhèn)疉類19.65266.477.37%金鷹元豐債券A19.5826.3074.47%易方達(dá)裕祥回報(bào)債券A17.70330.745.35%富國(guó)天利增長(zhǎng)債券A/B17.04154.5511.03%華商可轉(zhuǎn)債債券A16.6928.3258.94%國(guó)壽安保安吉純債半年定開(kāi)債券發(fā)起式16.16122.2713.21%中銀國(guó)有企業(yè)債A15.81172.169.19%富國(guó)天豐LOF14.8928.1852.83%銀華增強(qiáng)收益?zhèn)疉14.7782.9717.80%光大保德信增利收益?zhèn)疉14.5497.0414.99%景順長(zhǎng)城穩(wěn)定收益?zhèn)疉類14.1337.0338.17%華安強(qiáng)化收益?zhèn)疉13.9623.6359.07%華夏鼎利債券A13.5093.3514.46%景順長(zhǎng)城景泰純利債券A13.46185.907.24%易方達(dá)裕豐回報(bào)債券A13.37193.126.92%民生加銀增強(qiáng)收益?zhèn)疉13.0918.8769.36%興全可轉(zhuǎn)債混合12.9629.6743.67%富國(guó)雙債增強(qiáng)債券A12.3570.5417.51%富國(guó)久利穩(wěn)健配置混合型A12.1421.0157.77%中歐豐利債券A11.98336.023.57%易方達(dá)穩(wěn)健收益?zhèn)疉10.82466.692.32%中銀轉(zhuǎn)債增強(qiáng)債券A10.7116.5864.61%易方達(dá)雙債增強(qiáng)債券A10.61124.518.52%興全恒益?zhèn)疉10.5440.3326.14%二、可轉(zhuǎn)債基金的轉(zhuǎn)債持倉(cāng)情況可轉(zhuǎn)債基金持有轉(zhuǎn)債市值環(huán)比上升（同花順開(kāi)放式基金分類中的可轉(zhuǎn)換債券型基金）共計(jì)40只，持有轉(zhuǎn)債市值共計(jì)1212.052025Q2359.7242.2%?？赊D(zhuǎn)債市值占基金資產(chǎn)總值比可轉(zhuǎn)債市值增長(zhǎng)率200%150%100%50%可轉(zhuǎn)債市值占基金資產(chǎn)總值比可轉(zhuǎn)債市值增長(zhǎng)率200%150%100%50%0%民生加銀轉(zhuǎn)債優(yōu)選A天治可轉(zhuǎn)債增強(qiáng)債券鵬華可轉(zhuǎn)債債券A前海開(kāi)源可轉(zhuǎn)債債券華夏可轉(zhuǎn)債增強(qiáng)債券A長(zhǎng)盛可轉(zhuǎn)債中歐可轉(zhuǎn)債債券國(guó)泰可轉(zhuǎn)債債券民生加銀轉(zhuǎn)債優(yōu)選A天治可轉(zhuǎn)債增強(qiáng)債券鵬華可轉(zhuǎn)債債券A前海開(kāi)源可轉(zhuǎn)債債券華夏可轉(zhuǎn)債增強(qiáng)債券A長(zhǎng)盛可轉(zhuǎn)債中歐可轉(zhuǎn)債債券國(guó)泰可轉(zhuǎn)債債券華商可轉(zhuǎn)債債券南方希元可轉(zhuǎn)債債券銀華可轉(zhuǎn)債債券華富可轉(zhuǎn)債債券工銀可轉(zhuǎn)債優(yōu)選債券南方昌元可轉(zhuǎn)債債券寶盈融源可轉(zhuǎn)債債券廣發(fā)可轉(zhuǎn)債債券AA交銀可轉(zhuǎn)債債券A華商轉(zhuǎn)債精選債券萬(wàn)家可轉(zhuǎn)債債券A上銀可轉(zhuǎn)債精選債券AA博時(shí)轉(zhuǎn)債增強(qiáng)債券大成可轉(zhuǎn)債增強(qiáng)債券A融通可轉(zhuǎn)債債券A中銀轉(zhuǎn)債增強(qiáng)債券A申萬(wàn)菱信可轉(zhuǎn)債債券匯添富可轉(zhuǎn)換債券長(zhǎng)信可轉(zhuǎn)債債券A建信轉(zhuǎn)債增強(qiáng)債券財(cái)通可轉(zhuǎn)債債券A可轉(zhuǎn)債市值（億元）（左軸）1600140012001000基金資產(chǎn)總值（億元）（左軸）可轉(zhuǎn)債倉(cāng)位（右軸）可轉(zhuǎn)債市值（億元）（左軸）1600140012001000基金資產(chǎn)總值（億元）（左軸）可轉(zhuǎn)債倉(cāng)位（右軸）1600140012001000基金資產(chǎn)凈值（億元）（左軸）杠桿率（右軸）170%165%160%155%150%145%140%135%130%125%022Q122Q323Q123Q324Q124Q325Q125Q368%022Q122Q323Q123Q324Q124Q325Q125Q3120%基金資產(chǎn)總值（億元）（左軸）中證轉(zhuǎn)債平均收益率（年化）41.57%50.3%25Q367.31%39方昌元可轉(zhuǎn)債債券A25Q3A160.4%A的收益率為-8.26%80%72.5%。圖表9：2025Q3可轉(zhuǎn)債基金年化收益情況（%）區(qū)間收益率(年化）(%) 25Q3轉(zhuǎn)債債基收益率25Q3中證轉(zhuǎn)債收益率25Q3中證轉(zhuǎn)債收益率806040200圖表10：2025Q3可轉(zhuǎn)債基金持有轉(zhuǎn)債倉(cāng)位及年化收益率情況（按收益率排序）基金簡(jiǎn)稱轉(zhuǎn)債市值（億元）資產(chǎn)總值（億元）可轉(zhuǎn)債倉(cāng)位25Q3收益率（%）南方昌元可轉(zhuǎn)債債券A29.6338.020.78172.40華夏可轉(zhuǎn)債增強(qiáng)債券A19.8130.230.66160.43鵬華可轉(zhuǎn)債債券A74.5998.140.76120.84華商可轉(zhuǎn)債債券A16.6928.320.59111.87廣發(fā)可轉(zhuǎn)債債券A23.9132.550.73104.60大成可轉(zhuǎn)債增強(qiáng)債券A0.771.040.7497.67工銀可轉(zhuǎn)債優(yōu)選債券A1.252.010.6293.82匯添富可轉(zhuǎn)換債券A31.1541.390.7592.89南方希元可轉(zhuǎn)債債券A20.8326.290.7988.95交銀可轉(zhuǎn)債債券A1.171.740.6787.56長(zhǎng)信可轉(zhuǎn)債債券A7.6010.630.7184.87博時(shí)轉(zhuǎn)債增強(qiáng)債券A23.1831.450.7484.74東方可轉(zhuǎn)債債券A0.981.220.8182.36銀華可轉(zhuǎn)債債券A5.277.150.7480.62申萬(wàn)菱信可轉(zhuǎn)債債券A0.330.450.7376.53華寶可轉(zhuǎn)債債券A35.0538.090.9274.74融通可轉(zhuǎn)債債券A0.900.970.9370.60中?？赊D(zhuǎn)債債券A1.231.490.8367.30華富可轉(zhuǎn)債債券A5.235.790.9065.20建信轉(zhuǎn)債增強(qiáng)債券A0.821.100.7563.56國(guó)泰可轉(zhuǎn)債債券A1.141.450.7862.43中歐可轉(zhuǎn)債債券A87.3394.250.9359.96寶盈融源可轉(zhuǎn)債債券A0.831.060.7958.53中銀轉(zhuǎn)債增強(qiáng)債券A10.7116.580.6557.95財(cái)通可轉(zhuǎn)債債券A1.001.150.8755.12長(zhǎng)盛可轉(zhuǎn)債A0.951.010.9453.98長(zhǎng)江可轉(zhuǎn)債債券A1.351.590.8553.47前海開(kāi)源可轉(zhuǎn)債債券A6.959.350.7453.39萬(wàn)家可轉(zhuǎn)債債券A1.131.300.8752.96富國(guó)可轉(zhuǎn)債A27.4029.840.9249.80上銀可轉(zhuǎn)債精選債券A0.720.870.8445.26平安可轉(zhuǎn)債A0.360.430.8444.50可轉(zhuǎn)債ETF599.91616.320.9740.41創(chuàng)金合信轉(zhuǎn)債精選債券A0.440.530.8434.34華安可轉(zhuǎn)債債券A類35.9247.990.7527.92上證可轉(zhuǎn)債ETF92.3795.590.9725.95華商轉(zhuǎn)債精選債券A0.350.410.8422.46民生加銀轉(zhuǎn)債優(yōu)選A1.101.160.9415.69工銀可轉(zhuǎn)債債券41.1470.790.584.78天治可轉(zhuǎn)債增強(qiáng)債券A0.550.660.84-8.26石油石化、電力設(shè)備、美容護(hù)理、計(jì)算機(jī)、鋼鐵等行業(yè)有顯著加倉(cāng)。2025Q3基金定25Q259.14%25Q214.83億元。計(jì)算機(jī)、鋼鐵、通信、公用事業(yè)等行業(yè)機(jī)構(gòu)持倉(cāng)亦有顯2025Q3市值環(huán)比減少較多。25Q3基金持有市值合 25Q2基金持有市值合25Q3基金持有市值合 25Q2基金持有市值合基金持有市值變化個(gè)券所屬行業(yè) 變化率石油石化計(jì)（億元）28.34計(jì)（億元）17.81（億元）10.5359.14%電力設(shè)備502.95356.87146.0840.93%美容護(hù)理14.8310.604.2339.91%計(jì)算機(jī)42.1230.2211.9139.42%鋼鐵68.3549.1319.2239.12%通信22.2716.485.7835.09%公用事業(yè)59.3444.9014.4432.16%非銀金融72.0257.1214.9026.09%機(jī)械設(shè)備99.4779.2120.2725.59%國(guó)防軍工46.9437.639.3224.76%煤炭30.2224.445.7823.67%電子214.43178.9635.4719.82%建筑材料42.4435.896.5518.26%農(nóng)林牧漁169.61145.0424.5716.94%汽車159.55136.6522.9116.76%醫(yī)藥生物150.35130.0120.3315.64%商貿(mào)零售21.5618.812.7414.58%建筑裝飾63.0555.427.6213.75%基礎(chǔ)化工250.31223.8626.4511.82%交通運(yùn)輸74.6766.977.7011.50%輕工制造69.3863.246.149.71%食品飲料33.9231.092.839.10%環(huán)保60.8156.204.618.20%紡織服飾18.0617.110.965.60%銀行578.41554.6523.764.28%家用電器18.6220.03-1.40-7.00%社會(huì)服務(wù)3.804.40-0.60-13.64%有色金屬117.15147.18-30.02-20.40%傳媒7.629.77-2.15-22.00%19級(jí)及以上評(píng)級(jí)，1AA-9AAA級(jí)。從行業(yè)來(lái)看，191家屬于有色金屬。圖表12：2025Q3可轉(zhuǎn)債基金持有家數(shù)前20可轉(zhuǎn)債情況轉(zhuǎn)債代碼轉(zhuǎn)債名稱最新評(píng)級(jí)持有基金家數(shù)持有數(shù)量合計(jì)（億元）申萬(wàn)行業(yè)113052.SH興業(yè)轉(zhuǎn)債AAA600206.65銀行113042.SH上銀轉(zhuǎn)債AAA497133.70銀行123107.SZ溫氏轉(zhuǎn)債AAA43450.04農(nóng)林牧漁127045.SZ牧原轉(zhuǎn)債AA+41548.23農(nóng)林牧漁127089.SZ晶澳轉(zhuǎn)債AA+40453.73電力設(shè)備113056.SH重銀轉(zhuǎn)債AAA40380.45銀行118031.SH天23轉(zhuǎn)債AA35360.66電力設(shè)備118034.SH晶能轉(zhuǎn)債AA+34651.73電力設(shè)備110081.SH聞泰轉(zhuǎn)債AA-33653.26電子123254.SZ億緯轉(zhuǎn)債AA+32742.09電力設(shè)備113045.SH環(huán)旭轉(zhuǎn)債AA+30421.06電子127049.SZ希望轉(zhuǎn)2AAA30338.56農(nóng)林牧漁113691.SH和邦轉(zhuǎn)債AA29432.23基礎(chǔ)化工118024.SH冠宇轉(zhuǎn)債AA29419.65電力設(shè)備110093.SH神馬轉(zhuǎn)債AAA28321.57基礎(chǔ)化工113062.SH常銀轉(zhuǎn)債AAA27840.56銀行110085.SH通22轉(zhuǎn)債AAA27347.31電力設(shè)備113053.SH隆22轉(zhuǎn)債AAA25831.87電力設(shè)備113699.SH金25轉(zhuǎn)債AA2551.84有色金屬111010.SH立昂轉(zhuǎn)債AA24517.48電子402025Q3只債券。其中，興業(yè)轉(zhuǎn)債為21只可轉(zhuǎn)債基金的前五大重倉(cāng)個(gè)券；晶能轉(zhuǎn)債和國(guó)投轉(zhuǎn)債為6只可轉(zhuǎn)債基金的前五大重倉(cāng)個(gè)券。圖表13：2025Q3可轉(zhuǎn)債基金前五大重倉(cāng)證券情況證券名稱 重倉(cāng)債券中?？赊D(zhuǎn)債債券A興業(yè)轉(zhuǎn)債上銀轉(zhuǎn)債24特國(guó)01萬(wàn)凱轉(zhuǎn)債25國(guó)債01民生加銀轉(zhuǎn)債優(yōu)選A興業(yè)轉(zhuǎn)債浦發(fā)轉(zhuǎn)債上銀轉(zhuǎn)債25國(guó)債08牧原轉(zhuǎn)債天治可轉(zhuǎn)債增強(qiáng)債券AG三峽EB2上銀轉(zhuǎn)債興業(yè)轉(zhuǎn)債23國(guó)債0924特國(guó)01鵬華可轉(zhuǎn)債債券A億緯轉(zhuǎn)債25國(guó)債08睿創(chuàng)轉(zhuǎn)債重銀轉(zhuǎn)債溫氏轉(zhuǎn)債前海開(kāi)源可轉(zhuǎn)債債券A平煤轉(zhuǎn)債愛(ài)瑪轉(zhuǎn)債中金轉(zhuǎn)債南航轉(zhuǎn)債百潤(rùn)轉(zhuǎn)債華夏可轉(zhuǎn)債增強(qiáng)債券A興業(yè)轉(zhuǎn)債溫氏轉(zhuǎn)債財(cái)通轉(zhuǎn)債雙良轉(zhuǎn)債牧原轉(zhuǎn)債創(chuàng)金合信轉(zhuǎn)債精選債券A健帆轉(zhuǎn)債25國(guó)債08中環(huán)轉(zhuǎn)2友發(fā)轉(zhuǎn)債嘉誠(chéng)轉(zhuǎn)債工銀可轉(zhuǎn)債債券G三峽EB2興業(yè)轉(zhuǎn)債上銀轉(zhuǎn)債南航轉(zhuǎn)債25國(guó)債08長(zhǎng)盛可轉(zhuǎn)債A上銀轉(zhuǎn)債25國(guó)債01神馬轉(zhuǎn)債聞泰轉(zhuǎn)債晶能轉(zhuǎn)債中歐可轉(zhuǎn)債債券A25國(guó)債0824國(guó)債2125國(guó)債01匯成轉(zhuǎn)債皓元轉(zhuǎn)債國(guó)泰可轉(zhuǎn)債債券A興業(yè)轉(zhuǎn)債華安轉(zhuǎn)債溫氏轉(zhuǎn)債神馬轉(zhuǎn)債天23轉(zhuǎn)債華商可轉(zhuǎn)債債券A本鋼轉(zhuǎn)債華安轉(zhuǎn)債溫氏轉(zhuǎn)債南航轉(zhuǎn)債25國(guó)債01南方希元可轉(zhuǎn)債債券A興業(yè)轉(zhuǎn)債G三峽EB2晶能轉(zhuǎn)債國(guó)投轉(zhuǎn)債上銀轉(zhuǎn)債銀華可轉(zhuǎn)債債券A25國(guó)債08華安轉(zhuǎn)債烽火轉(zhuǎn)債溫氏轉(zhuǎn)債國(guó)投轉(zhuǎn)債華富可轉(zhuǎn)債債券A25國(guó)債0825國(guó)債01冠中轉(zhuǎn)債中金轉(zhuǎn)債億緯轉(zhuǎn)債工銀可轉(zhuǎn)債優(yōu)選債券A立訊轉(zhuǎn)債通22轉(zhuǎn)債億緯轉(zhuǎn)債財(cái)通轉(zhuǎn)債25國(guó)債01南方昌元可轉(zhuǎn)債債券A隆22轉(zhuǎn)債國(guó)投轉(zhuǎn)債溫氏轉(zhuǎn)債烽火轉(zhuǎn)債睿創(chuàng)轉(zhuǎn)債寶盈融源可轉(zhuǎn)債債券A青農(nóng)轉(zhuǎn)債晶能轉(zhuǎn)債運(yùn)機(jī)轉(zhuǎn)債興業(yè)轉(zhuǎn)債溫氏轉(zhuǎn)債廣發(fā)可轉(zhuǎn)債債券A國(guó)投轉(zhuǎn)債天23轉(zhuǎn)債25國(guó)債08神馬轉(zhuǎn)債聞泰轉(zhuǎn)債長(zhǎng)江可轉(zhuǎn)