可转债周报 | 转债调整压力下，小盘风格依旧占优

Policy Tracking - The Ministry of Industry and Information Technology emphasized eight key areas for the second half of the year, including expanding domestic demand and promoting high-quality development of key industrial chains [5][6] - The interbank market trading association issued a notice to regulate the issuance and underwriting of bonds, prohibiting lead underwriters from quoting below cost [5][6] - The Ministry of Finance and the State Administration of Taxation announced the restoration of VAT on interest income from newly issued government bonds starting August 8, 2025 [5][6] Secondary Market - The equity market saw a collective decline in major indices, with the Shanghai Composite Index down 0.94%, Shenzhen Component down 1.58%, and ChiNext down 0.74% [7] - The convertible bond market followed suit, with major indices also declining, and the average daily trading volume remained above 800 billion yuan [9] - The average price of convertible bonds decreased to 142.36 yuan, with a median of 127.21 yuan, reflecting a decline in both price and valuation levels [19] Primary Market - No new convertible bonds were issued last week, but the Ber 25 convertible bond was listed, experiencing a first-week increase of over 32% [24] - The total outstanding convertible bond market size is 6,549.98 billion yuan, a decrease of 788.95 billion yuan since the beginning of the year [24]