债市延续窄幅震荡，可转债ETF(511380)盘中交投活跃，成交额超66亿元

Group 1 - The convertible bond market is experiencing fluctuations, with the China Securities Convertible Bond and Exchangeable Bond Index down by 0.58% as of November 18, 2025, and the convertible bond ETF (511380) down by 0.41% at a latest price of 13.6 yuan [2] - Year-to-date, the total issuance of bonds by securities firms has reached 1.6 trillion yuan, a year-on-year increase of 62.34%, driven by a recovering capital market and low interest rates [2] - The issuance of 58 technology innovation bonds since May has totaled 789.7 billion yuan, with an average oversubscription rate of 3.8 times, indicating strong investor interest [2] Group 2 - The bond market is expected to maintain a volatile pattern, with government bond issuance decreasing and a balanced funding environment supported by the central bank [3] - The convertible bond market is projected to exhibit significant range-bound characteristics in 2026, influenced by rising expected returns from equity assets and the increasing probability of strong redemptions [3] - The latest size of the convertible bond ETF is 567.10 billion yuan, closely tracking the China Securities Convertible Bond and Exchangeable Bond Index, which reflects the overall performance of convertible and exchangeable bonds listed on the Shanghai and Shenzhen exchanges [3]