CITIC Construction Investment: Доля вторичных облигационных фондов достигла рекордно высокого уровня, противоречие между предложением и спросом на конвертируемые облигации обострилось

CITIC Construction Investment Research reports that the holdings of convertible bonds in fixed income + funds in the first quarter of 2026 remained basically stable for primary bond funds, while the share of secondary bond funds continued the high growth trend, with net asset value 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 records. Due to the shrinking of convertible bond assets, except for secondary bond funds, the investment amount in convertible bonds across 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 actively view convertible bond assets 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)