1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - On September 25, 2025, most convertible bond industries rose, and the valuation increased month - on - month. The CSI Convertible Bond Index rose 0.46% month - on - month, while the Shanghai Composite Index fell 0.01% month - on - month. The market style favored large - cap growth stocks. The trading sentiment in the convertible bond market weakened [1]. - The convertible bond price center increased, and the proportion of high - price bonds rose. The overall closing price weighted average of convertible bonds was 130.63 yuan, up 0.41% from the previous day. The valuation also increased, with the 100 - yuan parity fitted conversion premium rate rising 0.29 pct [2]. - In the A - share market, more than half of the underlying stock industry indices declined, with 23 industries falling. In the convertible bond market, 21 industries rose [3]. 3. Summary by Relevant Catalogs 3.1 Market Main Index Performance - The CSI Convertible Bond Index closed at 479.01, up 0.46% daily, down 0.09% in the past week, down 1.99% in the past month, and up 15.55% since the beginning of 2025. Other convertible bond - related indices and major A - share indices also showed different trends in daily, weekly, monthly, and year - to - date changes [6]. - In terms of style indices, large - cap growth stocks performed well, rising 1.28% daily, while large - cap value stocks fell 0.57% daily [7]. 3.2 Market Fund Performance - The trading volume of the convertible bond market was 7.7368 billion yuan, a 12.25% month - on - month decrease. The total trading volume of the Wind All - A Index was 239.1771 billion yuan, a 1.90% month - on - month increase. The net outflow of main funds from the Shanghai and Shenzhen stock markets was 23.6 billion yuan, and the yield of the 10 - year treasury bond decreased 1.82 bp to 1.88% [1]. 3.3 Convertible Bond Valuation - After excluding convertible bonds with a closing price > 150 yuan and a conversion premium rate > 50%, the 100 - yuan parity fitted conversion premium rate was 28.71%, up 0.29 pct, at the 96.90% quantile since 2019. The overall weighted average parity was 100.56, down 0.14%. The price median was 130.2, down 0.01%, at the 98.10% quantile since 2019 [15][19]. - The conversion premium rates of convertible bonds classified by stock - bond nature all increased, with the conversion premium rate of equity - biased convertible bonds rising 1.15 pct [27]. 3.4 Industry Rotation - In the A - share market, the top three industries with the largest declines were Textile and Apparel (- 1.45%), Agriculture, Forestry, Animal Husbandry and Fishery (- 1.22%), and Household Appliances (- 1.07%). The top three industries with the largest increases were Media (+ 2.23%), Communication (+ 1.99%), and Non - Ferrous Metals (+ 1.87%). - In the convertible bond market, the top three industries with the largest increases were Environmental Protection (+ 2.46%), Non - Ferrous Metals (+ 1.62%), and Automobile (+ 1.22%). The top three industries with the largest declines were Building Decoration (- 0.49%), Basic Chemicals (- 0.21%), and Light Industry Manufacturing (- 0.19%) [3][55].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The convertible bond market rose following the underlying stocks today, with valuations increasing month - on - month. The small - cap growth style was relatively dominant, and trading sentiment in the convertible bond market heated up [1]. - Convertible bond prices and their central values increased, and the proportion of high - priced bonds rose. Valuations also increased, with the proportion of high - priced bonds over 130 yuan reaching 50.59%, a 3.52 - percentage - point increase from the previous day [2]. - Most industries in the underlying stocks rose today, with the top three gainers being the power equipment, electronics, and media sectors. All convertible bond industries rose, with the top three gainers being non - ferrous metals, communications, and national defense and military industries [3]. 3. Summary by Directory Market Main Index Performance - The CSI Convertible Bond Index rose 1.30% month - on - month, the Shanghai Composite Index rose 0.83%, the Shenzhen Component Index rose 1.80%, the ChiNext Index rose 2.28%, the SSE 50 Index rose 0.68%, and the CSI 1000 Index rose 1.70%. The small - cap growth style was relatively dominant, with small - cap growth rising 2.67% [1]. - The convertible bond equal - weighted index rose 1.41%, the convertible bond index rose 1.65%, and the convertible bond pre - plan index rose 1.90% [6]. Market Fund Performance - The trading volume of the convertible bond market was 88.173 billion yuan, a 5.48% increase month - on - month. The total trading volume of the Wind All - A was 2.347154 trillion yuan, a 6.80% decrease month - on - month. The net outflow of main funds in the Shanghai and Shenzhen stock markets was 279 million yuan, and the yield of the 10 - year treasury bond rose 2.52bp to 1.90% [1]. Convertible Bond Valuation - The weighted average closing price of convertible bonds was 130.16 yuan, a 1.34% increase from the previous day. The closing price of equity - biased convertible bonds was 179.14 yuan, a 1.72% increase; the closing price of bond - biased convertible bonds was 117.32 yuan, a 0.69% increase; the closing price of balanced convertible bonds was 126.13 yuan, a 1.15% increase [2]. - The fitted conversion premium rate of 100 - yuan parity was 28.42%, a 0.87 - percentage - point increase from the previous day. The overall weighted parity was 100.70 yuan, a 1.31% increase from the previous day [2]. Industry Rotation - In the A - share market, the top three gainers were the power equipment (+2.88%), electronics (+2.76%), and media (+2.59%) sectors; the top three losers were the banking (-0.36%), coal (-0.29%), and communications (-0.01%) sectors [3]. - All convertible bond industries rose, with the top three gainers being non - ferrous metals (+4.39%), communications (+3.15%), and national defense and military industries (+2.64%) [3].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Today, convertible bonds declined following the underlying stocks, while the valuation increased on a month - on - month basis [1] - The large - cap value style was relatively dominant, and the trading sentiment in the convertible bond market heated up [1] Summary by Directory 1. Market Main Index Performance - The CSI Convertible Bond Index decreased by 0.18% month - on - month, the Shanghai Composite Index decreased by 0.18%, the Shenzhen Component Index decreased by 0.29%, the ChiNext Index increased by 0.21%, the SSE 50 Index decreased by 0.09%, and the CSI 1000 Index decreased by 1.09% [1] - In terms of market style, large - cap growth rose by 0.42%, large - cap value rose by 0.64%, mid - cap growth decreased by 0.36%, mid - cap value decreased by 0.59%, small - cap growth decreased by 0.04%, and small - cap value decreased by 0.35% [1] 2. Market Fund Performance - The trading volume of the convertible bond market was 83.594 billion yuan, a month - on - month increase of 16.18%; the total trading volume of the Wind All - A was 2.518471 trillion yuan, a month - on - month increase of 17.55% [1] - The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 76.167 billion yuan, and the yield of the 10 - year treasury bond increased by 1.23bp to 1.88% on a month - on - month basis [1] 3. Convertible Bond Valuation - The weighted average closing price of convertible bonds was 128.51 yuan, a month - on - month decrease of 0.17%. The closing price of equity - biased convertible bonds was 176.30 yuan, a month - on - month decrease of 0.40%; the closing price of bond - biased convertible bonds was 116.52 yuan, a month - on - month increase of 0.01%; the closing price of balanced convertible bonds was 124.70 yuan, a month - on - month decrease of 0.21% [2] - The proportion of high - price bonds above 130 yuan was 47.07%, a month - on - month decrease of 0.59pct; the proportion of the 120 - 130 (including 130) range increased by 0.31pct. There were 0 bonds with a closing price below 100 yuan. The median price was 128.34 yuan, a month - on - month decrease of 0.30% [2] - The fitted conversion premium rate of 100 - yuan par value was 27.55%, a month - on - month increase of 0.28pct; the overall weighted par value was 99.40 yuan, a month - on - month decrease of 0.39%. The premium rate of equity - biased convertible bonds was 8.02%, a month - on - month decrease of 0.59pct; the premium rate of bond - biased convertible bonds was 86.45%, a month - on - month increase of 2.88pct; the premium rate of balanced convertible bonds was 22.58%, a month - on - month increase of 0.27pct [2] 4. Industry Performance - In the A - share market, the top three industries with the largest declines were social services (-3.11%), commerce and retail (-2.90%), and computers (-2.39%); the top three industries with the largest increases were banks (+1.52%), coal (+1.11%), and power equipment (+0.43%) [3] - In the convertible bond market, 19 industries declined. The top three industries with the largest declines were machinery and equipment (-4.15%), communications (-2.74%), and household appliances (-1.66%); the top three industries with the largest increases were environmental protection (+2.37%), automobiles (+1.06%), and petroleum and petrochemicals (+0.29%) [3] - In terms of closing price, large - cycle increased by 0.04%, manufacturing decreased by 0.90%, technology decreased by 1.14%, large - consumption decreased by 0.34%, and large - finance decreased by 0.13% [3] - In terms of conversion premium rate, large - cycle increased by 1.1pct, manufacturing increased by 0.98pct, technology increased by 0.66pct, large - consumption increased by 1.3pct, and large - finance increased by 0.7pct [3] - In terms of conversion value, large - cycle decreased by 0.76%, manufacturing decreased by 1.48%, technology decreased by 1.23%, large - consumption decreased by 1.45%, and large - finance decreased by 0.52% [3] - In terms of pure bond premium rate, large - cycle increased by 0.035pct, manufacturing decreased by 1.3pct, technology decreased by 1.8pct, large - consumption decreased by 0.44pct, and large - finance decreased by 0.14pct [4] 5. Industry Rotation - The banking, coal, and power equipment industries led the gains. For example, the daily increase of the banking industry's underlying stocks was 1.52%, and the daily increase of convertible bonds was 0.06%; the daily increase of the coal industry's underlying stocks was 1.11%, and the daily increase of convertible bonds was -0.66%; the daily increase of the power equipment industry's underlying stocks was 0.43%, and the daily increase of convertible bonds was 0.16% [55]

Report Industry Investment Rating - Not provided in the content Core Viewpoint of the Report - This week, micro - cap stocks declined again, and the convertible bond market continued to be weak. The convertible bond valuation compressed by about 1 percentage point, and its anti - decline performance was not prominent compared to the underlying stocks. Attention should be paid to whether the "double bottom" can form an effective support level. In the shock repair market since September 3, the high - price area of the convertible bond market was relatively resilient, but low - price bonds performed weakly, especially bank and non - bank convertible bonds. Considering the relatively thick bond floor and reasonable valuation from the perspective of the bottom - support premium rate, with the maturity of Pufa Convertible Bonds, the scarcity of large - cap convertible bonds will become more prominent, and the supply - demand contradiction may become the pricing mainline after valuation digestion [1][4]. Summary by Relevant Catalogs 1. Weekly Viewpoint and Outlook - Micro - cap stocks declined again this week, and the convertible bond market remained weak. The convertible bond valuation compressed by about 1 percentage point. Key indicators were slightly higher than the阶段性 low on September 2. The high - price area was resilient, while low - price bonds, especially bank and non - bank convertible bonds, performed weakly. Due to factors like institutional profit - taking and high valuations, but considering the thick bond floor and reasonable valuation from the bottom - support premium rate perspective, the supply - demand contradiction may become the pricing mainline after the maturity of Pufa Convertible Bonds [1][4]. 2. Convertible Bond Valuation - The convertible bond market fluctuated downward this week. The market - wide 100 - yuan valuation dropped by about 1 percentage point, slightly higher than the阶段性 low on September 2. The latest 100 - yuan premium rate was 33.6%, down 1.1% week - on - week, at the 87.2% percentile since 2017. High - and low - rated convertible bond valuations declined by about 1 percentage point [3][5]. - Compared with last week, the median conversion premium rate and bottom - support premium rate in each parity range decreased. The conversion premium rate percentile in the high - parity area was relatively low. The overall convertible bond market valuation declined this week, with both the conversion premium rates in the bond - biased and stock - biased areas decreasing. Although the conversion premium rate of bond - biased convertible bonds was still relatively high, its valuation percentile was not high from the bottom - support premium rate perspective [3][8]. - The median convertible bond price and the yield to maturity were reported at 129.25 yuan and - 5.92% respectively. Compared with last week, they changed by - 2.62 yuan and + 0.43% respectively, at the 97.70% and 1.00% percentiles since 2017 [3][13]. 3. Clause Tracking 3.1 Redemption - This week, 4 convertible bonds, including Jiuzhou Zhuan 2, Sanyang Convertible Bond, Keda Convertible Bond, and Lushan Convertible Bond, issued early redemption announcements. There were 27 convertible bonds that had issued early redemption or maturity redemption announcements but had not delisted, with a potential conversion or maturity balance of 35.1 billion yuan. Also, 4 convertible bonds issued non - redemption announcements. Currently, 38 convertible bonds were in the redemption process, and 8 were expected to meet the redemption conditions next week [3][17][21]. 3.2 Downgrade - This week, 2 convertible bonds, including Huitong Convertible Bond, proposed a downgrade, and Jiayuan Convertible Bond announced the downgrade result, reaching the lowest limit. As of now, 117 convertible bonds were in the non - downgrade period, 23 could not be downgraded due to net asset constraints, 1 had triggered the condition but the stock price was still below the downgrade trigger price without an announcement, 25 were accumulating downgrade days, and 5 had issued the board of directors' downgrade plan but had not held a general meeting of shareholders [3][24]. 3.3 Put - back - This week, Fuhan Convertible Bond issued a put - back announcement. As of now, 3 convertible bonds were accumulating put - back trigger days, with 1 proposing a downgrade, 1 in the non - downgrade period, and 1 accumulating downgrade days [3][27].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Today, convertible bonds followed the decline of underlying stocks, and the valuation compressed on a month - on - month basis. The trading sentiment in the convertible bond market weakened [1]. - The convertible bond price center decreased, and the proportion of high - price bonds declined. The valuation of convertible bonds compressed [2]. - In the industry performance, more than half of the underlying stock industry indices rose, while 21 industries in the convertible bond market declined [3]. Summary by Related Catalogs Market Overview - Index performance: The CSI Convertible Bond Index decreased by 0.55% month - on - month, the Shanghai Composite Index decreased by 0.30%, the Shenzhen Component Index decreased by 0.04%, the ChiNext Index decreased by 0.16%, the SSE 50 Index decreased by 0.11%, and the CSI 1000 Index decreased by 0.51% [1]. - Market style: Mid - cap value was relatively dominant. Large - cap growth rose by 0.23%, large - cap value rose by 0.17%, mid - cap growth rose by 0.42%, mid - cap value rose by 0.65%, small - cap growth decreased by 0.35%, and small - cap value decreased by 0.06% [1]. - Capital performance: The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 81.662 billion yuan, a month - on - month decrease of 18.16%; the total trading volume of the Wind All - A Index was 2.349413 trillion yuan, a month - on - month decrease of 25.81%; the net out - flow of the main funds in the Shanghai and Shenzhen stock markets was 4.3142 billion yuan, and the yield of the 10 - year treasury bond increased by 2.43bp to 1.88% [1]. Convertible Bond Price and Valuation - Price: The weighted average closing price of convertible bonds was 129.25 yuan, a month - on - month decrease of 0.54%. The closing price of equity - biased convertible bonds was 180.11 yuan, a decrease of 1.01%; the closing price of debt - biased convertible bonds was 117.18 yuan, a decrease of 0.40%; the closing price of balanced convertible bonds was 125.56 yuan, a decrease of 0.44%. The proportion of bonds with a closing price above 130 yuan was 48.60%, a decrease of 0.82pct. The price median was 129.44 yuan, a decrease of 0.37% [2]. - Valuation: The fitted conversion premium rate of 100 - yuan par value was 28.28%, a decrease of 0.08pct. The overall weighted par value was 100.25 yuan, a decrease of 0.29%. The premium rate of equity - biased convertible bonds was 9.09%, a decrease of 1.15pct; the premium rate of debt - biased convertible bonds was 83.36%, an increase of 0.70pct; the premium rate of balanced convertible bonds was 22.11%, a decrease of 0.17pct [2]. Industry Performance - Underlying stock market: Among the A - share market, the top three rising industries were coal (+1.97%), non - ferrous metals (+1.19%), and building materials (+1.05%); the top three falling industries were automobiles (-1.94%), pharmaceutical biology (-1.41%), and computer (-1.26%) [3]. - Convertible bond market: 21 industries declined. The top three falling industries were light manufacturing (-2.73%), communication (-2.25%), and automobiles (-1.48%); the top three rising industries were building materials (+0.98%), national defense and military industry (+0.96%), and coal (+0.42%) [3]. - Performance indicators by category: - Closing price: The large - cycle decreased by 0.26%, manufacturing decreased by 1.61%, technology decreased by 0.59%, large - consumption decreased by 0.41%, and large - finance decreased by 0.80% [3]. - Conversion premium rate: The large - cycle decreased by 0.52pct, manufacturing decreased by 0.24pct, technology decreased by 0.48pct, large - consumption increased by 0.21pct, and large - finance decreased by 0.94pct [3]. - Conversion value: The large - cycle increased by 0.34%, manufacturing decreased by 1.63%, technology increased by 0.15%, large - consumption increased by 0.22%, and large - finance decreased by 0.54% [3]. - Pure - debt premium rate: The large - cycle decreased by 0.36pct, manufacturing decreased by 2.4pct, technology decreased by 0.91pct, large - consumption decreased by 0.53pct, and large - finance decreased by 0.92pct [4]. Industry Rotation - Coal, non - ferrous metals, and building materials led the rise. The report also provided the daily, weekly, monthly, and year - to - date changes in the underlying stocks and convertible bonds of various industries, as well as the valuation quantiles of the underlying stocks [58].

Report Industry Investment Rating The document does not provide the industry investment rating. Core Viewpoints - On September 17, 2025, most sectors in the convertible bond market rose, and the valuation increased compared to the previous day. The CSI Convertible Bond Index rose 0.57%, and the trading sentiment in the convertible bond market heated up [1]. - The convertible bond price center increased, with the proportion of high - price bonds rising. The valuation also increased, with the conversion premium rate and overall weighted parity showing certain changes [2]. - In the stock market, more than half of the underlying stock sectors rose. The top three rising sectors in the A - share market were power equipment, automobiles, and household appliances, while the top three falling sectors were agriculture, forestry, animal husbandry and fishery, commercial and retail, and social services. In the convertible bond market, the top three rising sectors were light manufacturing, power equipment, and electronics, and the top three falling sectors were transportation, beauty care, and household appliances [3]. Summaries by Directory Market Main Index Performance - The CSI Convertible Bond Index closed at 479.44, up 0.57% daily, 0.42% weekly, 1.79% monthly, and 15.65% since the beginning of 2025. The Shanghai Composite Index closed at 3876.34, up 0.37% daily, 1.81% weekly, 5.72% monthly, and 15.65% since the beginning of 2025. The Shenzhen Component Index closed at 13215.46, up 1.16% daily, 5.63% weekly, 15.40% monthly, and 26.89% since the beginning of 2025. The ChiNext Index closed at 3147.35, up 1.95% daily, 9.74% weekly, 27.44% monthly, and 46.96% since the beginning of 2025 [7]. - In terms of market style, large - cap growth stocks were relatively dominant. Large - cap growth stocks rose 1.15%, large - cap value stocks fell 0.03%, mid - cap growth stocks rose 0.98%, mid - cap value stocks rose 1.02%, small - cap growth stocks rose 1.07%, and small - cap value stocks rose 1.15% [1][8]. Market Fund Performance - The trading volume in the convertible bond market was 80.992 billion yuan, a 3.63% increase compared to the previous day, and the total trading volume of the Wind All - A Index was 2402.924 billion yuan, a 1.51% increase compared to the previous day. The net out - flow of the main funds in the Shanghai and Shenzhen stock markets was 32.839 billion yuan, and the yield of the 10 - year Treasury bond decreased by 1.78bp to 1.83% [1]. Convertible Bond Valuation - The weighted average closing price of convertible bonds was 131.07 yuan, a 0.69% increase compared to the previous day. The closing price of equity - biased convertible bonds was 183.62 yuan, up 7.66%; the closing price of bond - biased convertible bonds was 118.21 yuan, up 0.24%; and the closing price of balanced convertible bonds was 126.68 yuan, up 0.73% [2]. - The conversion premium rate of the 100 - yuan parity fitting was 29.21%, a 0.38pct increase compared to the previous day. The overall weighted parity was 102.13 yuan, a 0.38% increase compared to the previous day. The conversion premium rate of equity - biased convertible bonds was 11.14%, up 2.39pct; the conversion premium rate of bond - biased convertible bonds was 83.79%, up 0.43pct; and the conversion premium rate of balanced convertible bonds was 21.80%, down 0.47pct [2]. Industry Rotation - In the A - share market, the top three rising sectors were power equipment (+2.55%), automobiles (+2.05%), and household appliances (+1.64%); the top three falling sectors were agriculture, forestry, animal husbandry and fishery (-1.02%), commercial and retail (-0.98%), and social services (-0.86%). In the convertible bond market, the top three rising sectors were light manufacturing (+2.70%), power equipment (+2.05%), and electronics (+1.83%); the top three falling sectors were transportation (-0.28%), beauty care (-0.19%), and household appliances (-0.12%) [3]. - In terms of different sectors: - Closing price: The large - cycle sector rose 0.66%, the manufacturing sector rose 1.91%, the technology sector rose 1.36%, the large - consumption sector rose 0.18%, and the large - finance sector rose 0.55% [3]. - Conversion premium rate: The large - cycle sector rose 0.5pct, the manufacturing sector rose 0.034pct, the technology sector rose 0.49pct, the large - consumption sector fell 0.1pct, and the large - finance sector rose 0.32pct [3]. - Conversion value: The large - cycle sector rose 0.44%, the manufacturing sector rose 1.72%, the technology sector rose 1.01%, the large - consumption sector fell 0.46%, and the large - finance sector rose 0.31% [3]. - Pure bond premium rate: The large - cycle sector rose 0.8pct, the manufacturing sector rose 2.7pct, the technology sector rose 2.0pct, the large - consumption sector rose 0.19pct, and the large - finance sector rose 0.63pct [4].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The convertible bond market was mainly volatile this week (0908 - 0912), with valuations hovering at high levels. High - priced bonds were better than medium - priced ones, and medium - priced were better than low - priced. Small - cap bonds were better than mid - cap ones, and mid - cap were better than large - cap [1][35] - The opportunities in the current convertible bond market are highly structured, rooted in the highly structured equity market. The technology - themed (core is AI computing power) market has not effectively driven the rotation and supplementary rise of the cyclical sectors due to the relatively lagging marginal improvement of the overall economic fundamentals [1][35] - The market index may show a pattern of grinding at the top and oscillating. The CSI Convertible Bond Index has risen by more than 30% since the low in August 2024, and the parity premium rate has increased by about 8 - 12 pct during the same period. In the short term, the rise of medium - and low - priced cyclical targets is slow and the elasticity is low, and the strong redemption demand of high - priced thematic targets will suppress the further rise of the index. In the long term, the index's oscillation center may move up [1][36] - In the short - term strategy, it is still not recommended to significantly reduce positions, but the structure needs to be adjusted. Reduce high - volatility technology - themed targets and increase the proportion of balanced targets to control drawdowns, and increase the allocation proportion of cyclical sectors such as non - ferrous metals, lithium batteries, and chemicals in the medium - and low - price ranges [1][36] Group 3: Summary According to the Directory 1. Week - on - Week Market Review 1.1 Equity Market Overall Rise, Most Industries Rise - From September 8th to September 12th, the equity market overall rose. The Shanghai Composite Index rose 1.52%, the Shenzhen Component Index rose 2.65%, the ChiNext Index rose 2.10%, and the CSI 300 rose 1.38%. The average daily trading volume of the two markets decreased by about 2708.96 billion yuan to 22986.80 billion yuan compared with last week, a week - on - week decrease of 10.54% [6][9] - Among the 31 Shenwan primary industries, 25 industries closed up, with 11 industries rising more than 2%. Electronics, agriculture, forestry, animal husbandry and fishery, media, non - ferrous metals, and steel led the gains, rising 6.15%, 4.81%, 4.27%, 3.76%, and 3.72% respectively. Banking, petroleum and petrochemicals, pharmaceutical biology, social services, and household appliances led the losses [13] 1.2 Convertible Bond Market Overall Rise, Some Industries Rise - From September 8th to September 12th, the CSI Convertible Bond Index rose 0.43%. Among the 29 Shenwan primary industries, 13 industries closed up, with 3 industries rising more than 2%. Food and beverage, non - ferrous metals, electronics, communications, and agriculture, forestry, animal husbandry and fishery led the gains, rising 5.78%, 3.12%, 2.52%, 1.72%, and 1.51% respectively. Media, petroleum and petrochemicals, non - bank finance, household appliances, and banking led the losses [15] - The average daily trading volume of the convertible bond market this week was 869.91 billion yuan, a significant reduction of 59.05 billion yuan, a week - on - week change of - 6.36%. The top ten convertible bonds in terms of trading volume had an average trading volume of 102.49 billion yuan, and the first - ranked one reached 174.00 billion yuan. About 53.29% of individual bonds rose, about 25.17% of individual bonds rose in the 0 - 1% range, and 18.14% of individual bonds rose more than 2% [15] - The overall market conversion premium rate continued to decline this week, with an average daily conversion premium rate of 36.11%, a decrease of 0.59 pct compared with last week. In terms of price ranges, except for bonds below 90 yuan, the average daily conversion premium rates of bonds in other price ranges widened. In terms of parity ranges, the situation was similar [21] - 20 industries' conversion premium rates widened, with 9 industries widening by more than 2 pcts. Household appliances, media, petroleum and petrochemicals, national defense and military industry, and pharmaceutical biology led the widening. 23 industries' parity increased, with 17 industries increasing by more than 2% [25][29] 1.3 Comparison of Stock and Bond Market Sentiments - This week, the weekly weighted average and median of the convertible bond and underlying stock markets were positive, and the underlying stocks had a larger weekly increase. The trading volume of the underlying stock market increased more significantly and was at a higher quantile level. More underlying stocks closed up, and the individual underlying stocks could achieve higher returns. Overall, the trading sentiment of the underlying stock market was better this week [32] - On different trading days, the trading sentiment of the underlying stock market was better on Monday, Tuesday, and Wednesday, while the trading sentiment of the convertible bond market was better on Thursday and Friday [33] 2. Outlook and Investment Strategy - The convertible bond market may show a pattern of grinding at the top and oscillating in the short term, and the oscillation center may move up in the long term [1][36] - In the short - term strategy, do not significantly reduce positions, but adjust the structure. Reduce high - volatility technology - themed targets and increase the proportion of balanced targets and the allocation of cyclical sectors in the medium - and low - price ranges [1][36] - The top ten convertible bonds with the highest predicted downward - revision probability next week are Lanfan Convertible Bond, Dongshi Convertible Bond, Baolai Convertible Bond, etc. The top ten high - rated, medium - and low - priced convertible bonds with the greatest potential for parity premium rate repair next week are Pufa Convertible Bond, Fenghuo Convertible Bond, Jinneng Convertible Bond, etc. [1][36]

Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating in the report. 2) Core Viewpoints - The convertible bond market showed positive trends on September 12, 2025, with more than half of the industries rising and the valuation increasing. The trading sentiment in the convertible bond market also heated up, and small - cap growth stocks were relatively dominant [1]. - The central price of convertible bonds increased, while the proportion of high - price bonds decreased. The overall valuation of convertible bonds rose, with the conversion premium rate of various types of convertible bonds increasing [2]. 3) Summary by Related Catalogs Market Overview - Index Performance: The CSI Convertible Bond Index rose 0.17% month - on - month, while the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and Shanghai 50 Index all declined. The CSI 1000 Index rose 0.31% [1]. - Market Style: Small - cap growth stocks were relatively dominant. Among them, small - cap growth stocks rose 0.32%, while large - cap growth and value stocks declined [1]. - Capital Performance: The trading volume in the convertible bond market reached 82.886 billion yuan, a 7.82% increase month - on - month. The total trading volume of the Wind All - A Index was 2.548312 trillion yuan, a 3.40% increase. The net outflow of main funds from the Shanghai and Shenzhen stock markets was 37.278 billion yuan, and the yield of the 10 - year Treasury bond decreased by 0.73bp to 1.87% [1]. Convertible Bond Price and Valuation - Price: The weighted average closing price of convertible bonds was 131.41 yuan, a 0.17% increase. The proportion of high - price bonds (above 130 yuan) decreased by 0.29pct, and the proportion of bonds in the 110 - 120 yuan range increased by 1.0pct. There were no bonds with a closing price below 100 yuan [2]. - Valuation: The conversion premium rate of 100 - yuan par - value convertible bonds was 29.94%, a 0.38pct increase. The overall weighted par value decreased by 0.52%. The conversion premium rates of all types of convertible bonds (including partial - equity, partial - debt, and balanced) increased [2]. Industry Performance - Stock Market: Among A - share industries, the top three decliners were communication (-2.13%), beauty care (-1.52%), and banking (-1.52%); the top three gainers were non - ferrous metals (+1.96%), real estate (+1.51%), and steel (+1.41%) [3]. - Convertible Bond Market: 18 industries in the convertible bond market rose. The top three gainers were environmental protection (+2.86%), non - ferrous metals (+1.51%), and communication (+1.37%); the top three decliners were machinery and equipment (-2.08%), media (-1.56%), and agriculture, forestry, animal husbandry, and fishery (-0.48%) [3]. - Different Industry Indicators: In terms of closing price, large - cycle industries rose 0.89%, while manufacturing industries declined 0.22%. In terms of conversion premium rate, all industries increased to varying degrees. In terms of conversion value, large - cycle industries rose 0.87%, while manufacturing industries declined 1.60% [3].

Report Investment Rating No investment rating information for the industry is provided in the report. Core Viewpoints - On September 11, 2025, the convertible bond market rose following the underlying stocks, with increased valuations. The trading sentiment in the convertible bond market heated up, and all industries in the A - share and convertible bond markets generally rose, except for the environmental protection industry in the convertible bond market, which declined [1][3]. Summary by Directory 1. Market Main Index Performance - The CSI Convertible Bond Index rose 1.23% compared to the previous day, the Shanghai Composite Index rose 1.65%, the Shenzhen Component Index rose 3.36%, the ChiNext Index rose 5.15%, the SSE 50 Index rose 1.48%, and the CSI 1000 Index rose 2.35% [1]. - In terms of market style, large - cap growth stocks were relatively dominant. Large - cap growth stocks rose 3.28%, large - cap value stocks rose 0.75%, mid - cap growth stocks rose 2.11%, mid - cap value stocks rose 1.19%, small - cap growth stocks rose 2.70%, and small - cap value stocks rose 1.33% [1]. 2. Market Fund Performance - The trading volume of the convertible bond market was 76.871 billion yuan, a 6.11% increase from the previous day. The total trading volume of the Wind All - A Index was 2464.593 billion yuan, a 22.99% increase from the previous day. The net inflow of main funds in the Shanghai and Shenzhen stock markets was 10.309 billion yuan, and the yield of the 10 - year Treasury bond decreased by 2.49bp to 1.87% [1]. 3. Convertible Bond Price and Valuation - Convertible bond prices: The weighted average closing price of convertible bonds was 131.22 yuan, a 1.22% increase from the previous day. The closing price of equity - biased convertible bonds was 170.61 yuan, a 0.18% increase; the closing price of bond - biased convertible bonds was 119.13 yuan, a 0.52% increase; the closing price of balanced convertible bonds was 127.02 yuan, a 0.54% increase. The proportion of high - price bonds above 130 yuan was 57.89%, a 5.03 - percentage - point increase from the previous day. The price median was 132.38 yuan, a 1.16% increase from the previous day [2]. - Convertible bond valuation: The conversion premium rate of the 100 - yuan par - value fitted convertible bonds was 29.56%, a 0.51 - percentage - point increase from the previous day. The overall weighted par value was 102.76 yuan, a 1.36% increase from the previous day. The premium rate of equity - biased convertible bonds was 9.77%, a 1.56 - percentage - point increase; the premium rate of bond - biased convertible bonds was 81.22%, a 0.95 - percentage - point increase; the premium rate of balanced convertible bonds was 21.49%, a 0.01 - percentage - point increase [2]. 4. Industry Performance - In the A - share market, the top three industries in terms of gains were communication (+7.39%), electronics (+5.96%), and computer (+3.71%). In the convertible bond market, 27 industries rose, with the top three being communication (+4.98%), electronics (+4.23%), and non - ferrous metals (+3.00%), while the only declining industry was environmental protection (-0.35%) [3]. - For different sectors in the convertible bond market: - Closing price: The large - cycle sector rose 1.03%, the manufacturing sector rose 1.74%, the technology sector rose 2.92%, the large - consumption sector rose 1.09%, and the large - finance sector rose 0.94% [3]. - Conversion premium rate: The large - cycle sector increased by 0.072 percentage points, the manufacturing sector decreased by 0.18 percentage points, the technology sector decreased by 0.12 percentage points, the large - consumption sector decreased by 0.13 percentage points, and the large - finance sector decreased by 0.34 percentage points [3]. - Conversion value: The large - cycle sector rose 0.90%, the manufacturing sector rose 1.68%, the technology sector rose 2.72%, the large - consumption sector rose 0.75%, and the large - finance sector rose 1.64% [3]. - Pure - bond premium rate: The large - cycle sector increased by 1.5 percentage points, the manufacturing sector increased by 2.5 percentage points, the technology sector increased by 4.3 percentage points, the large - consumption sector increased by 1.4 percentage points, and the large - finance sector increased by 1.1 percentage points [3]. 5. Industry Rotation - Communication, electronics, and computer industries led the rise. For example, the communication industry in the underlying stock market rose 7.39% in a single day, and 36.52% from the beginning of the year to the present; in the convertible bond market, it rose 4.98% in a single day and 47.99% from the beginning of the year to the present [57].

Report Industry Investment Rating No information provided in the content. Core Viewpoints - The convertible bond market showed weak performance on September 10, 2025, with compressed valuations. The CSI Convertible Bond Index decreased by 0.63% compared to the previous day, while the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, Shanghai 50 Index, and CSI 1000 Index all showed varying degrees of increase [1]. - The large-cap growth style was relatively dominant. The large-cap growth index increased by 0.49%, while the large-cap value, mid-cap growth, mid-cap value, small-cap growth, and small-cap value indices all decreased [1]. - The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 72.447 billion yuan, a decrease of 1.82% compared to the previous day; the total trading volume of the Wind All A Index was 2.003952 trillion yuan, a decrease of 6.88% compared to the previous day; the net outflow of the main funds in the Shanghai and Shenzhen stock markets was 1.294 billion yuan, and the yield of the 10-year treasury bond increased by 3.51bp to 1.90% [1]. Summary by Relevant Catalogs Market Overview - **Index Performance**: The CSI Convertible Bond Index decreased by 0.63% compared to the previous day, while the Shanghai Composite Index increased by 0.13%, the Shenzhen Component Index increased by 0.38%, the ChiNext Index increased by 1.27%, the Shanghai 50 Index increased by 0.37%, and the CSI 1000 Index increased by 0.06% [1]. - **Market Style**: The large-cap growth style was relatively dominant. The large-cap growth index increased by 0.49%, while the large-cap value index decreased by 0.10%, the mid-cap growth index decreased by 0.79%, the mid-cap value index decreased by 0.65%, the small-cap growth index decreased by 0.03%, and the small-cap value index decreased by 0.51% [1]. - **Fund Performance**: The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 72.447 billion yuan, a decrease of 1.82% compared to the previous day; the total trading volume of the Wind All A Index was 2.003952 trillion yuan, a decrease of 6.88% compared to the previous day; the net outflow of the main funds in the Shanghai and Shenzhen stock markets was 1.294 billion yuan, and the yield of the 10-year treasury bond increased by 3.51bp to 1.90% [1]. Convertible Bond Price - The central price of convertible bonds decreased, and the proportion of high-price bonds decreased. The weighted average closing price of convertible bonds was 129.71 yuan, a decrease of 0.64% compared to the previous day. Among them, the closing price of equity-oriented convertible bonds was 169.95 yuan, a decrease of 1.05% compared to the previous day; the closing price of bond-oriented convertible bonds was 118.52 yuan, a decrease of 0.67% compared to the previous day; the closing price of balanced convertible bonds was 126.34 yuan, a decrease of 0.67% compared to the previous day [2]. - From the distribution of convertible bond closing prices, the proportion of high-price bonds above 130 yuan was 52.86%, a decrease of 3.23pct compared to the previous day; the range with the largest change in proportion was 110 - 120 (including 120), with a proportion of 14.42%, an increase of 3.61pct compared to the previous day; there were 0 bonds with a closing price below 100 yuan. The median price was 130.86 yuan, a decrease of 0.56% compared to the previous day [2]. Convertible Bond Valuation - Valuations were compressed. The fitted conversion premium rate of the 100-yuan parity was 29.05%, a decrease of 0.29pct compared to the previous day; the overall weighted parity was 101.38 yuan, a decrease of 0.48% compared to the previous day. The premium rate of equity-oriented convertible bonds was 8.21%, a decrease of 0.72pct compared to the previous day; the premium rate of bond-oriented convertible bonds was 80.27%, an increase of 0.98pct compared to the previous day; the premium rate of balanced convertible bonds was 21.48%, a decrease of 0.10pct compared to the previous day [2]. Industry Performance - In the A-share market, the top three industries with the largest declines were power equipment (-1.18%), basic chemicals (-0.94%), and non-ferrous metals (-0.87%); the top three industries with the largest increases were communication (+3.49%), electronics (+1.78%), and media (+1.68%) [3]. - In the convertible bond market, 27 industries declined, and the top three industries with the largest declines were beauty care (-1.56%), automobile (-1.38%), and machinery and equipment (-1.31%); the only industry that rose against the trend was communication (+0.91%) [3]. - **Closing Price**: The large-cycle sector decreased by 0.67%, the manufacturing sector decreased by 1.15%, the technology sector decreased by 0.20%, the large-consumption sector decreased by 0.87%, and the large-finance sector decreased by 0.55% [3]. - **Conversion Premium Rate**: The large-cycle sector decreased by 0.52pct, the manufacturing sector decreased by 0.49pct, the technology sector decreased by 1.2pct, the large-consumption sector decreased by 0.51pct, and the large-finance sector decreased by 0.69pct [3]. - **Conversion Value**: The large-cycle sector decreased by 0.18%, the manufacturing sector decreased by 0.61%, the technology sector increased by 0.68%, the large-consumption sector decreased by 0.34%, and the large-finance sector decreased by 0.08% [3]. - **Pure Bond Premium Rate**: The large-cycle sector decreased by 0.95pct, the manufacturing sector decreased by 1.7pct, the technology sector decreased by 0.34pct, the large-consumption sector decreased by 1.1pct, and the large-finance sector decreased by 0.65pct [3]. Industry Rotation - The communication, electronics, and media industries led the rise. In the stock market, the daily increase rates of communication, electronics, and media were 3.49%, 1.78%, and 1.68% respectively; in the convertible bond market, the daily increase rate of communication was 0.91%, while other industries showed varying degrees of decline [56].