可转债市场周观察：估值小幅压缩，跟涨能力减弱

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - After the equity market enters the high - level slow - bull stage, convertible bonds enter the second stage, with the double - hit of the underlying stock and premium ending. The future trend depends on the equity market. With relatively high current valuations, it is more likely to maintain the current level than to digest the valuations. In the absence of a pessimistic outlook for equities, if the valuation weakens, it will be slowly digested by not rising but slightly falling. [4][7] - During the transition from the first to the second stage, some funds may choose to cash out, and short - term profit - taking will suppress convertible bonds. In the equity slow - bull environment, the trend of convertible bonds remains unchanged, but strategies need adjustment. Cash out some high - valuation convertible bonds in time and focus on trading opportunities. [4][7] - The equity market broke through upwards again last week after fluctuations. The technology sector is still the main line. The market is expected to continue the slow - bull trend, but future fluctuations may increase. [4][7] Summary by Directory 1. Convertible Bond Views: Slight Valuation Compression and Weakening Ability to Follow the Rise - Convertible bonds were greatly affected by funds last week. After the equity market entered the high - level slow - bull stage, convertible bonds entered the second stage. The double - hit of the underlying stock and premium ended. The future depends on the equity market. With relatively high current valuations, it is more likely to maintain the current level than to digest the valuations. [7] - During the transition, some funds may cash out, suppressing convertible bonds in the short term. In the equity slow - bull environment, the trend of convertible bonds remains unchanged, but strategies need adjustment. Cash out some high - valuation convertible bonds and focus on trading opportunities. [7] - The equity market broke through upwards again last week. The technology sector is the main line. The market is expected to continue the slow - bull trend, but future fluctuations may increase. [7] 2. Convertible Bond Review: Weakening Ability to Follow the Rise and Slight Valuation Decline 2.1 Market Overall Performance: Most Equities Rose, and the Technology Sector Led the Gains - From September 8th to September 12th, most equity indices rose. The Shanghai Composite Index rose 1.52%, the Shenzhen Component Index rose 2.65%, the CSI 300 rose 1.38%, the CSI 1000 rose 2.45%, and the ChiNext Index rose 2.10%. The STAR 50 fell 5.48%, and the Beijing Stock Exchange 50 fell 1.07%. [10] - In terms of industries, electronics, real estate, and agriculture, forestry, animal husbandry, and fishery led the gains, while comprehensive, banking, and petroleum and petrochemicals led the losses. The average daily trading volume decreased by 278.283 billion yuan to 2.32 trillion yuan. [10] - The top ten convertible bonds in terms of gains last week were Haitai, Jize, Jing 23, etc. In terms of trading volume, Jing 23, Outong, Weidao, etc. were relatively active. [10] 2.2 Convertible Bonds' Ability to Follow the Rise Weakened, and High - priced, Medium - and Low - Rated Convertible Bonds Performed Well - Last week, convertible bonds showed weak performance, only rising slightly. Valuations declined slightly, and the average daily trading volume decreased significantly to 76.864 billion yuan. The CSI Convertible Bond Index only rose 0.43%, the parity center rose 2.6% to 112.3 yuan, and the conversion premium rate center decreased 1.1% to 20.0%. [14] - In terms of style, high - priced, medium - and low - rated convertible bonds performed well last week, while AAA - rated and large - cap convertible bonds performed weakly. [14]