转债市场日度跟踪20250806-20250806

Report Industry Investment Rating No relevant content provided. Core Views of the Report - On August 6, 2025, most convertible bond industries rose, and the valuation decreased slightly compared to the previous day. The small-cap growth style was relatively dominant, and the trading sentiment in the convertible bond market increased [1]. - The central price of convertible bonds increased, and the proportion of high-priced bonds rose. The valuation was compressed, with the fitting conversion premium rate of 100-yuan parity decreasing [2]. - In the A-share market, more than half of the underlying stock industry indices rose. In the convertible bond market, 26 industries rose, and only two industries fell [3]. Summary by Relevant Catalogs Market Main Index Performance - The CSI Convertible Bond Index rose 0.58% day-on-day, the Shanghai Composite Index rose 0.45%, the Shenzhen Component Index rose 0.64%, the ChiNext Index rose 0.66%, the SSE 50 Index rose 0.24%, and the CSI 1000 Index rose 1.09% [1]. - The small-cap growth style was relatively dominant, with small-cap growth rising 1.15% [1]. - The convertible bond equal-weight index rose 0.76%, the convertible bond index rose 0.72%, the convertible bond pre - plan index rose 1.70% [7]. Market Fund Performance - The trading volume in the convertible bond market was 87.489 billion yuan, a 1.53% increase from the previous day; the total trading volume of Wind All A was 1759.242 billion yuan, an 8.88% increase [1]. - The net outflow of main funds from the Shanghai and Shenzhen stock markets was 11.049 billion yuan, and the yield of the 10-year Treasury bond decreased by 0.62bp to 1.70% [1]. Convertible Bond Valuation - The fitting conversion premium rate of 100-yuan parity was 29.47%, a 0.11pct decrease from the previous day; the overall weighted parity was 97.68 yuan, a 0.49% increase [2]. - The conversion premium rates of all types of convertible bonds by stock - bond nature increased, with the premium rate of debt - biased convertible bonds rising 1.59pct [28]. Industry Performance - In the A-share market, the top three industries in terms of gains were National Defense and Military Industry (+3.07%), Machinery and Equipment (+1.98%), and Coal (+1.89%); the top three industries in terms of losses were Pharmaceutical Biology (-0.65%), Commerce and Retail (-0.23%), and Building Materials (-0.23%) [3]. - In the convertible bond market, the top three industries in terms of gains were Media (+4.17%), National Defense and Military Industry (+2.18%), and Non - Ferrous Metals (+1.63%); the two industries with losses were Building Materials (-2.36%) and Agriculture, Forestry, Animal Husbandry and Fishery (-0.11%) [3]. - In terms of different sectors, the closing price of the large - cycle sector rose 0.56%, the manufacturing sector rose 0.76%, the technology sector rose 1.96%, the large - consumption sector rose 0.67%, and the large - finance sector rose 0.16% [3]. Industry Rotation - National Defense and Military Industry, Machinery and Equipment, and Coal led the rise. The underlying stocks of National Defense and Military Industry rose 3.07% day - on - day, and the convertible bonds rose 2.18% [52]. - The report also provided the weekly, monthly, and year - to - date price changes, as well as the valuation quantiles of different industries [52].