固收周报：建议转债配置维持稳健-20250601

Group 1: Report Industry Investment Rating - No information provided in the given content Group 2: Core Views of the Report - The long - end of US Treasury yields may fluctuate between 4.0 - 4.5%. Although the short - term decline in US Treasury yields and the support for the US dollar may be due to the obstruction of Trump's tariff policy in domestic legislation and the short - term reallocation of global assets, the upward drive for US Treasuries in the medium term remains [1][38]. - Domestic equity trading was relatively cold before the Dragon Boat Festival. The hot sectors such as chemicals, controlled nuclear fusion, new consumption, and new reorganizations declined, pressuring market sentiment. In the convertible bond market, the equal - weighted index was weaker than the weighted index and the double - low index. The large - cap and high - price styles were superior [1][39]. - It is recommended to actively layout medium - and low - priced convertible bond targets with small business uncertainties, sufficient disposable cash, and positive attitudes towards equity investment and mergers and acquisitions. Also, investors are advised to seize the opportunity to subscribe for high - quality pan - technology incremental targets among the unissued ones [1][39]. Group 3: Summary of Each Section 1. Weekly Market Review 1.1 Equity Market - From May 26th to May 30th, the equity market declined overall. The Shanghai Composite Index fell 0.03% to 3347.49 points, the Shenzhen Component Index fell 0.91% to 10040.63 points, the ChiNext Index fell 1.40% to 1993.19 points, and the CSI 300 fell 1.08% to 3840.23 points. The average daily trading volume of the two markets decreased by about 816.77 billion yuan to 10698.79 billion yuan, a weekly decline of 7.09% [6][9]. - Among the 31 Shenwan primary industries, 17 industries rose, with 3 industries rising more than 2%. Environmental protection, pharmaceutical biology, national defense and military industry, agriculture, forestry, animal husbandry and fishery, and computer led the gains, while the automobile, power equipment, non - ferrous metals, food and beverage, and household appliances sectors led the losses [13]. 1.2 Convertible Bond Market - From May 26th to May 30th, the CSI Convertible Bond Index rose 0.23%. Among the 29 Shenwan primary industries, 17 industries rose, with 1 industry rising more than 2%. Media, beauty care, national defense and military industry, computer, and food and beverage led the gains, while communication, household appliances, automobile, social services, and machinery equipment led the losses [16]. - The average daily trading volume of the convertible bond market was 555.18 billion yuan, a significant increase of 5.13 billion yuan, a 0.93% increase. The top ten convertible bonds in terms of trading volume had an average trading volume of 105.07 billion yuan, with the first - ranked one reaching 227.37 billion yuan. About 48.52% of individual convertible bonds rose, about 32.49% had a gain between 0 - 1%, and 8.02% had a gain of more than 2% [16]. - The overall market conversion premium rate continued to rise, with an average daily conversion premium rate of 47.04%, an increase of 1.60 pcts compared to last week. In terms of price ranges, except for the 90 - yuan - below and 100 - 110 - yuan price ranges, the average daily conversion premium rates of convertible bonds in other price ranges narrowed. In terms of parity ranges, the average daily conversion premium rates of convertible bonds in all parity ranges narrowed [21]. - The parity of 12 industries increased, with 3 industries having an increase of more than 2%. Media, environmental protection, food and beverage, national defense and military industry, and beauty care led the increase, while agriculture, forestry, animal husbandry and fishery, household appliances, social services, automobile, and electronics led the decline [32]. 1.3 Comparison of Stock and Bond Market Sentiments - The weekly weighted average increase of the convertible bond market was positive, while the median was negative. The weekly weighted average increase and median of the underlying stock market were both positive, and the underlying stocks had a larger weekly increase. The trading volume of the convertible bond market increased by 0.93% week - on - week, while that of the underlying stock market decreased by 3.56% [33]. - About 47.55% of convertible bonds rose, and about 56.86% of underlying stocks rose. About 41.88% of convertible bonds had a larger increase than the underlying stocks. Overall, the trading sentiment in the underlying stock market was better this week [33]. 2. Outlook and Investment Strategies - Continue to adhere to the view that the long - end of US Treasury yields may fluctuate between 4.0 - 4.5% [1][38]. - Actively layout medium - and low - priced convertible bond targets with small business uncertainties, sufficient disposable cash, and positive attitudes towards equity investment and mergers and acquisitions. Seize the opportunity to subscribe for high - quality pan - technology incremental targets among the unissued ones, such as Maolai Optics, Kechuan Technology, Shenyu Co., Ltd., and Meili Technology [1][39]. - The top ten high - rated, medium - and low - priced convertible bonds with the greatest potential for conversion parity premium rate repair next week are Ying 19 Convertible Bond, Haoke Convertible Bond, Hailiang Convertible Bond, Pufa Convertible Bond, Liqun Convertible Bond, Hexing Convertible Bond, Hope Convertible Bond, Hope Convertible Bond 2, Zhonghuan Convertible Bond 2, and Meijin Convertible Bond [1][39].