Orient Securities(SH:600958) Orient Securities·2025-11-10 07:15Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The pre - profit - taking behavior of convertible bonds has eased, but under the current high absolute price and high valuation, the volatility has intensified and the bond nature has weakened. November may be the last wave of adding positions from the perspective of institutional behavior. The current high - valuation situation is expected to remain unchanged [5][8]. - The view on the future of convertible bonds is neutral. It is difficult for convertible bond valuations to have a logic of continuous strengthening. It is likely to fluctuate around the current point. The key to the subsequent trend lies in equities. Investors should appropriately lower the return expectations of convertible bonds, cash out and switch in a timely manner, and low - position institutions can actively allocate on dips. The trading opportunities of convertible bonds are greater than the trend opportunities [5][8]. - Despite the overseas capital market turmoil, the domestic market has slightly recovered this week, hovering around 4000 points, indicating sufficient market confidence. Some over - valued sectors have corrected in the short term, and the weight sectors have temporarily attracted attention. The technology - led slow - bull market remains unchanged, and the subsequent equity trend is still bullish [5][8]. Group 3: Summary According to the Directory 1. Convertible Bond Views: Double - Low Performance Stands Out, Style Slightly Switches - The pre - profit - taking behavior of convertible bonds has eased, but with high absolute prices and valuations, volatility has increased and bond nature has weakened. November may be the last chance for institutional position - adding. The high - valuation situation is expected to remain. The view on convertible bonds is neutral, with the key to subsequent trends in equities. Investors should adjust expectations, cash out and switch, and low - position institutions can allocate on dips. The domestic market has recovered slightly, and the technology - led slow - bull market remains [8]. 2. Convertible Bond Review: Index Approaches Previous High, Valuation Slightly Rises 2.1 Market Overall Performance: Most Indexes Close Higher, Trading Volume Declines - This week, most equity indexes closed slightly higher. The Shanghai Composite Index led the gains with a 1.08% increase, while the North - Bound 50 Index fell 3.79%. In terms of industries, power equipment, coal, and petroleum and petrochemicals led the rise, while beauty care, computer, and pharmaceutical biology led the decline. The average daily trading volume decreased by 3108.43 billion yuan to 2.01 trillion yuan. The top - ten rising convertible bonds last week were Zhongneng, Zhenhua, etc., and some convertible bonds were more active in trading [11]. 2.2 Trading Volume Continues to Increase, Double - Low and Large - Cap High - Rating Convertible Bonds Perform Well - This week, convertible bonds performed well, following the rise of equities. The average daily trading volume slightly increased to 68.526 billion yuan. The CSI Convertible Bond Index rose 0.86%, the parity center rose 1.0% to 114.4 yuan, and the conversion premium rate center remained flat at 18.7%. In terms of style, double - low and large - cap high - rating convertible bonds performed well, while high - price and small convertible bonds performed weakly [14].