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].

Core Viewpoint - A-shares are experiencing a positive start in May, with major indices showing significant gains and a recovery in market sentiment, driven by themes such as controllable nuclear fusion, rare earths, and AI technology [2][3]. Market Performance - On May 6, all three major indices rose, with the Shanghai Composite Index surpassing 3300 points, closing at 3316.11, up 1.13%. The Shenzhen Component and ChiNext Index increased by 1.84% and 1.97%, respectively. Over 4900 stocks gained, indicating a broad market rally [3]. - The total trading volume exceeded 1.3 trillion yuan, marking a significant increase of 171.4 billion yuan from the previous trading day, suggesting a return of external funds [3]. Fund Manager Insights - Multiple fund companies, including Nuoan Fund and Morgan Stanley, expressed optimism for May, highlighting opportunities in technology growth, domestic substitution, and mid-cap value stocks. They recommend investors to strategically position themselves in sectors aligned with policy and industry trends [4][5]. - Nuoan Fund emphasized the importance of focusing on new technologies such as multi-modal AI, AI/AR glasses, and innovative pharmaceuticals, while also considering mid-cap stocks with stable performance [4]. Economic Factors - Concerns regarding tariffs and their impact on traditional labor-intensive industries were raised, particularly in textiles and furniture manufacturing, where low added value makes it difficult to absorb tariff costs [6]. - The potential for a U.S. interest rate cut in June, with a probability of 55.8%, could lead to a weaker dollar, alleviating pressure on the renminbi and enhancing foreign investment in Chinese assets [7]. Investment Strategy - A consensus among institutions is forming around a balanced approach of "growth + value" in industry allocation. Key trends to monitor include domestic substitution in technology and pharmaceuticals, as well as infrastructure-related sectors [9][10]. - Recommendations include a combination of defensive sectors like food and utilities, alongside growth sectors such as AI and renewable energy, to capitalize on valuation recovery opportunities [10]. Sector Focus - The technology sector, particularly in domestic AI and innovative pharmaceuticals, is seen as having significant growth potential despite external pressures. The recent adjustments in the sector have created entry points for investors [10]. - Defensive assets such as gold and military-industrial stocks are also recommended due to geopolitical uncertainties and potential economic instability [10].

A股迎来5月"开门红"。 5月6日，三大指数集体上扬，市场情绪显著回暖，上证指数重返3300点上方。可控核聚变、稀土、鸿蒙、算力等热 门题材表现亮眼，成为带动市场上行的核心力量。 摩根士丹利基金、德邦基金、金鹰基金、诺安基金等多家公募机构发声，普遍认为5月A股风险偏好有望边际回升， 科技成长、国产替代、中盘价值等方向具备阶段性机会，建议投资者逢低布局政策与产业趋势共振的核心赛道。 A股迎节后开门红，公募唱多5月行情 5月6日，市场呈现"价量齐升"态势，除主板权重股稳定发力外，题材股活跃度显著提升。 截至收盘，上证指数涨1.13%，报3316.11点，重返3300点上方；深证成指涨1.84%，创业板指涨1.97%。超4900股飘 红，可控核聚变概念、稀土概念、鸿蒙概念、算力概念等多个板块概念股大涨，市场赚钱效应正从单一赛道向多元 题材扩散，反映出资金对新技术、高成长赛道的强烈偏好。 值得注意的是，市场成交额时隔多日再度突破1.3万亿元，三市合计成交额13644亿元，较前一交易日放量1714亿 元，场外资金加速回流。 对于5月市场走势，多家基金公司释放积极信号。 行情节奏上，诺安基金认为，5月或是一轮筹码出清后的 ...