可转债周报：中盘转债开始占优，关注市场风格切换-20260126

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - In the short - term, the market risk appetite is expected to continue to decline marginally, and the market may shift from a liquidity - driven small - cap market to a performance - driven mid - and large - cap market. Convertible bonds will also follow the underlying stocks with increased volatility. Low - risk - preference funds have started to be conservative. If the equity market volatility amplifies, the impact of profit - taking and risk - aversion needs to be noted. However, the recent increase in the number of newly issued convertible bonds makes convertible bond subscription opportunities worth attention [3][11]. 3. Summary by Relevant Catalogs Policy Tracking - On January 20, the Ministry of Finance and other five departments issued the "Notice on Implementing the Loan Interest Subsidy Policy for Small and Medium - Sized Enterprises", providing an annualized 1.5 - percentage - point interest subsidy for up to 2 years for eligible small and medium - sized private enterprises, with a single - household subsidy loan limit of 50 million yuan. The policy supports multiple fields including emerging fields represented by artificial intelligence [4][5]. - On January 23, the China Securities Regulatory Commission issued the "Guidelines for the Performance Comparison Benchmark of Publicly Offered Securities Investment Funds", emphasizing the representativeness, seriousness, and stability of the performance comparison benchmark, strengthening the internal control and management of fund managers, and strictly regulating relevant behaviors [4][5]. Secondary Market - The major equity market indices showed mixed performance last week. The Shanghai Composite Index and Shenzhen Component Index rose by 0.84% and 1.11% respectively, while the ChiNext Index fell by 0.34%. Overseas, there was a triple - kill in the US stock, bond, and foreign exchange markets, and precious metals hit new highs. Domestically, the central bank increased the re - loan quota for scientific and technological innovation and technological transformation and relaxed the requirements for credit entities [6]. - The convertible bond market indices all rose last week. The CSI Convertible Bond Index, Shanghai Stock Exchange Convertible Bond Index, and Shenzhen Stock Exchange Convertible Bond Index rose by 2.92%, 2.79%, and 3.18% respectively, with an average daily trading volume of 9.3296 billion yuan, a marginal decrease of 1.1224 billion yuan from the previous week. The CSI Convertible Bond Index outperformed the Shanghai Composite Index by 4.36 pcts, and mid - cap convertible bonds outperformed small - cap convertible bonds by 0.27 pcts. Convertible bond ETFs had a net subscription of 4.289 billion yuan, with Bosera Convertible Bond ETF significantly increasing its holdings by 4.148 billion yuan and Haitong SSE Convertible Bond ETF only slightly increasing its holdings by 0.141 billion yuan [8]. - Structurally, the small - cap style in the convertible bond market continued to dominate. The Wind Convertible Bond AA Index led the sub - indices with a 4.46% increase. Mid - and high - priced, mid - and small - cap convertible bonds also performed strongly. The conversion value reached the 97.8% quantile since 2020, and the conversion premium rate decreased by 2.25 pcts to the 59.1% quantile. In terms of trading sentiment, the activity in both the equity and convertible bond markets continued to increase marginally [10]. - By industry, all industries' convertible bonds rose last week. Steel and textile and apparel convertible bonds led the market with an average increase of over 5% and 4% respectively, while electronic industry convertible bonds had an average increase of less than 1% [10]. Primary Market - Last week, Longjian Convertible Bond and Aiwei Convertible Bond were issued, and no convertible bonds were listed. Zai 22 Convertible Bond, Bo 23 Convertible Bond, and Hugong Convertible Bond were redeemed early and delisted. As of last Friday, the convertible bond market's outstanding scale was 556.27 billion yuan, a decrease of 914 million yuan from the beginning of the year and an increase of 1.272 billion yuan from the previous week. Eight convertible bonds were approved by the CSRC to be issued, with a total of 6.164 billion yuan [3][33]. - Nine convertible bonds had a conversion ratio of over 5% last week, 2 more than the previous week. Some convertible bonds such as Huarui Convertible Bond and Furong Convertible Bond have announced early redemption [34]. - In terms of clause tracking, 1 convertible bond announced a downward revision of the conversion price, and 5 convertible bonds announced early redemption. Some convertible bonds are expected to trigger the conditions for downward revision of the conversion price or early redemption [37].