可转债市场周观察：转债合理回调，看多逻辑不变

1. Report's Investment Rating for the Industry The document does not mention the industry investment rating. 2. Core Viewpoints of the Report - The convertible bond market has a reasonable correction, and the bullish logic remains unchanged. Although there are concerns about high valuations and profit - taking emotions, there is no need for excessive worry. The convertible bond still has upward potential, and it can be appropriately bought at lower prices if the price continues to decline [5][8]. - The equity market is expected to be relatively certain before September. The valuation and pricing of convertible bonds are supported by the increasing demand for fixed - income plus products and the relatively low convertible bond positions. The upward channel of the market is clear, driven by the improvement of grass - roots governance capabilities and technological competitiveness [5][8]. 3. Summary According to the Directory 3.1 Convertible Bond Viewpoint: Convertible Bonds Have a Reasonable Correction, and the Bullish Logic Remains Unchanged - The convertible bond market has risen continuously in the past few weeks under the drive of the underlying stocks, and the valuation has continued to soar. The short - term fluctuations in the equity market have become an outlet for the market sentiment. However, there is no need to be overly concerned [5][8]. - The equity market reached 3636 points this week and then showed some fear of high prices, closing at 3560 points. The market heat has not decreased, and trading volume and margin trading remain high. Domestic meetings and Sino - US tariff negotiations have no unexpected content. The market is still bullish in the future [5][8]. - After 5 consecutive weeks of rising, the market reached a high and then declined this week. The convertible bonds fell significantly, with the average daily trading volume slightly decreasing to 77.217 billion yuan. The CSI Convertible Bond Index dropped 1.37%, the parity center dropped 1.1% to 105.8 yuan, and the conversion premium rate center dropped 0.3% to 21.8% [5]. 3.2 Convertible Bond Review: Convertible Bonds Significantly Corrected with the Underlying Stocks 3.2.1 Overall Market Performance: The Stock Market Reached a High and Then Declined, and the Convertible Bond Valuation Significantly Decreased - From July 28th to August 1st, after 5 consecutive weeks of upward movement, the equity market corrected. The Shanghai Composite Index fell 0.94%, the Shenzhen Component Index fell 1.58%, the CSI 300 fell 1.75%, the CSI 1000 fell 0.54%, the ChiNext Index fell 0.74%, the STAR 50 fell 1.65%, and the Beijing Stock Exchange 50 fell 2.70%. In terms of industries, medicine, biology, communication, and media led the gains, while coal, non - ferrous metals, and real estate led the losses. The average daily trading volume decreased slightly by 332.89 billion to 1.81 trillion yuan [13]. - The top ten convertible bonds in terms of gains last week were Qizheng, Dongjie, Tianlu, Jing 23, Haibo, Weixin, Titan, Huicheng, Taifu, and Songlin Convertible Bonds. In terms of trading volume, Tianlu, Saili, Dayu, Qizheng, Jing 23, Borui, Dongjie, Yingji, Sheyan, and Huicheng Convertible Bonds were relatively active [13]. 3.2.2 Slight Reduction in Trading Volume, Smaller Declines in High - priced, Medium - and Low - Rated Convertible Bonds - After 5 consecutive weeks of rising, the market reached a high and then declined this week. Convertible bonds fell significantly, and the average daily trading volume slightly decreased to 77.217 billion yuan. The CSI Convertible Bond Index dropped 1.37%, the parity center dropped 1.1% to 105.8 yuan, and the conversion premium rate center dropped 0.3% to 21.8%. In terms of style, high - priced, medium - and low - rated convertible bonds had smaller declines this week, while medium - and high - rated, large - cap, and low - priced convertible bonds had larger declines [5][15].