债券日报：转债市场日度跟踪20251218-20251218

Report Industry Investment Rating No relevant content provided. Core Viewpoints - On December 18, 2025, half of the convertible bond industries rose, and the valuation compressed month - on - month. The CSI Convertible Bond Index rose 0.06% month - on - month, the Shanghai Composite Index rose 0.16%, the Shenzhen Component Index fell 1.29%, the ChiNext Index fell 2.17%, the SSE 50 Index rose 0.23%, and the CSI 1000 Index fell 0.22%. The market style favored large - cap value stocks. The trading sentiment in the convertible bond market heated up [1]. - The convertible bond price center increased, and the proportion of high - price bonds rose. The overall weighted average closing price of convertible bonds was 132.37 yuan, with no change from the previous day. The valuation compressed, with the 100 - yuan par - value fitted conversion premium rate at 32.29%, down 1.16 pct from the previous day [2]. - In the A - share market, the top three industries with the largest declines were power equipment (-2.22%), communication (-1.58%), and electronics (-1.51%); the top three industries with the largest increases were banks (+1.97%), coal (+1.89%), and petroleum and petrochemicals (+1.25%). In the convertible bond market, 16 industries rose, with the top three industries with the largest increases being medicine and biology (+1.31%), national defense and military industry (+1.26%), and building materials (+1.11%); the top three industries with the largest declines were non - bank finance (-2.09%), steel (-1.81%), and communication (-1.70%) [3]. Summary by Relevant Catalogs I. Market Main Index Performance - The CSI Convertible Bond Index closed at 483.43, up 0.06% day - on - day, 0.07% in the past week, down 1.49% in the past month, and up 16.61% since the beginning of 2025 [7]. - The Convertible Bond Equal - Weighted Index closed at 234.78, up 0.28% day - on - day, down 0.11% in the past week, down 1.09% in the past month, and up 20.73% since the beginning of 2025 [7]. - The Shanghai Composite Index closed at 3876.37, up 0.16% day - on - day, down 0.62% in the past week, down 2.41% in the past month, and up 15.65% since the beginning of 2025 [7]. - The Shenzhen Component Index closed at 13053.97, down 1.29% day - on - day, down 1.97% in the past week, down 1.12% in the past month, and up 25.34% since the beginning of 2025 [7]. - The ChiNext Index closed at 3107.06, down 2.17% day - on - day, down 3.18% in the past week, up 0.06% in the past month, and up 45.08% since the beginning of 2025 [7]. II. Market Fund Performance - The trading volume of the convertible bond market was 63.906 billion yuan, up 3.43% month - on - month; the total trading volume of the Wind All - A Index was 1.676801 trillion yuan, down 8.59% month - on - month. The net outflow of the main funds from the Shanghai and Shenzhen stock markets was 29.167 billion yuan, and the yield of the 10 - year treasury bond rose 0.16 bp to 1.84% [1][9]. III. Convertible Bond Price and Valuation - The overall weighted average closing price of convertible bonds was 132.37 yuan, with no change from the previous day. The closing price of equity - biased convertible bonds was 195.15 yuan, down 0.62%; the closing price of bond - biased convertible bonds was 119.36 yuan, up 0.35%; the closing price of balanced convertible bonds was 129.03 yuan, with no change [2]. - The proportion of high - price bonds above 130 yuan was 53.89%, up 1.55 pct from the previous day. The proportion of bonds in the 120 - 130 (including 130) range decreased by 1.55 pct to 32.38%. The price median was 130.90 yuan, up 0.40% from the previous day [2]. - The 100 - yuan par - value fitted conversion premium rate was 32.29%, down 1.16 pct from the previous day; the overall weighted par value was 98.74 yuan, up 0.28% from the previous day. The premium rate of equity - biased convertible bonds was 15.62%, up 0.67 pct; the premium rate of bond - biased convertible bonds was 85.17%, up 0.35 pct; the premium rate of balanced convertible bonds was 26.46%, down 0.87 pct [2]. IV. Industry Performance - In the A - share market, 18 industries declined. The top three industries with the largest declines were power equipment (-2.22%), communication (-1.58%), and electronics (-1.51%); the top three industries with the largest increases were banks (+1.97%), coal (+1.89%), and petroleum and petrochemicals (+1.25%) [3]. - In the convertible bond market, 16 industries rose. The top three industries with the largest increases were medicine and biology (+1.31%), national defense and military industry (+1.26%), and building materials (+1.11%); the top three industries with the largest declines were non - bank finance (-2.09%), steel (-1.81%), and communication (-1.70%) [3]. - In terms of closing prices, large - cycle industries rose 0.02%, manufacturing industries fell 0.10%, technology industries rose 0.03%, large - consumption industries rose 0.18%, and large - finance industries fell 0.92% [3]. - In terms of conversion premium rates, large - cycle industries decreased by 0.44 pct, manufacturing industries increased by 0.046 pct, technology industries decreased by 0.81 pct, large - consumption industries decreased by 0.78 pct, and large - finance industries decreased by 0.71 pct [3]. - In terms of conversion values, large - cycle industries rose 0.39%, manufacturing industries fell 0.13%, technology industries rose 0.33%, large - consumption industries rose 0.52%, and large - finance industries fell 0.40% [3]. - In terms of pure - bond premium rates, large - cycle industries increased by 0.022 pct, manufacturing industries decreased by 0.08 pct, technology industries decreased by 0.018 pct, large - consumption industries increased by 0.22 pct, and large - finance industries decreased by 1.1 pct [4]. V. Industry Rotation - The banking, coal, and petroleum and petrochemical industries led the rise. The daily increase rates of the banking, coal, and petroleum and petrochemical industries in the stock market were 1.97%, 1.89%, and 1.25% respectively; the daily increase rates in the convertible bond market were 0.33%, 0.16%, and 0.04% respectively [59].