债券日报：转债市场日度跟踪 20251225-20251225

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The convertible bond market generally rose today, with increased valuations, trading sentiment, and a shift towards small - cap value stocks [1]. - The central price of convertible bonds increased, and the proportion of high - price bonds rose [2]. - Most underlying stock industries rose, with different performance in different industries in the convertible bond market [3]. Summaries According to Relevant Catalogs Market Overview - Index performance: The CSI Convertible Bond Index rose 0.38% month - on - month, the Shanghai Composite Index rose 0.36%, the Shenzhen Component Index rose 0.66%, the ChiNext Index rose 0.49%, the SSE 50 Index rose 0.19%, and the CSI 1000 Index rose 0.79% [1]. - Market style: Small - cap value stocks were relatively dominant. Large - cap growth rose 0.40%, large - cap value fell 0.17%, mid - cap growth rose 1.05%, mid - cap value rose 0.91%, small - cap growth rose 0.97%, and small - cap value rose 1.07% [1]. - Fund performance: Trading sentiment in the convertible bond market increased. The trading volume of the convertible bond market was 71.204 billion yuan, a 11.42% month - on - month increase; the total trading volume of the Wind All - A was 1.748742 trillion yuan, a 4.29% month - on - month increase; the net out - flow of main funds in the Shanghai and Shenzhen stock markets was 4.444 billion yuan, and the yield of the 10 - year treasury bond decreased by 0.48bp to 1.83% [1]. Convertible Bond Price - The central price of convertible bonds increased. The weighted average closing price of all convertible bonds was 135.01 yuan, a 0.61% increase from yesterday. Among them, the closing price of equity - biased convertible bonds was 201.30 yuan, a 0.71% increase; the closing price of bond - biased convertible bonds was 119.74 yuan, a 0.37% increase; the closing price of balanced convertible bonds was 130.05 yuan, a 0.17% increase [2]. - The proportion of high - price bonds (above 130 yuan) increased to 60.89%, a 1.84pct increase from yesterday. The largest change in proportion was in the 110 - 120 (including 120) range, with a proportion of 7.61%, a 1.05pct decrease from yesterday. There were 0 bonds with a closing price below 100 yuan. The median price was 133.64 yuan, a 0.48% increase from yesterday [2]. Convertible Bond Valuation - Valuations increased. The fitted conversion premium rate for 100 - yuan par value was 32.51%, a 0.14pct increase from yesterday. The overall weighted par value was 99.53 yuan, a 0.86% increase from yesterday. The premium rate of equity - biased convertible bonds was 15.45%, a 0.27pct decrease; the premium rate of bond - biased convertible bonds was 84.79%, a 0.38pct decrease; the premium rate of balanced convertible bonds was 26.39%, a 0.10pct decrease [2]. Industry Performance - Underlying stock industries: 27 industries rose. The top three rising industries were commerce and retail (+3.66%), light industry manufacturing (+2.17%), and environmental protection (+2.06%); the top three falling industries were banking (-0.44%), electronics (-0.29%), and coal (-0.29%) [3]. - Convertible bond market: 23 industries rose. The top three rising industries were environmental protection (+4.16%), building materials (+2.40%), and building decoration (+1.65%); the top three falling industries were non - bank finance (-1.26%), national defense and military industry (-0.16%), and pharmaceutical biology (-0.15%) [3]. - Different indicators for different sectors: - Closing price: The large - cycle sector rose 1.53%, the manufacturing sector rose 0.49%, the technology sector rose 0.21%, the large - consumption sector rose 0.46%, and the large - finance sector fell 0.68% [3]. - Conversion premium rate: The large - cycle sector decreased 1.5pct, the manufacturing sector decreased 0.33pct, the technology sector decreased 0.96pct, the large - consumption sector decreased 1.8pct, and the large - finance sector decreased 0.86pct [3]. - Conversion value: The large - cycle sector rose 2.65%, the manufacturing sector rose 0.69%, the technology sector rose 0.99%, the large - consumption sector rose 1.19%, and the large - finance sector fell 0.47% [3]. - Pure bond premium rate: The large - cycle sector rose 2.1pct, the manufacturing sector rose 0.75pct, the technology sector rose 0.27pct, the large - consumption sector rose 0.56pct, and the large - finance sector fell 0.79pct [4]. Other Data - Main index performance: Different indices showed different price levels and growth rates, such as the CSI Convertible Bond Index closing at 493.46, with a daily increase of 0.63%, a one - week increase of 2.13%, a one - month increase of 1.96%, and a year - to - date increase of 19.03% [6]. - Style index performance: Small - cap indices generally had better performance than large - cap indices [9]. - Convertible bond valuation: The fitted premium rate for 100 - yuan par value was 33.71%, a 0.08pct increase; the valuation repair index was 3.29%, a 0.13pct decrease; the overall weighted average par value was 101.53, a 0.84% increase; the median price was 133.64, a 0.48% increase [16][17]. - Industry rotation: Industries such as national defense and military industry, light industry manufacturing, and mechanical equipment led the rise, with detailed data on stock price changes, valuation quantiles, etc. [54].