Report Industry Investment Rating No relevant content provided. Core View of the Report On July 2, 2025, the convertible bond market showed an incremental decline with compressed valuations. The market style favored large-cap value stocks, and the trading sentiment in the convertible bond market heated up. The central price of convertible bonds decreased, and the proportion of high-priced bonds declined. In the industry, more than half of the underlying stock industry indices rose in the A-share market, while 25 industries in the convertible bond market declined [2][3][4]. Summary by Related Catalogs 1. Market Overview - **Index Performance**: The CSI Convertible Bond Index decreased by 0.32% compared to the previous day. The Shanghai Composite Index decreased by 0.09%, the Shenzhen Component Index decreased by 0.61%, the ChiNext Index decreased by 1.13%, the SSE 50 Index increased by 0.18%, and the CSI 1000 Index decreased by 1.01% [2]. - **Market Style**: Large-cap value stocks were relatively dominant. Large-cap growth decreased by 0.23%, large-cap value increased by 0.62%, mid-cap growth decreased by 0.26%, mid-cap value increased by 0.59%, small-cap growth decreased by 0.72%, and small-cap value increased by 0.38% [2]. - **Fund Performance**: The trading sentiment in the convertible bond market heated up. The trading volume of the convertible bond market was 65.532 billion yuan, a 4.39% increase compared to the previous day. The total trading volume of the Wind All A was 1.405109 trillion yuan, a 6.11% decrease compared to the previous day. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 33.19 billion yuan, and the yield of the 10-year treasury bond decreased by 0.37bp to 1.64% [2]. 2. Convertible Bond Price and Valuation - **Convertible Bond Price**: The weighted average closing price of convertible bonds was 122.40 yuan, a 0.32% decrease compared to the previous day. The closing price of equity-oriented convertible bonds was 161.10 yuan, a 3.28% decrease; the closing price of bond-oriented convertible bonds was 113.48 yuan, a 0.05% decrease; the closing price of balanced convertible bonds was 123.06 yuan, a 0.44% decrease. The proportion of high-priced bonds above 130 yuan was 28.85%, a 3.78pct decrease compared to the previous day. The price median was 123.75 yuan, a 0.84% decrease compared to the previous day [3]. - **Convertible Bond Valuation**: The valuation was compressed. The fitted conversion premium rate of 100-yuan par value was 24.49%, a 0.53pct decrease compared to the previous day. The overall weighted par value was 92.65 yuan, a 0.50% increase compared to the previous day. The premium rate of equity-oriented convertible bonds was 5.49%, a 1.26pct decrease; the premium rate of bond-oriented convertible bonds was 93.19%, a 1.57pct decrease; the premium rate of balanced convertible bonds was 18.96%, a 0.49pct decrease [3]. 3. Industry Performance - **Underlying Stock Industry**: In the A-share market, the top three industries in terms of increase were steel (+3.37%), coal (+1.99%), and building materials (+1.42%); the top three industries in terms of decrease were electronics (-2.01%), communication (-1.96%), and national defense and military industry (-1.94%). - **Convertible Bond Market**: A total of 25 industries in the convertible bond market declined. The top three industries in terms of decrease were communication (-2.34%), bank (-2.17%), and automobile (-1.51%); the top three industries in terms of increase were steel (+0.70%), coal (+0.21%), and national defense and military industry (+0.08%) [4]. - **Industry Indicators**: In terms of closing price, large-cycle decreased by 0.41%, manufacturing decreased by 0.79%, technology decreased by 1.16%, large-consumption decreased by 0.56%, and large-finance decreased by 1.55%. In terms of conversion premium rate, large-cycle decreased by 1.5pct, manufacturing decreased by 1.2pct, technology increased by 0.82pct, large-consumption decreased by 1.1pct, and large-finance decreased by 0.54pct. In terms of conversion value, large-cycle increased by 0.37%, manufacturing decreased by 0.42%, technology decreased by 1.56%, large-consumption decreased by 0.06%, and large-finance decreased by 1.80%. In terms of pure bond premium rate, large-cycle decreased by 0.57pct, manufacturing decreased by 1.0pct, technology decreased by 1.7pct, large-consumption decreased by 0.68pct, and large-finance decreased by 2.3pct [4][5]. 4. Industry Rotation - **Leading Industries**: Steel, coal, and building materials led the rise. The daily increase of steel in the underlying stock was 3.37%, and 0.70% in the convertible bond market; the daily increase of coal in the underlying stock was 1.99%, and 0.21% in the convertible bond market; the daily increase of building materials in the underlying stock was 1.42%, and -0.83% in the convertible bond market [53].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - On July 1, 2025, the convertible bond market showed incremental growth with rising valuations. The trading sentiment in the convertible bond market heated up, while the total trading volume of the A-share market decreased slightly. The median price and overall weighted average parity of convertible bonds increased, and the proportion of high-priced bonds rose. In the industry, more than half of the underlying stock industry indices rose, with different performance trends among different industries [2][3]. Summary by Directory 1. Market Overview - **Index Performance**: The CSI Convertible Bond Index rose 0.48% compared to the previous day, the Shanghai Composite Index rose 0.39%, the Shenzhen Component Index rose 0.11%, the ChiNext Index fell 0.24%, the SSE 50 Index rose 0.21%, and the CSI 1000 Index rose 0.28% [2]. - **Market Style**: Mid-cap value stocks outperformed. Large-cap growth stocks rose 0.10%, large-cap value stocks rose 0.63%, mid-cap growth stocks fell 0.04%, mid-cap value stocks rose 0.88%, small-cap growth stocks rose 0.37%, and small-cap value stocks rose 0.39% [2]. - **Fund Performance**: The trading sentiment in the convertible bond market heated up. The trading volume of the convertible bond market was 62.777 billion yuan, a 15.43% increase compared to the previous day. The total trading volume of the Wind All-A Index was 1.496531 trillion yuan, a 1.37% decrease compared to the previous day. The net outflow of main funds from the Shanghai and Shenzhen stock markets was 23.112 billion yuan, and the yield of the 10-year treasury bond decreased 0.36bp to 1.64% [2]. 2. Convertible Bond Price and Valuation - **Convertible Bond Price**: The weighted average closing price of convertible bonds was 122.81 yuan, a 0.47% increase compared to the previous day. The closing price of equity-biased convertible bonds was 166.37 yuan, a 2.00% decrease; the closing price of bond-biased convertible bonds was 113.54 yuan, a 0.23% increase; the closing price of balanced convertible bonds was 123.61 yuan, a 0.48% increase. The proportion of high-priced bonds above 130 yuan was 32.62%, a 2.13 percentage point increase compared to the previous day. There were 2 bonds with a closing price below 100 yuan. The median price was 124.80 yuan, a 0.48% increase compared to the previous day [3]. - **Convertible Bond Valuation**: The conversion premium rate of the 100-yuan parity fitting was 25.02%, a 0.30 percentage point increase compared to the previous day. The overall weighted parity was 92.22 yuan, a 0.61% increase compared to the previous day. The premium rate of equity-biased convertible bonds was 6.68%, a 0.35 percentage point decrease; the premium rate of bond-biased convertible bonds was 94.76%, a 1.21 percentage point increase; the premium rate of balanced convertible bonds was 19.45%, a 0.03 percentage point increase [3]. 3. Industry Performance - **Underlying Stock Industry Index**: In the A-share market, the top three rising industries were Medicine and Biology (+1.80%), Banks (+1.53%), and Non-ferrous Metals (+1.49%); the top three falling industries were Computer (-1.18%), Commerce and Retail (-0.79%), and Communications (-0.45%). In the convertible bond market, 22 industries rose, with the top three rising industries being Non-ferrous Metals (+2.04%), National Defense and Military Industry (+1.52%), and Banks (+1.23%); the top three falling industries were Communications (-1.15%), Computer (-0.62%), and Steel (-0.26%) [4]. - **Industry Indicators**: In terms of closing price, the large-cycle sector rose 0.73%, the manufacturing sector rose 0.18%, the technology sector fell -0.02%, the large-consumption sector rose 0.39%, and the large-finance sector rose 0.70%. In terms of conversion premium rate, the large-cycle sector fell -0.53 percentage points, the manufacturing sector rose 0.67 percentage points, the technology sector rose 0.83 percentage points, the large-consumption sector fell -0.19 percentage points, and the large-finance sector fell -0.99 percentage points. In terms of conversion value, the large-cycle sector rose 1.00%, the manufacturing sector fell -0.14%, the technology sector fell -0.67%, the large-consumption sector rose 0.46%, and the large-finance sector rose 0.68%. In terms of pure bond premium rate, the large-cycle sector rose 0.91 percentage points, the manufacturing sector rose 0.21 percentage points, the technology sector fell -0.083 percentage points, the large-consumption sector rose 0.45 percentage points, and the large-finance sector rose 0.83 percentage points [4][5].

Market Overview - In June 2025, the stock market experienced an overall rise due to the easing of Middle Eastern tensions and multiple thematic catalysts, while bond market interest rates declined [4][7] - The average parity of convertible bonds reached a near-high level, with significant valuation increases for bond-like convertible bonds [5][7] - The China Securities Convertible Bond Index closed at 442.1 points on June 27, marking a 2.68% increase for the month [7] Convertible Bond Market Analysis - As of June 27, the arithmetic average parity of convertible bonds was 103.14 yuan, up 3.77% from the previous month, placing it in the 98th percentile since 2023 [7][23] - The average conversion premium rate for bonds in the price range of 90 to 125 yuan was 21.13%, also in the 48th percentile for 2023 [7][23] - The average yield to maturity (YTM) for bond-like convertible bonds fell below zero, indicating a shift in market sentiment [7][29] Recommended Convertible Bonds - The "Top Ten Convertible Bonds" for July 2025 include: - **Shenzhen Gas Convertible Bond (113067.SH)**: High balance and stable profitability, rated AAA [31][32] - **Hongcheng Convertible Bond (110077.SH)**: Stable operations and high dividend payout, rated AA+ [31][43] - **Weir Convertible Bond (113616.SH)**: Strong growth in consumer electronics and automotive sectors, rated AA+ [31][55] - **Jingce Convertible Bond (123176.SZ)**: Urgent need for domestic semiconductor testing equipment, rated AA- [31][66] - **Haoyuan Convertible Bond (118051.SH)**: Recovery trend in innovative drug development, rated AA- [31][79] - **Huakang Convertible Bond (111018.SH)**: Leading position in functional sugar alcohols, rated AA- [31][90] - **Bohai Convertible Bond (113069.SH)**: Steady growth in special alloy materials, rated AA [31][101] - **Dongcai Convertible Bond (113064.SH)**: Increased demand for high-frequency resin materials driven by AI server construction, rated AA [31][113] Industry Insights - The gas industry, represented by Shenzhen Gas, is experiencing steady growth in natural gas sales, with a 5.06% year-on-year increase in supply volume [36] - The environmental governance sector, led by Hongcheng Environment, shows stable revenue growth from water supply and treatment services, with a focus on expanding its business footprint [46] - The semiconductor industry, highlighted by Weir Group, is benefiting from increased demand in automotive electronics and consumer electronics, with significant revenue growth projected [58] - The healthcare sector, represented by Haoyuan Pharmaceutical, is positioned to capitalize on the recovery of innovative drug research and development [82]

以下文章来源于债券人 ，作者光大证券固收研究 债券人 . 唯有进行扎实的基本面研究，方能行稳致远。 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 点击注册小程序 报告摘要 查看完整报告 特别申明： 1、市场行情 本周（2025年6月23日至2025年6月27日，共5个交易日）转债市场显著上涨，全周中证转债指数涨跌幅为 +2.1%（上一交易周为-0.2%），周内涨幅创年内最高；本周中证全指变动为+3.3%。2025年开年以来，中 证转债涨跌幅为+6.6%，中证全指数涨跌幅为+3.4%，转债市场表现好于权益市场。 分评级来看，高评级券（评级为AA+及以上）、中评级券（评级为AA）、低评级券（评级为AA-及以下） 本周涨跌幅分别为+1.75%、+2.47%、+2.78%，低评级券本周涨幅最多。分转债规模看，大规模转债（债 券余额 ...

2025 年 6 月 28 日 总量研究 周内涨幅创年内至今最高 ——可转债周报（2025 年 6 月 23 日至 2025 年 6 月 27 日） 要点 1、市场行情 本周（2025 年 6 月 23 日至 2025 年 6 月 27 日，共 5 个交易日）转债市场显著 上涨，全周中证转债指数涨跌幅为+2.1%（上一交易周为-0.2%），周内涨幅创 年内最高；本周中证全指变动为+3.3%。2025 年开年以来，中证转债涨跌幅为 +6.6%，中证全指数涨跌幅为+3.4%，转债市场表现好于权益市场。 分评级来看，高评级券（评级为 AA+及以上）、中评级券（评级为 AA）、低评 级券（评级为 AA-及以下）本周涨跌幅分别为+1.75%、+2.47%、+2.78%，低 评级券本周涨幅最多。分转债规模看，大规模转债（债券余额大于 50 亿元）、 中规模转债（余额在 5 至 50 亿元之间）、小规模转债（余额小于 5 亿元）本周 涨跌幅分别为+1.95%、+2.23%和+3.05%，小规模转债涨幅最多。分平价来看， 超高平价券（转股价值大于 130 元）、高平价券（转股价值在 110 至 130 元之 间）、中平价券（ ...

Core Viewpoint - The China Convertible Bond Index reached a new high of over 438.92 points on June 24, marking the highest level since June 26, 2015, indicating a significant recovery in the convertible bond market [1] Group 1 - Since September of the previous year, the cumulative increase of the China Convertible Bond Index has exceeded 20%, signaling a technical bull market in the convertible bond sector [1]

证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20250620 市场概况：今日转债多数行业下跌，估值环比抬升 指数表现：中证转债指数环比下降 0.01%、上证综指环比下降 0.07%、深证成 指环比下降 0.47%、创业板指环比下降 0.83%、上证 50 指数环比上涨 0.31%、 中证 1000 指数环比下降 0.80%。 市场风格：大盘价值相对占优。大盘成长环比上涨 0.02%、大盘价值环比上涨 0.76%、中盘成长环比下降 0.48%、中盘价值环比下降 0.11%、小盘成长环比下 降 0.83%、小盘价值环比下降 0.20%。 资金表现：转债市场成交情绪升温。可转债市场成交额为 573.28 亿元，环比 增长 0.35%；万得全 A 总成交额为 10917.40 亿元，环比减少 14.77%；沪深两 市主力净流出 223.42 亿元，十年国债收益率环比降低 0.29bp 至 1.64%。 转债价格：转债中枢下降，高价券占比下降。转债整体收盘价加权平均值为 119.43 元，环比昨日下降 0.02%。其中偏股型转债的收盘价为 159.13 元，环比 下降 3.37%；偏债型转债的收盘价为 11 ...

证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20250619 市场概况：今日转债多数行业下跌，估值环比压缩 指数表现：中证转债指数环比下降 0.49%、上证综指环比下降 0.79%、深证成 指环比下降 1.21%、创业板指环比下降 1.36%、上证 50 指数环比下降 0.54%、 中证 1000 指数环比下降 1.42%。 市场风格：大盘价值相对占优。大盘成长环比下降 0.64%、大盘价值环比下降 0.55%、中盘成长环比下降 0.89%、中盘价值环比下降 1.08%、小盘成长环比 下降 0.86%、小盘价值环比下降 1.19%。 资金表现：转债市场成交情绪减弱。可转债市场成交额为 571.27 亿元，环比 减少 4.01%；万得全 A 总成交额为 12808.90 亿元，环比增长 4.84%；沪深两 市主力净流出 393.92 亿元，十年国债收益率环比上升 0.41bp 至 1.64%。 转债价格：转债中枢下降，高价券占比下降。转债整体收盘价加权平均值为 119.47 元，环比昨日下降 0.46%。其中偏股型转债的收盘价为 164.70 元，环比 上升 2.92%；偏债型转债的收盘价为 111 ...

Summary of Conference Call Records Industry Overview - The A-share market experienced a slight pullback after a rebound in April, influenced by accelerated theme rotation, the realization of expectations from China-US trade negotiations, and concerns over tariff uncertainties [1][2] - The Middle East conflict has a minimal substantive impact on the Chinese stock market, primarily causing emotional shocks, as China's diversified energy supply reduces reliance on Middle Eastern oil [1][4] Key Points on Market Dynamics - The current equity market lacks a clear main line, with innovative pharmaceuticals and new consumption sectors performing well, while technology sectors are experiencing frequent rotations [1][5] - The valuation levels are above the median of the past decade, indicating a need for market adjustments due to the crowded trades in previously high-performing stocks [1][5] - The convertible bond market has seen a slight decline in prices and valuations since early April, improving cost-effectiveness for investors [1][6] Future Market Outlook - The medium to long-term outlook for the equity market in 2025 remains positive, supported by capital market policies and monetary easing, which are expected to attract incremental funds [1][7] - Short-term adjustments are anticipated due to limited marginal benefits and the cautious sentiment of investors entering the earnings forecast window [1][7] Sector-Specific Insights - The recovery of military orders in 2025 is expected to significantly boost industry demand, with the banking sector showing strategic allocation value due to its high dividend and low volatility characteristics [3][8] - The banking convertible bond market is undergoing a large-scale exit, with a focus on short-term bonds with high yields as replacements [3][9] Investment Recommendations - In the new consumption sector, attention is drawn to relatively low-priced stocks with potential for price adjustments, such as Pop Mart and related trends [10] - Other sectors worth considering for stable cash flow and profitability include public utilities and agriculture, with specific recommendations for companies like Xinao and Sanxia Energy [11] - In the military sector, companies like Guokong and Ziguang Guomi are highlighted as having high investment potential due to the rapid growth of orders [12][14] Risk Considerations - The downgrade of Hengtai's credit rating is attributed to reduced asset scale and revenue, along with significant losses in the previous year, although no substantial risks are identified from a bond perspective [15]

风险提示： 理财赎回风险；转债转股溢价率压缩风险；转债正股表现不及预期。 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： 估值蓄力，坚守主线——转债市场点评 报告日期：2025.06.17 报告作者： 顾一格 （分析师），登记编号： S0880522120006 报告导读： 当前转债估值较4月初略有下降，性价比有所提升。建议通过布局自主可 控、内需发力和红利三条主线降低关税影响，提前布局优质底仓替代标的。 5月12日中美日内瓦协议落地以来，权益市场并未大涨，而是维持窄幅波动。 我们认为一方面是因为关税 摩擦缓和预期已经在4月8日-5月12日的反弹中被市场充分定价，另一方面，市场担心2018年中美达成协议 后美方单方面撕毁协议的情况再次发生。事实上，自中美日内瓦经贸会谈以来，美方新增多项对华限制措 施，包括发布AI芯片出口管制指南、停止对华芯片设计软件销售、宣布撤销中国留学生签证等。在刚刚结 束的中美伦敦会谈中，就落实两国元首6月5日通话重要共识和巩固日内瓦经贸会谈成果的措施框架达成原 则一致，就解决双方彼此经贸关切取得新进展。紧张关系暂时缓和，但结构性矛盾仍未根本性解决。中美 之间的结 ...