可转债周度追踪：调整中的韧性-20251123

Group 1: Report Industry Investment Rating - No information about the report industry investment rating is provided in the content Group 2: Core Views of the Report - Convertible bonds demonstrated defensiveness during the equity adjustment and there was an obvious "high-to-low" shift within the convertible bond market. The short - term adjustment does not change the long - term bullish trend of the equity market, and investors can choose the right time to deploy after the adjustment is sufficient [1][2][7] - In the short - term, the decline in sentiment caused by the significant stock market adjustment may bring phased pressure, but convertible bonds can show resilience due to the unchanged long - term optimistic expectations of the stock market and the supply - demand contradiction of convertible bonds [2][8] - It is recommended to maintain the convertible bond position, balance the style allocation, and use a trading mindset for individual convertible bonds. For balanced convertible bonds, select those with strong underlying stock logic; for non - callable equity - biased convertible bonds, focus on low - premium ones [2][8] Group 3: Summary According to the Catalog 1. Convertible Bond Weekly Thinking - Convertible bonds showed defensiveness during the equity adjustment. Last week, the A - share market adjusted significantly, but convertible bonds had a smaller decline than their underlying stocks. The price center of convertible bonds fell but remained above 130 yuan, and the valuation was passively lifted, especially for equity - based convertible bond targets [7] - There was an obvious "high - to - low" shift within convertible bonds. Defensive sectors such as low - price, large - cap, and high - grade convertible bonds performed better, while high - premium and high - price varieties were weaker. Funds shifted to low - level and low - valuation targets. The market concentrated on traditional cyclical industries, especially upstream metal targets, while the technology sector fluctuated more. Some newly issued convertible bonds had rising premium rates and short - term valuation pressure [2][7] - In the short - term, the stock market adjustment may bring phased pressure. If the stock market continues to weaken, convertible bonds may still follow the adjustment. Currently, the convertible bond market has high valuation and price, with limited bond - selection space and concentrated institutional holdings, so the market may face short - term pressure [2][8] - The short - term adjustment does not change the long - term bullish trend of the equity market. It is recommended to maintain a convertible bond position, balance the style between technology growth and low - price defense, and use a trading mindset for individual convertible bonds. For balanced convertible bonds, choose those with strong underlying stock logic; for non - callable equity - biased convertible bonds, focus on low - premium ones [2][8] - In November, it is recommended to pay attention to convertible bonds such as Shangyin, Shouhua, ALa, Jingke, Baolong, Keshun, Yingbo, Yiwei, Jin 25, and Anji [9] 2. Convertible Bond Market Tracking 2.1 Convertible Bond Market Conditions - The performance of different convertible bond indexes varied in different time periods. For example, the wind convertible bond energy index decreased by 3.55% in the past week, while the wind convertible bond financial index decreased by 0.57% [15] 2.2 Convertible Bond Individual Bonds - The content shows the top ten and bottom ten individual convertible bonds in terms of price increase and decrease in the past week, but specific bond names are not provided [18] 2.3 Convertible Bond Valuation - Information about the valuation trends of bond - based, balanced, and equity - based convertible bonds is presented, including their four - week moving average of conversion premium rates [21][23][27] 2.4 Convertible Bond Price - The price median trend of convertible bonds is shown, and the proportion trend of high - price bonds is also presented [25][31]