转债市场日度跟踪20250429-20250430

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The convertible bond market showed an incremental increase today, with valuations rising month - on - month. The small - cap growth style was relatively dominant, and the trading sentiment in the convertible bond market heated up [1]. 3. Summary by Related Catalogs Market Overview - Index performance: The CSI Convertible Bond Index rose 0.33% month - on - month, while the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and SSE 50 Index declined, and the CSI 1000 Index rose 0.45% [1]. - Market style: Small - cap growth was relatively dominant. The large - cap growth, large - cap value, mid - cap value, and small - cap value declined, while the mid - cap growth remained unchanged, and the small - cap growth rose 0.24% [1]. - Fund performance: The trading sentiment in the convertible bond market heated up. The trading volume of the convertible bond market was 62.903 billion yuan, a month - on - month increase of 30.42%. The total trading volume of the Wind All - A was 1.041735 trillion yuan, a month - on - month decrease of 3.25%. The net out - flow of the main funds in the Shanghai and Shenzhen stock markets was 2.352 billion yuan, and the yield of the 10 - year treasury bond decreased by 2.42bp to 1.62% [1]. Convertible Bond Price - The central price of convertible bonds increased, and the proportion of high - price bonds rose. The weighted average closing price of convertible bonds was 117.08 yuan, a 0.33% increase from yesterday. The closing prices of equity - biased, debt - biased, and balanced convertible bonds all increased [2]. - From the distribution of convertible bond closing prices, the proportion of high - price bonds above 130 yuan was 19.37%, a 3.58pct increase from yesterday. The proportion of bonds in the 120 - 130 (including 130) range decreased by 1.47pct. There were 12 bonds with a closing price below 100 yuan. The median price was 119.00 yuan, a 0.79% increase from yesterday [2]. Convertible Bond Valuation - Valuations rose. The conversion premium rate of the 100 - yuan parity fitting was 23.04%, a 0.32pct increase from yesterday. The overall weighted parity was 85.96 yuan, a 0.44% increase from yesterday [2]. - The premium rates of equity - biased, debt - biased, and balanced convertible bonds showed different changes, with the equity - biased decreasing by 0.13pct, the debt - biased increasing by 0.33pct, and the balanced increasing by 0.10pct [2]. Industry Performance - In the A - share market, 19 industries rose. The top three rising industries were beauty care (+2.60%), machinery and equipment (+1.44%), and media (+1.27%), while the top three falling industries were public utilities (-1.78%), petroleum and petrochemicals (-0.55%), and coal (-0.51%) [3]. - In the convertible bond market, 25 industries rose. The top three rising industries were building materials (+2.97%), environmental protection (+2.20%), and household appliances (+1.83%), while the top three falling industries were coal (-0.39%), transportation (-0.09%), and public utilities (-0.07%) [3]. - For different sectors: - Closing price: The large - cycle, manufacturing, technology, large - consumption, and large - finance sectors rose by 0.91%, 0.71%, 0.90%, 1.49%, and 0.23% respectively [3]. - Conversion premium rate: The large - cycle, manufacturing, technology, large - consumption, and large - finance sectors decreased by 0.47pct, 0.78pct, 1.0pct, 0.92pct, and 0.56pct respectively [3]. - Conversion value: The large - cycle, manufacturing, technology, and large - finance sectors rose by 0.91%, 1.26%, 1.36%, and 0.28% respectively, while the large - consumption sector decreased by 2.12% [3]. - Pure bond premium rate: The large - cycle, manufacturing, technology, large - consumption, and large - finance sectors increased by 1.2pct, 0.86pct, 1.2pct, 2.9pct, and 0.24pct respectively [4]. Industry Rotation - The beauty care, machinery and equipment, and media led the rise. The report also provided the daily, weekly, monthly, and year - to - date changes in stock prices, convertible bond prices, and valuation quantiles of multiple industries [52].