Report Industry Investment Rating No relevant content provided. Core Viewpoints - Today, the convertible bond market declined with reduced trading volume, and the valuation compressed on a month - on - month basis. The small - cap value style was relatively dominant, and the trading sentiment in the convertible bond market weakened [1]. - The convertible bond price center increased, and the proportion of high - price bonds rose. The valuation compressed, with the fitting conversion premium rate of 100 - yuan par value decreasing [2]. - More than half of the underlying stock industry indices declined today. In the A - share market, the top three declining industries were basic chemicals, agriculture, forestry, animal husbandry and fishery, and national defense and military industry; the top three rising industries were textile and apparel, environmental protection, and coal. In the convertible bond market, the top three declining industries were agriculture, forestry, animal husbandry and fishery, national defense and military industry, and building materials; the top three rising industries were beauty care, food and beverage, and media [3]. Summary by Directory 1. Market Main Index Performance - The CSI Convertible Bond Index rose 0.07% month - on - month, while the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, Shanghai 50 Index, and CSI 1000 Index declined [1]. - The small - cap value style was relatively dominant. The large - cap growth index declined 0.30%, the large - cap value index rose 0.11%, the mid - cap growth index declined 0.14%, the mid - cap value index declined 0.02%, the small - cap growth index declined 0.45%, and the small - cap value index rose 0.20% [1]. - The trading volume in the convertible bond market decreased, with the convertible bond market turnover at 50.921 billion yuan, a month - on - month decrease of 8.83%. The total turnover of the Wind All - A Index was 1.033873 trillion yuan, a month - on - month increase of 0.95%. The net out - flow of the main funds in the Shanghai and Shenzhen stock markets was 18.539 billion yuan, and the yield of the 10 - year Treasury bond decreased 4.29bp to 1.68% [1]. 2. Market Fund Performance - The trading volume in the convertible bond market decreased, while the trading volume in the A - share market increased. The convertible bond market turnover was 50.921 billion yuan, a month - on - month decrease of 8.83%, and the total turnover of the Wind All - A Index was 1.033873 trillion yuan, a month - on - month increase of 0.95% [1][8]. - The net out - flow of the main funds in the Shanghai and Shenzhen stock markets was 18.539 billion yuan, and the yield of the 10 - year Treasury bond decreased 4.29bp to 1.68% [1]. 3. Convertible Bond Valuation - The convertible bond price center increased, and the proportion of high - price bonds rose. The overall weighted average closing price of convertible bonds was 118.04 yuan, a month - on - month increase of 0.03%. The closing price of equity - biased convertible bonds was 162.36 yuan, a month - on - month decrease of 0.19%; the closing price of bond - biased convertible bonds was 109.76 yuan, a month - on - month increase of 0.09%; the closing price of balanced convertible bonds was 119.74 yuan, a month - on - month increase of 0.14% [2]. - The valuation compressed. The fitting conversion premium rate of 100 - yuan par value was 21.72%, a month - on - month decrease of 0.06pct; the overall weighted par value was 88.50 yuan, a month - on - month decrease of 0.20%. The premium rate of equity - biased convertible bonds was 4.11%, a month - on - month increase of 0.32pct; the premium rate of bond - biased convertible bonds was 87.66%, a month - on - month decrease of 1.45pct; the premium rate of balanced convertible bonds was 19.05%, a month - on - month decrease of 0.22pct [2]. 4. Industry Performance - In the A - share market, the top three declining industries were basic chemicals (- 0.79%), agriculture, forestry, animal husbandry and fishery (- 0.78%), and national defense and military industry (- 0.72%); the top three rising industries were textile and apparel (+ 1.17%), environmental protection (+ 0.89%), and coal (+ 0.74%) [3]. - In the convertible bond market, the top three declining industries were agriculture, forestry, animal husbandry and fishery (- 0.96%), national defense and military industry (- 0.58%), and building materials (- 0.28%); the top three rising industries were beauty care (+ 3.23%), food and beverage (+ 0.85%), and media (+ 0.79%) [3]. - In terms of closing price, the large - cycle sector rose 0.01%, the manufacturing sector declined 0.04%, the technology sector rose 0.14%, the large - consumption sector rose 0.34%, and the large - finance sector rose 0.35% [3]. - In terms of conversion premium rate, the large - cycle sector decreased 0.024pct, the manufacturing sector increased 0.71pct, the technology sector increased 0.61pct, the large - consumption sector increased 0.18pct, and the large - finance sector increased 0.27pct [3]. - In terms of conversion value, the large - cycle sector rose 0.04%, the manufacturing sector declined 0.23%, the technology sector declined 0.11%, the large - consumption sector rose 1.33%, and the large - finance sector rose 0.54% [3]. - In terms of pure bond premium rate, the large - cycle sector decreased 0.014pct, the manufacturing sector decreased 0.065pct, the technology sector increased 0.15pct, the large - consumption sector increased 0.41pct, and the large - finance sector increased 0.38pct [4]. 5. Industry Rotation - Textile and apparel, environmental protection, and coal led the rise. The daily increase rates of textile and apparel, environmental protection, and coal in the underlying stock market were 1.17%, 0.89%, and 0.74% respectively; the daily increase rates in the convertible bond market were 0.16%, 0.07%, and 0.11% respectively [48].
转债市场日度跟踪20250528-20250528
Huachuang Securities·2025-05-28 14:42