转债市场日度跟踪20250701-20250701

Report Industry Investment Rating No relevant content provided. Core Viewpoints - On July 1, 2025, the convertible bond market showed incremental growth with rising valuations. The trading sentiment in the convertible bond market heated up, while the total trading volume of the A-share market decreased slightly. The median price and overall weighted average parity of convertible bonds increased, and the proportion of high-priced bonds rose. In the industry, more than half of the underlying stock industry indices rose, with different performance trends among different industries [2][3]. Summary by Directory 1. Market Overview - Index Performance: The CSI Convertible Bond Index rose 0.48% compared to the previous day, the Shanghai Composite Index rose 0.39%, the Shenzhen Component Index rose 0.11%, the ChiNext Index fell 0.24%, the SSE 50 Index rose 0.21%, and the CSI 1000 Index rose 0.28% [2]. - Market Style: Mid-cap value stocks outperformed. Large-cap growth stocks rose 0.10%, large-cap value stocks rose 0.63%, mid-cap growth stocks fell 0.04%, mid-cap value stocks rose 0.88%, small-cap growth stocks rose 0.37%, and small-cap value stocks rose 0.39% [2]. - Fund Performance: The trading sentiment in the convertible bond market heated up. The trading volume of the convertible bond market was 62.777 billion yuan, a 15.43% increase compared to the previous day. The total trading volume of the Wind All-A Index was 1.496531 trillion yuan, a 1.37% decrease compared to the previous day. The net outflow of main funds from the Shanghai and Shenzhen stock markets was 23.112 billion yuan, and the yield of the 10-year treasury bond decreased 0.36bp to 1.64% [2]. 2. Convertible Bond Price and Valuation - Convertible Bond Price: The weighted average closing price of convertible bonds was 122.81 yuan, a 0.47% increase compared to the previous day. The closing price of equity-biased convertible bonds was 166.37 yuan, a 2.00% decrease; the closing price of bond-biased convertible bonds was 113.54 yuan, a 0.23% increase; the closing price of balanced convertible bonds was 123.61 yuan, a 0.48% increase. The proportion of high-priced bonds above 130 yuan was 32.62%, a 2.13 percentage point increase compared to the previous day. There were 2 bonds with a closing price below 100 yuan. The median price was 124.80 yuan, a 0.48% increase compared to the previous day [3]. - Convertible Bond Valuation: The conversion premium rate of the 100-yuan parity fitting was 25.02%, a 0.30 percentage point increase compared to the previous day. The overall weighted parity was 92.22 yuan, a 0.61% increase compared to the previous day. The premium rate of equity-biased convertible bonds was 6.68%, a 0.35 percentage point decrease; the premium rate of bond-biased convertible bonds was 94.76%, a 1.21 percentage point increase; the premium rate of balanced convertible bonds was 19.45%, a 0.03 percentage point increase [3]. 3. Industry Performance - Underlying Stock Industry Index: In the A-share market, the top three rising industries were Medicine and Biology (+1.80%), Banks (+1.53%), and Non-ferrous Metals (+1.49%); the top three falling industries were Computer (-1.18%), Commerce and Retail (-0.79%), and Communications (-0.45%). In the convertible bond market, 22 industries rose, with the top three rising industries being Non-ferrous Metals (+2.04%), National Defense and Military Industry (+1.52%), and Banks (+1.23%); the top three falling industries were Communications (-1.15%), Computer (-0.62%), and Steel (-0.26%) [4]. - Industry Indicators: In terms of closing price, the large-cycle sector rose 0.73%, the manufacturing sector rose 0.18%, the technology sector fell -0.02%, the large-consumption sector rose 0.39%, and the large-finance sector rose 0.70%. In terms of conversion premium rate, the large-cycle sector fell -0.53 percentage points, the manufacturing sector rose 0.67 percentage points, the technology sector rose 0.83 percentage points, the large-consumption sector fell -0.19 percentage points, and the large-finance sector fell -0.99 percentage points. In terms of conversion value, the large-cycle sector rose 1.00%, the manufacturing sector fell -0.14%, the technology sector fell -0.67%, the large-consumption sector rose 0.46%, and the large-finance sector rose 0.68%. In terms of pure bond premium rate, the large-cycle sector rose 0.91 percentage points, the manufacturing sector rose 0.21 percentage points, the technology sector fell -0.083 percentage points, the large-consumption sector rose 0.45 percentage points, and the large-finance sector rose 0.83 percentage points [4][5].