转债市场日度跟踪-20250616

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints The report is a daily tracking of the convertible bond market on June 16, 2025. It shows that the convertible bond market had an incremental increase with a rising valuation. The market sentiment was positive, and different market segments and industries had varying performance [1]. 3. Section Summaries Market Overview - Index performance: The CSI Convertible Bond Index rose 0.25%环比, the Shanghai Composite Index rose 0.35%环比, the Shenzhen Component Index rose 0.41%环比, the ChiNext Index rose 0.66%环比, the SSE 50 Index rose 0.32%环比, and the CSI 1000 Index rose 0.68%环比 [1]. - Market style: Large-cap value stocks were relatively dominant. Large-cap growth stocks decreased 0.07%环比, large-cap value stocks rose 0.60%环比, mid-cap growth stocks decreased 0.46%环比, mid-cap value stocks decreased 0.05%环比, small-cap growth stocks rose 0.19%环比, and small-cap value stocks rose 0.12%环比 [1]. - Fund performance: The trading sentiment in the convertible bond market heated up. The trading volume of the convertible bond market was 69.048 billion yuan, a 10.96%环比 increase. The total trading volume of the Wind All A was 1.243641 trillion yuan, a 17.31%环比 decrease. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 2.73 billion yuan, and the yield of the 10-year treasury bond decreased 0.08bp环比 to 1.64% [1]. Convertible Bond Price and Valuation - Bond price: The central price of convertible bonds increased, and the proportion of high-price bonds rose. The weighted average closing price of convertible bonds was 119.96 yuan, a 0.23%环比 increase. Among them, the closing price of equity-biased convertible bonds was 164.50 yuan, a 0.60%环比 increase; the closing price of debt-biased convertible bonds was 111.58 yuan, a 0.11%环比 increase; the closing price of balanced convertible bonds was 121.14 yuan, a 0.13%环比 increase. The proportion of bonds with a closing price above 130 yuan was 24.47%, a 0.9pct环比 increase [2]. - Bond valuation: The valuation increased. The fitted conversion premium rate of 100-yuan par value was 22.85%, a 0.15pct环比 increase; the overall weighted par value was 89.88 yuan, a 0.58%环比 increase. The premium rate of equity-biased convertible bonds was 4.58%, a 0.20pct环比 increase; the premium rate of debt-biased convertible bonds was 91.56%, a 0.52pct环比 increase; the premium rate of balanced convertible bonds was 19.24%, a 0.40pct环比 decrease [2]. Industry Performance - Stock market: Among the A-share markets, the top three industries with the highest increases were media (+2.70%), communication (+2.11%), and computer (+1.99%); the top three industries with the highest decreases were agriculture, forestry, animal husbandry and fishery (-0.76%), beauty care (-0.49%), and non-ferrous metals (-0.43%) [3]. - Convertible bond market: A total of 22 industries in the convertible bond market rose. The top three industries with the highest increases were computer (+2.30%), building materials (+1.97%), and basic chemicals (+1.10%); the top three industries with the highest decreases were environmental protection (-1.56%), light industry manufacturing (-0.46%), and petroleum and petrochemicals (-0.25%) [3]. Industry Rotation Media, communication, and computer led the rise in the industry rotation. The report also provides detailed information on the daily, weekly, monthly, and year-to-date increases of stocks and convertible bonds in various industries, as well as the valuation quantiles of stocks [55].