【债券日报】：转债市场日度跟踪20260128-20260128

Report Summary 1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoints - Most industries rose today, with valuations increasing month - on - month. The convertible bond market showed mixed trends in different aspects, such as price, valuation, and industry performance [1]. - The convertible bond price center increased, and the proportion of high - price bonds rose. Valuations also went up, with changes in different types of convertible bonds and price ranges [2]. - In the industry performance, more than half of the underlying stock industry indices declined, and there were differences in the rise and fall rankings between the A - share market and the convertible bond market [3]. 3. Summary by Relevant Catalogs Market Main Index Performance - The CSI Convertible Bond Index rose 0.85% month - on - month, the Shanghai Composite Index rose 0.27%, the Shenzhen Component Index rose 0.09%, the ChiNext Index fell 0.57%, the SSE 50 Index rose 0.27%, and the CSI 1000 Index rose 0.21% [1]. - In terms of market style, mid - cap value stocks were relatively dominant. Mid - cap growth rose 1.80%, mid - cap value rose 2.56%, while large - cap value fell 0.01% [1]. Market Fund Performance - The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 81.463 billion yuan, a 4.34% month - on - month decrease. The total trading volume of the Wind All - A Index was 2.992289 trillion yuan, a 2.42% month - on - month increase [1]. - The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 27.487 billion yuan, and the yield of the 10 - year treasury bond decreased by 1.47bp to 1.82% [1]. Convertible Bond Valuation - The weighted average closing price of convertible bonds was 143.85 yuan, a 0.55% increase from the previous day. The closing price of equity - biased convertible bonds was 211.16 yuan, a 2.87% increase; that of bond - biased convertible bonds was 123.26 yuan, an 0.85% increase; and that of balanced convertible bonds was 135.08 yuan, a 1.16% increase [2]. - The proportion of high - price bonds above 130 yuan was 78.46%, a 2.19pct month - on - month increase. The proportion of bonds in the 120 - 130 yuan range decreased by 2.44pct [2]. - The 100 - yuan parity fitted conversion premium rate was 38.14%, a 0.38pct increase from the previous day. The overall weighted parity was 106.15 yuan, a 0.57% decrease [2]. Industry Performance - In the A - share market, the top three declining industries were Media (- 1.77%), National Defense and Military Industry (- 1.68%), and Beauty and Personal Care (- 1.65%); the top three rising industries were Non - Ferrous Metals (+ 5.92%), Petroleum and Petrochemical (+ 3.54%), and Coal (+ 3.42%) [3]. - In the convertible bond market, 24 industries rose. The top three rising industries were Coal (+ 3.32%), Petroleum and Petrochemical (+ 2.69%), and Non - Ferrous Metals (+ 2.50%); the top three declining industries were Household Appliances (- 2.63%), Machinery and Equipment (- 0.97%), and National Defense and Military Industry (- 0.92%) [3]. - In terms of closing price, large - cycle rose 1.34%, manufacturing rose 0.51%, technology rose 0.33%, large - consumption rose 0.25%, and large - finance rose 0.81% [3]. - The conversion premium rate of large - cycle rose 0.95pct, manufacturing rose 1.9pct, technology rose 1.9pct, large - consumption rose 3.1pct, and large - finance rose 1.1pct [3]. - The conversion value of large - cycle rose 0.59%, manufacturing fell 0.49%, technology fell 1.02%, large - consumption fell 1.11%, and large - finance rose 0.65% [3]. - The pure bond premium rate of large - cycle rose 2.0pct, manufacturing rose 0.62pct, technology rose 0.54pct, large - consumption rose 0.32pct, and large - finance rose 0.96pct [4]. Industry Rotation - Non - Ferrous Metals, Petroleum and Petrochemical, and Coal led the rise. Non - Ferrous Metals had a daily increase of 5.92% in the underlying stock and 2.50% in the convertible bond; Petroleum and Petrochemical had a 3.54% increase in the underlying stock and 2.69% in the convertible bond; Coal had a 3.42% increase in the underlying stock and 3.32% in the convertible bond [53].