【债券日报】：转债市场日度跟踪20260225-20260225

1. Report's Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The convertible bond market showed an incremental increase today, with valuations rising on a month - on - month basis. The trading sentiment in the convertible bond market heated up [1]. - The convertible bond price center increased, and the proportion of high - price bonds rose. The overall valuation of convertible bonds also increased [2]. - Most underlying stock industries rose today, with 28 industries rising in the A - share market and 16 industries rising in the convertible bond market [3]. 3. Summary According to the Table of Contents Market Main Index Performance - The CSI Convertible Bond Index rose 0.12% month - on - month, the Shanghai Composite Index rose 0.72%, the Shenzhen Component Index rose 1.29%, the ChiNext Index rose 1.41%, the SSE 50 Index rose 0.45%, and the CSI 1000 Index rose 1.52% [1]. - In terms of market style, mid - cap value stocks were relatively dominant. Large - cap growth stocks rose 1.06%, large - cap value stocks fell 0.10%, mid - cap growth stocks rose 1.61%, mid - cap value stocks rose 1.82%, small - cap growth stocks rose 1.75%, and small - cap value stocks rose 1.60% [1]. Market Fund Performance - The trading volume of the convertible bond market was 75.05 billion yuan, a 21.99% month - on - month increase; the total trading volume of the Wind All A Index was 2.480892 trillion yuan, an 11.84% month - on - month increase [1]. - The net outflow of main funds from the Shanghai and Shenzhen stock markets was 11.568 billion yuan, and the yield of the ten - year treasury bond increased by 1.35bp to 1.82% on a month - on - month basis [1]. Convertible Bond Price and Valuation - The weighted average closing price of convertible bonds was 144.27 yuan, a 0.38% increase from the previous day. Among them, the closing price of equity - biased convertible bonds was 219.78 yuan, a 0.07% increase; the closing price of bond - biased convertible bonds was 123.36 yuan, a 0.16% increase; and the closing price of balanced convertible bonds was 134.98 yuan, a 0.01% increase [2]. - The proportion of bonds with a closing price above 130 yuan was 82.21%, a 1.89pct increase from the previous day. The proportion of bonds in the 120 - 130 yuan range (including 130) decreased by 1.35pct to 12.67%. There were 0 bonds with a closing price below 100 yuan. The median price was 142.70 yuan, a 0.09% increase from the previous day [2]. - The fitted conversion premium rate of the 100 - yuan par value was 41.29%, a 0.50pct increase from the previous day. The overall weighted par value was 107.23 yuan, a 1.16% increase from the previous day. The premium rate of equity - biased convertible bonds was 21.91%, a 1.22pct decrease; the premium rate of bond - biased convertible bonds was 90.01%, a 0.80pct decrease; and the premium rate of balanced convertible bonds was 28.29%, a 0.62pct decrease [2]. Industry Performance - In the A - share market, the top three rising industries were steel (+4.69%), non - ferrous metals (+3.48%), and building materials (+2.75%); only two industries fell, namely media (-1.15%) and banks (-0.46%) [3]. - In the convertible bond market, 16 industries rose. The top three rising industries were steel (+4.24%), building materials (+3.07%), and non - ferrous metals (+2.31%); the top three falling industries were media (-2.23%), national defense and military industry (-1.33%), and communications (-1.11%) [3]. - In terms of closing price, large - cycle industries rose 1.33% month - on - month, manufacturing industries rose 0.09%, technology industries fell 0.70%, large - consumption industries fell 0.01%, and large - finance industries fell 0.34% [3]. - The conversion premium rate of large - cycle industries decreased by 2.1pct, manufacturing industries decreased by 1.1pct, technology industries decreased by 1.3pct, large - consumption industries decreased by 0.38pct, and large - finance industries decreased by 3.0pct [3]. - The conversion value of large - cycle industries rose 2.40% month - on - month, manufacturing industries rose 0.88%, technology industries rose 0.14%, large - consumption industries rose 0.63%, and large - finance industries rose 0.10% [3]. - The pure bond premium rate of large - cycle industries rose 2.0pct, manufacturing industries rose 0.12pct, technology industries fell 1.2pct, large - consumption industries fell 0.034pct, and large - finance industries fell 0.41pct [3]. Industry Rotation - Steel, non - ferrous metals, and building materials led the rise. The daily increase rates of steel, non - ferrous metals, and building materials in the underlying stock market were 4.69%, 3.48%, and 2.75% respectively. In the convertible bond market, they were 4.24%, 2.31%, and 3.07% respectively [57].