转债市场日度跟踪20250820-20250820

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Today, the convertible bond market showed a trend of increasing in price with decreasing trading volume, and the valuation increased compared to the previous day. The CSI Convertible Bond Index rose by 0.36%, the Shanghai Composite Index rose by 1.04%, the Shenzhen Component Index rose by 0.89%, the ChiNext Index rose by 0.23%, the SSE 50 Index rose by 1.23%, and the CSI 1000 Index rose by 0.86%. The mid - cap growth style was relatively dominant. The trading sentiment in the convertible bond market weakened, with the trading volume of the convertible bond market at 81.547 billion yuan, a 16.74% decrease from the previous day, and the total trading volume of the Wind All - A at 2.448414 trillion yuan, a 7.28% decrease from the previous day. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 33.57 billion yuan, and the yield of the 10 - year treasury bond rose by 0.95bp to 1.78% [1]. - The central price of convertible bonds increased, and the proportion of high - price bonds increased. The weighted average closing price of convertible bonds was 132.22 yuan, a 0.37% increase from the previous day. The valuation of convertible bonds also increased. The 100 - yuan par - value fitted conversion premium rate was 31.69%, a 0.89pct increase from the previous day [2]. - In the industry performance, most underlying stock industries rose. In the A - share market, the top three rising industries were Beauty Care (+2.42%), Petroleum and Petrochemicals (+2.36%), and Electronics (+2.32%), while the only declining industry was Medicine and Biology (-0.07%). In the convertible bond market, 20 industries rose, with the top three rising industries being Beauty Care (+1.68%), Non - Ferrous Metals (+1.40%), and Petroleum and Petrochemicals (+1.38%) [3]. 3. Summary According to Relevant Catalogs Market Overview - Index Performance: The CSI Convertible Bond Index rose by 0.36%, the Shanghai Composite Index by 1.04%, the Shenzhen Component Index by 0.89%, the ChiNext Index by 0.23%, the SSE 50 Index by 1.23%, and the CSI 1000 Index by 0.86% [1]. - Market Style: The mid - cap growth style was relatively dominant. The large - cap growth rose by 1.06%, the large - cap value by 0.82%, the mid - cap growth by 1.72%, the mid - cap value by 1.04%, the small - cap growth by 1.37%, and the small - cap value by 0.96% [1]. - Fund Performance: The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 81.547 billion yuan, a 16.74% decrease from the previous day; the total trading volume of the Wind All - A was 2.448414 trillion yuan, a 7.28% decrease from the previous day; the net outflow of the main funds in the Shanghai and Shenzhen stock markets was 33.57 billion yuan, and the yield of the 10 - year treasury bond rose by 0.95bp to 1.78% [1]. Convertible Bond Price and Valuation - Convertible Bond Price: The weighted average closing price of convertible bonds was 132.22 yuan, a 0.37% increase from the previous day. The proportion of bonds with a closing price above 130 yuan was 60.22%, a 0.13pct increase from the previous day. The price median was 133.94 yuan, a 0.42% increase from the previous day [2]. - Convertible Bond Valuation: The 100 - yuan par - value fitted conversion premium rate was 31.69%, a 0.89pct increase from the previous day; the overall weighted par value was 101.21 yuan, a 0.87% increase from the previous day [2]. Industry Performance - Underlying Stock Industry: 29 industries in the A - share market rose, with the top three rising industries being Beauty Care (+2.42%), Petroleum and Petrochemicals (+2.36%), and Electronics (+2.32%); the only declining industry was Medicine and Biology (-0.07%) [3]. - Convertible Bond Market: 20 industries in the convertible bond market rose, with the top three rising industries being Beauty Care (+1.68%), Non - Ferrous Metals (+1.40%), and Petroleum and Petrochemicals (+1.38%); the top three declining industries were Building Materials (-1.57%), Environmental Protection (-1.09%), and Computer (-0.94%) [3]. - Index Changes in Different Sectors: In terms of closing price, the large - cycle decreased by 0.03%, manufacturing increased by 0.38%, technology increased by 0.09%, large - consumption increased by 0.48%, and large - finance increased by 0.15%. In terms of conversion premium rate, the large - cycle decreased by 0.62pct, manufacturing increased by 0.023pct, technology decreased by 0.91pct, large - consumption decreased by 0.18pct, and large - finance decreased by 0.54pct. In terms of conversion value, the large - cycle increased by 0.14%, manufacturing increased by 0.17%, technology increased by 0.72%, large - consumption increased by 5.27%, and large - finance increased by 0.73%. In terms of pure bond premium rate, the large - cycle increased by 0.0079pct, manufacturing increased by 0.49pct, technology increased by 0.11pct, large - consumption decreased by 0.12pct, and large - finance increased by 0.18pct [3].