证券研究报告 | 固定收益定期 gszqdatemark 2025 10 09 年 月 日 邮箱：yangyewei@gszq.com 转债估值上行。截至 9 月 26 日，全市场可转债平均转股溢价率为 40.78%， 分位数位于 2023 年 1 月以来的 2.70%。余额加权的平均转股溢价率为 42.24%，分位数位于 2023 年 1 月以来的 7.00%，现存转债的算术平均转 股溢价率和加权平均转股溢价率差值不大，均位于 2023 年以来的底部位 置。与 8 月底数据相比，本月转债的加权转股溢价率环比上升 6.51pcts。 公募基金增持转债。据上交所披露的主要券种投资者持有结构数据，2024 年下半年以来可转债市场规模逐步缩小，2025 年 8 月上交所可转债市场 总计 3918.32 亿元，环比减少 74.74 亿元。8 月前五大可转债持有者分别 是：公募基金 1512.42（占可转换公司债券持有面值总额的 39%，后同）、 企业年金 676.97（17%）、保险机构 320.73（8%）、一般机构 251.07（6%）、 证券公司自营 268.18（7%）亿元，其中公募基金增持 92.63 亿元 ...

Group 1: Market Overview - The A-share market experienced fluctuations with the North Securities 50 index down by 3.07% and the Sci-Tech 50 index down by 2.11%, while over 3,800 stocks declined, leading to a slight decrease in trading volume to 1.65 trillion yuan [1] - The coal, medical beauty, and electricity sectors showed relative strength, while humanoid robots, broadcasting, storage chips, and wireless earphones faced significant declines [1] - ST stocks continued to perform strongly, with *ST Xintong achieving a new high since January 2018, recording 31涨停 in 35 trading days [1] Group 2: Sector Performance - The coal industry saw a net inflow of over 3.3 billion yuan from major funds, while the banking and public utilities sectors each received over 2 billion yuan [1] - The power sector maintained strong performance, with the index rising for three consecutive days and trading volume exceeding 28.2 billion yuan, marking a new high for the year [2] - The artificial intelligence data center is expected to drive significant growth in electricity demand, with projections indicating that by 2026, global data center electricity consumption will reach between 620 billion and 1.05 trillion kilowatt-hours [2] Group 3: Company-Specific News - Qi Ming Medical, which had been suspended for over 15 months, saw its stock plummet by 66.37% upon resuming trading due to unauthorized fund transfers by former executives [3] - Qi Ming Medical acknowledged the challenges posed by the suspension and has undertaken a systematic restructuring of its organizational framework to enhance governance and internal controls [3] - The company has established a management committee to improve internal supervision and ensure timely market disclosures regarding significant matters [3]