可转债，连续调整

Core Viewpoint - The convertible bond market, which had shown strong performance earlier in the year, has recently entered a phase of continuous adjustment, with over 90% of convertible bonds experiencing declines in the past seven trading days [1][2][3]. Market Performance - In the last seven trading days, more than 400 convertible bonds have declined, accounting for over 90% of the total convertible bonds available. Approximately 230 of these bonds have seen declines exceeding 5%, and over 50 bonds have dropped more than 10% [6]. - The China Securities Convertible Bond Index began its adjustment on August 26, with a significant drop of 2.82% on August 27. Although there was a slight increase of 0.26% on September 3, the market remains volatile and uncertain [4]. Individual Bond Performance - Specific convertible bonds have shown significant declines, such as: - Tianyuan Convertible Bond: Price dropped from over 240 yuan to 191.7 yuan, a decline of over 20% [6]. - Borui Convertible Bond: Price fell from over 320 yuan to 260.457 yuan, a cumulative decline of 18.84% [8]. - Other notable declines include: - Jinxian Convertible Bond: -18.83% - Outon Convertible Bond: -18.82% - Huamao Convertible Bond: -16.29% [12]. Reasons for Adjustment - The recent adjustment in the convertible bond market is believed to be influenced by the weak performance of the underlying stocks. The Shanghai Composite Index has seen a slowdown since August 26, with a cumulative decline of 1.80% over the past seven trading days [11]. - The average decline of the underlying stocks corresponding to convertible bonds that have dropped over 10% is also more than 10%, indicating a strong correlation between the performance of convertible bonds and their underlying stocks [11]. Market Outlook - According to recent research, the overall probability of the equity market maintaining an upward trend remains high. However, there is a short-term impulse for profit-taking in the convertible bond market. Two convertible bond ETF products now account for nearly 10% of the market, suggesting increased trading activity and potential for greater market volatility [12]. - The expectation is that the valuation of equity-oriented convertible bonds will have limited downward space, and if the market returns to the levels seen at the beginning of July, it could present a new opportunity for systematic accumulation [12].