转债月报：中报平稳落地，月底转债资金面变化较大-20250902

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - The mid - term report landed smoothly, with the median revenue and net profit attributable to the parent of convertible bond underlying stocks in the 2025 mid - term report growing by 4.56% and 0.31% respectively, continuing the repair trend of Q1. The performance of medium - cap underlying stocks represented by CSI 500 was the best, while small and micro - cap stocks showed an obvious situation of increasing revenue but not profit. After the mid - term report disclosure at the end of August, small and micro - cap stocks may have relative repair opportunities. The technology growth sector with TMT as the mainstay has entered the performance realization period, and its performance after September is worth focusing on [1][10][12]. - Recently, the net redemption pressure of convertible bonds has increased. From the end of June to the end of August, public funds and securities asset management increased their holdings of convertible bonds, while most other institutions reduced their holdings. The net subscription of secondary bond funds reversed at the end of August, which put pressure on the convertible bond market valuation in the short term. However, in the expectation of a positive equity market, short - term capital disturbances may provide trading opportunities [2][21][27]. - After the decline at the end of the month, the cost - performance of convertible bonds has significantly increased. Although the convertible bond market meets the pre - conditions for continuous valuation compression, the upward trend of the equity market has not been broken, and the convertible bond premium rate has quickly returned to a relatively reasonable range of 26 - 30%. The convertible bond valuation is expected to continue to fluctuate in the medium and short term [4][28]. - In August, the convertible bond market and underlying stocks rose slightly, and the valuation increased significantly. The trading volume of the convertible bond and equity markets continued to grow, and margin trading funds strengthened rapidly. The new bond supply decreased seasonally, but the pace of new bond issuance plans accelerated [51][60][63]. 3. Summary According to the Directory 3.1 Mid - term Report Landed Smoothly, and the Capital Situation Changed Significantly at the End of August 3.1.1 Mid - term Report Landed Smoothly, and Technology Growth Performance Accelerated Realization - In the 2025 mid - term report, the median revenue and net profit attributable to the parent of convertible bond underlying stocks were 4.56% and 0.31% respectively, continuing the repair trend of Q1. About 62% of the underlying stocks achieved year - on - year revenue growth, and more than half achieved positive growth in net profit attributable to the parent, providing a performance basis for the healthy operation of the market after September [10]. - The performance of medium - cap underlying stocks represented by CSI 500 was the best, with the median year - on - year revenue and net profit attributable to the parent being 4.87% and 5.22% respectively. Small and micro - cap stocks, especially those in the CSI 2000, showed an obvious situation of increasing revenue but not profit, with the median net profit attributable to the parent growth rate being - 8.89%. After the mid - term report disclosure at the end of August, small and micro - cap stocks may have relative repair opportunities [12]. - Except for agriculture, forestry, animal husbandry, fishery, and non - bank finance, the industries with the top median net profit attributable to the parent growth rate of convertible bond underlying stocks this year include media, electronics, communication, and computer. The technology growth sector with TMT as the mainstay has entered the performance realization period, and its performance after September is worth focusing on [13][18]. 3.1.2 Recently, the Net Redemption Pressure of Convertible Bonds Increased, and Attention Should be Paid to the Capital Situation - Except for public funds, most mainstream institutions reduced their holdings of convertible bonds. From the end of June to the end of August, public funds increased their holdings of convertible bonds by about 20.83 billion yuan in face value, and securities asset management increased by about 3.518 billion yuan. Other institutions such as insurance, enterprise annuities, securities self - operation, private funds, individual investors, and QFII/RQFII all reduced their holdings [21]. - From July 1 to August 29, the total share of convertible bond ETFs increased from 3.503 billion shares to 5.683 billion shares. The net redemption of first - level bond funds was obvious in August and accelerated at the end of August. The secondary bond funds had continuous large - scale net subscriptions from July to August, but there was an obvious reversal of net redemptions from August 29 to September 1 [21]. - Brokers and wealth management subsidiaries were the main net redeemers. In first - level bond funds, brokers mainly redeemed in August, and wealth management subsidiaries accelerated redemptions at the end of August. In secondary bond funds, brokers and wealth management subsidiaries also showed obvious net redemptions at the end of August [25]. 3.2 Valuation Outlook: After the Decline at the End of the Month, the Cost - performance Significantly Increased - In August, the convertible bond market valuation was at a high level. Although it met the pre - conditions for continuous valuation compression, the upward trend of the equity market was not broken. The rapid adjustment at the end of August made the convertible bond premium rate quickly return to a relatively reasonable range of 26 - 30%. The convertible bond valuation is expected to continue to fluctuate in the medium and short term [28]. - As of August 29, 2025, the convertible bond premium rate was 27.92%, up 1.10 pct from the end of July. The valuation of growth - oriented convertible bonds continued to rise, while that of bond - oriented and balanced convertible bonds decreased. Most industries' convertible bond premium rates decreased, and the manufacturing and technology sectors decreased the most [30][34]. 3.3 Key Convertible Bonds to Focus On - From August 5 to August 29, the convertible bond portfolio in August rose by 3.47%, outperforming the benchmark index by 0.27 pct. Huayi, Mingli, and Zhanggu in the recommended portfolio had relatively high increases, while only Xingqiu had a relatively large decline [41]. - Looking forward to September, the equity market may continue the rapid rotation market. The "Huachuang Convertible Bond" September key - focus portfolio was adjusted to include Xingqiu, Mingli, Nuitai, Zhanggu, Huayi, Taifu, Yifeng, Ziyin, Qingnong, Chongyin, and Xingye [44]. 3.4 Market Review: Convertible Bonds and Underlying Stocks Rose Slightly, and the Valuation Increased Significantly 3.4.1 Market Performance: Most Convertible Bond Sectors Rose, and Technology - related Concepts Heated Up Significantly - In August, most underlying stock sectors and convertible bond sectors rose. Among the Shenwan primary sectors, communication, electronics, and comprehensive sectors led the gains, and only the banking sector declined. In the convertible bond market, non - ferrous metals, communication, machinery, equipment, automobile, and electrical equipment sectors led the gains, and only the banking and building decoration sectors declined [54]. - Among the popular concepts, optical communication, server, optical chip, and other concepts led the gains, while weight - loss drugs, water conservancy and hydropower construction, and other concepts declined [56]. 3.4.2 Capital Performance: The Trading Volume of Convertible Bond and Equity Markets Continued to Grow - From August 1 to August 29, 2025, the average daily trading volume of CSI convertible bonds was 92.286 billion yuan, up 26.61% from July. The average daily trading volume of Wind All - A was 2.307831 trillion yuan, up 41.27% from July [60]. - Margin trading funds strengthened rapidly. As of August 28, 2025, the total margin trading balance in Shanghai and Shenzhen was about 2.24 trillion yuan, an increase of 258.046 billion yuan from the end of July. Most industries received net margin purchases in August, and only coal was net sold [63]. 3.5 Supply and Demand Situation: New Bond Supply Decreased Seasonally, and the Pace of New Bond Issuance Plans Accelerated 3.5.1 Four Convertible Bonds Were Issued in August, and Weidao Convertible Bond Was Listed - In August, the issuance of new convertible bonds decreased seasonally. Four convertible bonds, Shenglan Zhuan 02, Jinwei, Kaizhong, and Weidao, were issued, with a total scale of 3.221 billion yuan. Weidao Convertible Bond was listed, with a scale of 1.17 billion yuan [65]. - The online subscription for new convertible bonds heated up in August, with the average effective subscription amount being 8.65 trillion yuan, a month - on - month increase. The total effective subscription was 34.60 trillion yuan, and the online winning rate was 0.0014%, a month - on - month decrease of 0.0082 pct [70][74]. - As of August 29, 2025, the total scale of convertible bonds to be issued was about 105.785 billion yuan. Two listed companies obtained approval for convertible bond issuance, with a planned issuance scale of 3 billion yuan. Four listed companies' convertible bond issuances had passed the review meeting, with a total scale of 7.429 billion yuan. In August, 15 new board proposals were added, with a total scale of 23.66 billion yuan [76]. - In September 2025, 19 convertible bonds will be delisted, all due to forced redemptions. In addition, Huayou, Honghui, Yonghe, and Dayuan convertible bonds announced redemptions but have not announced delisting arrangements [80]. - Four convertible bonds announced downward revisions, and four proposed downward revisions. Twenty - four convertible bonds announced early redemptions, and many others announced non - early redemptions or were expected to meet redemption conditions [83][88]. 3.5.2 In August, the Holders in the Shanghai Stock Exchange Slightly Reduced Their Holdings as a Whole, and Public Funds Were Active - In August, the total face value of convertible bonds held by the Shanghai and Shenzhen Stock Exchanges was 632.773 billion yuan, a decrease of 15.081 billion yuan from July, a decline of 2.33%. The Shanghai Stock Exchange held 391.832 billion yuan, a month - on - month decrease of 7.474 billion yuan, a decline of 1.87%. The Shenzhen Stock Exchange held 240.941 billion yuan, a month - on - month decrease of 7.607 billion yuan, a decline of 3.06% [92]. - Public funds increased their holdings of convertible bonds in both exchanges. In August, the total face value of convertible bonds held by public funds in the two exchanges was 237.728 billion yuan, a month - on - month increase of 5.77%, accounting for 37.57%, a month - on - month increase of 2.88 pct [97]. - Enterprise annuities reduced their holdings of convertible bonds in both exchanges. In August, the total face value of convertible bonds held by enterprise annuities in the two exchanges was 100.728 billion yuan, a month - on - month decrease of 5.31%, accounting for 15.92%, a month - on - month decrease of 0.50 pct [98]. - Securities asset management reduced their holdings of convertible bonds in both exchanges. In the Shanghai Stock Exchange, securities self - operation and asset management had different changes in holdings and proportions. In the Shenzhen Stock Exchange, securities self - operation and collective financial management also had different changes [100].