固定收益周报：转债次新券及ETF均维持高热度-20260127

Report Industry Investment Rating No industry investment rating is provided in the report. Core Viewpoints The equity bull market expectation combined with the rigid demand for convertible bonds has led to persistently high valuations in the convertible bond market. Attention should be paid to the risks of forced redemptions and the double - kill of the underlying stocks and valuations during the earnings disclosure period. [4] Summary by Directory 1. Market Performance - Last week, the median convertible bond price continued to rise to 142 yuan. The average daily trading volume of the entire convertible bond market was 78.6 billion yuan, a 15% decrease from the previous week. The 100 - yuan premium rate continued to rise to 35% at its historical high level. The implied volatility fluctuated around the historical extreme of 45%, and the implied volatility spread dropped from around 13% to around 11%. The trading sentiment of convertible bonds cooled marginally, the trading popularity of low - rated convertible bonds was adjusted, but the turnover rate of small - balance convertible bonds remained high. [1] - Among sub - new bonds, the median price of the underlying stocks rose 2.9%, the median price of convertible bonds rose 3.9%, and the conversion premium rate increased by 2.6%. High - parity convertible bonds rose 2.4%, outperforming the underlying stocks by 0.8%. [1] - In a high - level environment, each industry is mainly composed of equity - like convertible bonds and double - high convertible bonds. Industries with more than 50% of double - high convertible bonds include agriculture, forestry, animal husbandry, and fishery, automotive, computer, and pharmaceutical and biological sectors, with relatively high deviations in convertible bond valuations; industries with more than 50% of equity - like convertible bonds include non - ferrous metals, non - bank finance, military, and machinery and equipment, with high elasticity and strong offensive capabilities. [2] 2. Capital Sentiment - Comparing the share fluctuations of various broad - based indices, bond - type, and major commodity (gold) ETFs, last week, the main ETFs represented by the SSE 50 and CSI 1000 had capital outflows, while the CSI 2000 had an inflow of 25% and the gold ETF's share increased by 12%. [3] - The convertible bond ETF has been sought after by funds recently, with its fund shares increasing significantly for three consecutive weeks, and last week, the shares continued to grow by 6%. The share of interest - rate bonds continued to shrink significantly. [3] 3. Investment Strategy - When selecting bonds, emphasis should be placed on the performance support of the underlying stocks. For the latest earnings forecasts, pay attention to Bojun Convertible Bond and Guoli Convertible Bond. [4] - For new bonds, it is recommended to focus on: Weidao Convertible Bond and Yongxi Convertible Bond in the field of domestic substitution of semiconductors; Ruike Convertible Bond in the field of AI server connectors; Jin 05 Convertible Bond for power grid equipment; Yingliu Convertible Bond for gas turbines; Bo 25 Convertible Bond for automotive parts' wire - controlled braking suppliers; and Jin 25 Convertible Bond. [4]