中证转债指数刷新逾10年高点！“春季躁动”行情逐步展开

Group 1 - The core point of the news is that the China Convertible Bond Index has reached a new high not seen in over 10 years, driven by strong performance in the equity market and specific stocks like Seli Medical [2][3][4] - The China Convertible Bond Index rose by 1.35% to 505.77 points on January 6, marking the highest level since June 2015 [3] - Seli Convertible Bond has seen a significant increase, with a 20% rise over two consecutive trading days, benefiting from the strong performance of its underlying stock, Seli Medical, which is focused on AI and medical big data [3][4] Group 2 - The catalyst for this market trend is the commercialization breakthrough in the brain-computer interface industry, with Neuralink planning to start large-scale production in 2026 [4] - Domestic policy support for the brain-computer interface sector is increasing, with the National Medical Products Administration accelerating the review process for related products [4] - Other convertible bonds like Jiamei and Lianchuang have also performed well, indicating a structural rally in the convertible bond market [4] Group 3 - The strong performance of the convertible bond market is closely linked to the performance of underlying stocks, with the China Convertible Bond Index showing a rise of 18.66% in 2025, closely following the 18.41% increase in the Shanghai Composite Index [6][7] - The valuation recovery in the convertible bond market has been a significant driver, especially after a period of low valuations due to risks like defaults and delistings [7] - The current market sentiment is characterized by a preference for high-growth sectors such as AI healthcare and advanced manufacturing, which are driving the performance of specific convertible bonds [4][8] Group 4 - Analysts suggest that the current market conditions may lead to a "spring rally," driven by seasonal capital inflows and policy expectations [9] - Institutional investors may have a renewed interest in convertible bonds as they adjust their equity asset risk factors, potentially leading to increased demand [9] - The performance of convertible bonds may also depend on the specific terms of the bonds and the strategies employed by investors [9]