转债市场日度跟踪20250521-20250521

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On May 21, 2025, half of the convertible bond industries declined, and the valuation increased month - on - month. The CSI Convertible Bond Index rose 0.13%, and the trading sentiment in the convertible bond market weakened [1]. - The central price of convertible bonds increased, and the proportion of high - price bonds decreased. The overall weighted average closing price of convertible bonds was 119.50 yuan, up 0.13% month - on - month. The valuation increased, with the 100 - yuan par - value fitted conversion premium rate rising 0.08 pct to 23.15% [2]. - In the A - share market, the top three declining industries were beauty care (-1.09%), electronics (-0.93%), and media (-0.87%); the top three rising industries were coal (+2.55%), non - ferrous metals (+2.05%), and power equipment (+1.11%). In the convertible bond market, 16 industries declined [3]. 3. Summary by Relevant Catalogs Market Overview - Index Performance: The CSI Convertible Bond Index rose 0.13% month - on - month, the Shanghai Composite Index rose 0.21%, the Shenzhen Component Index rose 0.44%, the ChiNext Index rose 0.83%, the SSE 50 Index rose 0.43%, and the CSI 1000 Index fell 0.23% [1]. - Market Style: Large - cap growth stocks were relatively dominant. Large - cap growth stocks rose 0.78%, large - cap value stocks rose 0.46%, mid - cap growth stocks rose 0.52%, mid - cap value stocks rose 0.70%, small - cap growth stocks rose 0.16%, and small - cap value stocks rose 0.31% [1]. - Fund Performance: The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 5.5188 billion yuan, down 4.69% month - on - month; the total trading volume of the Wind All - A Index was 121.4373 billion yuan, up 0.26% month - on - month; the net out - flow of main funds in the Shanghai and Shenzhen stock markets was 2.2913 billion yuan, and the yield of the 10 - year Treasury bond rose 0.96 bp to 1.71% [1]. Convertible Bond Price and Valuation - Convertible Bond Price: The central price of convertible bonds increased, and the proportion of high - price bonds decreased. The overall weighted average closing price of convertible bonds was 119.50 yuan, up 0.13% month - on - month. The proportion of bonds with a closing price above 130 yuan was 25.79%, down 0.42 pct month - on - month [2]. - Convertible Bond Valuation: The valuation increased. The 100 - yuan par - value fitted conversion premium rate was 23.15%, up 0.08 pct month - on - month; the overall weighted par value was 90.19 yuan, up 0.04% month - on - month [2]. Industry Performance - Stock Market: The top three declining industries were beauty care (-1.09%), electronics (-0.93%), and media (-0.87%); the top three rising industries were coal (+2.55%), non - ferrous metals (+2.05%), and power equipment (+1.11%) [3]. - Convertible Bond Market: 16 industries declined. The top three declining industries were communication (-2.70%), agriculture, forestry, animal husbandry and fishery (-1.71%), and environmental protection (-1.08%); the top three rising industries were coal (+0.92%), media (+0.64%), and non - ferrous metals (+0.64%) [3]. - Industry Indicators: In terms of closing price, large - cycle decreased by 0.01%, manufacturing decreased by 0.18%, technology decreased by 0.77%, large - consumption decreased by 0.14%, and large - finance increased by 0.37%. In terms of conversion premium rate, they all increased. In terms of conversion value, large - cycle decreased by 0.06%, manufacturing decreased by 0.33%, technology decreased by 0.90%, large - consumption decreased by 4.90%, and large - finance increased by 0.66%. In terms of pure bond premium rate, large - cycle decreased by 0.076 pct, manufacturing decreased by 0.3 pct, technology decreased by 1.1 pct, large - consumption increased by 1.1 pct, and large - finance increased by 0.39 pct [3][4]. Industry Rotation - Coal, non - ferrous metals, and power equipment led the rise. For example, coal's stock price rose 2.55% daily, and its convertible bond price rose 0.92%; non - ferrous metals' stock price rose 2.05% daily, and its convertible bond price rose 0.64%; power equipment's stock price rose 1.11% daily, and its convertible bond price fell 0.09% [54].