转债市场日度跟踪20250418-20250418

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The convertible bond market declined following the underlying stocks today, with compressed valuations. The trading sentiment in the convertible bond market weakened, and the overall market showed a pattern where large - cap value stocks were relatively dominant [1]. - The convertible bond price center decreased, and the proportion of high - price bonds declined. The valuation of convertible bonds was compressed, with the conversion premium rate of various types of convertible bonds decreasing [2]. - In the industry performance, more than half of the underlying stock industry indices declined. In the A - share market, the top three declining industries were beauty care, social services, and textile and apparel; the top three rising industries were communication, real estate, and banking. In the convertible bond market, the top three declining industries were national defense and military industry, power equipment, and agriculture, forestry, animal husbandry and fishery; the top three rising industries were communication, non - ferrous metals, and automobile [3]. 3. Summary by Directory 3.1 Market Main Index Performance - The CSI Convertible Bond Index remained unchanged, the Shanghai Composite Index decreased by 0.11%, the Shenzhen Component Index increased by 0.23%, the ChiNext Index increased by 0.27%, the SSE 50 Index decreased by 0.08%, and the CSI 1000 Index decreased by 0.13%. In terms of style, large - cap value stocks were relatively dominant, with large - cap growth down 0.46%, large - cap value up 0.36%, mid - cap growth down 0.07%, mid - cap value up 0.32%, small - cap growth down 0.01%, and small - cap value up 0.02% [1][6]. 3.2 Market Fund Performance - The trading volume in the convertible bond market was 44.561 billion yuan, a 1.35% decrease from the previous day; the total trading volume of the Wind All - A Index was 949.174 billion yuan, a 7.88% decrease. The net outflow of main funds from the Shanghai and Shenzhen stock markets was 14.017 billion yuan, and the yield of the 10 - year Treasury bond decreased by 0.29bp to 1.65% [1]. 3.3 Convertible Bond Valuation - After excluding convertible bonds with a closing price > 150 yuan and a conversion premium rate > 50%, the fitted conversion premium rate of 100 - yuan par value was 22.33%, a decrease of 0.08pct from the previous day; the overall weighted par value was 84.72 yuan, an increase of 0.18%. The conversion premium rates of various types of convertible bonds decreased, and the proportion of bonds below 110 yuan (inclusive) increased [2][14][33]. 3.4 Industry Performance - In the A - share market, the top three declining industries were beauty care (-2.46%), social services (-2.45%), and textile and apparel (-1.54%); the top three rising industries were communication (+1.59%), real estate (+1.53%), and banking (+0.78%). In the convertible bond market, the top three declining industries were national defense and military industry (-2.00%), power equipment (-1.78%), and agriculture, forestry, animal husbandry and fishery (-1.58%); the top three rising industries were communication (+1.08%), non - ferrous metals (+0.42%), and automobile (+0.34%) [3]. - In terms of different sectors: the closing price of the large - cycle sector decreased by 0.11%, manufacturing by 0.41%, technology by 0.32%, large - consumption by 0.48%, and large - finance increased by 0.10%. The conversion premium rate of the large - cycle sector decreased by 0.57pct, manufacturing increased by 0.98pct, technology increased by 0.46pct, large - consumption increased by 0.55pct, and large - finance increased by 0.74pct. The conversion value of the large - cycle sector increased by 0.05%, manufacturing decreased by 0.90%, technology decreased by 0.92%, large - consumption decreased by 1.41%, and large - finance increased by 0.58%. The pure bond premium rate of the large - cycle sector decreased by 0.15pct, manufacturing decreased by 0.54pct, technology decreased by 0.47pct, large - consumption decreased by 0.44pct, and large - finance increased by 0.1pct [3]. 3.5 Industry Rotation - The leading rising industries were communication, real estate, and banking. The communication industry had a daily increase of 1.59% in the underlying stocks and 1.08% in convertible bonds; the real estate industry had a daily increase of 1.53% in the underlying stocks; the banking industry had a daily increase of 0.78% in the underlying stocks and 0.01% in convertible bonds [52].