可转债市场周观察：估值补跌后反弹，风格继续分化

1. Report Industry Investment Rating - The report does not mention the industry investment rating [27][28][29] 2. Core View of the Report - Last week, convertible bonds rose slightly, and the valuation continued to decline as previously predicted, but then rebounded significantly after reaching the previous average. The anti - decline attribute of convertible bonds remained strong. The valuation rebound was mainly driven by equity - biased convertible bonds, while debt - biased ones were still weak. There is a clear valuation bottom, and the valuation top has loosened [6][9] - There is still strong support from the supply and demand sides, and the equity market is optimistic due to various policies. Although the current cost - performance of convertible bonds is low, there are still structural opportunities. Attention can be appropriately given to oversold bottom - position and defensive varieties. Be vigilant against the unexpected forced redemption risk of high - premium individual bonds. In December, short - term allocation can be made if there is a correction, and trading opportunities are greater than trend opportunities [6][9] - Last week, the equity market continued to rise driven by various positive factors. However, there was a strong wait - and - see sentiment at the end of the year. Overseas, the market was waiting for the result of the Fed's December interest - rate cut, and domestically, it was waiting for the tone of the Central Economic Work Conference. Institutional funds were under pressure from performance assessment and position adjustment, showing a cautious and optimistic attitude overall [6][9] 3. Summary According to the Directory 3.1 Convertible Bond Views: Valuation Rebounds after Decline, and Style Continues to Differentiate - Convertible bonds rose slightly last week. The valuation continued to decline as predicted, then rebounded significantly after reaching the previous average. The anti - decline attribute was strong. The rebound was mainly driven by equity - biased convertible bonds, and debt - biased ones were weak. The valuation bottom is clear, and the top has loosened [9] - There is strong support from supply and demand, and the equity market is optimistic due to policies. Despite the low cost - performance of convertible bonds, there are structural opportunities. Pay attention to oversold bottom - position and defensive varieties, guard against forced redemption risks of high - premium bonds. In December, short - term allocation can be considered for corrections, with more trading opportunities [9] - The equity market rose last week due to positive factors. But there was wait - and - see sentiment at year - end. Overseas awaited Fed's decision, and domestically awaited the Central Economic Work Conference. Institutional funds faced assessment and adjustment pressure, showing cautious optimism [9] 3.2 Convertible Bond Review: Convertible Bonds Rise Slightly, and Valuation Rebounds after Decline 3.2.1 Market Overall Performance: Most Equity Indexes Close Higher, and Trading Volume Continues to Decline - The equity market was weak first and then strong last week, continuing to rebound. Most indexes rose, such as the ChiNext Index (1.86%), the BeiZheng 50 (1.49%), and the CSI 300 (1.28%), while only the Science and Technology Innovation 50 fell slightly (0.08%) [13] - In terms of industries, non - ferrous metals, communication, and national defense and military industry led the gains, while media, real estate, and beauty care led the losses. The average daily trading volume decreased by 44.115 billion yuan to 1.69 trillion yuan [13] - The top ten rising convertible bonds last week were Yakelai Convertible Bond, Weidao Convertible Bond, etc. The more active ones in trading were Furong Convertible Bond, Dongshi Convertible Bond, etc [13] 3.2.2 Significant Trading Volume Contraction, and High - price, Medium - and High - rated Convertible Bonds Perform Well - Convertible bonds rose slightly last week. The valuation rebounded significantly after reaching the previous average, and the average daily trading volume dropped significantly to 50.91 billion yuan. The CSI Convertible Bond Index rose 0.08%, the parity center decreased 0.3% to 110.7 yuan, and the conversion premium rate center increased 0.3% to 20.6% [20] - In terms of style, high - price, medium - and high - rated convertible bonds performed well last week, while large - cap and double - low convertible bonds performed weakly [20]