1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - From May 6 to May 10, 2025, the A - share market continued its oscillatory repair, with small - cap stocks and the growth style leading the gains. The CSI 2000 index rose 3.6%, and the growth style led the rally. The convertible bond market also rose, with the CSI Convertible Bond Index up 1.32%. It's recommended to layout around low - premium and fundamentally strong targets, taking into account both valuation safety margins and upside elasticity [2][6]. - The current theme market is not a style switch but a new round of differentiation and re - pricing within the growth track. Funds are concentrated in sub - directions driven by events and clear theme catalysts. The convertible bond market is in an oscillatory repair stage, with the trading focus on underlying stock - driven and structural rotation [16][20]. - In the future, the market will remain in a structural repair stage, with the index continuing its oscillatory upward trend. It's advisable to pay attention to growth convertible bonds with performance support and policy catalysts, as well as high - rating, low - premium blue - chip targets [21]. 3. Summary According to Related Catalogs Market Theme Weekly Review Equity Theme Weekly Review - The A - share market generally rose, and the theme market continued the internal rotation pattern within the growth sector. High - elasticity themes and event - driven areas led the gains, such as the board - hitting index, commercial space index, and first - board index. However, some high - level themes and previously popular sectors weakened. The current theme market is a new round of differentiation and re - pricing within the growth track [16]. Convertible Bond Weekly Review - The convertible bond market continued to warm up, with the CSI Convertible Bond Index rising 1.32%. The market was in an oscillatory repair stage, with the trading focus on underlying stock - driven and structural rotation. There were no new bond issuances in the primary market, but 8 companies updated their convertible bond issuance plans, and the potential supply scale remained high [11][19]. Weekly Industry Outlook - The market is still in a structural repair stage. High - growth sectors such as military, communication, and power equipment will maintain high capital enthusiasm, and the consumer sector will also see capital inflows. The convertible bond market will continue to warm up moderately. It's recommended to pay attention to growth convertible bonds and blue - chip targets [21]. Market Weekly Tracking Equity Market Mildly Recovers, Growth Style Dominates Structural Rotation - Major A - share indices generally rose, with the Shanghai Composite Index up 1.9%, the Shenzhen Component Index up 2.3%, and the CSI 2000 Index up 3.6%. Growth and military sectors led the gains, while cyclical sectors had low trading activity. The market is still in a stage of structural rotation, and funds are mainly allocated around high - growth sectors and policy - driven themes [22][29]. Market Oscillation Repair, Structural Game Dominates Convertible Bond Market - The convertible bond index fully recovered, with large - cap and small - cap indices more elastic. The overall valuation of convertible bonds stretched, showing a pattern of structural repair under rotational game. The valuation center generally recovered, and funds showed a "dumbbell - shaped" allocation characteristic. The market sentiment improved moderately, and if the equity market continues to rebound mildly, the convertible bond market is expected to continue its oscillatory upward trend [39][44]. Primary Market Tracking and Clause Game - There were no new convertible bond issuances in the primary market, but 8 listed companies updated their convertible bond issuance plans, covering multiple industries. The total scale of projects at the exchange acceptance stage and later reached 5.9 billion yuan. There were 10 convertible bonds expected to trigger downward revisions and 18 non - downward revision announcements. Only one convertible bond announced an expected redemption [11][60][74].