2025年9月可转债市场展望：从标的切换到期待新的买盘

Group 1 - The convertible bond market experienced strong momentum in August, with a notable acceleration compared to July, but faced a decline in late August due to adjustments in micro-cap stocks, leading to a "independent adjustment" in convertible bonds [4][10][35] - The adjustment in the convertible bond market has resulted in healthier overall valuations, with the current conversion premium rates for different types of convertible bonds indicating a significant decrease compared to historical levels [4][35][52] - The report suggests focusing on convertible bonds that have experienced significant adjustments, high dividend yields, and strong fundamentals, particularly in sectors with rich themes and emerging growth curves [4][35][39] Group 2 - The convertible bond market's excess returns in August were primarily driven by technology, high-priced, and low-premium rate styles, with high-priced and newly issued bonds being significant contributors to excess returns [39][42][46] - The market saw a notable decline in the median price of convertible bonds, dropping from 135 yuan to 130 yuan, with a significant decrease in the proportion of bonds priced above 130 yuan [46][49] - The report highlights that the adjustment in the convertible bond market has led to a significant decline in equity valuations, with conversion premium rates for different types of bonds showing a marked decrease [52][55]