中金：2025年固收+市场展望

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [1]. Core Insights - The current market is in a "transition phase" that requires a short-term adjustment [2]. - The report highlights the significant impact of "aging" on the industry, which may be greater than previously anticipated [15]. Summary by Relevant Sections - The report discusses the performance of different indices and their correlation with the T main contract, indicating varying degrees of market dynamics [20][42]. - It presents a comparison of convertible bond delta and gamma, exploring how convertible bonds adjust their premiums during stock price fluctuations [10][11]. - The report includes a visual representation of the premium rate changes and their predictions, showing a high degree of fit in out-of-sample predictions [31]. - It emphasizes the importance of "sweetness rate" as a market difficulty indicator, which remains high, suggesting ongoing challenges in the convertible bond market [38]. - The report analyzes the impact of various indicators on convertible bond premium rates, providing a comprehensive overview of market conditions [29][36].