Report Industry Investment Rating No relevant content provided. Core Viewpoints - Today, convertible bonds rose following the underlying stocks, and the valuation increased compared to the previous day. The CSI Convertible Bond Index rose 0.69% month-on-month, the Shanghai Composite Index rose 1.15%, the Shenzhen Component Index rose 1.68%, the ChiNext Index rose 2.30%, the SSE 50 Index rose 1.16%, and the CSI 1000 Index rose 1.92%. The small-cap growth style was relatively dominant. The trading sentiment in the convertible bond market heated up, with the trading volume reaching 57.675 billion yuan, a 6.12% month-on-month increase. The total trading volume of the Wind All A Index was 1.448059 trillion yuan, a 26.26% month-on-month increase. The net inflow of main funds in the Shanghai and Shenzhen stock markets was 6.331 billion yuan, and the yield of the 10-year treasury bond rose 0.62bp to 1.65% [2]. Summary by Directory 1. Market Main Index Performance - The CSI Convertible Bond Index closed at 437.96, up 0.69% for the day, 0.70% for the week, 1.93% for the month, and 5.64% since the beginning of 2025. The Convertible Bond Equal-Weight Index closed at 208.66, up 0.95% for the day, 0.51% for the week, 2.00% for the month, and 7.30% since the beginning of 2025. The Convertible Bond Index closed at 1,870.36, up 1.99% for the day, 0.97% for the week, 3.36% for the month, and 13.31% since the beginning of 2025. The Convertible Bond Pre - plan Index closed at 1,649.88, up 2.29% for the day, 1.22% for the week, 5.31% for the month, and 13.05% since the beginning of 2025. The Shanghai Composite Index closed at 3,420.57, up 1.15% for the day, 0.94% for the week, 1.19% for the month, and 2.05% since the beginning of 2025. The Shenzhen Component Index closed at 10,217.63, up 1.68% for the day, 0.53% for the week, - 0.02% for the month, and - 1.89% since the beginning of 2025. The ChiNext Index closed at 2,064.13, up 2.30% for the day, 0.33% for the week, 0.91% for the month, and - 3.62% since the beginning of 2025. The SSE 50 Index closed at 2,715.92, up 1.16% for the day, 1.15% for the week, - 0.65% for the month, and 1.16% since the beginning of 2025. The CSI 1000 Index closed at 6,194.67, up 1.92% for the day, 0.77% for the week, 2.12% for the month, and 3.98% since the beginning of 2025 [8]. - In terms of style indices, the small - cap growth style was relatively dominant. The large - cap growth index rose 1.06%, the large - cap value index rose 0.90%, the mid - cap growth index rose 1.49%, the mid - cap value index rose 0.70%, the small - cap growth index rose 1.93%, and the small - cap value index rose 1.06% [2]. 2. Market Fund Performance - The trading volume of the convertible bond market was 57.675 billion yuan, a 6.12% month - on - month increase, and the total trading volume of the Wind All A Index was 1.448059 trillion yuan, a 26.26% month - on - month increase [2]. - The net inflow of main funds in the Shanghai and Shenzhen stock markets was 6.331 billion yuan, and the yield of the 10 - year treasury bond rose 0.62bp to 1.65% [2]. 3. Convertible Bond Valuation - The weighted average closing price of convertible bonds was 120.62 yuan, a 0.67% increase from the previous day. Among them, the closing price of equity - biased convertible bonds was 159.53 yuan, a 0.29% increase; the closing price of bond - biased convertible bonds was 112.13 yuan, a 0.45% increase; and the closing price of balanced convertible bonds was 121.89 yuan, a 0.48% increase. The proportion of high - price bonds above 130 yuan was 25.59%, a 2.13 - percentage - point increase from the previous day. The price median was 121.96 yuan, a 0.63% increase from the previous day [3]. - The fitted conversion premium rate of 100 - yuan par value was 23.04%, a 0.43 - percentage - point increase from the previous day. The overall weighted par value was 90.86 yuan, a 1.16% increase from the previous day. The premium rate of equity - biased convertible bonds was 5.02%, a 0.16 - percentage - point increase; the premium rate of bond - biased convertible bonds was 92.22%, a 1.12 - percentage - point decrease; and the premium rate of balanced convertible bonds was 18.50%, a 0.07 - percentage - point increase [3]. 4. Industry Performance - In the A - share market, 28 industries rose, with the top three gainers being the power equipment (+2.85%), non - bank finance (+2.68%), and commercial and retail (+2.64%) industries. Only two industries declined, namely the petroleum and petrochemical (-2.10%) and coal (-0.22%) industries [4]. - In the convertible bond market, 26 industries rose, with the top three gainers being the automobile (+3.50%), communication (+2.70%), and media (+1.62%) industries. Only two industries declined, namely the building decoration (-0.50%) and public utilities (-0.24%) industries [4]. - In terms of convertible bond market indicators by industry: the closing price of the large - cycle sector rose 0.53%, the manufacturing sector rose 1.70%, the technology sector rose 1.37%, the large - consumption sector rose 0.65%, and the large - finance sector rose 0.58%. The conversion premium rate of the large - cycle sector decreased 0.69pct, the manufacturing sector decreased 2.4pct, the technology sector decreased 0.95pct, the large - consumption sector decreased 2.3pct, and the large - finance sector decreased 1.7pct. The conversion value of the large - cycle sector rose 1.15%, the manufacturing sector rose 3.24%, the technology sector rose 2.08%, the large - consumption sector rose 1.44%, and the large - finance sector rose 0.88%. The pure bond premium rate of the large - cycle sector rose 0.73pct, the manufacturing sector rose 2.1pct, the technology sector rose 1.8pct, the large - consumption sector rose 0.79pct, and the large - finance sector rose 0.66pct [4]. 5. Industry Rotation - The power equipment, non - bank finance, and commercial and retail industries led the rise. The power equipment industry had a daily increase of 2.85% in the underlying stocks and 1.01% in convertible bonds; the non - bank finance industry had a daily increase of 2.68% in the underlying stocks and 0.95% in convertible bonds; the commercial and retail industry had a daily increase of 2.64% in the underlying stocks and 0.86% in convertible bonds [56].
转债市场日度跟踪20250624-20250624
Huachuang Securities·2025-06-24 15:37