【债券日报】：转债市场日度跟踪20260302-20260303

1. Report Industry Investment Rating - Not provided in the report 2. Core Views of the Report - On March 2, the convertible bond market saw a correction, with the convertible bond index declining, while the valuation increased. The trading sentiment in the convertible bond market weakened, and the median price and weighted average price of convertible bonds decreased. In the A - share market, more than half of the industries' stock price indices declined, and there were differences in performance among different market - style sectors, with mid - cap value relatively dominant [2][3]. 3. Summary by Directory Market Main Index Performance - The CSI Convertible Bond Index decreased by 0.17% compared to the previous day, the Shanghai Composite Index increased by 0.47%, the Shenzhen Component Index decreased by 0.20%, the ChiNext Index decreased by 0.49%, the SSE 50 Index increased by 0.23%, and the CSI 1000 Index decreased by 0.98%. Among different market - style sectors, mid - cap value was relatively dominant, with mid - cap value rising by 1.96% [2][8]. Market Fund Performance - The trading volume of the convertible bond market was 66.503 billion yuan, a decrease of 0.43% compared to the previous day. The total trading volume of the Wind All - A Index was 3.045765 trillion yuan, an increase of 21.56% compared to the previous day. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 68.483 billion yuan, and the yield of the 10 - year Treasury bond increased by 0.08bp to 1.78% [2]. Convertible Bond Valuation - The weighted average closing price of convertible bonds was 143.55 yuan, a decrease of 0.17% compared to the previous day. The proportion of high - price bonds above 130 yuan decreased by 0.87pct. The median price was 140.82 yuan, a decrease of 0.18% compared to the previous day. The 100 - yuan par - value fitted conversion premium rate was 40.29%, an increase of 1.17pct compared to the previous day [3]. Industry Performance - In the A - share market, the top three industries with the largest declines were media (-3.98%), computer (-2.88%), and social services (-2.68%); the top three industries with the largest increases were petroleum and petrochemicals (+7.95%), coal (+3.77%), and non - ferrous metals (+3.17%). In the convertible bond market, 18 industries declined, with the top three industries with the largest declines being media (-3.20%), communication (-1.95%), and computer (-1.85%); the top three industries with the largest increases were national defense and military industry (+4.57%), household appliances (+3.20%), and public utilities (+1.61%) [4]. Industry Rotation - Petroleum and petrochemicals, coal, and non - ferrous metals led the rise. For example, the daily increase of the petroleum and petrochemicals industry was 7.95%, and the daily increase of its convertible bonds was 1.46%. Different industries showed different performance in terms of daily, weekly, monthly, and year - to - date increases, as well as valuation quantiles [57].