转债市场日度跟踪 20251128-20251129

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report On November 28, 2025, the convertible bond market showed incremental growth and an increase in valuation. Small - cap growth stocks had an advantage in the market style, and the trading sentiment in the convertible bond market heated up. Most industries in the underlying stocks and convertible bonds rose [1]. 3. Summary by Relevant Catalogs 3.1 Market Main Index Performance - Index performance: The CSI Convertible Bond Index rose 0.68% month - on - month, the Shanghai Composite Index rose 0.34%, the Shenzhen Component Index rose 0.85%, the ChiNext Index rose 0.70%, the SSE 50 Index fell 0.09%, and the CSI 1000 Index rose 1.06%. From the perspective of style indices, small - cap growth stocks were relatively dominant, with small - cap growth rising 1.67% [1][7]. 3.2 Market Fund Performance - Trading volume: The trading volume of the convertible bond market was 5.9368 billion yuan, a month - on - month increase of 19.84%; the total trading volume of the Wind All - A Index was 159.7731 billion yuan, a month - on - month decrease of 7.28%. The net inflow of main funds in the Shanghai and Shenzhen stock markets was 682.5 million yuan, and the yield of the 10 - year treasury bond decreased by 1.25bp month - on - month to 1.84% [1][8]. 3.3 Convertible Bond Valuation - Bond price: The weighted average closing price of convertible bonds was 132.44 yuan, a 0.87% increase from the previous day. The proportion of high - price bonds above 130 yuan was 54.04%, a 2.28 - percentage - point increase from the previous day. The price median was 130.74 yuan, a 0.55% increase from the previous day [2]. - Valuation: The fitted conversion premium rate of 100 - yuan par value was 31.35%, a 0.44 - percentage - point increase from the previous day. The overall weighted par value was 100.04 yuan, a 0.91% increase from the previous day. The premium rates of all types of convertible bonds increased [2]. 3.4 Industry Rotation - Underlying stock industry: 28 industries in the A - share market rose, with the top three gainers being steel (+1.59%), agriculture, forestry, animal husbandry and fishery (+1.59%), and commerce and retail (+1.46%); only two industries fell, namely banking (-0.83%) and coal (-0.14%) [3]. - Convertible bond industry: All convertible bond industries rose, with the top three gainers being steel (+4.81%), building materials (+4.56%), and power equipment (+2.70%) [3]. - Different sectors: In terms of closing price, large - cycle rose 1.60%, manufacturing rose 1.28%, technology rose 0.62%, large - consumption rose 0.57%, and large - finance rose 0.32%. In terms of conversion premium rate, large - cycle decreased by 0.087 percentage points, manufacturing decreased by 0.3 percentage points, technology decreased by 0.36 percentage points, large - consumption increased by 0.016 percentage points, and large - finance increased by 1.3 percentage points [3].