Group 1 - The report indicates that the A-share market is expected to experience a震荡上行 trend post-holiday, with the Shanghai Composite Index breaking through the 3900-point mark, and the Shenzhen Component and ChiNext indices rising over 1% [3][11] - Key sectors leading the market include precious metals, semiconductors, and cyclical industries such as steel and energy metals, which are expected to perform well in the upcoming quarter [3][11] - Investors are advised to focus on companies with clear earnings growth and reasonable valuations to mitigate short-term market volatility and capitalize on performance-driven opportunities [3][11] Group 2 - The report highlights that the precious metals sector saw significant gains due to a rise in international gold prices, driven by the Federal Reserve's recent interest rate cut and increased demand for safe-haven assets [7][11] - Cyclical sectors such as non-ferrous metals and steel are expected to strengthen, supported by government policies and improving economic conditions, particularly in the context of the "14th Five-Year Plan" [8][11] - The rare earth permanent magnet sector experienced a surge following new export controls and regulations, indicating China's strategic advantage in this field, with expectations of continued demand growth [9][10]

Group 1 - A total of 68 new funds are scheduled to be launched after the National Day holiday, with 23 funds starting on October 9 alone [1][2] - The issuance of new funds has increased significantly, with September's new fund issuance exceeding 160 billion, marking a monthly record for the year [1][4] - Equity funds are the main focus, with 52 out of the 68 new funds being equity funds, including 34 equity index funds covering various indices [2][3] Group 2 - The popularity of stable products is also rising, with 8 secondary bond funds and 7 FOF products set to be launched after the holiday [3] - Active equity funds are seeing significant interest, with several well-known fund managers managing upcoming funds, indicating strong performance expectations [2][4] - Institutions are actively researching investment opportunities, with over 21,000 institutional research visits recorded in September [4] Group 3 - The outlook for the fourth quarter is optimistic, with expectations for active consumer spending during upcoming promotional events and a stable recovery in A-share and Hong Kong stock earnings [5][6] - Investment opportunities are anticipated in cyclical sectors and AI technology, driven by economic recovery and industry trends [5][6] - The shift of active funds from fixed income to equity markets is noted, as equity assets become more attractive compared to declining fixed income returns [5][6]

Market Performance - A-shares and Hong Kong stocks ended the third quarter of 2025 on a positive note, with major indices showing significant increases [1] - The ChiNext Index surged by 50.4%, leading global major indices in growth, while the Sci-Tech 50 and Shenzhen Component Index rose by 49.02% and 29.25% respectively [1][5] - In September, the ChiNext Index and Sci-Tech 50 Index recorded gains of over 12% and 11%, reaching three-year and four-year highs respectively [6] Sector Performance - The technology growth sector emerged as the core driving force of the market, with 30 out of 31 sectors in the Shenwan classification showing gains in the third quarter [11] - The communication sector led the quarterly growth with an increase of 48.65%, followed by electronics at 47.59% and power equipment at 44.67% [11] - In September, the top-performing sectors included power equipment (21.17%), non-ferrous metals (12.79%), and electronics (10.96%) [8] Individual Stock Performance - The ChiNext, Sci-Tech Board, and North Exchange saw a concentration of stocks that doubled in value, with notable gainers in September including Shoukai Co. (181.2%) and Haibo Technology (153.52%) [14] - In the third quarter, top performers included Shuangwei New Materials (1597.94%) and Tianpu Co. (468.92%) [14] Hong Kong Market Insights - The Hang Seng Technology Index rose by 13.95% in September, while the Hang Seng Index and the National Index increased by 7.09% and 6.79% respectively [16] - The best-performing sectors in Hong Kong in September were materials (21.68%) and non-essential consumer goods (19.99%) [17] Future Outlook - The market outlook for October and the fourth quarter of 2025 is optimistic, driven by policy expectations and a favorable liquidity environment [20] - The upcoming 20th Central Committee's Fourth Plenary Session is expected to focus on the "14th Five-Year Plan," which may boost market sentiment [21] - The technology growth sector is anticipated to present more opportunities in A-shares, while Hong Kong stocks may benefit from unique market structures and external liquidity expectations [21]

Core Insights - The article discusses the significant fluctuations in global asset prices during September, highlighting the volatility in A-shares, Hong Kong stocks, and U.S. markets, with various sectors experiencing dramatic rises and falls [2][5]. Market Performance - Despite a general slowdown in macroeconomic data, the market is focusing on structural growth areas such as computing power, semiconductors, and innovative drug development, which continue to attract capital [7]. - The precious metals sector, particularly gold and silver, saw substantial gains, with A-shares like Western Gold rising over 50% and some Hong Kong gold stocks increasing by more than 300% year-to-date [8][9]. Sector Highlights - **Top Gainers**: - **Precious Metals**: Gold prices reached historical highs, driven by expectations of a Federal Reserve rate cut and geopolitical tensions, leading to increased demand for safe-haven assets [8][10]. - **Battery and Energy Metals**: The battery supply chain gained attention due to solid-state battery production and rising demand in the energy storage market, leading to a valuation recovery in lithium and other energy metals [10][12]. - **Wind Power**: The wind power sector experienced a turnaround with significant new installations and improved profit expectations, with domestic wind power installations increasing by 99% year-on-year [13]. - **Semiconductors**: The semiconductor sector thrived due to the AI boom, with companies like SMIC and Hua Hong Semiconductor seeing substantial stock price increases [14]. Declining Sectors - **Military Stocks**: Following a peak driven by policy expectations and military trade themes, military stocks experienced significant declines, with some stocks dropping over 40% in September [17][18]. - **Banking Stocks**: Traditionally seen as stable investments, banking stocks faced a collective decline as funds shifted towards more popular sectors, with several banks experiencing over 20% drop in stock prices [19][22]. - **Food and Beverage**: The food and beverage sector continued to struggle, with a significant drop in stock prices due to weak consumer demand and poor sales performance during peak seasons [23][25]. - **Traditional Consumer Goods**: Other traditional consumer sectors like tourism and home appliances also saw declines, attributed to insufficient recovery in macroeconomic demand [33][35]. Technology Giants - In the tech sector, major players like Alibaba and Tencent saw significant stock price increases, with Alibaba rising by 53% in September, while the U.S. tech giants also performed well, with Nvidia and Tesla showing notable gains [37][39]. Overall Market Outlook - The article concludes that the global stock market performance in September reflects a broader trend of liquidity easing and capital inflow into emerging markets, suggesting potential structural opportunities in the upcoming months [42].

Group 1 - The core point of the article highlights that the stock ETF market experienced a net inflow of over 12 billion yuan, with the CSI A500 index being the main beneficiary, attracting nearly 7.5 billion yuan in net inflows [1][2][3] - On September 29, the total scale of 1,220 stock ETFs reached 4.55 trillion yuan, with a total net inflow of 12.33 billion yuan during the market surge [2] - The CSI A500 index saw a significant net inflow of 17.8 billion yuan over the past five days, indicating strong investor interest [4] Group 2 - The top-performing ETFs included the CSI A500 ETF from Fortune, which had a net inflow of 2.99 billion yuan, and other products tracking the CSI A500 index also saw inflows exceeding 1 billion yuan [5][6] - Conversely, the securities company index faced a net outflow of 3.468 billion yuan, indicating a shift in investor sentiment despite the overall market rally [7][8] - Major fund companies like E Fund and Huaxia Fund reported significant inflows in their ETFs, with E Fund's total ETF scale increasing by 15.08 billion yuan [6][9] Group 3 - Analysts from E Fund and Huaxia Fund suggest that the A-share market is likely to maintain an upward trend, driven by upcoming policy clarity and potential profit recovery [10] - The focus is recommended on technology innovation sectors and high-growth areas, particularly those benefiting from policy incentives and industrial upgrades [10]

Core Insights - The stock ETF market saw a net inflow of over 12 billion yuan, with the CSI A500 index being the main beneficiary, attracting nearly 7.5 billion yuan in net inflows [2][4]. Market Performance - On September 29, all three major A-share indices rose, with the ChiNext Index and Shenzhen Component Index both increasing by over 2%. The brokerage and precious metals sectors led the market, while coal, banking, and pharmaceutical sectors experienced pullbacks [2][4]. ETF Market Overview - As of September 29, the total scale of 1,220 stock ETFs (including cross-border ETFs) reached 4.55 trillion yuan. The total share of stock ETFs increased by 7.305 billion shares, with a net inflow of 12.33 billion yuan calculated based on average transaction prices [4]. - The broad-based ETFs and bond ETFs saw the largest net inflows, amounting to 11.98 billion yuan and 2.753 billion yuan, respectively. The CSI A500 index had the highest single-day net inflow of 7.46 billion yuan [4]. Fund Inflows - The top-performing ETFs in terms of net inflows included: - CSI A500 ETF from Fortune, with a net inflow of 2.99 billion yuan - A500 ETF from Huatai-PB, with a net inflow of 1.681 billion yuan - CSI 1000 ETF, with a net inflow of 1.331 billion yuan [5]. - Notably, the top fund companies continued to attract significant net inflows into their ETFs amid the market rally [5]. Sector Outflows - The industry-themed ETFs experienced the largest net outflows, totaling 67 million yuan. The brokerage sector, despite a 5% increase, faced significant net selling, with the securities company index seeing a net outflow of 3.468 billion yuan [8]. - Major outflows were recorded from: - Securities ETF from Guotai, with a net outflow of 1.583 billion yuan - Brokerage ETF from Huabao, with a net outflow of 964 million yuan [9]. Market Outlook - Analysts from E Fund, Huaan Fund, and Galaxy Fund expressed optimism about the A-share market's upward trajectory, suggesting that upcoming important meetings in October may clarify policy directions and drive earnings recovery across the board. They recommend focusing on technology innovation and high-growth sectors that benefit from policy incentives and industrial upgrades [10].

Core Insights - The equity market experienced a significant rebound on September 29, with the CSI 300 index rising by 1.54% and the Shanghai Composite Index increasing by 0.90% [1] - Key sectors leading the rally included solid-state batteries, energy storage, industrial metals, and brokerage firms, indicating a shift towards cyclical stocks alongside technology narratives [1][2] - The bond market continued to adjust, with pressures from fund redemptions and a hot equity market suppressing sentiment, leading to an increase in yields for 10-year and 30-year government bonds [1][5] Sector Summaries New Energy - Solid-state batteries and energy storage saw respective increases of 4.25% and 3.09% in the Wind index, driven by production expectations and strong demand [2] - Notable developments included research advancements from Tsinghua University in high-safety, high-energy-density solid-state lithium batteries and reports of strong domestic demand for energy storage cells [2] Cyclical Sectors - The cyclical sector showed improvement, with industrial enterprises' profits rising by 20.4% year-on-year in August, catalyzing expectations for fundamental recovery [2] - The Wind industrial metal index, engineering machinery, and chemical indices rose by 4.21%, 3.05%, and 2.30%, respectively, with copper being a focal point due to supply shortages from the Grasberg mine in Indonesia [2] Brokerage Firms - The Wind brokerage index increased by 4.89%, benefiting from average daily trading volumes exceeding 2 trillion yuan from July to September and optimistic third-quarter earnings expectations for brokerages [3] - Despite a recent pullback in the securities market, ETF funds continued to flow into brokerage ETFs, indicating a potential for a rebound in this sector [3] Hong Kong Market - The Hang Seng Index and Hang Seng Tech Index rose by 1.89% and 2.08%, respectively, with Chinese brokerages leading the gains [4] - Notable inflows included Alibaba with 5.172 billion HKD, reflecting investor confidence in its AI narrative, while other tech stocks showed mixed results [4] Bond Market Dynamics - The bond market faced renewed downward pressure, primarily due to ongoing redemption pressures from funds, with significant net redemptions observed in bond funds since September [5][6] - The performance of 7-year and 10-year government bonds improved, potentially linked to increased allocations from major banks [7] Commodity Market Trends - The commodity market showed signs of cooling, with a notable decline in black metals and a general risk-off sentiment leading to net outflows of 12.7 billion yuan across the market [10][12] - Policy signals aimed at stabilizing growth were released, with the government focusing on key industries such as petrochemicals and non-ferrous metals to boost industrial confidence [13]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry is experiencing resilient demand, with a shift towards "quality over quantity" leading to price increases, which will enhance corporate profitability. Companies like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost reduction [4][13] - The shipping sector is anticipated to benefit from the OPEC+ production cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market expected in Q4 2025 [13] - The aviation industry is projected to see long-term demand growth due to macroeconomic recovery, with short-term ticket booking data indicating a rebound [13] Summary by Sections Express Delivery - The express delivery sector is witnessing a significant price increase, with over 90% of regions in China experiencing price hikes, which is expected to improve profitability for companies [4] - Key companies to watch include YTO Express, Shentong Express, Zhongtong Express, and SF Express, all of which are positioned to benefit from the industry's positive trends [13] Shipping and Shipbuilding - The shipping sector is expected to see a cyclical recovery, particularly in oil transportation due to OPEC+ production increases and geopolitical uncertainties enhancing VLCC rate elasticity [13] - The shipbuilding market is in a green transition phase, with new orders expected to improve as market conditions stabilize [13] Aviation - The aviation sector is experiencing low supply growth with increasing demand, leading to a favorable long-term outlook. Companies like China Southern Airlines and Air China are highlighted for their potential [13][14] Logistics and Ports - The logistics sector is seeing a positive trend with companies like Shenzhen International and Debon Logistics expected to benefit from improved competition and operational efficiencies [13] - Port operations are stable, with a focus on cash flow and growth potential in hub ports like China Merchants Port and Qingdao Port [13]

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [8][56]. Core Viewpoints - The white liquor sector is expected to face pressure during the upcoming National Day and Mid-Autumn Festival due to cautious inventory stocking and a significant impact on group purchasing channels. However, traditional channels like instant retail and live streaming are experiencing rapid growth, indicating a recovery in consumer demand [6][54]. - The report highlights opportunities in high-growth segments such as prepared dishes and snacks, driven by policy support and market expansion. The introduction of national standards for prepared dishes is expected to benefit leading companies in the sector [7][55]. - The beverage sector is approaching peak season, with a focus on new consumer opportunities and retail channel transformations. Companies like "Naixue's Tea" and "Chabaidao" are highlighted for their growth potential [8][56]. Summary by Sections 1. Weekly News Summary - Industry news includes the selection of five liquor companies for the Zhejiang Province Industrial Heritage list and a 1.7% growth in Guizhou's liquor and tea manufacturing from January to August [6][20]. - Company news features Guizhou Moutai's investment in a biotechnology company and the launch of "Longma Liquor" by Langjiu [6][21]. 2. Key Company Feedback - The report provides insights into the performance of key companies in the food and beverage sector, with a focus on stock price movements and market trends [32][34]. - The white liquor industry saw a cumulative production of 4.145 million tons in 2024, a decrease of 7.72%, while revenue reached 796.4 billion yuan, an increase of 5.3% [36][38]. 3. Industry Ratings and Investment Strategies - The report suggests focusing on leading companies in the white liquor sector such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as flexible stocks like JiuGui Jiu and SheDe JiuYe [6][54]. - In the snack sector, companies like Wancheng Group and Anjiu Food are recommended due to their market positioning and growth potential [7][55]. 4. Key Company and Earnings Forecast - The report lists several companies with their respective stock prices, earnings per share (EPS), price-to-earnings (PE) ratios, and investment ratings, all indicating a "Buy" recommendation [10][25]. - Notable companies include Guizhou Moutai with a stock price of 1435.00 yuan and an EPS of 68.64 for 2024, and Wuliangye with a stock price of 120.17 yuan and an EPS of 8.21 for 2024 [10][25].

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - The overall convertible bond downward - revision gaming space has gradually narrowed this year. With the upward trend of the equity market, the number of low - parity convertible bonds has decreased, and the number of convertible bonds triggering downward - revision, proposing downward - revision, and actually undergoing downward - revision has shown a downward trend. However, as the number of convertible bonds entering the put - back period and approaching maturity increases, the gaming opportunities for downward - revision may relatively increase, and the focus should be on the individual bond's downward - revision willingness [1][10]. - Against the background of the narrowing overall downward - revision gaming space, attention should be paid to the opportunities of underlying assets related to the fundamental expectations of the underlying stocks of convertible bonds and relatively low valuations. For equities, grasp the structural opportunities in the technology - growth direction and focus on the underlying assets with strong performance certainty in pro - cyclical and anti - involution beneficiary industries. Also, pay attention to low - price and low - premium varieties among high - rating and large - cap convertible bonds [2][20]. - The A - share market is expected to have a good allocation cost - performance ratio in terms of risk premium. The convertible bond supply is shrinking, and there is certain support on the demand side. Attention should be paid to the downward - revision gaming space, be vigilant against the forced - redemption risk, and appropriately focus on the short - term gaming opportunities of near - maturity convertible bonds. Industries worthy of attention include popular themes, domestic demand - oriented sectors, and high - dividend sectors under the Chinese - characteristic valuation system [23]. 3. Summary According to Relevant Catalogs 3.1. Convertible Bond Weekly Special Topic and Outlook 3.1.1. How to View the Narrowing Downward - Revision Space? - This week, three convertible bonds (Jingke Convertible Bond, Lanfan Convertible Bond, and Yong 22 Convertible Bond) underwent downward - revision. Since September, the total number of actually downward - revised convertible bonds has slightly increased compared to August. The number of convertible bonds proposed for downward - revision in September is the same as that in August, and the willingness for downward - revision may have marginally increased [10]. - In general this year, the downward - revision gaming space has gradually narrowed. The proportion of convertible bonds with a parity in the (0, 80] range has decreased from 40.7% at the beginning of the year to 22.2%. The number of convertible bonds triggering downward - revision, proposing downward - revision, and actually undergoing downward - revision has shown a downward trend. The willingness for downward - revision has not significantly increased since the peak in February [10]. - In the future, with the shrinking number of convertible bonds meeting the downward - revision conditions, the focus should be on the individual bond's downward - revision willingness. Although the equity market may have short - term adjustments, the overall upward expectation is still strong. The number of convertible bonds meeting the downward - revision conditions may remain relatively low, but the gaming opportunities for downward - revision may increase due to the increasing number of convertible bonds entering the put - back period and approaching maturity. It is recommended to screen potential downward - revision targets and pay attention to factors affecting the gaming returns of downward - revision [18]. - Against the background of the narrowing overall downward - revision gaming space, attention should be paid to the opportunities of underlying assets related to the fundamental expectations of the underlying stocks of convertible bonds and relatively low valuations. Focus on the structural opportunities in the technology - growth direction, such as AI computing power, semiconductors, and humanoid robots. Also, pay attention to pro - cyclical and anti - involution beneficiary industries [20]. - Attention should be paid to low - price and low - premium varieties among high - rating and large - cap convertible bonds. Since the end of August, some "fixed - income +" funds have redeemed, causing short - term pressure on high - rating and large - cap convertible bonds. As market sentiment stabilizes, funds may flow back, and attention should be paid to signs of the shift in capital allocation preferences [21]. 3.1.2. Weekly Review and Market Outlook - This week, the A - share market fluctuated upward. Different sectors showed different performances on each trading day [22]. - In terms of the stock market outlook, the A - share market still shows good allocation cost - performance in terms of risk premium. The domestic economic fundamentals are expected to gradually recover, and the weak resonance between economic fundamentals and capital flows is expected to start. - In the convertible bond market, considering the impact of refinancing policies, there is certain support on the demand side under the background of shrinking supply. The opportunity cost of convertible bonds is relatively low, but the current overall valuation is at a relatively high level, so attention should be paid to the callback risk. In terms of terms and conditions, attention should be paid to the downward - revision gaming space, be vigilant against the forced - redemption risk, and appropriately focus on the short - term gaming opportunities of near - maturity convertible bonds. Industries worthy of attention include popular themes, domestic demand - oriented sectors, and high - dividend sectors under the Chinese - characteristic valuation system [23]. 3.2. Weekly Tracking of the Convertible Bond Market 3.2.1. The Equity Market Closed Higher - This week, the main equity market indices closed higher. The Wind All - A Index rose 0.25%, the Shanghai Composite Index rose 0.21%, the Shenzhen Component Index rose 1.06%, and the ChiNext Index rose 1.96%. The market style was more inclined to large - cap growth. Among the small - cap indices, the CSI 1000 Index fell 0.55%, and the STAR 50 Index rose 6.47% [27]. - Seven Shenwan industry indices rose, and 24 industries fell. The power equipment, non - ferrous metals, and electronics industries led the market with increases of 3.86%, 3.52%, and 3.51% respectively. The social services, comprehensive, and commercial retail industries ranked among the top three in terms of decline, with declines of 5.92%, 4.61%, and 4.32% respectively [31]. 3.2.2. The Convertible Bond Market Closed Higher, and the Whole - Market Conversion Premium Rate Rose - This week, the convertible bond market closed higher. The CSI Convertible Bond Index rose 0.94%, the Shanghai Convertible Bond Index rose 1.01%, the Shenzhen Convertible Bond Index rose 0.85%, the Wind Convertible Bond Equal - Weighted Index rose 0.63%, and the Wind Convertible Bond Weighted Index rose 0.93% [33]. - The average daily trading volume of the convertible bond market decreased this week. The average daily trading volume was 78.919 billion yuan, a decrease of 2.882 billion yuan compared with last week, and the total trading volume for the week was 394.597 billion yuan [33]. - At the industry level of convertible bonds, 21 industries closed higher, and 8 industries closed lower. The electronics, national defense and military industry, and power equipment industries ranked among the top three in terms of increase, with increases of 3.14%, 3.13%, and 1.66% respectively. The communication, coal, and social services industries led the decline. At the corresponding underlying stock level, 12 industries closed higher, and 17 industries closed lower. The electronics, non - ferrous metals, and steel industries ranked among the top three in terms of increase, with increases of 7.97%, 4.26%, and 3.45% respectively. The pharmaceutical biology, light industry manufacturing, and communication industries led the decline [36]. - Most individual convertible bonds rose this week (270 out of 426). After excluding the closing data of newly listed convertible bonds this week, the top five convertible bonds in terms of weekly increase were Jize Convertible Bond (public utilities, 25.83%), Huicheng Convertible Bond (electronics, 19.41%), Jingda Convertible Bond (power equipment, 18.90%), Anji Convertible Bond (electronics, 13.97%), and Hangyu Convertible Bond (national defense and military industry, 11.00%). The top five convertible bonds in terms of weekly decline were Borei Convertible Bond (pharmaceutical biology, - 33.90%), Jingxing Convertible Bond (light industry manufacturing, - 15.89%), Jingzhuang Convertible Bond (construction and decoration, - 14.04%), Tongguang Convertible Bond (power equipment, - 13.54%), and Tianlu Convertible Bond (building materials, - 13.27%). The top five convertible bonds in terms of weekly trading volume were Liyang Convertible Bond (electronics, 13.473 billion yuan), Huicheng Convertible Bond (electronics, 12.193 billion yuan), Jize Convertible Bond (public utilities, 10.531 billion yuan), Jingxing Convertible Bond (light industry manufacturing, 10.042 billion yuan), and Zhongqi Convertible Bond (building materials, 9.787 billion yuan) [39]. - In terms of price, the median price of convertible bonds increased. The number of absolute low - price convertible bonds (with an absolute price less than 110 yuan) increased by 1 compared with last week, the number of convertible bonds in the price range of 110 - 130 yuan decreased by 17, the number of convertible bonds in the price range of 130 - 150 yuan increased by 12, the number of convertible bonds in the price range of 150 - 200 yuan decreased by 1, and the number of convertible bonds with a price greater than 200 yuan remained unchanged. As of this Friday, the median price of the whole - market convertible bonds was reported at 130.32 yuan, an increase of 0.62 yuan compared with last weekend [42]. - The weighted conversion value of the whole market decreased, and the premium rate increased. The weighted average conversion value of the whole market based on the outstanding bond balance was 100.36 yuan, a decrease of 0.12 yuan compared with last weekend. The whole - market weighted conversion premium rate was 38.89%, an increase of 1.27 percentage points compared with last weekend. The weighted average conversion premium rate for convertible bonds with a parity in the range of 90 - 110 yuan was 25.58%, an increase of 1.90 percentage points compared with last weekend. The median conversion premium rate was 29.05%, an increase of 1.30 percentage points compared with last weekend. In the long - term perspective, the current conversion premium rate for convertible bonds with a parity of 100 yuan is above the 50th percentile level since 2017. The median implied volatility of the whole market was 36.89%, an increase of 2.51 percentage points compared with last weekend. The pure - bond premium rate of debt - biased convertible bonds was 10.00%, an increase of 0.57 percentage points compared with last weekend [45]. 3.2.3. High - Frequency Tracking of Different Types of Convertible Bonds 3.2.3.1. Classification Valuation Changes - This week, there was valuation differentiation in the convertible bond structure. The valuations of convertible bonds with a parity of 80 - 90 yuan and 90 - 100 yuan decreased, while the valuations of most other convertible bonds increased. The valuations of convertible bonds with a rating of A and below decreased, while the valuations of other rated convertible bonds increased. The valuations of convertible bonds in each scale category increased [55]. - Since the beginning of 2024, the conversion premium rates of equity - biased and balanced convertible bonds have both rebounded from the bottom. As of this Friday, the conversion premium rate of equity - biased convertible bonds is above the 35th percentile level since 2017, and the conversion premium rate of balanced convertible bonds is above the 50th percentile level since 2017 [55]. 3.2.3.2. Market Index Performance - All rated convertible bonds rose this week. The AAA - rated convertible bonds rose 0.52%, the AA + - rated convertible bonds rose 1.54%, the AA - rated convertible bonds rose 0.99%, the AA - - rated convertible bonds rose 1.16%, the A + - rated convertible bonds rose 0.69%, and the convertible bonds with a rating of A and below rose 0.06%. Since 2023, the AAA - rated convertible bonds have recorded a return of 17.49%, the AA + - rated convertible bonds have recorded a return of 14.80%, the AA - rated convertible bonds have recorded a return of 20.11%, the AA - - rated convertible bonds have recorded a return of 28.01%, the A + - rated convertible bonds have recorded a return of 28.30%, and the convertible bonds with a rating of A and below have recorded a return of 29.58%. Historically, high - rated AAA convertible bonds have shown stable performance, while low - rated convertible bonds have shown weaker anti - decline properties and greater rebound strength [65]. - All convertible bonds of different scales rose this week. The small - cap convertible bonds rose 0.10%, the small - and medium - cap convertible bonds rose 0.84%, the medium - cap convertible bonds rose 1.16%, and the large - cap convertible bonds rose 0.89%. Since 2023, the small - cap convertible bonds have recorded a return of 29.52%, the small - and medium - cap convertible bonds have recorded a return of 26.75%, the medium - cap convertible bonds have recorded a return of 23.90%, and the large - cap convertible bonds have recorded a return of 17.10% [67]. 3.3. Tracking of Convertible Bond Supply and Terms 3.3.1. This Week's Primary - Market Issuance Plans - Two convertible bonds (Jin 25 Convertible Bond and Yingliu Convertible Bond) have been issued but not yet listed this week. - The number of primary - market approvals this week was five (from September 22 to September 26, 2025). Jinlang Technology's 1.677 - billion - yuan convertible bond issuance plan has been approved by the CSRC [71]. - Since the beginning of 2023 to September 26, 2025, the total number of planned convertible bonds is 103, with a total scale of 161.397 billion yuan. Among them, the number of convertible bonds with the board of directors' resolution passed is 18, with a total scale of 20.669 billion yuan; the number of convertible bonds passed by the general meeting of shareholders is 46, with a total scale of 76.366 billion yuan; the number of convertible bonds accepted by the exchange is 25, with a total scale of 45.629 billion yuan; the number of convertible bonds passed by the listing committee is 8, with a total scale of 5.305 billion yuan; and the number of convertible bonds approved for registration by the CSRC is 6, with a total scale of 13.429 billion yuan [72]. 3.3.2. Downward - Revision and Redemption Clauses - As of September 26, 2025, the tracking of downward - revision and redemption clauses this week is as follows: - Six convertible bonds announced that they are expected to trigger downward - revision. - Six convertible bonds announced that they will not undergo downward - revision, among which Kangyi Convertible Bond, Xinneng Convertible Bond, Guangli Convertible Bond, and Gongtong Convertible Bond announced that they will not undergo downward - revision within six months. - Jingke Convertible Bond, Lanfan Convertible Bond, and Yong 22 Convertible Bond announced the results of downward - revision [75]. - Nine convertible bonds announced that they are expected to trigger redemption. - Two convertible bonds announced that they will not be redeemed in advance. - Two convertible bonds announced early redemption [77][78]. - As of the end of this week, there is still one convertible bond in the put - back declaration period and 20 convertible bonds in the company's capital - reduction settlement declaration period. Attention should be paid to the price changes of convertible bonds and the marginal changes in the company's downward - revision tendency [80].