转债市场日度跟踪20250530-20250530

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Today, more than half of the convertible bond sectors declined, and the valuation contracted on a month - on - month basis. The CSI Convertible Bond Index rose 0.06% month - on - month, while the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, SSE 50 Index, and CSI 1000 Index all declined. The large - cap value style was relatively dominant. The trading sentiment in the convertible bond market heated up [1]. - The convertible bond price center increased, and the proportion of high - price bonds decreased. The overall weighted average closing price of convertible bonds was 118.66 yuan, up 0.01% from yesterday. The valuation compressed, with the 100 - yuan par - value fitted conversion premium rate at 22.21%, down 0.15 pct from yesterday [2]. - Today, more than half of the underlying stock industry indices declined, with 25 industries falling in the A - share market and 18 in the convertible bond market. Different industries showed different trends in closing prices, conversion premium rates, conversion values, and pure bond premium rates [3]. 3. Summary by Relevant Catalogs 3.1 Market Main Index Performance - The CSI Convertible Bond Index closed at 429.31, up 0.06% daily, down 0.09% weekly, up 1.90% monthly, and up 3.56% since the beginning of 2025. Other convertible bond - related indices and major A - share indices also showed different trends in daily, weekly, monthly, and year - to - date changes [6]. - In terms of style indices, large - cap value was relatively strong, with the large - cap growth index down 1.09%, and the large - cap value index up 0.14% [7]. 3.2 Market Fund Performance - The trading volume of the convertible bond market was 5.8988 billion yuan, up 3.21% month - on - month, while the total trading volume of the Wind All - A Index was 116.4246 billion yuan, down 4.05% month - on - month. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 35.262 billion yuan, and the yield of the 10 - year treasury bond decreased by 1.65 bp to 1.67% [1][8]. 3.3 Convertible Bond Price and Valuation - The overall weighted average closing price of convertible bonds was 118.66 yuan, up 0.01% from yesterday. The proportion of bonds with a closing price above 130 yuan was 22.25%, down 1.27 pct from yesterday. The price median was 120.27 yuan, down 0.26% from yesterday [2]. - The 100 - yuan par - value fitted conversion premium rate was 22.21%, down 0.15 pct from yesterday. The overall weighted par value was 88.61 yuan, down 0.39% from yesterday [2]. 3.4 Industry Performance - In the A - share market, the top three declining industries were automobiles (- 1.91%), electronics (- 1.85%), and machinery and equipment (- 1.81%); the top three rising industries were agriculture, forestry, animal husbandry, and fishery (+ 1.20%), banking (+ 0.64%), and pharmaceutical biology (+ 0.37%). In the convertible bond market, the top three declining industries were communication (- 2.33%), automobiles (- 1.23%), and household appliances (- 1.14%); the top three rising industries were building materials (+ 3.21%), banking (+ 0.80%), and agriculture, forestry, animal husbandry, and fishery (+ 0.76%) [3]. - Different industries showed different trends in closing prices, conversion premium rates, conversion values, and pure bond premium rates. For example, the closing price of the large - cycle industry increased by 0.36% month - on - month, while the manufacturing industry decreased by 0.68% [3]. 3.5 Industry Rotation - Industries such as agriculture, forestry, animal husbandry, and fishery, banking, and pharmaceutical biology led the rise. The report provided detailed data on the daily, weekly, monthly, and year - to - date changes in the underlying stocks and convertible bonds of various industries, as well as the valuation quantiles of the underlying stocks [55].