可转债周度追踪：阶段性调整不改长期向好趋势-20251019

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Views of the Report - Short - term, the convertible bond market experiences a shift from high - risk to low - risk sectors due to style rotation, mainly driven by risk - aversion sentiment after sudden events. Long - term, the trading momentum of the convertible bond market remains strong, and the current period may be a good time for investors to optimize their portfolio structures [1][2]. - After a phased adjustment, the technology sector becomes more cost - effective. It is expected that a temporary agreement will be reached before the tariff implementation on November 1st. After the major meeting later this month, there may be a new round of domestic growth - stabilizing policies, and the convertible bond market may have pulse - type opportunities with a potential continuation of the slow - bull market. If the macro - narrative changes, combined with better - than - expected quarterly revenues and continuous catalysis from theme industries, the technology sector may regain market focus and show more elasticity [2][14]. 3. Summary According to the Table of Contents 3.1 1. Convertible Bond Weekly Thinking - The convertible bond market shows a high - to - low shift in style rotation, mainly due to risk - aversion sentiment caused by unexpected tariff disturbances. Since October, the convertible bond market has undergone a structural adjustment, similar to the equity market in sector rotation. Short - term funds show obvious risk - aversion, and dividend - related sectors perform well. From October, the Wind Convertible Bond Weighted Index declined by 1.83%, with a more restrained adjustment compared to April. The style shifted from growth to defensive sectors like dividends, and the anti - decline property of convertible bonds is significant. In terms of industries, the Wind Convertible Bond Financial Index and Energy Index recorded 1.07% and 1.77% respectively since October, outperforming the Information Technology (-4.15%) and Consumption (-4.58%) indices [7]. - In terms of trading, the convertible bond market remains resilient, and there are still opportunities for structural market trends. This year, the convertible bond market has performed well, with the CSI Convertible Bond Index rising by 14.39% since 2025. However, in a high - valuation environment, the market is more sensitive to macro - environment changes, and the volatility of the technology growth sector and related products has increased significantly. In the short - term, due to a wait - and - see attitude, there is room for market adjustment, leading to a continuous correction of high - valuation products. Although the price center of convertible bonds has been fluctuating recently, except for high - price convertible bonds, the median price and the balance - weighted average price of the convertible bond market remain at the mid - September level. Except for the consumption sector, the overall turnover rate and trading volume of most industries are still above the 80th percentile of historical data. Long - term, the trading momentum of the convertible bond market remains, and it may be a good time for investors to optimize their portfolio structures. The defensive property of convertible bonds is still attractive [2][8]. 3.2 2. Convertible Bond Market Tracking 2.1 Convertible Bond Market Conditions - The performance of different convertible bond indices varies. For example, the Wind Convertible Bond Energy Index has different changes in different time periods: -0.06% in the recent week, 1.77% in the recent two weeks, etc. The Wind Convertible Bond Information Technology Index declined by 3.51% in the recent week and 4.15% in the recent two weeks [15]. 2.2 Convertible Bond Individual Securities No specific content about convertible bond individual securities is provided other than the mention of relevant charts (Figures 6 and 7 showing the top ten and bottom ten individual securities in terms of price changes in the recent week) [18]. 2.3 Convertible Bond Valuation No specific analysis content about convertible bond valuation is provided, but there are relevant charts (Figures 8 - 11) showing the valuation trends of bond - type, balanced, equity - type convertible bonds and the conversion premium rate valuation trends of convertible bonds with different parities [23][25]. 2.4 Convertible Bond Prices No specific analysis content about convertible bond prices is provided, but there are relevant charts (Figures 12 - 13) showing the proportion trend of high - price bonds and the median price of convertible bonds [30].