固定收益周报：双高转债占比达到历史峰值水平-20260121

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core View of the Report - The proportion of high - price and high - valuation convertible bonds has reached a historical peak. With the TMT, automotive, chemical, electrical equipment, and machinery industries as representatives, the proportion of convertible bonds with both high prices and high valuations is over 40%. [4][22] - The convertible bond market is performing strongly. The median convertible bond price remains at a historical high, trading sentiment is hot, and certain types of convertible bonds have actively increased their valuations. [2][11] - Last week, the risk preference of funds decreased significantly. Stock ETF shares decreased substantially, while convertible bond ETFs were favored by funds. [3][21] 3. Summary by Related Catalogs Market Performance - Last week, there was policy cooling in the equity market. Broad - based ETF funds flowed out significantly, while convertible bond ETFs flowed in reversely. Bull market expectations were strong, and equity - like convertible bonds and newly - issued bonds drove the convertible bond performance to be stronger than that of equities. [2][11] - The median convertible bond price remained at a historical high, fluctuating around 138 yuan. The average daily trading volume of the entire convertible bond market was 92.2 billion yuan, second only to the "924" level. The 100 - yuan premium rate continued to rise to 33% at a historical high, and the implied volatility fluctuated around the historical extreme point of 45%. The implied volatility difference remained at a historical high of around 13%. [2][11] - The trading sentiment of convertible bonds was hot, and the turnover rates of convertible bonds with extremely low balances and low ratings were relatively high. The valuations of high - price and equity - like convertible bonds actively increased, with a growth rate (1.7%) higher than that of the underlying stocks (1.26%); the valuations of convertible bonds issued by companies with an underlying stock market value of over 20 billion yuan also actively increased, with a growth rate (1.9%) higher than that of the underlying stocks (0.8%); newly - issued bonds and convertible bonds listed within 2 years also significantly and actively increased their valuations. [2][11] Funds Sentiment - From the comparison of the share fluctuations of various broad - based indexes, bond - type, and major commodity (gold) ETFs, the risk preference of funds decreased significantly last week. Stock ETF shares decreased by 12%. In particular, the ChiNext ETF, Science and Technology Innovation 50 ETF, and SSE 50 ETF shrank by 16%, 12%, and 12% respectively last week. In contrast, the CSI 2000 ETF had a relatively large expansion, with its shares increasing by 7% last week. [3][21] - Convertible bond ETFs have been favored by funds recently. On the basis of performing no worse than equities in the previous week, their shares increased by 4.3% last week; the shares of interest - rate bonds continued to show an obvious shrinking trend. [3][21] Investment Strategy - Currently, the proportion of high - price and high - valuation convertible bonds has reached a historical peak. It is recommended to focus on newly - issued convertible bonds. Currently, newly - issued bonds are mainly from the Science and Technology Innovation Board, with high - quality underlying stocks and good performance realization. Against the background of strong expectations for the second stage of the equity bull market, their scarcity has increased. [4][22] - Combining performance, it is recommended to focus on: Maolai Convertible Bond, Qizhong Convertible Bond, Weidao Convertible Bond, Yongxi Convertible Bond, Luwei Convertible Bond, Weice Convertible Bond, Anji Convertible Bond, and Dinglong Convertible Bond in the electronics industry; Ruike Convertible Bond in the field of robotics and industrial automation; Jin 05 Convertible Bond, Funeng Convertible Bond, Jinlang Convertible Bond 02, and Yingliu Convertible Bond in the fields of energy power and gas turbines; Bo 25 Convertible Bond in the automotive industry; and Jin 25 Convertible Bond. [4][22]