可转债周报：转债跟随权益缩量下行，高评级、低价风格继续占优-20251020

Report Summary 1. Investment Rating The provided text does not mention the industry investment rating. 2. Core Views - Last week, convertible bonds followed the equity market in a volume - shrinking adjustment. High - rated and low - priced convertible bonds outperformed, while high - priced convertible bonds weakened significantly. The net redemption scale of convertible bond ETFs expanded to 2382 million yuan, but convertible bonds showed anti - decline properties compared to the equity market, with the Wind Convertible Bond Weighted Index outperforming the Wind All - A Index by 1.43 pcts. - Currently, the market risk preference is running at a low level. Although Sino - US trade friction is expected to ease gradually, short - term market sentiment depends on the progress of Sino - US game before Trump's new round of tariffs on November 1st. Under uncertainty, the defensive value of convertible bonds in dividend and weighted sectors such as banks, coal, gas, and non - bank finance will be prominent. - Some hard - tech sectors need adjustment to regain cost - effectiveness and open up upward space. The "15th Five - Year Plan" is expected to release positive signals for some sectors, and sectors with outstanding performance advantages are expected to get stronger support during the third - quarter report disclosure period. [2] 3. Summary by Directory Policy Tracking - On October 17, the Ministry of Finance and other three departments issued an announcement to adjust the duty - free shopping policy for Hainan off - island passengers, expanding the scope of duty - free goods from 45 categories to 47 categories, and allowing island residents with off - island records to buy duty - free goods without limit of times under the "buy - and - pick - up - immediately" method. - The same day, the Ministry of Commerce and other five departments released a guidance on improving the overseas comprehensive service system, aiming to build a three - dimensional, full - chain overseas comprehensive service ecosystem, and put forward specific measures in aspects such as optimizing public platforms, integrating local services, extending overseas services, strengthening economic and trade cooperation guarantees, and enhancing the capabilities of overseas - going enterprises. [3][4] Secondary Market - Last week, the main equity market indexes showed mixed performance. The Shanghai Composite Index rose 0.37%, while the Shenzhen Component Index and the ChiNext Index fell 1.26% and 3.86% respectively. Overseas, the US government shutdown and bank credit risks affected market risk preference, and the market started recession trading. - Domestically, the September price data showed that consumption promotion supported CPI, and the low base narrowed the year - on - year decline of PPI. The September export data was better than expected, mainly due to the base effect and the Mid - Autumn Festival date difference. - Affected by global risk events and Sino - US trade frictions, the risk preference of the domestic equity market further weakened, with obvious volume shrinkage and a significant adjustment in the previous strong technology sectors. Funds flowed to dividend and consumer sectors for risk - aversion. - In the convertible bond market, all major indexes declined. High - rated and low - priced convertible bonds were stronger, while high - priced convertible bonds weakened. The net redemption of convertible bond ETFs increased. The valuation of convertible bonds rebounded, and trading activity declined. [6][7][8] Primary Market - Last week, Funeng Convertible Bond and Jinlang Convertible Bond 2 were issued, and no convertible bonds were listed. Some convertible bonds were delisted due to early redemption or maturity. As of October 17, the convertible bond market's outstanding scale was 59.0529 billion yuan, a decrease of 14.3364 billion yuan from the beginning of the year. - Ten convertible bonds had a conversion ratio of over 5%. Some convertible bonds announced price adjustments, early redemptions, or were expected to trigger early redemption conditions. Two convertible bonds were approved by the CSRC and waiting to be issued, with a total of 2.677 billion yuan, and eight convertible bonds passed the review committee, with a total of 5.306 billion yuan. [30][33][34]