转债市场日度跟踪20250911-20250911

Report Investment Rating No investment rating information for the industry is provided in the report. Core Viewpoints - On September 11, 2025, the convertible bond market rose following the underlying stocks, with increased valuations. The trading sentiment in the convertible bond market heated up, and all industries in the A - share and convertible bond markets generally rose, except for the environmental protection industry in the convertible bond market, which declined [1][3]. Summary by Directory 1. Market Main Index Performance - The CSI Convertible Bond Index rose 1.23% compared to the previous day, the Shanghai Composite Index rose 1.65%, the Shenzhen Component Index rose 3.36%, the ChiNext Index rose 5.15%, the SSE 50 Index rose 1.48%, and the CSI 1000 Index rose 2.35% [1]. - In terms of market style, large - cap growth stocks were relatively dominant. Large - cap growth stocks rose 3.28%, large - cap value stocks rose 0.75%, mid - cap growth stocks rose 2.11%, mid - cap value stocks rose 1.19%, small - cap growth stocks rose 2.70%, and small - cap value stocks rose 1.33% [1]. 2. Market Fund Performance - The trading volume of the convertible bond market was 76.871 billion yuan, a 6.11% increase from the previous day. The total trading volume of the Wind All - A Index was 2464.593 billion yuan, a 22.99% increase from the previous day. The net inflow of main funds in the Shanghai and Shenzhen stock markets was 10.309 billion yuan, and the yield of the 10 - year Treasury bond decreased by 2.49bp to 1.87% [1]. 3. Convertible Bond Price and Valuation - Convertible bond prices: The weighted average closing price of convertible bonds was 131.22 yuan, a 1.22% increase from the previous day. The closing price of equity - biased convertible bonds was 170.61 yuan, a 0.18% increase; the closing price of bond - biased convertible bonds was 119.13 yuan, a 0.52% increase; the closing price of balanced convertible bonds was 127.02 yuan, a 0.54% increase. The proportion of high - price bonds above 130 yuan was 57.89%, a 5.03 - percentage - point increase from the previous day. The price median was 132.38 yuan, a 1.16% increase from the previous day [2]. - Convertible bond valuation: The conversion premium rate of the 100 - yuan par - value fitted convertible bonds was 29.56%, a 0.51 - percentage - point increase from the previous day. The overall weighted par value was 102.76 yuan, a 1.36% increase from the previous day. The premium rate of equity - biased convertible bonds was 9.77%, a 1.56 - percentage - point increase; the premium rate of bond - biased convertible bonds was 81.22%, a 0.95 - percentage - point increase; the premium rate of balanced convertible bonds was 21.49%, a 0.01 - percentage - point increase [2]. 4. Industry Performance - In the A - share market, the top three industries in terms of gains were communication (+7.39%), electronics (+5.96%), and computer (+3.71%). In the convertible bond market, 27 industries rose, with the top three being communication (+4.98%), electronics (+4.23%), and non - ferrous metals (+3.00%), while the only declining industry was environmental protection (-0.35%) [3]. - For different sectors in the convertible bond market: - Closing price: The large - cycle sector rose 1.03%, the manufacturing sector rose 1.74%, the technology sector rose 2.92%, the large - consumption sector rose 1.09%, and the large - finance sector rose 0.94% [3]. - Conversion premium rate: The large - cycle sector increased by 0.072 percentage points, the manufacturing sector decreased by 0.18 percentage points, the technology sector decreased by 0.12 percentage points, the large - consumption sector decreased by 0.13 percentage points, and the large - finance sector decreased by 0.34 percentage points [3]. - Conversion value: The large - cycle sector rose 0.90%, the manufacturing sector rose 1.68%, the technology sector rose 2.72%, the large - consumption sector rose 0.75%, and the large - finance sector rose 1.64% [3]. - Pure - bond premium rate: The large - cycle sector increased by 1.5 percentage points, the manufacturing sector increased by 2.5 percentage points, the technology sector increased by 4.3 percentage points, the large - consumption sector increased by 1.4 percentage points, and the large - finance sector increased by 1.1 percentage points [3]. 5. Industry Rotation - Communication, electronics, and computer industries led the rise. For example, the communication industry in the underlying stock market rose 7.39% in a single day, and 36.52% from the beginning of the year to the present; in the convertible bond market, it rose 4.98% in a single day and 47.99% from the beginning of the year to the present [57].