中信建投：Participación en fondos de deuda secundaria alcanza un nuevo máximo histórico, conflicto entre oferta y demanda de bonos convertibles agudo

CITIC Securities Research report analyzes the holdings of convertible bonds in the first quarter of 2026, stating that the share of primary bond funds remained basically stable in the first quarter of 2026, while the share of secondary bond funds continued the high growth trend, with net assets increasing to about 2 trillion yuan. Since the third quarter of 2025, the quarter-on-quarter growth rate of secondary bond fund shares has exceeded 20% for three consecutive quarters, and the scale of secondary bond funds has continued to set new historical highs. Due to the shrinking of convertible bond assets, except for secondary bond funds, the investment amount of convertible bonds in all types of fixed income + funds has decreased, and the convertible bond positions of fixed income + funds have hit a new low since 2020. It is recommended to view convertible bond assets positively from a short-term perspective, gradually replenishing positions as the price center fluctuates; from a medium- to long-term perspective, caution should be exercised regarding high premium rates, and attention should be paid to the subsequent upward slope of the equity market. (People’s Financial News)