Market Overview - The market showed an increase in cautious sentiment before the long holiday, with broad market indices experiencing a decline, while small-cap stocks stabilized and recovered [4][2]. - The week before the May Day holiday saw a balanced performance between large-cap and small-cap styles, as well as between value and growth styles, with a continued decrease in style volatility [6][2]. Market Structure - The excess return dispersion of industry indices slightly decreased, and the proportion of rising constituent stocks also saw a decline, indicating a slowdown in industry rotation [6][2]. - The trading concentration decreased, with the proportion of trading volume from the top 100 stocks rebounding from a low level, while the top five industries' trading volume proportion continued to decline [6][2]. Market Activity - Market volatility continued to decrease due to the upcoming holiday, and turnover rates also saw a reduction [7][2]. Commodity Market - There was a divergence in trend strength among commodity sectors, with energy and black metals maintaining strong trends, while non-ferrous and agricultural products showed weaker trends, and precious metals experienced a significant decline in trend strength [18][17]. - The non-ferrous sector had the highest basis momentum, while the black sector saw a rapid decline [18][17]. - Volatility across all sectors remained high, and liquidity was stable across the board [18][17]. Options Market - Implied volatility levels for the Shanghai Stock Exchange 50 and CSI 1000 indices increased, indicating some speculative sentiment in the market before the holiday [23][3]. - The skew of call options for the CSI 1000 improved, while the skew for the Shanghai Stock Exchange 50 saw a notable decline, suggesting a market expectation of small-cap stocks performing better post-holiday [23][3]. Convertible Bond Market - The valuation level of the convertible bond market slightly increased, remaining above the historical median for the past year, with a small rebound in the number of convertible bonds with low conversion premiums [27][3]. - Overall trading volume in the convertible bond market continued to recover [27][3].

- The report provides a weekly performance summary of convertible bonds (CB) and their correlation with the equity market, highlighting the weekly price changes of major CB indices and their comparison with equity indices such as the Shanghai Composite Index and the CSI All Share Index[1][5] - The report details the trading volume and value of the CB market and its corresponding stocks, noting that both CB and stock trading activities remained high compared to the previous week[1][5] - The report includes a valuation analysis of CBs, providing the median and arithmetic mean of the conversion premium rates, and noting the weekly changes in these rates[1][9] - The report lists the top five CBs with the highest and lowest weekly price changes, along with their corresponding stock performance, industry classification, weekly trading value, and credit ratings[1][17][18] - The report tracks the number of CBs that have triggered downward revision clauses and those that may trigger conditional redemption clauses in the upcoming week[1][39] - Weekly performance of major CB indices: Shanghai CB Index (-0.68%), Shenzhen CB Index (-1.16%), CSI CB Index (-0.89%)[1][5] - Weekly performance of major equity indices: Shanghai Composite Index (-1.72%), CSI All Share Index (-2.53%)[1][5] - Weekly trading volume and value of the CB market: 254,745.92 million units and 42,541,372.03 million yuan, respectively[1][5] - Weekly trading volume and value of corresponding stocks: 5,409,498.53 million shares and 85,142,094.14 million yuan, respectively[1][5] - Median and arithmetic mean of conversion premium rates: 31.30% and 49.67%, respectively[1][9] - Weekly changes in conversion premium rates: median (+0.29%), arithmetic mean (-0.86%)[1][9] - Top five CBs with the highest weekly price changes: Zhishang CB (11.38%), Jingzhuang CB (10.68%), Liugong CB 2 (9.94%), Keda CB (6.64%), Fenggong CB (6.27%)[1][17][18] - Top five CBs with the lowest weekly price changes: Yuanxin CB (-25.66%), Shenma CB (-16.75%), Henghui CB (-15.48%), Tuopu CB (-14.00%), Chaoda CB (-13.55%)[1][17][18] - Number of CBs that have triggered downward revision clauses: 226[1][39] - Number of CBs that may trigger conditional redemption clauses in the upcoming week: 10[1][39]