可转债市场周观察：转债跟随调整，把握交易机会

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The convertible bond market adjusted following the equity market last week, with the premium rate center actively declining. Some individual convertible bonds are gradually becoming cost - effective, but the overall profit - making effect in the convertible bond market is weak. The high - valuation convertible bonds will not experience a large - scale systematic correction, but a small - scale, structural and phased correction is inevitable. It is recommended to focus on band trading [6][9]. - Affected by the geopolitical disturbances in the Middle East and the expectations of the Two Sessions' policies, the equity market showed a pattern of first decline, then rise and then narrowing. In the medium - term, the domestic assets are favored in the environment of internal stability and external turmoil, and the slow - bull pattern remains unchanged. Mid - cap blue - chip stocks will become the mainstay in the future [6][10]. 3. Summary According to the Directory 3.1 Convertible Bond Views: Convertible Bonds Adjusted and Seize Trading Opportunities - The convertible bond market adjusted following the equity market last week. The valuation of high - premium and new - issue convertible bonds was over - drawn, and now the valuation is under significant pressure. Although the absolute price of new - issue convertible bonds has converged, the conversion premium rate is still high. The overall profit - making effect in the convertible bond market is weak, and the high - price convertible bonds are suppressed by the call - back expectation, while the valuation of medium - and low - price convertible bonds has over - drawn the upward space in advance [6][9]. - Considering the historical market operation rules after high - valuation periods and the unchanged slow - bull expectation and the configuration demand logic of fixed - income + products, it is judged that the high - valuation convertible bonds will not have a large - scale systematic correction, but a small - scale, structural and phased correction is hard to avoid. It is recommended to focus on band trading. When the conversion premium rate significantly corrects in a single week or the equity index drops to a key resistance level, appropriate layout can be carried out [6][9]. 3.2 Convertible Bond Review: Convertible Bond Trading Volume Declined Slightly and Valuation Declined Slightly 3.2.1 Market Overall Performance: Equity Indexes Oscillated and Trading Volume Contracted Slightly - The equity market continued to oscillate last week. The ChiNext Index rose 2.51%, the Shenzhen Component Index rose 0.76%, the CSI 300 rose 0.19%, while the CSI 1000, Shanghai Composite Index, SSE 50, CSI 2000, CSI 500, North Securities 50 and STAR 50 all fell. In terms of industries, coal, power equipment and building decoration led the rise, while national defense and military industry, petroleum and petrochemical, and comprehensive sectors led the decline. The average daily trading volume decreased slightly by 144.874 billion yuan to 2.5 trillion yuan [14]. - The top ten convertible bonds in terms of increase last week were Wankai Convertible Bond, Baichuan Convertible Bond 2, Hebang Convertible Bond, etc. In terms of trading volume, Baichuan Convertible Bond 2, Dazhong Convertible Bond, Jingneng Convertible Bond, etc. were relatively active [14]. 3.2.2 Convertible Bond Trading Volume Declined and Small - cap and High - price Convertible Bonds Led the Decline - The convertible bonds adjusted significantly last week, with the average daily trading volume dropping to 67.488 billion yuan. The CSI Convertible Bond Index dropped 1.10%, the median conversion price dropped 0.2% to 108.1 yuan, and the median conversion premium rate dropped 2.6% to 27.4%. In terms of style, large - cap and low - price convertible bonds had smaller declines, while small - cap and high - price convertible bonds had larger declines [19].