【债券日报】：转债市场日度跟踪20260106-20260107

Report Industry Investment Rating No relevant content provided. Core Viewpoints On January 6, 2026, the convertible bond market followed the underlying stocks to rise, with increased valuations. The trading sentiment in the convertible bond market heated up, and the median price and weighted average price of convertible bonds both increased. Most industries in the A-share and convertible bond markets rose, with different performance in different sectors [1][2][3]. Summary by Directory 1. Market Main Index Performance - Index Performance: The CSI Convertible Bond Index rose 1.35% day - on - day, the Shanghai Composite Index rose 1.50%, the Shenzhen Component Index rose 1.40%, the ChiNext Index rose 0.75%, the SSE 50 Index rose 1.90%, and the CSI 1000 Index rose 1.43%. The Convertible Bond Equal - Weighted Index rose 1.38%, and the Convertible Bond Index rose 1.32%. In terms of style, mid - cap value was relatively dominant, with mid - cap value rising 2.75% [1][7][8]. 2. Market Fund Performance - Trading Volume: The trading volume of the convertible bond market was 94.734 billion yuan, a 13.55% increase from the previous day. The total trading volume of the Wind All - A Index was 2.832278 trillion yuan, a 10.32% increase [1][9]. - Capital Flow: The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 17.668 billion yuan, and the yield of the 10 - year treasury bond rose 2.45bp to 1.88% [1]. 3. Convertible Bond Valuation - Valuation Increase: The 100 - yuan parity fitted conversion premium rate was 35.23%, up 0.42pct from the previous day. The overall weighted parity was 104.28 yuan, up 1.52%. The price median was 136.95 yuan, up 1.59% [2][17][21]. - Premium Rate by Type: The premium rate of equity - biased convertible bonds was 17.18%, down 0.55pct; the premium rate of debt - biased convertible bonds was 87.25%, up 0.24pct; the premium rate of balanced convertible bonds was 26.36%, down 0.32pct [2]. 4. Industry Rotation - A - share Market: Among the 30 industries, 29 rose. The top three industries in terms of increase were non - ferrous metals (+4.26%), non - banking finance (+3.73%), and basic chemicals (+3.12%), while the only declining industry was communication (-0.77%) [3]. - Convertible Bond Market: Among the convertible bond market, 27 industries rose. The top three industries in terms of increase were communication (+4.44%), non - banking finance (+3.62%), and non - ferrous metals (+3.28%), and the only declining industry was environmental protection (-0.28%) [3].