2025年第一季度债基季报分析：债基回报收窄，久期与杠杆下调

• The report indicates that the total scale of bond funds in Q1 2025 decreased for the first time after seven consecutive quarters of expansion, with a total scale of 10.37 trillion yuan, a decrease of 427.31 billion yuan from the previous quarter, a drop of 3.96%[1] - The performance of bond funds in Q1 2025 showed differentiation, with pure bond funds underperforming compared to the previous quarter, while mixed bond funds with equity positions and convertible bond funds performed relatively well[1] - The average net growth rates of various bond funds in Q1 2025 were: short-term pure bond funds 0.13%, medium and long-term pure bond funds -0.21%, first-level bond funds 0.23%, second-level bond funds 0.56%, convertible bond funds 3.82%, passive index funds -0.40%, and biased bond hybrid funds 0.63%[1] - Short-term pure bond funds and medium and long-term pure bond funds reduced their durations by 0.11 years and 0.18 years to 0.97 years and 2.99 years, respectively, and their leverage ratios decreased by 1.38% and 0.57% to 117.79% and 116.38%, respectively[2][3] - First-level and second-level mixed bond funds reduced their average durations by 0.40 years and 0.59 years to 3.17 years and 3.25 years, respectively, and their average leverage ratios decreased by 2.38% and 1.80% to 113.52% and 112.32%, respectively[3][4] - Biased bond hybrid funds reduced their average duration by 0.11 years to 3.30 years, and their average leverage ratio decreased by 2.24% to 109.02%[4][5] - Convertible bond funds increased both their bond and stock positions, with bond positions accounting for 84.71% and stock positions accounting for 11.48% as of March 31, 2025[4][6] - The top three industries by market value of heavy stocks in first-level bond funds were banking, transportation, and public utilities, accounting for 41.90%, 32.21%, and 4.66% of the total market value of heavy stocks, respectively[4][7] - The top three industries by market value of heavy stocks in second-level bond funds were non-ferrous metals, food and beverages, and electronics, accounting for 11.41%, 8.50%, and 7.17% of the total market value of heavy stocks, respectively[4][8] - The top three industries by market value of heavy stocks in biased bond hybrid funds were home appliances, electronics, and food and beverages, accounting for 7.65%, 7.08%, and 6.76% of the total market value of heavy stocks, respectively[4][9] - The top three industries by market value of heavy stocks in convertible bond funds were non-ferrous metals, electronics, and real estate, accounting for 23.40%, 16.84%, and 13.81% of the total market value of heavy stocks, respectively[4][10]