Market Overview - The convertible bond market continued to rise during the week of July 7 to July 11, 2025, with the China Convertible Bond Index increasing by +0.8%, marking three consecutive weeks of growth [3] - Year-to-date, the China Convertible Bond Index has risen by +8.8%, outperforming the China All Share Index, which has increased by +6.2% [3][7] Performance by Rating and Size - High-rated bonds (AA+ and above), medium-rated bonds (AA), and low-rated bonds (AA- and below) saw weekly changes of +0.84%, +1.02%, and +0.95% respectively, with medium-rated bonds showing the highest increase [4] - In terms of bond size, large-scale bonds (over 5 billion) increased by +0.86%, medium-scale bonds (between 500 million and 5 billion) rose by +1.08%, and small-scale bonds (under 500 million) increased by +0.89%, again with medium-scale bonds leading the gains [4] Price and Valuation Metrics - The average price of convertible bonds is 125.67 yuan, up from 124.53 yuan the previous week, with a percentile value of 95.3% [5][6] - The average conversion price is 98.75 yuan, an increase from 96.58 yuan, with a percentile value of 86.8% [6] - The average conversion premium is 26.9%, down from 28.2% the previous week, with a percentile value of 53.5% [6] Sector Performance - The top 30 performing convertible bonds are primarily from the pharmaceutical and biotechnology sectors (4 bonds each) and the bottom 30 are mainly from the automotive (5 bonds), light manufacturing (4 bonds), and chemical sectors (4 bonds) [4][7] Future Outlook - The fundamental and macroeconomic policies are crucial factors influencing the convertible bond market, with a focus on areas that can boost domestic demand and counteract excessive competition [7]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - On July 11, 2025, most convertible bond industries rose, and the valuation increased month - on - month. The trading sentiment in the convertible bond market weakened [1]. - The convertible bond price center increased, and the proportion of high - price bonds decreased. The convertible bond valuation increased [2]. - In the stock market, more than half of the underlying stock industry indices rose. In the convertible bond market, 22 industries rose [3]. Summary by Directory 1. Market Main Index Performance - The CSI Convertible Bond Index rose 0.03% month - on - month, the Shanghai Composite Index rose 0.01%, the Shenzhen Component Index rose 0.61%, the ChiNext Index rose 0.80%, the SSE 50 Index fell 0.01%, and the CSI 1000 Index rose 0.85% [1]. - Small - cap growth stocks were relatively dominant. The large - cap growth index rose 0.55%, the large - cap value index fell 0.80%, the mid - cap growth index rose 0.28%, the mid - cap value index fell 0.13%, the small - cap growth index rose 0.68%, and the small - cap value index rose 0.18% [1]. 2. Market Fund Performance - The trading volume in the convertible bond market was 66.069 billion yuan, a 1.25% month - on - month decrease. The total trading volume of the Wind All - A Index was 1736.61 billion yuan, a 14.62% month - on - month increase. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 14.038 billion yuan [1]. - The yield of the 10 - year treasury bond rose 0.37bp month - on - month to 1.67% [1]. 3. Convertible Bond Valuation - After excluding convertible bonds with a closing price > 150 yuan and a conversion premium rate > 50%, the fitted conversion premium rate of 100 - yuan par value was 25.38%, a 0.08pct month - on - month increase. The overall weighted par value was 94.40 yuan, a 0.52% month - on - month decrease [2][21]. - The conversion premium rates of all types of convertible bonds (divided by stock - bond nature) increased. The conversion premium rate of equity - biased convertible bonds rose 1.23pct, that of debt - biased convertible bonds rose 0.39pct, and that of balanced convertible bonds rose 0.34pct [2]. 4. Industry Performance - In the A - share market, the top three rising industries were non - bank finance (+2.02%), computer (+1.93%), and steel (+1.93%); the top three falling industries were bank (-2.41%), building materials (-0.67%), and coal (-0.60%) [3]. - In the convertible bond market, 22 industries rose. The top three rising industries were non - bank finance (+1.97%), computer (+1.09%), and non - ferrous metals (+1.05%); the top three falling industries were bank (-0.72%), textile and apparel (-0.44%), and media (-0.27%) [3]. - In terms of closing price, the large - cycle sector rose 0.81%, the manufacturing sector rose 0.05%, the technology sector fell 0.22%, the large - consumption sector rose 0.12%, and the large - finance sector rose 0.66% [3]. - In terms of conversion premium rate, the large - cycle sector rose 0.45pct, the manufacturing sector rose 0.35pct, the technology sector fell 0.22pct, the large - consumption sector rose 0.31pct, and the large - finance sector rose 1.2pct [3]. - In terms of conversion value, the large - cycle sector rose 0.18%, the manufacturing sector fell 0.18%, the technology sector rose 0.43%, the large - consumption sector rose 0.22%, and the large - finance sector rose 0.71% [3]. - In terms of pure - bond premium rate, the large - cycle sector rose 0.53pct, the manufacturing sector rose 0.15pct, the technology sector rose 0.59pct, the large - consumption sector rose 0.13pct, and the large - finance sector rose 0.71pct [4]. 5. Industry Rotation - Non - bank finance, computer, and steel led the rise. The daily increase of non - bank finance in the underlying stock market was 2.02%, and 1.97% in the convertible bond market; the daily increase of computer was 1.93% in the underlying stock market and 1.09% in the convertible bond market; the daily increase of steel was 1.93% in the underlying stock market and 0.13% in the convertible bond market [56].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Today, the convertible bond market followed the equity market's upward trend, with valuations rising on a month - on - month basis. 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 weighted average closing price of convertible bonds was 124.13 yuan, up 0.43% from yesterday [2]. - Valuations increased. The fitted conversion premium rate for 100 - yuan par value was 25.30%, up 0.71 pct from yesterday [2]. - In the industry performance, more than half of the underlying stock industry indices rose, with 17 industries rising in the A - share market and 18 in the convertible bond market [3]. 3. Summary by Related Catalogs 3.1 Market Main Index Performance - The CSI Convertible Bond Index rose 0.40% month - on - month, the Shanghai Composite Index rose 0.48%, the Shenzhen Component Index rose 0.47%, the ChiNext Index rose 0.22%, the SSE 50 Index rose 0.62%, and the CSI 1000 Index rose 0.25% [1]. - Small - cap value stocks were relatively dominant. Small - cap value stocks rose 1.06%, while large - cap growth stocks rose 0.14% [1]. | Index Code | Index Name | Closing Price | Daily Change (%) | Weekly Change (%) | Monthly Change (%) | YTD Change (%) | | --- | --- | --- | --- | --- | --- | --- | | 000832.CSI | CSI Convertible Bond | 450.71 | 0.40 | 1.43 | 3.45 | 8.72 | | 889033.WI | Convertible Bond Equal - Weighted | 213.99 | 0.28 | 0.99 | 2.56 | 10.04 | | 8841324.WI | Convertible Bond Index | 1960.13 | 0.34 | 1.94 | 4.41 | 18.75 | | 884257.WI | Convertible Bond Pre - plan | 1713.71 | 0.21 | 1.32 | 5.18 | 17.43 | | 000001.SH | Shanghai Composite Index | 3509.68 | 0.48 | 1.59 | 3.23 | 4.71 | | 399001.SZ | Shenzhen Component Index | 10631.13 | 0.47 | 2.10 | 3.72 | 2.08 | | 399006.SZ | ChiNext Index | 2189.58 | 0.22 | 3.10 | 6.22 | 2.24 | | 000016.SH | SSE 50 Index | 2756.93 | 0.62 | 1.26 | 2.61 | 2.69 | | 000852.SH | CSI 1000 Index | 6406.57 | 0.25 | 1.54 | 3.02 | 7.53 | [7] 3.2 Market Capital Performance - The trading volume in the convertible bond market was 66.907 billion yuan, a 1.57% decrease from the previous day. The total trading volume of the Wind All - A Index was 1.515068 trillion yuan, a 0.81% decrease from the previous day [1]. - The net outflow of main funds from the Shanghai and Shenzhen stock markets was 21.158 billion yuan, and the yield of the 10 - year Treasury bond rose 1.70 bp to 1.66% [1]. 3.3 Convertible Bond Price and Valuation - The overall closing - price weighted average of convertible bonds was 124.13 yuan, up 0.43% from yesterday. The closing price of equity - biased convertible bonds was 164.25 yuan, down 0.91%; that of bond - biased convertible bonds was 115.18 yuan, up 0.46%; and that of balanced convertible bonds was 124.13 yuan, up 0.29% [2]. - The proportion of bonds with a closing price above 130 yuan was 33.19%, up 1.57 pct from yesterday. The largest change in proportion was in the 100 - 110 (including 110) range, with a proportion of 3.19%, down 1.08 pct from yesterday. There were 2 bonds with a closing price below 100 yuan [2]. - The median price was 125.74 yuan, up 0.51% from yesterday. The fitted conversion premium rate for 100 - yuan par value was 25.30%, up 0.71 pct from yesterday. The overall weighted par value was 94.96 yuan, up 0.51% from yesterday [2]. 3.4 Industry Performance - In the A - share market, the top three rising industries were real estate (+3.19%), petroleum and petrochemicals (+1.54%), and steel (+1.44%); the top three falling industries were automobiles (-0.62%), media (-0.54%), and national defense and military industry (-0.41%) [3]. - In the convertible bond market, the top three rising industries were environmental protection (+2.50%), coal (+1.39%), and non - bank finance (+0.95%); the top three falling industries were communications (-0.92%), agriculture, forestry, animal husbandry and fishery (-0.67%), and media (-0.24%) [3]. - In terms of different sectors: - Closing price: The large - cycle sector rose 0.81%, the manufacturing sector rose 0.05%, the technology sector fell 0.22%, the large - consumption sector rose 0.12%, and the large - finance sector rose 0.66% [3]. - Conversion premium rate: The large - cycle sector decreased 1.1 pct, the manufacturing sector increased 0.32 pct, the technology sector increased 0.024 pct, the large - consumption sector decreased 0.13 pct, and the large - finance sector decreased 0.34 pct [3]. - Conversion value: The large - cycle sector rose 1.12%, the manufacturing sector fell 0.41%, the technology sector fell 0.25%, the large - consumption sector rose 0.07%, and the large - finance sector rose 0.96% [3]. - Pure - bond premium rate: The large - cycle sector rose 1.0 pct, the manufacturing sector rose 0.046 pct, the technology sector fell 0.28 pct, the large - consumption sector rose 0.11 pct, and the large - finance sector rose 0.77 pct [4]. 3.5 Industry Rotation - Real estate, petroleum and petrochemicals, and steel led the rise. For example, real estate had a daily increase of 3.19% in the underlying stock market, and its PE (TTM) 3 - year quantile was 97.80%, and PB (LF) 3 - year quantile was 51.03% [53].

1. Report Industry Investment Rating No relevant content provided in the report. 2. Core Views of the Report - The convertible bond market declined with reduced trading volume today, and the valuation compressed on a month - on - month basis [1]. - The small - cap value style was relatively dominant in the market [1]. - The trading sentiment in the convertible bond market weakened [1]. 3. Summary by Related Catalogs Market Overview - Index performance: The CSI Convertible Bond Index decreased by 0.25% month - on - month, the Shanghai Composite Index decreased by 0.13%, the Shenzhen Component Index decreased by 0.06%, the ChiNext Index increased by 0.16%, the SSE 50 Index decreased by 0.26%, and the CSI 1000 Index decreased by 0.27% [1]. - Market style: Small - cap value was relatively dominant. Large - cap growth decreased by 0.23%, large - cap value decreased by 0.13%, mid - cap growth decreased by 0.60%, mid - cap value decreased by 0.17%, small - cap growth decreased by 0.32%, and small - cap value decreased by 0.01% [1]. - Fund performance: The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 67.972 billion yuan, a month - on - month decrease of 9.64%; the total trading volume of the Wind All - A Index was 1527.42 billion yuan, a month - on - month increase of 3.58%; the net outflow of the main funds in the Shanghai and Shenzhen stock markets was 28.594 billion yuan, and the yield of the 10 - year Treasury bond increased by 0.02bp to 1.64% on a month - on - month basis [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 123.61 yuan, a month - on - month decrease of 0.24%. Among them, the closing price of equity - biased convertible bonds was 165.61 yuan, a month - on - month decrease of 1.49%; the closing price of bond - biased convertible bonds was 114.66 yuan, a month - on - month decrease of 0.30%; the closing price of balanced convertible bonds was 123.78 yuan, a month - on - month decrease of 0.38% [2]. - From the distribution of convertible bond closing prices, the proportion of high - price bonds above 130 yuan was 31.62%, a month - on - month decrease of 1.28pct; the range with the largest change in proportion was 100 - 110 (including 110), with a proportion of 4.27%, a month - on - month increase of 0.85pct; there were 2 bonds with a closing price below 100 yuan. The median price was 125.10 yuan, a month - on - month decrease of 0.32% [2]. Convertible Bond Valuation - Valuation compressed. The fitted conversion premium rate of 100 - yuan par value was 24.59%, a month - on - month decrease of 0.87pct; the overall weighted par value was 94.52 yuan, a month - on - month decrease of 0.18% [2]. - The premium rate of equity - biased convertible bonds was 6.43%, a month - on - month increase of 0.04pct; the premium rate of bond - biased convertible bonds was 94.34%, a month - on - month increase of 2.34pct; the premium rate of balanced convertible bonds was 17.97%, a month - on - month increase of 0.30pct [2]. Industry Performance - In the A - share market, the top three industries in terms of increase were media (+1.35%), agriculture, forestry, animal husbandry and fishery (+0.65%), and commerce and retail (+0.48%); the top three industries in terms of decline were non - ferrous metals (-2.26%), basic chemicals (-0.85%), and electronics (-0.82%) [3]. - In the convertible bond market, 22 industries declined. The top three industries in terms of decline were building materials (-1.83%), national defense and military industry (-1.39%), and communication (-0.87%); the top three industries in terms of increase were environmental protection (+5.76%), coal (+0.89%), and media (+0.28%) [3]. - Closing price: The large - cycle increased by 0.72% month - on - month, manufacturing decreased by 0.39%, technology decreased by 0.65%, large - consumption decreased by 0.07%, and large - finance decreased by 0.14% [3]. - Conversion premium rate: The large - cycle decreased by 0.21pct month - on - month, manufacturing decreased by 0.055pct, technology decreased by 0.41pct, large - consumption decreased by 0.19pct, and large - finance decreased by 0.083pct [3]. - Conversion value: The large - cycle increased by 0.94% month - on - month, manufacturing decreased by 0.40%, technology decreased by 0.42%, large - consumption increased by 0.14%, and large - finance increased by 0.72% [3]. - Pure bond premium rate: The large - cycle increased by 0.91pct month - on - month, manufacturing decreased by 0.52pct, technology decreased by 0.97pct, large - consumption decreased by 0.097pct, and large - finance decreased by 0.17pct [4]. Industry Rotation - Media, agriculture, forestry, animal husbandry and fishery, and commerce and retail led the rise. In the stock market, media had a daily increase of 1.35%, agriculture, forestry, animal husbandry and fishery had a daily increase of 0.65%, and commerce and retail had a daily increase of 0.48%. In the convertible bond market, media had a daily increase of 0.28%, environmental protection had a daily increase of 5.76%, and coal had a daily increase of 0.89% [3][57].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The convertible bond market showed incremental growth today, with valuations rising compared to the previous day. The small - cap growth style was relatively dominant, and trading sentiment in the convertible bond market heated up [1]. - The central price of convertible bonds increased, and the proportion of high - price bonds rose. Valuations also increased, with different types of convertible bonds showing varying price and premium rate changes [2]. - Most underlying stock industries rose today, with some industries in the convertible bond market also rising while others declined [3]. 3. Summary by Directory Market Main Index Performance - The CSI Convertible Bond Index rose 0.77% compared to the previous day, the Shanghai Composite Index rose 0.70%, the Shenzhen Component Index rose 1.47%, the ChiNext Index rose 2.39%, the SSE 50 Index rose 0.57%, and the CSI 1000 Index rose 1.27%. The small - cap growth style was relatively dominant, with small - cap growth rising 1.55% [1]. - Various convertible bond - related indices, such as the Convertible Bond Equal - Weighted Index and the Convertible Bond Index, also showed different degrees of increase [7]. Market Fund Performance - The trading volume of the convertible bond market was 75.227 billion yuan, a 16.81% increase compared to the previous day. The total trading volume of the Wind All - A Index was 1.474613 trillion yuan, a 20.17% increase. The net inflow of main funds in the Shanghai and Shenzhen stock markets was 6.568 billion yuan, and the yield of the 10 - year Treasury bond rose 0.38bp to 1.64% [1]. Convertible Bond Valuation - After excluding certain convertible bonds, the 100 - yuan par - value fitted conversion premium rate was 25.47%, a 0.63pct increase compared to the previous day. The overall weighted par value was 94.75 yuan, a 1.07% increase. Different types of convertible bonds had different premium rate changes [2]. - The price median of convertible bonds was 125.51 yuan, a 0.76% increase compared to the previous day, and it was at the 95.10% quantile since 2019 [21]. Industry Performance - In the A - share market, the top three rising industries were communication (+2.89%), power equipment (+2.30%), and electronics (+2.27%), while the two declining industries were public utilities (-0.37%) and banks (-0.24%). In the convertible bond market, the top three rising industries were communication (+3.03%), electronics (+1.55%), and building materials (+1.53%), and the top three declining industries were environmental protection (-1.89%), computer (-1.25%), and public utilities (-0.08%) [3]. - In terms of different sectors, the closing price of the large - cycle sector rose 0.28%, manufacturing rose 0.69%, technology rose 1.14%, large - consumption rose 0.66%, and large - finance rose 0.59%. The conversion premium rate, conversion value, and pure - bond premium rate of each sector also showed different changes [3]. Industry Rotation - The communication, power equipment, and electronics industries led the rise. The report also provided detailed data on the daily, weekly, monthly, and year - to - date changes in the underlying stocks and convertible bonds of various industries, as well as their valuation quantiles [55].

Group 1 - The report emphasizes the importance of capturing equity-driven market trends, particularly focusing on the financial and technology sectors as key areas for investment [4][7]. - The current bullish market sentiment is driven by improved public confidence stemming from enhanced grassroots governance capabilities, which has positively influenced market emotions and risk appetite [4][7]. - The convertible bond market's fundamental logic remains unchanged, with a long-term perspective supporting the investment rationale for convertible bonds, particularly those with strong credit quality and low volatility [4][12]. Group 2 - The report notes that from June 30 to July 6, the Shanghai Composite Index rose by 1.40%, while the Shenzhen Component Index increased by 1.25%, indicating a strong correlation between the stock market and convertible bonds [9]. - The trading volume of convertible bonds significantly increased to 647.66 billion, with the China Convertible Bond Index rising by 1.21% and the parity center increasing by 2.6% to 100.6 yuan [12]. - The report highlights that high-rated, large-cap, and low-priced convertible bonds performed well, while small-cap and high-priced bonds showed relative weakness [12].

Domestic News - The Minister of Finance, Lan Fan'an, attended the 2025 BRICS Finance Ministers and Central Bank Governors Meeting, emphasizing China's commitment to deepen financial cooperation among BRICS nations and support the development of the New Development Bank [2] - The People's Bank of China released a draft for public consultation regarding the rules for the Cross-Border Interbank Payment System (CIPS), aiming to optimize its functions and services [2] Market Dynamics - On July 4, the interbank market showed a mixed trend in major interest rate bonds, with short- to medium-term bonds continuing to decline due to ample liquidity, while long-term bonds experienced a slight increase [9][10] - The yield on the 10-year government bond rose by 0.15 basis points to 1.6410%, while the 10-year policy bank bond yield also increased by 0.15 basis points to 1.7175% [9][10] Credit Bonds - On July 4, two industrial bonds experienced significant price deviations, with "H1碧地01" dropping over 66% and "H0中骏02" declining over 19% [11] - Sunac China announced plans to issue 754 million shares to raise approximately 5.6 billion yuan to repay domestic bonds [11] Convertible Bonds - The convertible bond market showed divergence, with the China Securities Index for convertible bonds rising by 0.15% and the Shenzhen index declining by 0.01% on July 4 [14] - The trading volume in the convertible bond market reached 82.835 billion yuan, an increase of 15.047 billion yuan from the previous trading day [14] - Notable performers included the newly listed electric chemical convertible bond, which hit the upper limit, and the Anke convertible bond, which rose over 36% [14][15] International Market - The yield on 10-year government bonds in major European economies showed mixed trends, with Germany's yield decreasing by 1 basis point to 2.57% while France's yield increased by 1 basis point [17]

Core Viewpoint - The China Convertible Bond Index opened down by 0.07%, indicating a slight decline in the market sentiment towards convertible bonds [1] Summary by Category Market Performance - The China Convertible Bond Index reported a value of 447.15 points at the opening [1] - Notable declines were observed in several convertible bonds, with Electric Chemical Convertible Bond down by 4.46%, Jing 23 Convertible Bond down by 3.77%, Titan Convertible Bond down by 2.54%, Ling Steel Convertible Bond down by 1.52%, and Ojia Convertible Bond down by 1.46% [1] - Conversely, some convertible bonds experienced gains, with Jiuzhou Convertible Bond 2 up by 5.66%, New Port Convertible Bond up by 5.60%, Daotong Convertible Bond up by 2.66%, Saili Convertible Bond up by 2.37%, and Hongtu Convertible Bond up by 2.26% [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The 6 - month PMI data continued to improve slightly in June, indicating a stabilizing trend in China's economy. Sino - US trade situation has positive news, but there are still uncertainties in external demand due to ongoing US trade negotiations. The CSI Convertible Bond Index has reached new highs. Although most institutions' holding face - values of convertible bonds have slightly declined, considering the impact of bank convertible bond conversions on the overall scale, their actual willingness to reduce positions is weak, and the allocation demand for convertible bonds remains strong. The supply - demand contradiction of convertible bonds has intensified, and there is room for an increase in the convertible bond parity valuation [3][20]. - It is recommended to choose balanced convertible bonds with high - volatility underlying stocks that can quickly consume the premium rate or high - price, low - premium and non - redeemable equity - biased convertible bonds in the short term. For those with high requirements for drawdown, reducing positions can be considered. In July, attention should be paid to sectors such as consumer (appliances, auto parts, two - wheeled vehicles), technology (PCB, copper - clad laminates, data center power supplies in the computing power industry chain), grid equipment, sea wind, energy storage, innovative drugs, and some chemical pharmaceuticals with stable volume and price [4][21]. 3. Summary by Relevant Catalogs 3.1 Market Focus Last Week (June 30 - July 4, 2025) Stock Market - The equity market fluctuated and rose last week. Sectors with over - capacity reduction expectations such as steel, building materials, and photovoltaic performed well, and the innovative drug sector led the gains. The high - dividend bank sector also performed well. The A - share market showed different trends each day, with changes in sector performance and trading volume [1][9]. - Most Shenwan primary industries closed higher. Steel (+5.06%), building materials (+3.96%), banks (+3.77%), pharmaceutical biology (+3.64%), and comprehensive (+2.82%) led the gains, while computer (-1.28%), non - bank finance (-0.72%), beauty care (-0.55%), and transportation (-0.20%) performed poorly [10]. Bond Market - The bond market fluctuated last week. After the quarter - end, the liquidity tightened. The second - quarter monetary policy implementation report mentioned observing and evaluating the bond market from a macro - prudential perspective. The slight recovery of the June PMI and the increase in market risk appetite suppressed bond market sentiment. The 10 - year Treasury bond yield closed at 1.64% on Friday, down 0.29bp from the previous week [1][10]. Convertible Bond Market - Most convertible bond issues closed higher. The CSI Convertible Bond Index rose 1.21% for the whole week, the median price increased 1.10%, the calculated arithmetic average parity increased 1.82%, and the overall market conversion premium rate decreased 1.57% compared with the previous week. The arithmetic average conversion premium rates of convertible bonds with parities in the ranges of [90,100), [100,110), and [110,120) changed by +1.71%, +2.27%, and -0.79% respectively, at the 68%, 77%, and 39% percentile values since 2023 [2][10]. - Most industries in the convertible bond market closed lower. Pharmaceutical biology (+2.49%), national defense and military industry (+1.85%), environmental protection (+1.70%), and public utilities (+1.59%) led the gains, while transportation (-1.07%), textile and clothing (-0.84%), automobile (-0.41%), and communication (-0.33%) performed poorly [14]. - In terms of individual bonds, Seli (innovative drugs), Huicheng (hazardous waste treatment), Jing 23 (PCB), Emergency (military industry), and Xingang (thermal production and supply) convertible bonds led the gains; Sanyang (automobile logistics services), Jinji (H - acid reactive dyes), Jingduan (precision gears & announced forced redemption), Huafeng (automobile electronic control systems & announced forced redemption), and Huitong (modified plastics & announced forced redemption) convertible bonds led the losses [2][15]. - The total trading volume of the convertible bond market last week was 323.83 billion yuan, with an average daily trading volume of 64.766 billion yuan, an increase from the previous week [18]. 3.2 Valuation Overview As of July 4, 2025, the average conversion premium rates of equity - biased convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 40.92%, 30.48%, 23.07%, 12.75%, 8.96%, and 5.65% respectively, at the 85%/72%, 82%/68%, 84%/77%, 63%/35%, 62%/39%, and 71%/42% percentile values since 2010/2021. The average YTM of bond - biased convertible bonds with parities below 70 yuan was -0.72%, at the 4%/0% percentile values since 2010/2021. The average implied volatility of all convertible bonds was 33.78%, at the 64%/44% percentile values since 2010/2021. The difference between the convertible bond implied volatility and the long - term actual volatility of the underlying stock was -13.81%, at the 25%/31% percentile values since 2010/2021 [22]. 3.3 Primary Market Tracking Last Week (June 30 - July 4, 2025) - Libo Convertible Bond was announced for issuance, and Dianhua and Anke Convertible Bonds were listed. - Libo Convertible Bond (111023.SH): The underlying stock is Libote (605167.SH) in the building decoration industry, with a market value of 5.155 billion yuan as of July 4. The company focuses on the design and manufacturing of industrial modules. The issued convertible bond scale is 750 million yuan, and the funds after deducting issuance fees will be used for the large - scale industrial module manufacturing project of Nantong Libote Heavy Industry Co., Ltd [30]. - Dianhua Convertible Bond (127109.SZ): The underlying stock is Xiangtan Dianhua (002125.SZ) in the power equipment industry, with a market value of 8.555 billion yuan as of July 4. The company's main businesses include the production and sales of electrolytic manganese dioxide and new - energy battery materials, etc. The issued convertible bond scale is 487 million yuan, and the funds will be used for the 30,000 - ton spinel - type lithium manganate battery material project and to supplement working capital [31]. - Anke Convertible Bond (123257.SZ): The underlying stock is Anke Innovation (300866.SZ) in the electronics industry, with a market value of 61.207 billion yuan as of July 4. The company is mainly engaged in the R & D and sales of smart mobile peripherals, etc. The issued convertible bond scale is 1.105 billion yuan, and the funds will be used for multiple projects such as R & D and industrialization of portable and household energy - storage products [32]. - As of July 4, the exchange accepted Shenyu Co., Ltd., and there were no new enterprises approved for registration, passed by the listing committee, passed by the general meeting of shareholders, or with board of directors' plans. There are currently 77 convertible bonds to be issued, with a total scale of 123.22 billion yuan, including 4 approved for registration with a total scale of 9.01 billion yuan and 3 passed by the listing committee with a total scale of 2.62 billion yuan [33]. Future Week (July 7 - July 11, 2025) As of the announcement on July 4, there are no convertible bonds announced for issuance or listing in the coming week [33].

债券研究 证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20250704 市场概况：今日转债增量下跌，估值环比压缩 指数表现：中证转债指数环比上涨 0.15%、上证综指环比上涨0.32%、深证成 指环比下降 0.25%、创业板指环比下降 0.36%、上证 50指数环比上涨0.58%、 中证 1000 指数环比下降 0.48%。 行业表现：今日正股行业指数下降占比过半，共计 18个行业下跌。A股市场 中，跌幅前三位行业为美容护理（-1.87%）、有色金属（-1.60%）、基础化工（- 1.22%）；涨幅前三位行业为银行（+1.84%）、传媒（+0.91%）、公用事业（+0.67%）。 转债市场共计 17个行业下跌，跌幅前三位行业为国防军工（-2.23%）、纺织服 饰（-1.35%）、汽车（-1.32%）；涨幅前三位行业为环保（+3.15%）、公用事业 （+1.06%）、计算机（+0.69%）。 市场风格：大盘价值相对占优。大盘成长环比下降0.03%、大盘价值环比上涨 1.09%、中盘成长环比下降 0.52%、中盘价值环比下降 0.14%、小盘成长环比 下降 0.59%、小盘价值环比上涨 0.01%。 ...