转债市场日度跟踪 20260212-20260212

1. Report Industry Investment Rating - No information provided about the industry investment rating in the report. 2. Core Viewpoints of the Report - The convertible bond market showed an incremental increase today, with the valuation rising compared to the previous day. The trading sentiment in the convertible bond market heated up, and the median price and valuation of convertible bonds increased [2][3]. - In the A - share market, more than half of the positive - stock industry indices declined, while in the convertible bond market, 17 industries rose. The mid - cap growth style was relatively dominant [2][4]. 3. Summary by Relevant Catalogs 3.1 Market Main Index Performance - The CSI Convertible Bond Index rose 0.45% compared to the previous day, the Shanghai Composite Index rose 0.05%, the Shenzhen Component Index rose 0.86%, the ChiNext Index rose 1.32%, the SSE 50 Index fell 0.28%, and the CSI 1000 Index rose 0.91%. In terms of market style, mid - cap growth outperformed. The convertible bond market trading volume increased, with the convertible bond market turnover reaching 81.329 billion yuan, a 15.00% increase from the previous day, and the total turnover of the Wind All - A Index reaching 2160.771 billion yuan, a 7.98% increase. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 1.181 billion yuan, and the yield of the 10 - year Treasury bond decreased by 1.01bp to 1.79% [2]. 3.2 Market Capital Performance - The trading volume of the convertible bond market increased, with the convertible bond market turnover reaching 81.329 billion yuan, a 15.00% increase from the previous day. The total turnover of the Wind All - A Index was 2160.771 billion yuan, a 7.98% increase. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 1.181 billion yuan, and the yield of the 10 - year Treasury bond decreased by 1.01bp to 1.79% [2]. 3.3 Convertible Bond Valuation - The weighted average closing price of convertible bonds was 143.27 yuan, a 0.35% increase from the previous day. The closing price of equity - biased convertible bonds was 219.24 yuan, a 5.28% increase; the closing price of bond - biased convertible bonds was 122.76 yuan, a 0.67% decrease; the closing price of balanced convertible bonds was 135.21 yuan, a 0.44% increase. The proportion of high - price bonds above 130 yuan decreased by 1.29pct, and the proportion of bonds in the 120 - 130 (including 130) range increased by 1.3pct. The median price was 141.20 yuan, a 0.31% increase. The 100 - yuan par - value fitted conversion premium rate was 40.55%, a 0.22pct increase [3]. 3.4 Industry Performance - In the A - share market, the top three industries with the largest declines were beauty care (-1.77%), commerce and retail (-1.57%), and textile and apparel (-1.49%); the top three industries with the largest increases were electronics (+1.73%), power equipment (+1.65%), and computer (+1.58%). In the convertible bond market, the top three industries with the largest increases were communication (+3.54%), automobile (+2.41%), and power equipment (+1.42%); the top three industries with the largest declines were commerce and retail (-1.20%), beauty care (-0.80%), and building materials (-0.52%) [4]. 3.5 Industry Rotation - The electronics, power equipment, and computer industries led the rise. For example, the electronics industry had a daily increase of 1.73% in the positive - stock market and 0.79% in the convertible bond market; the power equipment industry had a daily increase of 1.65% in the positive - stock market and 1.42% in the convertible bond market; the computer industry had a daily increase of 1.58% in the positive - stock market and 0.80% in the convertible bond market [55].