1日转债缩量上涨，估值环比抬升：转债市场日度跟踪20251201-20251202

1. Report Industry Investment Rating No information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - On December 1, the convertible bond market showed a trend of increasing in price with decreasing trading volume, and the valuation increased compared to the previous period. The CSI Convertible Bond Index rose by 0.10%, while the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, Shanghai 50 Index, and CSI 1000 Index all increased to varying degrees [1]. - The market style favored large - cap growth stocks. Large - cap growth stocks rose by 1.42%, outperforming other styles [1]. - The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 5.3624 billion yuan, a decrease of 9.67% compared to the previous day, while the total trading volume of the Wind All - A Index was 188.9449 billion yuan, an increase of 18.26% [1]. 3. Summary According to Relevant Catalogs Market Main Index Performance - The CSI Convertible Bond Index closed at 482.09, up 0.10% for the day, down 0.18% for the week, down 0.49% for the month, and up 16.29% since the beginning of 2025. Other convertible bond - related indices also showed different degrees of increase or decrease [7]. - Among the A - share indices, the Shanghai Composite Index closed at 3914.01, up 0.65% for the day; the Shenzhen Component Index closed at 13146.72, up 1.25% for the day; the ChiNext Index closed at 3092.50, up 1.31% for the day [7]. Market Capital Performance - The trading volume of the convertible bond market was 5.3624 billion yuan, a decrease of 9.67% compared to the previous day, while the total trading volume of the Wind All - A Index was 188.9449 billion yuan, an increase of 18.26% [1][8]. - The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 343 million yuan, and the yield of the 10 - year Treasury bond decreased by 0.46bp to 1.84% [1][11][12]. Convertible Bond Price and Valuation - The weighted average closing price of convertible bonds increased to 132.54 yuan, up 0.08% compared to the previous day. The proportion of high - price bonds above 130 yuan increased by 0.51pct to 54.55% [2]. - The fitting conversion premium rate of 100 - yuan par value increased to 31.50%, up 0.04pct compared to the previous day. The overall weighted par value increased by 0.61% to 100.63 yuan [2][17][22]. Industry Performance - In the A - share market, the top three industries in terms of gains were non - ferrous metals (+2.85%), communication (+2.81%), and electronics (+1.58%); the top three industries in terms of losses were agriculture, forestry, animal husbandry and fishery (-0.43%), environmental protection (-0.23%), and real estate (-0.06%) [3]. - In the convertible bond market, the top three industries in terms of losses were environmental protection (-3.58%), steel (-1.37%), and household appliances (-1.01%); the top three industries in terms of gains were communication (+0.85%), electronics (+0.82%), and coal (+0.66%) [3]. ETF Share Changes - The share of Bosera Convertible Bond ETF was 4.237 billion shares, with a net decrease of 27.9 million shares [37]. - The share of Haifutong Convertible Bond ETF was 802 million shares, with a net increase of 10.1 million shares [40].