转债市场日度跟踪20250522-20250522

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On May 22, 2025, most convertible bond industries declined, and the valuation contracted on a month - on - month basis. The trading sentiment in the convertible bond market weakened, and the overall market showed a situation where large - cap value stocks were relatively dominant [1]. 3. Summary by Related Catalogs Market Overview - Index Performance: The CSI Convertible Bond Index decreased by 0.32% month - on - month, the Shanghai Composite Index decreased by 0.22%, the Shenzhen Component Index decreased by 0.72%, the ChiNext Index decreased by 0.96%, the SSE 50 Index increased by 0.19%, and the CSI 1000 Index decreased by 1.08% [1]. - Market Style: Large - cap value stocks were relatively dominant. Large - cap growth stocks decreased by 0.49%, large - cap value stocks increased by 0.54%, mid - cap growth stocks decreased by 0.91%, mid - cap value stocks decreased by 0.67%, small - cap growth stocks decreased by 1.05%, and small - cap value stocks decreased by 0.97% [1]. - Fund Performance: The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 50.322 billion yuan, a month - on - month decrease of 8.82%. The total trading volume of the Wind All - A Index was 1.139705 trillion yuan, a month - on - month decrease of 6.15%. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 25.263 billion yuan, and the yield of the 10 - year Treasury bond increased by 0.86bp to 1.72% [1]. Convertible Bond Price - The central price of convertible bonds decreased, and the proportion of high - price bonds decreased. The weighted average closing price of convertible bonds was 119.07 yuan, a month - on - month decrease of 0.34%. Among them, the closing price of equity - biased convertible bonds was 157.17 yuan, a month - on - month increase of 0.49%; the closing price of bond - biased convertible bonds was 110.32 yuan, a month - on - month decrease of 0.20%; the closing price of balanced convertible bonds was 120.37 yuan, a month - on - month decrease of 0.18% [2]. - The proportion of high - price bonds above 130 yuan was 23.89%, a month - on - month decrease of 1.9pct. The range with the largest change in proportion was 110 - 120 (including 120), with a proportion of 37.42%, a month - on - month increase of 1.9pct. There were 10 bonds with a closing price below 100 yuan. The median price was 120.60 yuan, a month - on - month decrease of 0.58% [2]. Convertible Bond Valuation - The valuation contracted. The fitted conversion premium rate of 100 - yuan par value was 22.80%, a month - on - month decrease of 0.35pct. The overall weighted par value was 89.74 yuan, a month - on - month decrease of 0.44% [2]. - The premium rate of equity - biased convertible bonds was 4.26%, a month - on - month decrease of 0.45pct; the premium rate of bond - biased convertible bonds was 89.87%, a month - on - month decrease of 0.15pct; the premium rate of balanced convertible bonds was 19.65%, a month - on - month decrease of 0.33pct [2]. Industry Performance - Stock Market: In the A - share market, the top three industries with the largest declines were Beauty Care (-2.03%), Social Services (-1.80%), and Basic Chemicals (-1.70%); the top three industries with the largest increases were Banks (+1.00%), Media (+0.12%), and Household Appliances (+0.04%) [3]. - Convertible Bond Market: A total of 24 industries in the convertible bond market declined. The top three industries with the largest declines were Utilities (-1.15%), Household Appliances (-1.11%), and Non - Ferrous Metals (-1.07%); the top three industries with the largest increases were Banks (+0.56%), Media (+0.37%), and Building Decoration (+0.23%) [3]. - Key Indicators of Different Industry Types: - Closing price: The large - cycle decreased by 0.59%, manufacturing decreased by 0.81%, technology decreased by 0.40%, large - scale consumption decreased by 0.86%, and large - scale finance increased by 0.07% [3]. - Conversion premium rate: The large - cycle increased by 1.0pct, manufacturing increased by 1.2pct, technology increased by 0.25pct, large - scale consumption increased by 1.0pct, and large - scale finance increased by 0.68pct [3]. - Conversion value: The large - cycle decreased by 1.21%, manufacturing decreased by 1.48%, technology decreased by 0.51%, large - scale consumption decreased by 1.68%, and large - scale finance increased by 0.51% [3]. - Pure bond premium rate: The large - cycle decreased by 0.76pct, manufacturing decreased by 1.0pct, technology decreased by 0.55pct, large - scale consumption decreased by 1.0pct, and large - scale finance increased by 0.069pct [4]. Industry Rotation - The banking, media, and household appliance industries led the rise. The banking industry had a daily increase of 1.00% in the stock market and 0.56% in the convertible bond market; the media industry had a daily increase of 0.12% in the stock market and 0.37% in the convertible bond market; the household appliance industry had a daily increase of 0.04% in the stock market and a decrease of 1.11% in the convertible bond market [55].