可转债市场周观察：估值小幅修复，底仓品种价值显现

Group 1: Investment Rating - No industry investment rating provided in the report Group 2: Core Views - The convertible bond market experienced a certain valuation repair last week, with the 100 - yuan premium rate rising about one percentage point to 25.5%, returning to the September level. The valuation repair was mainly due to overselling. In the long - term, convertible bonds are still relatively high - quality assets considering the weak pure - bond market and the situation where demand exceeds supply. However, the valuation repair is unlikely to be sustainable under the current valuation level and the volatile equity market [6][9]. - In the short - term, structural opportunities are greater than trend opportunities. Some bottom - position varieties represented by banks are starting to show value, while attention should be paid to the volatility of elastic varieties. Back - testing of recent strong redemption cases shows that there are objective returns and a certain degree of certainty in gambling on the strong redemption clause, and the number of future strong redemptions and waived strong redemptions is still considerable [6][9]. - Last week, the performance of broad - based indices was differentiated. The Science and Technology Innovation 50 index soared driven by the semiconductor sector, while small - cap stocks performed weakly. Currently in the data vacuum period and with reduced trading willingness before the holiday, the short - term index needs to oscillate and adjust, but the long - term view on the index trend remains positive [6][9]. Group 3: Summary by Directory 1. Convertible Bond Views - Convertible bonds had a certain valuation repair last week. The 100 - yuan premium rate rose about one percentage point to 25.5%. The valuation repair was mainly due to overselling. In the long - term, convertible bonds are still relatively high - quality assets, but the valuation repair is unlikely to be sustainable. Some bottom - position varieties represented by banks are starting to show value, and attention should be paid to the volatility of elastic varieties. Gambling on the strong redemption clause has objective returns and a certain degree of certainty [6][9]. 2. Convertible Bond Review 2.1 Market Overall Performance - From September 22 to September 26, the market fluctuated widely, and the performance of major indices was differentiated. The Shanghai Composite Index rose 0.21%, the Shenzhen Component Index rose 1.06%, the CSI 300 rose 1.07%, the CSI 1000 fell 0.55%, the ChiNext Index rose 1.69%, the Science and Technology Innovation 50 rose 6.47%, and the Beijing Stock Exchange 50 fell 3.11%. In terms of industries, power equipment, non - ferrous metals, and electronics led the gains, while social services, comprehensive, and commerce and retail led the losses. The average daily trading volume decreased by 207 billion yuan to 2.31 trillion yuan [13]. 2.2 Pre - holiday Trading Volume Declined, High - price and Medium - to - High - rated Convertible Bonds Performed Well - Last week, after continuous corrections, convertible bonds rose slightly, and the valuation also increased slightly. The average daily trading volume decreased slightly to 78.919 billion yuan. The CSI Convertible Bond Index rose 0.94%, the parity center rose 1.1% to 112.3 yuan, and the conversion premium rate center rose 0.9% to 19.7%. In terms of style, high - price and medium - to - high - rated convertible bonds performed well last week, while small - cap and low - price convertible bonds performed weakly [6][17].