转债市场日度跟踪20250910-20250910

Report Industry Investment Rating No information provided in the content. Core Viewpoints - The convertible bond market showed weak performance on September 10, 2025, with compressed valuations. The CSI Convertible Bond Index decreased by 0.63% compared to the previous day, while the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, Shanghai 50 Index, and CSI 1000 Index all showed varying degrees of increase [1]. - The large-cap growth style was relatively dominant. The large-cap growth index increased by 0.49%, while the large-cap value, mid-cap growth, mid-cap value, small-cap growth, and small-cap value indices all decreased [1]. - The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 72.447 billion yuan, a decrease of 1.82% compared to the previous day; the total trading volume of the Wind All A Index was 2.003952 trillion yuan, a decrease of 6.88% compared to the previous day; the net outflow of the main funds in the Shanghai and Shenzhen stock markets was 1.294 billion yuan, and the yield of the 10-year treasury bond increased by 3.51bp to 1.90% [1]. Summary by Relevant Catalogs Market Overview - Index Performance: The CSI Convertible Bond Index decreased by 0.63% compared to the previous day, while the Shanghai Composite Index increased by 0.13%, the Shenzhen Component Index increased by 0.38%, the ChiNext Index increased by 1.27%, the Shanghai 50 Index increased by 0.37%, and the CSI 1000 Index increased by 0.06% [1]. - Market Style: The large-cap growth style was relatively dominant. The large-cap growth index increased by 0.49%, while the large-cap value index decreased by 0.10%, the mid-cap growth index decreased by 0.79%, the mid-cap value index decreased by 0.65%, the small-cap growth index decreased by 0.03%, and the small-cap value index decreased by 0.51% [1]. - Fund Performance: The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 72.447 billion yuan, a decrease of 1.82% compared to the previous day; the total trading volume of the Wind All A Index was 2.003952 trillion yuan, a decrease of 6.88% compared to the previous day; the net outflow of the main funds in the Shanghai and Shenzhen stock markets was 1.294 billion yuan, and the yield of the 10-year treasury bond increased by 3.51bp to 1.90% [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 129.71 yuan, a decrease of 0.64% compared to the previous day. Among them, the closing price of equity-oriented convertible bonds was 169.95 yuan, a decrease of 1.05% compared to the previous day; the closing price of bond-oriented convertible bonds was 118.52 yuan, a decrease of 0.67% compared to the previous day; the closing price of balanced convertible bonds was 126.34 yuan, a decrease of 0.67% compared to the previous day [2]. - From the distribution of convertible bond closing prices, the proportion of high-price bonds above 130 yuan was 52.86%, a decrease of 3.23pct compared to the previous day; the range with the largest change in proportion was 110 - 120 (including 120), with a proportion of 14.42%, an increase of 3.61pct compared to the previous day; there were 0 bonds with a closing price below 100 yuan. The median price was 130.86 yuan, a decrease of 0.56% compared to the previous day [2]. Convertible Bond Valuation - Valuations were compressed. The fitted conversion premium rate of the 100-yuan parity was 29.05%, a decrease of 0.29pct compared to the previous day; the overall weighted parity was 101.38 yuan, a decrease of 0.48% compared to the previous day. The premium rate of equity-oriented convertible bonds was 8.21%, a decrease of 0.72pct compared to the previous day; the premium rate of bond-oriented convertible bonds was 80.27%, an increase of 0.98pct compared to the previous day; the premium rate of balanced convertible bonds was 21.48%, a decrease of 0.10pct compared to the previous day [2]. Industry Performance - In the A-share market, the top three industries with the largest declines were power equipment (-1.18%), basic chemicals (-0.94%), and non-ferrous metals (-0.87%); the top three industries with the largest increases were communication (+3.49%), electronics (+1.78%), and media (+1.68%) [3]. - In the convertible bond market, 27 industries declined, and the top three industries with the largest declines were beauty care (-1.56%), automobile (-1.38%), and machinery and equipment (-1.31%); the only industry that rose against the trend was communication (+0.91%) [3]. - Closing Price: The large-cycle sector decreased by 0.67%, the manufacturing sector decreased by 1.15%, the technology sector decreased by 0.20%, the large-consumption sector decreased by 0.87%, and the large-finance sector decreased by 0.55% [3]. - Conversion Premium Rate: The large-cycle sector decreased by 0.52pct, the manufacturing sector decreased by 0.49pct, the technology sector decreased by 1.2pct, the large-consumption sector decreased by 0.51pct, and the large-finance sector decreased by 0.69pct [3]. - Conversion Value: The large-cycle sector decreased by 0.18%, the manufacturing sector decreased by 0.61%, the technology sector increased by 0.68%, the large-consumption sector decreased by 0.34%, and the large-finance sector decreased by 0.08% [3]. - Pure Bond Premium Rate: The large-cycle sector decreased by 0.95pct, the manufacturing sector decreased by 1.7pct, the technology sector decreased by 0.34pct, the large-consumption sector decreased by 1.1pct, and the large-finance sector decreased by 0.65pct [3]. Industry Rotation - The communication, electronics, and media industries led the rise. In the stock market, the daily increase rates of communication, electronics, and media were 3.49%, 1.78%, and 1.68% respectively; in the convertible bond market, the daily increase rate of communication was 0.91%, while other industries showed varying degrees of decline [56].