【债券日报】转债市场日度跟踪20250723-20250724

1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report - The convertible bond market had more than half of the industries declining, and the valuation was compressed on July 23, 2025. The trading sentiment in the convertible bond market heated up, with the turnover increasing by 6.46% compared to the previous day. The 10 - year Treasury yield rose by 1.34bp to 1.70%. The central price of convertible bonds decreased, and the proportion of high - price bonds declined. The valuation of convertible bonds was compressed, with the conversion premium rate of the 100 - yuan par - value fitting decreasing by 0.36pct compared to the previous day [2][3][6]. 3. Summary According to Relevant Catalogs Market Main Index Performance - Overall Index: The CSI Convertible Bond Index decreased by 0.04% compared to the previous day, the Shanghai Composite Index increased by 0.01%, the Shenzhen Component Index decreased by 0.37%, the ChiNext Index decreased by 0.01%, the SSE 50 Index increased by 0.32%, and the CSI 1000 Index decreased by 0.45% [2]. - Style Index: The large - cap value style was relatively dominant. The large - cap growth index decreased by 0.04%, the large - cap value index increased by 0.24%, the mid - cap growth index decreased by 0.19%, the mid - cap value index decreased by 0.48%, the small - cap growth index decreased by 0.26%, and the small - cap value index decreased by 0.33% [2]. - Detailed Index Data: The closing prices, daily changes, weekly changes, monthly changes, and year - to - date changes of multiple convertible bond and stock indexes are presented in the report, such as the CSI Convertible Bond Index closing at 459.42 with a daily decrease of 0.04% [10]. Market Fund Performance - Turnover: The turnover of the convertible bond market was 85.925 billion yuan, a 6.46% increase compared to the previous day. The total turnover of the Wind All - A Index was 1.898371 trillion yuan, a 1.57% decrease compared to the previous day [2]. - Net Inflow of Main Funds: The net outflow of main funds from the Shanghai and Shenzhen stock markets was 40.834 billion yuan [2]. - 10 - year Treasury Yield: The 10 - year Treasury yield rose by 1.34bp to 1.70% [2]. Convertible Bond Valuation - Overall Valuation: The conversion premium rate of the 100 - yuan par - value fitting was 27.32%, a decrease of 0.36pct compared to the previous day. The overall weighted par value was 96.85 yuan, an increase of 0.51% compared to the previous day [6]. - Different Types of Convertible Bonds: The premium rate of equity - biased convertible bonds was 7.25%, a decrease of 0.16pct; the premium rate of debt - biased convertible bonds was 86.64%, a decrease of 4.93pct; the premium rate of balanced convertible bonds was 20.35%, an increase of 0.45pct [6]. Industry Performance - Stock Market: Among A - share markets, the top three industries with the largest declines were building materials (- 2.27%), national defense and military industry (- 1.60%), and machinery and equipment (- 1.29%); the top three industries with the largest increases were non - bank finance (+ 1.29%), beauty care (+ 0.59%), and household appliances (+ 0.58%) [6]. - Convertible Bond Market: Among the convertible bond markets, 16 industries declined. The top three industries with the largest declines were national defense and military industry (- 1.66%), non - ferrous metals (- 1.02%), and steel (- 1.02%); the top three industries with the largest increases were building materials (+ 4.54%), communication (+ 1.27%), and beauty care (+ 0.66%) [7]. - Industry Indicators: In terms of closing prices, the large - cycle industry increased by 0.08%, the manufacturing industry decreased by 0.41%, the technology industry decreased by 0.07%, the large - consumption industry increased by 0.09%, and the large - finance industry increased by 0.12%. In terms of conversion premium rates, the large - cycle industry increased by 0.89pct, the manufacturing industry decreased by 0.53pct, the technology industry increased by 1.1pct, the large - consumption industry decreased by 1.6pct, and the large - finance industry increased by 1.0pct. In terms of conversion values, the large - cycle industry decreased by 0.43%, the manufacturing industry decreased by 0.56%, the technology industry decreased by 1.03%, the large - consumption industry increased by 0.24%, and the large - finance industry decreased by 0.07%. In terms of pure - bond premium rates, the large - cycle industry increased by 0.11pct, the manufacturing industry decreased by 0.56pct, the technology industry decreased by 0.13pct, the large - consumption industry increased by 0.081pct, and the large - finance industry increased by 0.27pct [7]. Industry Rotation - Non - bank finance, beauty care, and household appliances led the rise. The report also presented the daily, weekly, monthly, and year - to - date changes in stock prices and convertible bond prices of various industries, as well as the P/E and P/B ratios and their percentile rankings in the past 3 - year and 10 - year periods [57].