转债市场日度跟踪20251106：【债券日报】-20251106

Report Industry Investment Rating No information provided on the industry investment rating in the report. Report's Core View - The convertible bond market showed an incremental increase and valuation lift on November 6, 2025. The CSI Convertible Bond Index rose 0.53% compared to the previous day, and the trading sentiment in the convertible bond market heated up. The convertible bond price center increased, and the proportion of high - priced bonds rose. The valuation of convertible bonds also increased. In the industry, more than half of the underlying stock industry indices rose, with different performance among various industries [2][3][4]. Summary by Relevant Catalogs 1. Market Main Index Performance - The CSI Convertible Bond Index closed at 488.77, up 0.53% daily, 0.02% weekly, 1.37% monthly, and 17.90% since the beginning of 2025. Other convertible bond - related indices also showed varying degrees of increase. Among the A - share indices, the Shenzhen Component Index rose 1.73%, the ChiNext Index rose 1.84%, etc. In terms of market style, mid - cap value was relatively dominant, with the mid - cap value index rising 2.10% [2][8][9]. 2. Market Fund Performance - The trading volume of the convertible bond market was 78.222 billion yuan, a 12.51% increase compared to the previous day. The total trading volume of the Wind All - A Index was 2.075904 trillion yuan, a 9.58% increase. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 3.798 billion yuan, and the yield of the 10 - year treasury bond rose 1.36bp to 1.81% [2]. 3. Convertible Bond Valuation - The 100 - par - value fitted conversion premium rate was 31.46%, up 0.02pct compared to the previous day, at the 99.30% quantile since 2019. The overall weighted average par value was 104.03 yuan, up 0.49%. The price median was 132.88 yuan, up 0.25%, also at the 99.30% quantile since 2019. The conversion premium rates of different types of convertible bonds (such as equity - biased, debt - biased, and balanced) all increased [3][18][22]. 4. Industry Rotation - In the A - share market, the top three rising industries were non - ferrous metals (+3.05%), electronics (+3.00%), and communication (+2.37%); the top three falling industries were media (-1.35%), social services (-1.10%), and commercial and retail (-1.04%). In the convertible bond market, the top three rising industries were national defense and military industry (+3.36%), steel (+2.34%), and automobile (+2.28%); the top three falling industries were media (-0.33%), textile and apparel (-0.29%), and household appliances (-0.23%) [4][56].