转债市场日度跟踪20250702-20250702

Report Industry Investment Rating No relevant content provided. Core View of the Report On July 2, 2025, the convertible bond market showed an incremental decline with compressed valuations. The market style favored large-cap value stocks, and the trading sentiment in the convertible bond market heated up. The central price of convertible bonds decreased, and the proportion of high-priced bonds declined. In the industry, more than half of the underlying stock industry indices rose in the A-share market, while 25 industries in the convertible bond market declined [2][3][4]. Summary by Related Catalogs 1. Market Overview - Index Performance: The CSI Convertible Bond Index decreased by 0.32% compared to the previous day. The Shanghai Composite Index decreased by 0.09%, the Shenzhen Component Index decreased by 0.61%, the ChiNext Index decreased by 1.13%, the SSE 50 Index increased by 0.18%, and the CSI 1000 Index decreased by 1.01% [2]. - Market Style: Large-cap value stocks were relatively dominant. Large-cap growth decreased by 0.23%, large-cap value increased by 0.62%, mid-cap growth decreased by 0.26%, mid-cap value increased by 0.59%, small-cap growth decreased by 0.72%, and small-cap value increased by 0.38% [2]. - Fund Performance: The trading sentiment in the convertible bond market heated up. The trading volume of the convertible bond market was 65.532 billion yuan, a 4.39% increase compared to the previous day. The total trading volume of the Wind All A was 1.405109 trillion yuan, a 6.11% decrease compared to the previous day. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 33.19 billion yuan, and the yield of the 10-year treasury bond decreased by 0.37bp to 1.64% [2]. 2. Convertible Bond Price and Valuation - Convertible Bond Price: The weighted average closing price of convertible bonds was 122.40 yuan, a 0.32% decrease compared to the previous day. The closing price of equity-oriented convertible bonds was 161.10 yuan, a 3.28% decrease; the closing price of bond-oriented convertible bonds was 113.48 yuan, a 0.05% decrease; the closing price of balanced convertible bonds was 123.06 yuan, a 0.44% decrease. The proportion of high-priced bonds above 130 yuan was 28.85%, a 3.78pct decrease compared to the previous day. The price median was 123.75 yuan, a 0.84% decrease compared to the previous day [3]. - Convertible Bond Valuation: The valuation was compressed. The fitted conversion premium rate of 100-yuan par value was 24.49%, a 0.53pct decrease compared to the previous day. The overall weighted par value was 92.65 yuan, a 0.50% increase compared to the previous day. The premium rate of equity-oriented convertible bonds was 5.49%, a 1.26pct decrease; the premium rate of bond-oriented convertible bonds was 93.19%, a 1.57pct decrease; the premium rate of balanced convertible bonds was 18.96%, a 0.49pct decrease [3]. 3. Industry Performance - Underlying Stock Industry: In the A-share market, the top three industries in terms of increase were steel (+3.37%), coal (+1.99%), and building materials (+1.42%); the top three industries in terms of decrease were electronics (-2.01%), communication (-1.96%), and national defense and military industry (-1.94%). - Convertible Bond Market: A total of 25 industries in the convertible bond market declined. The top three industries in terms of decrease were communication (-2.34%), bank (-2.17%), and automobile (-1.51%); the top three industries in terms of increase were steel (+0.70%), coal (+0.21%), and national defense and military industry (+0.08%) [4]. - Industry Indicators: In terms of closing price, large-cycle decreased by 0.41%, manufacturing decreased by 0.79%, technology decreased by 1.16%, large-consumption decreased by 0.56%, and large-finance decreased by 1.55%. In terms of conversion premium rate, large-cycle decreased by 1.5pct, manufacturing decreased by 1.2pct, technology increased by 0.82pct, large-consumption decreased by 1.1pct, and large-finance decreased by 0.54pct. In terms of conversion value, large-cycle increased by 0.37%, manufacturing decreased by 0.42%, technology decreased by 1.56%, large-consumption decreased by 0.06%, and large-finance decreased by 1.80%. In terms of pure bond premium rate, large-cycle decreased by 0.57pct, manufacturing decreased by 1.0pct, technology decreased by 1.7pct, large-consumption decreased by 0.68pct, and large-finance decreased by 2.3pct [4][5]. 4. Industry Rotation - Leading Industries: Steel, coal, and building materials led the rise. The daily increase of steel in the underlying stock was 3.37%, and 0.70% in the convertible bond market; the daily increase of coal in the underlying stock was 1.99%, and 0.21% in the convertible bond market; the daily increase of building materials in the underlying stock was 1.42%, and -0.83% in the convertible bond market [53].