转债市场日度跟踪20250814-20250814

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The convertible bond market experienced a volume - shrinking correction today, with compressed valuations. The large - cap value style was relatively dominant, and the trading sentiment in the convertible bond market weakened [1]. Summary by Relevant Catalogs Market Overview - Index performance: The CSI Convertible Bond Index decreased by 0.41% compared to the previous day. The Shanghai Composite Index decreased by 0.46%, the Shenzhen Component Index decreased by 0.87%, the ChiNext Index decreased by 1.08%, the SSE 50 Index increased by 0.59%, and the CSI 1000 Index decreased by 1.24% [1]. - Market style: The large - cap value was relatively dominant. The large - cap growth decreased by 0.06%, the large - cap value increased by 0.26%, the mid - cap growth decreased by 1.10%, the mid - cap value decreased by 1.05%, the small - cap growth decreased by 1.06%, and the small - cap value decreased by 0.78% [1]. - Fund performance: The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 98.402 billion yuan, a 1.64% decrease compared to the previous day. The total trading volume of the Wind All - A Index was 2.306283 trillion yuan, a 6.03% increase compared to the previous day. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 54.342 billion yuan, and the yield of the 10 - year treasury bond increased by 0.79bp to 1.73% [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 129.36 yuan, a 0.46% decrease compared to the previous day. Among them, the closing price of equity - biased convertible bonds was 176.24 yuan, a 3.27% increase; the closing price of debt - biased convertible bonds was 118.34 yuan, a 0.01% decrease; the closing price of balanced convertible bonds was 126.84 yuan, a 0.07% increase [2]. - From the distribution of convertible bond closing prices, the proportion of high - price bonds above 130 yuan was 51.76%, a 3.74 - percentage - point decrease compared to the previous day. The interval with the largest change in proportion was 120 - 130 (including 130), with a proportion of 30.62%, a 2.42 - percentage - point increase compared to the previous day. There were 2 bonds with a closing price below 100 yuan. The median price was 130.53 yuan, a 1.06% decrease compared to the previous day [2]. Convertible Bond Valuation - Valuations were compressed. The fitted conversion premium rate of 100 - yuan par value was 30.05%, a 0.14 - percentage - point decrease compared to the previous day. The overall weighted par value was 97.57 yuan, a 1.35% decrease compared to the previous day. The premium rate of equity - biased convertible bonds was 9.66%, a 0.94 - percentage - point increase; the premium rate of debt - biased convertible bonds was 91.78%, a 1.71 - percentage - point decrease; the premium rate of balanced convertible bonds was 23.74%, a 0.51 - percentage - point decrease [2]. Industry Performance - In the A - share market, most industries fell, with 29 industries experiencing declines. The top three industries with the largest declines were national defense and military industry (-2.15%), communication (-2.12%), and steel (-1.97%). The only industry that rose against the trend was non - bank finance (+0.59%) [3]. - In the convertible bond market, 26 industries fell. The top three industries with the largest declines were automobile (-2.52%), national defense and military industry (-2.17%), and building decoration (-1.62%). Only two industries rose against the trend, namely environmental protection (+2.62%) and building materials (+2.30%) [3]. - Closing price: The large - cycle sector increased by 0.25%, the manufacturing sector decreased by 1.04%, the technology sector decreased by 1.16%, the large - consumption sector decreased by 0.66%, and the large - finance sector decreased by 0.25% [3]. - Conversion premium rate: The large - cycle sector increased by 1.4 percentage points, the manufacturing sector increased by 1.8 percentage points, the technology sector increased by 1.3 percentage points, the large - consumption sector increased by 2.0 percentage points, and the large - finance sector increased by 1.5 percentage points [3]. - Conversion value: The large - cycle sector decreased by 0.58%, the manufacturing sector decreased by 1.86%, the technology sector decreased by 2.05%, the large - consumption sector decreased by 2.03%, and the large - finance sector decreased by 0.02% [3]. - Pure - bond premium rate: The large - cycle sector increased by 0.33 percentage points, the manufacturing sector decreased by 1.8 percentage points, the technology sector decreased by 1.8 percentage points, the large - consumption sector decreased by 0.87 percentage points, and the large - finance sector decreased by 0.3 percentage points [3]. Industry Rotation - Only the non - bank finance industry rose. Among them, the daily increase rate of the non - bank finance industry's stocks was 0.59%, while the convertible bonds in this industry decreased by 0.30%. Many other industries showed different degrees of decline in both stocks and convertible bonds [58].