【债券日报】：转债市场月度跟踪20260311-20260311

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - On March 11, 2026, half of the convertible bonds in the market rose, and the valuation increased compared to the previous day. The trading sentiment in the convertible bond market heated up, with the trading volume of the convertible bond market reaching 64.842 billion yuan, a 0.75% increase from the previous day. The total trading volume of the Wind All - A Index was 252.8294 billion yuan, a 4.61% increase from the previous day [2]. - The convertible bond price center increased, and the proportion of high - price bonds rose. The overall weighted average closing price of convertible bonds was 142.13 yuan, a 0.28% increase from the previous day. The proportion of bonds with a closing price above 130 yuan was 78.18%, a 1.1 - percentage - point increase from the previous day [3]. - The convertible bond valuation increased. The fitted conversion premium rate of the 100 - yuan par value was 40.84%, a 0.99 - percentage - point increase from the previous day [3]. - In the A - share market, more than half of the underlying stock industry indices rose, with 17 industries rising. In the convertible bond market, 15 industries rose [4]. 3. Summary by Directory Market Main Index Performance - The CSI Convertible Bond Index rose 0.34% compared to the previous day, the Shanghai Composite Index rose 0.25%, the Shenzhen Component Index rose 0.78%, the ChiNext Index rose 1.31%, the SSE 50 Index rose 0.12%, and the CSI 1000 Index rose 0.16% [2]. - In terms of market style, mid - cap value stocks were relatively dominant. Large - cap growth stocks rose 1.13%, large - cap value stocks rose 0.93%, mid - cap growth stocks rose 0.05%, mid - cap value stocks rose 1.59%, small - cap growth stocks fell 0.08%, and small - cap value stocks rose 1.20% [2]. Market Fund Performance - The trading volume of the convertible bond market was 64.842 billion yuan, a 0.75% increase from the previous day; the total trading volume of the Wind All - A Index was 252.8294 billion yuan, a 4.61% increase from the previous day. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 19.257 billion yuan, and the 10 - year Treasury bond yield rose 0.20bp to 1.81% [2]. Convertible Bond Valuation - After excluding convertible bonds with a closing price > 150 yuan and a conversion premium rate > 50%, the 100 - yuan par value fitted conversion premium rate was 40.84%, a 0.99 - percentage - point increase from the previous day; the overall weighted average par value was 107.27 yuan, a 0.97% increase from the previous day [3][16]. - The conversion premium rates of all types of convertible bonds classified by stock - bond nature decreased. The conversion premium rate of balanced convertible bonds decreased by 0.62 percentage points [28]. Industry Performance - In the A - share market, the top three rising industries were coal (+2.53%), power equipment (+2.43%), and basic chemicals (+2.08%); the top three falling industries were national defense and military industry (-1.37%), media (-1.17%), and electronics (-0.78%) [4]. - In the convertible bond market, the top three rising industries were petroleum and petrochemicals (+3.04%), coal (+1.81%), and steel (+0.74%); the top three falling industries were non - ferrous metals (-2.87%), national defense and military industry (-1.83%), and electronics (-1.24%) [4]. - In terms of different sectors: the closing price of the large - cycle sector increased by 0.13%, the manufacturing sector decreased by 0.38%, the technology sector decreased by 0.96%, the consumer sector decreased by 0.14%, and the large - finance sector decreased by 0.38%. The conversion premium rate of the large - cycle sector decreased by 0.9 percentage points, the manufacturing sector decreased by 0.64 percentage points, the technology sector increased by 0.92 percentage points, the consumer sector decreased by 0.51 percentage points, and the large - finance sector decreased by 0.37 percentage points. The conversion value of the large - cycle sector increased by 1.04%, the manufacturing sector decreased by 0.05%, the technology sector decreased by 1.73%, the consumer sector decreased by 0.39%, and the large - finance sector increased by 0.70%. The pure bond premium rate of the large - cycle sector increased by 0.21 percentage points, the manufacturing sector decreased by 0.62 percentage points, the technology sector decreased by 1.7 percentage points, the consumer sector decreased by 0.19 percentage points, and the large - finance sector decreased by 0.45 percentage points [4][5]. Industry Rotation - The coal, power equipment, and basic chemical industries led the rise. The coal industry had a daily increase of 2.53% in the underlying stocks and 1.81% in convertible bonds. The power equipment industry had a daily increase of 2.43% in the underlying stocks and 0.22% in convertible bonds. The basic chemical industry had a daily increase of 2.08% in the underlying stocks and 0.12% in convertible bonds [52].