可转债市场周观察：交易热度新高，估值还未见顶

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The convertible bond market continues to rise with the equity market, with trading volume exceeding 10 billion yuan for multiple days. The market's fear and sensitivity to high valuations have decreased. Although high valuations still suppress the willingness to increase positions, most institutions choose to maintain their current positions and profit from high - to - low rotations. In the short term, there are no domestic negative factors, and the impact of the semi - annual reports is limited. With optimistic expectations for equities, convertible bonds may continue to break through. If there is a correction, the opportunities outweigh the risks, and appropriate low - buying can be considered. The equity market is expected to strengthen with fluctuations, and the driving force of this bull market comes from the improvement of grass - roots governance capabilities and technological competitiveness, which boosts public confidence [5][8]. 3. Summary by Relevant Catalog 3.1 Convertible Bond View: Trading Heat Hits a New High, and Valuation Has Not Peaked - The convertible bond market continues to rise with the equity market, and trading volume has exceeded 10 billion yuan for multiple days, last seen in the September 24, 2024, market. The market's fear and sensitivity to high valuations have decreased. Currently, the positions of public - offering convertible bonds are generally not high, and the previous profit - taking sentiment has changed. However, high valuations still suppress the willingness to increase positions, and most institutions choose to maintain their current positions and profit from high - to - low rotations. There are no short - term domestic negative factors, and the impact of the semi - annual reports is limited. With optimistic expectations for equities, convertible bonds may continue to break through, and if there is a correction, the opportunities outweigh the risks, allowing for appropriate low - buying [8]. - Last week, the A - share market continued to rise. Policies and data such as the suspension of the 24% tariff between China and the US for 90 days, the introduction of interest - subsidy policies to stimulate consumption, and a slight rebound in the CPI in July had a positive impact on market sentiment. The Shanghai Composite Index once exceeded 3700 points, with the financial and technology sectors leading the rise, especially the securities brokerage sector, which boosted market sentiment. The equity market is expected to strengthen with fluctuations, and the driving force of this bull market comes from the improvement of grass - roots governance capabilities and technological competitiveness, which boosts public confidence [8]. 3.2 Convertible Bond Review: The Stock Market Reaches a New High, and Convertible Bonds Rise Accordingly 3.2.1 Market Overall Performance: The Equity Market Rises with Increased Volume, Led by Technology and Securities Brokerage - From August 11th to August 15th, the market rose with increased volume. The Shanghai Composite Index rose 1.70%, the Shenzhen Component Index rose 4.55%, the CSI 300 rose 2.37%, the CSI 1000 rose 4.09%, the ChiNext Index rose 8.58%, the STAR 50 rose 5.53%, and the Beijing Stock Exchange 50 rose 2.40%. In terms of industries, communication, electronics, and non - bank finance led the rise, while banking, steel, and textile clothing led the decline. The average daily trading volume increased significantly by 404.382 billion yuan to 2.1 trillion yuan [11]. - The top ten convertible bonds in terms of gains last week were Outong, Dayuan, Jintong, Weixin, Youzu, Dongcai, Bo23, Zhongqi, Huamao, and Dongjie Convertible Bonds. In terms of trading volume, Outong, Dayuan, Jiaojian, Zhongqi, Dongjie, Tianlu, Rongtai, Haitai, Saili, and Dongcai Convertible Bonds were relatively active [11]. 3.2.2 Convertible Bonds' Trading Volume Hits a New High, with High - Priced and Small - Cap Bonds Leading the Rise - Last week, convertible bonds significantly followed the rise, with the average daily trading volume increasing significantly to 9.3085 billion yuan. The CSI Convertible Bond Index rose 1.60%, the parity center rose 0.8% to 109.4 yuan, and the conversion premium rate center decreased 0.5% to 21.3%. In terms of style, high - priced and small - cap convertible bonds performed well last week, while AAA - rated and large - cap convertible bonds were relatively weak [15].