可转债周度追踪：盘整蓄势-20250914

Report Industry Investment Rating No information provided in the content. Core Viewpoints - The Shanghai Composite Index is consolidating around 3800 points to accumulate momentum for the next upward movement. In the short term, the market is in a high - level volatile state, with increased operational difficulty, faster sector rotation, and frequent hot - spot switching. It is not recommended for investors to blindly chase high prices but to maintain their positions and observe more and act less [1][2]. - The convertible bond market has a non - negligible leading role in the stock market. In terms of the index, the adjustment and stabilization of the convertible bond index slightly lead the equity market. In terms of individual bonds, the strong - redemption end - game strategy in the convertible bond market from July to August attracted many investors and enlivened the market atmosphere [2]. - In the long - term, the long - term positive pattern of the stock market remains unchanged [2]. Summary by Directory 1.转债周度思考 - The market is in an obvious volatile state, with hot spots concentrated in the technology sector. There is no high - to - low sector rotation, and the overall market linkage needs to be strengthened [8]. - The mid - cap index represented by the CSI 500 performs better. Due to insufficient continuous inflow of off - market funds, the rebound of small and micro - cap stocks is limited, while large and mid - cap growth stocks show better trends under the guidance of institutional investors [8]. 2. 可转债市场跟踪 2.1 可转债行情方面 - The report provides the performance of various convertible bond indexes in different time periods, such as the WanDe Convertible Bond Energy Index, WanDe Convertible Bond Material Index, etc. For example, the WanDe Convertible Bond Energy Index has a - 0.28 change in the past week, 0.75 in the past two weeks, etc. [15]. 2.2 转债个券方面 - No specific summary content other than the mention of the top ten and bottom ten individual bond price changes in the past week, which are presented in graphical form [17]. 2.3 转债估值方面 - The report shows the valuation trends of different types of convertible bonds, including bond - type, balanced, and stock - type convertible bonds, through graphical forms [20][26]. 2.4 转债价格方面 - The report presents the high - price bond proportion trend and the median price trend of convertible bonds through graphical forms [28]. 3. 转债建议 - In September, it is recommended to pay attention to bonds such as Shangyin Convertible Bond, Shouhua Convertible Bond, etc. [10]