【债券日报】：转债市场日度跟踪20260304-20260304

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - The convertible bond market showed a majority of industry corrections, with compressed valuations on March 4, 2026. The convertible bond trading sentiment heated up, while the overall A - share market had a large - scale decline [1]. - The convertible bond price center decreased, the proportion of high - price bonds decreased, and the convertible bond valuation increased [2]. - Most of the underlying stock industries declined, with different performance in the convertible bond and A - share markets [3]. 3. Summary by Directory Market Main Index Performance - The CSI Convertible Bond Index decreased by 0.23% compared to the previous day, the Shanghai Composite Index decreased by 0.98%, the Shenzhen Component Index decreased by 0.75%, the ChiNext Index decreased by 1.41%, the SSE 50 Index decreased by 1.33%, and the CSI 1000 Index decreased by 0.59% [1]. - In terms of market style, mid - cap value was relatively dominant. Large - cap growth decreased by 1.34%, large - cap value decreased by 1.17%, mid - cap growth decreased by 0.51%, mid - cap value decreased by 0.40%, small - cap growth decreased by 0.73%, and small - cap value decreased by 1.57% [1]. Market Fund Performance - The trading volume of the convertible bond market was 77.829 billion yuan, a 2.49% increase compared to the previous day; the total trading volume of the Wind All - A Index was 2.387942 trillion yuan, a 24.37% decrease compared to the previous day; the net outflow of the main funds in the Shanghai and Shenzhen stock markets was 49.96 billion yuan, and the yield of the 10 - year Treasury bond decreased by 0.39bp to 1.78% [1]. Convertible Bond Price and Valuation - The weighted average closing price of convertible bonds was 140.88 yuan, a 0.20% decrease compared to the previous day. The closing price of equity - biased convertible bonds was 222.97 yuan, a 0.30% increase; the closing price of debt - biased convertible bonds was 121.57 yuan, a 0.07% decrease; the closing price of balanced convertible bonds was 133.82 yuan, a 0.09% increase [2]. - The proportion of high - price bonds above 130 yuan was 73.15%, a 1.99 - percentage - point decrease compared to the previous day; the proportion of the 120 - 130 yuan interval increased by 1.69 percentage points to 18.90%. There were 0 bonds with a closing price below 100 yuan. The median price was 138.41 yuan, a 0.23% decrease compared to the previous day [2]. - The fitted conversion premium rate of 100 - yuan par value was 38.16%, a 0.04 - percentage - point increase compared to the previous day; the overall weighted par value was 104.99 yuan, a 0.84% decrease compared to the previous day. The premium rate of equity - biased convertible bonds was 20.59%, a 0.12 - percentage - point decrease; the premium rate of debt - biased convertible bonds was 85.76%, a 0.03 - percentage - point increase; the premium rate of balanced convertible bonds was 28.26%, a 1.15 - percentage - point increase [2]. Industry Performance - In the A - share market, the top three industries with the largest declines were transportation (- 2.90%), petroleum and petrochemicals (- 2.53%), and non - bank finance (- 2.16%); the top three industries with the largest increases were national defense and military industry (+ 1.33%), agriculture, forestry, animal husbandry and fishery (+ 1.29%), and power equipment (+ 0.32%) [3]. - In the convertible bond market, 19 industries declined. The top three industries with the largest declines were communication (- 12.29%), petroleum and petrochemicals (- 2.20%), and non - ferrous metals (- 1.85%); the top three industries with the largest increases were national defense and military industry (+ 2.75%), automobile (+ 0.58%), and coal (+ 0.38%) [3]. - In terms of closing price, the large - cycle decreased by 0.52%, manufacturing increased by 0.03%, technology decreased by 2.61%, large - consumption decreased by 0.42%, and large - finance decreased by 0.60% [3]. - In terms of conversion premium rate, the large - cycle increased by 1.3 percentage points, manufacturing increased by 1.1 percentage points, technology increased by 3.5 percentage points, large - consumption increased by 1.2 percentage points, and large - finance increased by 0.78 percentage points [3]. - In terms of conversion value, the large - cycle decreased by 1.26%, manufacturing decreased by 0.36%, technology decreased by 3.96%, large - consumption decreased by 0.51%, and large - finance decreased by 1.55% [3]. - In terms of pure - bond premium rate, the large - cycle decreased by 0.78 percentage points, manufacturing decreased by 0.051 percentage points, technology decreased by 3.4 percentage points, large - consumption decreased by 0.55 percentage points, and large - finance decreased by 0.69 percentage points [4]. Industry Rotation - The national defense and military industry, agriculture, forestry, animal husbandry and fishery, and power equipment led the rise. The national defense and military industry had a daily increase of 1.33% in the underlying stock market and 2.75% in the convertible bond market; agriculture, forestry, animal husbandry and fishery had a daily increase of 1.29% in the underlying stock market and a - 0.13% decrease in the convertible bond market; power equipment had a daily increase of 0.32% in the underlying stock market and a - 0.07% decrease in the convertible bond market [56].