转债市场日度跟踪20250709-20250710

1. Report Industry Investment Rating No relevant content provided in the report. 2. Core Views of the Report - The convertible bond market declined with reduced trading volume today, and the valuation compressed on a month - on - month basis [1]. - The small - cap value style was relatively dominant in the market [1]. - The trading sentiment in the convertible bond market weakened [1]. 3. Summary by Related Catalogs Market Overview - Index performance: The CSI Convertible Bond Index decreased by 0.25% month - on - month, the Shanghai Composite Index decreased by 0.13%, the Shenzhen Component Index decreased by 0.06%, the ChiNext Index increased by 0.16%, the SSE 50 Index decreased by 0.26%, and the CSI 1000 Index decreased by 0.27% [1]. - Market style: Small - cap value was relatively dominant. Large - cap growth decreased by 0.23%, large - cap value decreased by 0.13%, mid - cap growth decreased by 0.60%, mid - cap value decreased by 0.17%, small - cap growth decreased by 0.32%, and small - cap value decreased by 0.01% [1]. - Fund performance: The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 67.972 billion yuan, a month - on - month decrease of 9.64%; the total trading volume of the Wind All - A Index was 1527.42 billion yuan, a month - on - month increase of 3.58%; the net outflow of the main funds in the Shanghai and Shenzhen stock markets was 28.594 billion yuan, and the yield of the 10 - year Treasury bond increased by 0.02bp to 1.64% on a month - on - month basis [1]. Convertible Bond Price - The central price of convertible bonds decreased, and the proportion of high - price bonds decreased. The weighted average closing price of convertible bonds was 123.61 yuan, a month - on - month decrease of 0.24%. Among them, the closing price of equity - biased convertible bonds was 165.61 yuan, a month - on - month decrease of 1.49%; the closing price of bond - biased convertible bonds was 114.66 yuan, a month - on - month decrease of 0.30%; the closing price of balanced convertible bonds was 123.78 yuan, a month - on - month decrease of 0.38% [2]. - From the distribution of convertible bond closing prices, the proportion of high - price bonds above 130 yuan was 31.62%, a month - on - month decrease of 1.28pct; the range with the largest change in proportion was 100 - 110 (including 110), with a proportion of 4.27%, a month - on - month increase of 0.85pct; there were 2 bonds with a closing price below 100 yuan. The median price was 125.10 yuan, a month - on - month decrease of 0.32% [2]. Convertible Bond Valuation - Valuation compressed. The fitted conversion premium rate of 100 - yuan par value was 24.59%, a month - on - month decrease of 0.87pct; the overall weighted par value was 94.52 yuan, a month - on - month decrease of 0.18% [2]. - The premium rate of equity - biased convertible bonds was 6.43%, a month - on - month increase of 0.04pct; the premium rate of bond - biased convertible bonds was 94.34%, a month - on - month increase of 2.34pct; the premium rate of balanced convertible bonds was 17.97%, a month - on - month increase of 0.30pct [2]. Industry Performance - In the A - share market, the top three industries in terms of increase were media (+1.35%), agriculture, forestry, animal husbandry and fishery (+0.65%), and commerce and retail (+0.48%); the top three industries in terms of decline were non - ferrous metals (-2.26%), basic chemicals (-0.85%), and electronics (-0.82%) [3]. - In the convertible bond market, 22 industries declined. The top three industries in terms of decline were building materials (-1.83%), national defense and military industry (-1.39%), and communication (-0.87%); the top three industries in terms of increase were environmental protection (+5.76%), coal (+0.89%), and media (+0.28%) [3]. - Closing price: The large - cycle increased by 0.72% month - on - month, manufacturing decreased by 0.39%, technology decreased by 0.65%, large - consumption decreased by 0.07%, and large - finance decreased by 0.14% [3]. - Conversion premium rate: The large - cycle decreased by 0.21pct month - on - month, manufacturing decreased by 0.055pct, technology decreased by 0.41pct, large - consumption decreased by 0.19pct, and large - finance decreased by 0.083pct [3]. - Conversion value: The large - cycle increased by 0.94% month - on - month, manufacturing decreased by 0.40%, technology decreased by 0.42%, large - consumption increased by 0.14%, and large - finance increased by 0.72% [3]. - Pure bond premium rate: The large - cycle increased by 0.91pct month - on - month, manufacturing decreased by 0.52pct, technology decreased by 0.97pct, large - consumption decreased by 0.097pct, and large - finance decreased by 0.17pct [4]. Industry Rotation - Media, agriculture, forestry, animal husbandry and fishery, and commerce and retail led the rise. In the stock market, media had a daily increase of 1.35%, agriculture, forestry, animal husbandry and fishery had a daily increase of 0.65%, and commerce and retail had a daily increase of 0.48%. In the convertible bond market, media had a daily increase of 0.28%, environmental protection had a daily increase of 5.76%, and coal had a daily increase of 0.89% [3][57].