债市震荡格局延续，可转债ETF(511380)盘中飘红，近5日“吸金”合计超21亿元

Group 1 - The China Convertible Bond and Exchangeable Bond Index (931078) increased by 0.18% as of November 25, 2025, with the Convertible Bond ETF (511380) rising by 0.16% to a latest price of 13.48 yuan. Over the past six months, the Convertible Bond ETF has accumulated a rise of 12.24% [2] - The trading volume of the Convertible Bond ETF was active, with an intraday turnover of 11.58% and a transaction value of 6.747 billion yuan. The average daily transaction value over the past week was 11.313 billion yuan [2] - The convertible bond market demonstrated strong defensive characteristics during the recent equity market correction, with the China Convertible Bond Index declining by 1.78%, outperforming major broad-based indices. The median premium rate for par value has increased, indicating a stabilization and recovery in valuations [2] - The People's Bank of China (PBOC) is set to conduct a 1 trillion yuan MLF operation on November 25, 2025, with a net injection of 100 billion yuan for the month, marking the ninth consecutive month of increased liquidity measures [2] Group 2 - A new payment tool called "targeted convertible bonds" is gaining attention in the market, particularly favored by technology innovation enterprises. This tool can balance the benefits and risks for both parties in mergers and acquisitions while optimizing transaction structure flexibility [3] - The overall bond market is experiencing a narrow fluctuation pattern, with weak sentiment in the equity market and a lack of clear trading themes in the bond market. However, the PBOC's unchanged stance is expected to quickly alleviate liquidity issues, presenting a buying opportunity for the market [3] - The latest scale of the Convertible Bond ETF reached 58.046 billion yuan, with a recent net outflow of 554 million yuan. Over the past five trading days, there were net inflows on four days, totaling 2.118 billion yuan, with an average daily net inflow of 424 million yuan [3] - The Convertible Bond ETF closely tracks the China Convertible Bond and Exchangeable Bond Index, which consists of convertible and exchangeable bonds listed on the Shanghai and Shenzhen stock exchanges, calculated using a market capitalization weighting method [3]