Group 1 - The convertible bond market has recently experienced a significant downward adjustment after a strong performance earlier in the year, with over 90% of convertible bonds declining in the last seven trading days [1][2][3] - The China Securities Index for convertible bonds began its decline on August 26, with a notable drop of 2.82% on August 27, followed by three consecutive days of decline [3][5] - More than 400 convertible bonds have seen a decline, with around 230 bonds dropping over 5%, and over 50 bonds experiencing declines exceeding 10% [5][8] Group 2 - Specific convertible bonds such as Tianyuan Convertible Bond and Borui Convertible Bond have shown significant declines, with Tianyuan dropping over 20% from above 240 yuan to 191.7 yuan [5][7] - The overall market adjustment is believed to be influenced by the weak performance of the underlying stocks, as the A-share market has also seen a decline, with over 4,300 stocks dropping in the last seven trading days [8][9] - The average decline of the underlying stocks corresponding to convertible bonds that fell over 10% is more than 10%, indicating a strong correlation between the performance of convertible bonds and their underlying stocks [8][9] Group 3 - Research from Guojin Securities suggests that while the equity market is expected to maintain an upward trend, there is a short-term impulse for profit-taking in convertible bonds, with two convertible bond ETFs accounting for nearly 10% of the market [11] - The current market volatility may lead to increased trading activity, and the potential for further downward adjustment in convertible bond valuations is limited [11][13]

Summary of Key Points Core Viewpoint - The convertible bond market, which had shown strong performance earlier in the year, has recently entered a phase of continuous adjustment, with over 90% of convertible bonds experiencing declines in the last seven trading days [1][2]. Market Performance - Since reaching a peak on August 25, the convertible bond market has seen a downturn, with the China Convertible Bond Index entering a correction phase starting August 26, including a significant drop of 2.82% on August 27 [1][2]. - In the last seven trading days, more than 400 convertible bonds have declined, representing over 90% of the total, with nearly 230 bonds falling more than 5% and over 50 bonds dropping more than 10% [2][3]. Specific Bond Performance - Notable convertible bonds such as Tianyuan Convertible Bond have seen a price drop from over 240 yuan to 191.700 yuan, marking a cumulative decline of over 20% [3]. - The Borui Convertible Bond has also faced a decline, dropping from over 320 yuan to 260.457 yuan, with a cumulative decrease of 18.84% [5]. Market Influences - The recent adjustment in the convertible bond market is believed to be influenced by the weak performance of the underlying stocks. The Shanghai Composite Index has shown a slowdown, with a cumulative decline of 1.80% over the past seven trading days [7]. - The average decline of the underlying stocks corresponding to convertible bonds that fell over 10% is more than 10%, indicating a significant underperformance compared to the broader market [7][8]. Future Outlook - According to research from Guojin Securities, the overall probability of continued upward movement in the equity market remains high, but there is a short-term impulse for profit-taking in convertible bonds. The market is expected to experience increased trading activity and volatility [10][11].

年内表现强劲的可转债，最近突然呈现连续调整态势。 行情数据显示，最近7个交易日里，逾九成可转债下跌，其中超过50只可转债累计跌幅超过10%。 可转债近期总体持续调整 最近7个交易日逾九成可转债下跌 又如博瑞转债自8月26日开始频频下跌，8月28日更一度重挫8.34%，尽管其间有一个交易日出现反弹， 但价格仍从超过320元，跌至目前仅260.457元，累计跌幅达18.84%。 缘何出现调整？ 自8月25日创下阶段高点后，年内表现强势的可转债市场突然掉头向下，呈现连续调整态势。 Wind行情数据显示，表征可转债市场表现的中证转债指数自8月26日开始陷入调整，8月27日更是大跌 2.82%，8月29日至9月2日连续三个交易日下跌。9月3日收盘虽小幅上涨0.26%，但盘中行情震荡胶着， 是否真正就此止跌尚未可知。 从可转债个券的表现情况来看，统计数据显示，8月26日以来7个交易日时间里，已有合计超过400只可转 债出现下跌，占到目前可转债总数的九成以上，其中跌幅超过5%的可转债近230只，占到可转债总数的一 半左右，更有超过50只可转债跌幅超过10%。 天源转债、博瑞转债、金现转债、欧通转债、甬矽转债、华懋转债、高测 ...