1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - The convertible bond market continued to be weak today, with valuations compressing on a month - on - month basis. The trading sentiment in the convertible bond market heated up, but the overall market showed a downward trend [1]. - The central price of convertible bonds decreased, and the proportion of high - price bonds declined. The valuation of convertible bonds compressed, with different types of convertible bonds showing different trends in price and premium rate [2]. - Most of the underlying stock industry indices declined, and the convertible bond market also had more declining industries. Different industries had different performance in terms of closing price, conversion premium rate, conversion value, and pure bond premium rate [3]. 3. Summary by Relevant Catalogs Market Main Index Performance - The CSI Convertible Bond Index decreased by 1.04% month - on - month, the Shanghai Composite Index decreased by 0.82%, the Shenzhen Component Index decreased by 0.65%, the ChiNext Index decreased by 0.22%, the SSE 50 Index decreased by 0.50%, and the CSI 1000 Index decreased by 1.46%. The large - cap growth style was relatively dominant, with large - cap growth decreasing by 0.06%, large - cap value decreasing by 0.16%, mid - cap growth decreasing by 1.06%, mid - cap value decreasing by 1.28%, small - cap growth decreasing by 0.87%, and small - cap value decreasing by 0.66% [1][7]. Market Fund Performance - The trading volume of the convertible bond market was 71.943 billion yuan, a month - on - month increase of 14.73%. The total trading volume of the Wind All - A Index was 2.417276 trillion yuan, a month - on - month decrease of 1.76%. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 4.0095 billion yuan, and the yield of the 10 - year Treasury bond increased by 0.91bp to 1.81% [1]. Convertible Bond Price and Valuation - The weighted average closing price of convertible bonds was 139.51 yuan, a month - on - month decrease of 0.88%. Among them, the closing price of equity - biased convertible bonds was 199.31 yuan, a month - on - month increase of 2.06%; the closing price of debt - biased convertible bonds was 121.96 yuan, a month - on - month decrease of 0.35%; the closing price of balanced convertible bonds was 132.14 yuan, a month - on - month decrease of 0.81%. The proportion of high - price bonds above 130 yuan was 73.41%, a month - on - month decrease of 2.22pct. The price median was 137.91 yuan, a month - on - month decrease of 0.93% [2]. - The fitted conversion premium rate of 100 - yuan par value was 37.90%, a month - on - month decrease of 1.58pct; the overall weighted par value was 106.98 yuan, a month - on - month decrease of 0.51%. The premium rate of equity - biased convertible bonds was 14.43%, a month - on - month increase of 1.01pct; the premium rate of debt - biased convertible bonds was 89.32%, a month - on - month increase of 1.39pct; the premium rate of balanced convertible bonds was 25.22%, a month - on - month decrease of 0.97pct [2]. Industry Performance - In the A - share market, the top three industries with the largest declines were non - ferrous metals (-2.70%), computer (-2.70%), and national defense and military industry (-2.69%); the top three industries with the largest increases were food and beverage (+0.87%), building decoration (+0.60%), and banking (+0.38%). In the convertible bond market, 26 industries declined, with the top three industries with the largest declines being communication (-7.15%), national defense and military industry (-3.67%), and machinery and equipment (-2.75%); only two industries rose against the trend, namely petroleum and petrochemicals (+0.73%) and banking (+0.21%) [3]. - In terms of closing price, the large - cycle decreased by 0.84%, manufacturing decreased by 2.08%, technology decreased by 3.37%, large - consumption decreased by 1.00%, and large - finance decreased by 0.16%. In terms of conversion premium rate, the large - cycle decreased by 0.45pct, manufacturing decreased by 0.85pct, technology increased by 0.27pct, large - consumption decreased by 1.5pct, and large - finance decreased by 0.26pct. In terms of conversion value, the large - cycle decreased by 0.27%, manufacturing decreased by 1.22%, technology decreased by 3.40%, large - consumption decreased by 0.67%, and large - finance decreased by 0.12%. In terms of pure bond premium rate, the large - cycle decreased by 1.3pct, manufacturing decreased by 3.4pct, technology decreased by 5.4pct, large - consumption decreased by 1.3pct, and large - finance decreased by 0.2pct [3][4]. Industry Rotation - Food and beverage, building decoration, and banking led the rise. The daily increase rates of food and beverage, building decoration, and banking in the underlying stocks were 0.87%, 0.60%, and 0.38% respectively; the daily increase rates in the convertible bond market were - 0.30%, - 1.09%, and 0.21% respectively [53].

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints - On February 2, most industries in the convertible bond market experienced corrections, and valuations compressed on a month - on - month basis. The trading sentiment in the convertible bond market weakened, and multiple market indices declined [1]. - The convertible bond price center decreased, and the proportion of high - priced bonds dropped. Valuations also compressed, with different types of convertible bonds showing various price and valuation changes [2]. - The underlying stocks in most industries fell in the A - share and convertible bond markets. Only a few industries such as food and beverage, and banking in the A - share market, and the light manufacturing industry in the convertible bond market rose [3]. 3. Summary by Relevant Catalogs I. Market Main Index Performance - Multiple market indices declined on February 2. The CSI Convertible Bond Index decreased by 2.39% month - on - month, the Shanghai Composite Index by 2.48%, the Shenzhen Component Index by 2.69%, the ChiNext Index by 2.46%, the SSE 50 Index by 2.07%, and the CSI 1000 Index by 3.39%. In terms of market styles, large - cap value stocks were relatively dominant [1][7]. II. Market Fund Performance - The trading volume in the convertible bond market decreased. The trading volume of the convertible bond market was 76.16 billion yuan, a 7.15% month - on - month decrease; the total trading volume of the Wind All - A was 2606.638 billion yuan, an 8.94% month - on - month decrease. The net outflow of main funds from the Shanghai and Shenzhen stock markets was 53.977 billion yuan, and the yield of the 10 - year Treasury bond rose by 0.88bp to 1.82% [1]. III. Convertible Bond Price and Valuation - Convertible Bond Price: The weighted average closing price of convertible bonds was 137.99 yuan, a 2.14% month - on - month decrease. The closing price of equity - biased convertible bonds was 218.00 yuan, a 5.16% month - on - month increase; that of bond - biased convertible bonds was 120.49 yuan, a 1.84% month - on - month decrease; and that of balanced convertible bonds was 132.26 yuan, a 0.27% month - on - month decrease. The proportion of high - priced bonds above 130 yuan was 69.76%, a 5.04pct month - on - month decrease [2]. - Convertible Bond Valuation: The fitted conversion premium rate of 100 - yuan par value was 35.71%, a 1.40pct month - on - month decrease; the overall weighted par value was 101.95 yuan, a 2.78% month - on - month decrease. The premium rate of equity - biased convertible bonds was 19.84%, a 0.23pct month - on - month increase; that of bond - biased convertible bonds was 88.47%, a 5.59pct month - on - month decrease; and that of balanced convertible bonds was 28.94%, a 0.33pct month - on - month decrease [2]. IV. Industry Performance - A - share Market: 28 industries fell, with the top three decliners being non - ferrous metals (-7.62%), steel (-5.93%), and basic chemicals (-5.69%); only two industries rose, namely food and beverage (+1.11%) and banking (+0.17%) [3]. - Convertible Bond Market: 27 industries fell, with the top three decliners being non - ferrous metals (-4.62%), automobiles (-4.57%), and media (-4.13%); the only rising industry was light manufacturing (+10.53%) [3]. - Different Industry Indicators: In terms of closing prices, large - cycle decreased by 2.73%, manufacturing by 0.25%, technology by 3.07%, large - consumption by 1.67%, and large - finance by 1.47%. In terms of conversion premium rates, large - cycle increased by 2.0pct, manufacturing decreased by 0.6pct, technology increased by 0.29pct, large - consumption decreased by 0.28pct, and large - finance increased by 1.3pct. In terms of conversion values, large - cycle decreased by 4.06%, manufacturing increased by 1.65%, technology decreased by 3.03%, large - consumption decreased by 2.02%, and large - finance decreased by 2.55%. In terms of pure bond premium rates, large - cycle decreased by 4.0pct, manufacturing decreased by 0.96pct, technology decreased by 5.7pct, large - consumption decreased by 2.2pct, and large - finance decreased by 1.7pct [3]. V. Industry Rotation - Only the food and beverage and banking industries rose. The food and beverage industry had a daily increase of 1.11% in the underlying stocks and - 1.67% in convertible bonds; the banking industry had a daily increase of 0.17% in the underlying stocks and - 0.15% in convertible bonds. Other industries mostly declined [58].

Report Summary 1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoints - Most industries rose today, with valuations increasing month - on - month. The convertible bond market showed mixed trends in different aspects, such as price, valuation, and industry performance [1]. - The convertible bond price center increased, and the proportion of high - price bonds rose. Valuations also went up, with changes in different types of convertible bonds and price ranges [2]. - In the industry performance, more than half of the underlying stock industry indices declined, and there were differences in the rise and fall rankings between the A - share market and the convertible bond market [3]. 3. Summary by Relevant Catalogs Market Main Index Performance - The CSI Convertible Bond Index rose 0.85% month - on - month, the Shanghai Composite Index rose 0.27%, the Shenzhen Component Index rose 0.09%, the ChiNext Index fell 0.57%, the SSE 50 Index rose 0.27%, and the CSI 1000 Index rose 0.21% [1]. - In terms of market style, mid - cap value stocks were relatively dominant. Mid - cap growth rose 1.80%, mid - cap value rose 2.56%, while large - cap value fell 0.01% [1]. Market Fund Performance - The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 81.463 billion yuan, a 4.34% month - on - month decrease. The total trading volume of the Wind All - A Index was 2.992289 trillion yuan, a 2.42% month - on - month increase [1]. - The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 27.487 billion yuan, and the yield of the 10 - year treasury bond decreased by 1.47bp to 1.82% [1]. Convertible Bond Valuation - The weighted average closing price of convertible bonds was 143.85 yuan, a 0.55% increase from the previous day. The closing price of equity - biased convertible bonds was 211.16 yuan, a 2.87% increase; that of bond - biased convertible bonds was 123.26 yuan, an 0.85% increase; and that of balanced convertible bonds was 135.08 yuan, a 1.16% increase [2]. - The proportion of high - price bonds above 130 yuan was 78.46%, a 2.19pct month - on - month increase. The proportion of bonds in the 120 - 130 yuan range decreased by 2.44pct [2]. - The 100 - yuan parity fitted conversion premium rate was 38.14%, a 0.38pct increase from the previous day. The overall weighted parity was 106.15 yuan, a 0.57% decrease [2]. Industry Performance - In the A - share market, the top three declining industries were Media (- 1.77%), National Defense and Military Industry (- 1.68%), and Beauty and Personal Care (- 1.65%); the top three rising industries were Non - Ferrous Metals (+ 5.92%), Petroleum and Petrochemical (+ 3.54%), and Coal (+ 3.42%) [3]. - In the convertible bond market, 24 industries rose. The top three rising industries were Coal (+ 3.32%), Petroleum and Petrochemical (+ 2.69%), and Non - Ferrous Metals (+ 2.50%); the top three declining industries were Household Appliances (- 2.63%), Machinery and Equipment (- 0.97%), and National Defense and Military Industry (- 0.92%) [3]. - In terms of closing price, large - cycle rose 1.34%, manufacturing rose 0.51%, technology rose 0.33%, large - consumption rose 0.25%, and large - finance rose 0.81% [3]. - The conversion premium rate of large - cycle rose 0.95pct, manufacturing rose 1.9pct, technology rose 1.9pct, large - consumption rose 3.1pct, and large - finance rose 1.1pct [3]. - The conversion value of large - cycle rose 0.59%, manufacturing fell 0.49%, technology fell 1.02%, large - consumption fell 1.11%, and large - finance rose 0.65% [3]. - The pure bond premium rate of large - cycle rose 2.0pct, manufacturing rose 0.62pct, technology rose 0.54pct, large - consumption rose 0.32pct, and large - finance rose 0.96pct [4]. Industry Rotation - Non - Ferrous Metals, Petroleum and Petrochemical, and Coal led the rise. Non - Ferrous Metals had a daily increase of 5.92% in the underlying stock and 2.50% in the convertible bond; Petroleum and Petrochemical had a 3.54% increase in the underlying stock and 2.69% in the convertible bond; Coal had a 3.42% increase in the underlying stock and 3.32% in the convertible bond [53].

Report Industry Investment Rating No relevant content provided. Core Viewpoints On December 31, more than half of the convertible bond industries rose, and the valuation increased month - on - month. The convertible bond market trading sentiment weakened, and the median price of convertible bonds increased. Different industries in the A - share and convertible bond markets showed different trends in terms of rise and fall [1]. Summary by Related Catalogs Market Overview - **Index Performance**: The CSI Convertible Bond Index rose 0.02% month - on - month, the Shanghai Composite Index rose 0.09%, the Shenzhen Component Index fell 0.58%, the ChiNext Index fell 1.23%, the SSE 50 Index fell 0.18%, and the CSI 1000 Index fell 0.03% [1]. - **Market Style**: Mid - cap value was relatively dominant. Large - cap growth fell 0.82%, large - cap value fell 0.13%, mid - cap growth fell 0.42%, mid - cap value rose 0.45%, small - cap growth rose 0.14%, and small - cap value fell 0.17% [1]. - **Fund Performance**: The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 74.68 billion yuan, a 0.50% month - on - month decrease; the total trading volume of the Wind All - A was 2.065788 trillion yuan, a 4.43% month - on - month decrease; the net outflow of the main funds in the Shanghai and Shenzhen stock markets was 23.828 billion yuan, and the yield of the 10 - year treasury bond decreased 1.09bp to 1.85% [1]. Convertible Bond Price - The weighted average closing price of convertible bonds was 134.60 yuan, a 0.07% month - on - month increase. Among them, the closing price of equity - biased convertible bonds was 196.81 yuan, a 2.93% month - on - month decrease; the closing price of bond - biased convertible bonds was 119.10 yuan, a 0.21% month - on - month increase; the closing price of balanced convertible bonds was 130.12 yuan, a 0.32% month - on - month increase [2]. - The proportion of high - price bonds above 130 yuan was 60.57%, a 0.63pct month - on - month increase. The interval with the largest change in proportion was 110 - 120 (including 120), with a proportion of 8.36%, a 1.07pct month - on - month decrease. There were 0 bonds with a closing price below 100 yuan. The median price was 133.05 yuan, a 0.34% month - on - month increase [2]. Convertible Bond Valuation - The fitted conversion premium rate of 100 - yuan parity was 34.04%, a 0.50pct month - on - month increase; the overall weighted parity was 101.47 yuan, a 0.36% month - on - month decrease [2]. - The premium rate of equity - biased convertible bonds was 16.20%, a 2.18pct month - on - month decrease; the premium rate of bond - biased convertible bonds was 86.36%, a 0.42pct month - on - month decrease; the premium rate of balanced convertible bonds was 26.25%, a 1.08pct month - on - month increase [2]. Industry Performance - **A - share Market**: Among the 31 sectors, 15 industries rose. The top three industries in terms of increase were national defense and military industry (+2.13%), media (+1.54%), and real estate (+1.13%); the top three industries in terms of decline were communication (-1.35%), agriculture, forestry, animal husbandry and fishery (-1.10%), and electronics (-1.02%) [3]. - **Convertible Bond Market**: A total of 17 industries rose. The top three industries in terms of increase were beauty care (+2.81%), national defense and military industry (+2.50%), and building materials (+1.45%); the top three industries in terms of decline were non - bank finance (-1.43%), light industry manufacturing (-1.32%), and steel (-0.69%) [3]. - **Comprehensive Indicators**: - Closing price: Large - cycle increased 0.18%, manufacturing decreased 0.02%, technology increased 0.86%, large - consumption increased 0.49%, and large - finance decreased 0.76% [3]. - Conversion premium rate: Large - cycle increased 0.45pct, manufacturing increased 0.9pct, technology decreased 0.7pct, large - consumption increased 0.15pct, and large - finance increased 0.22pct [3]. - Conversion value: Large - cycle decreased 0.20%, manufacturing decreased 0.16%, technology increased 1.36%, large - consumption increased 0.55%, and large - finance decreased 1.23% [3]. - Pure bond premium rate: Large - cycle increased 0.27pct, manufacturing increased 0.041pct, technology increased 1.5pct, large - consumption increased 0.59pct, and large - finance decreased 0.94pct [4]. Industry Rotation The national defense and military industry, media, and real estate led the rise. The national defense and military industry had a daily increase of 2.13% in the A - share market and 2.50% in the convertible bond market; the media had a daily increase of 1.54% in the A - share market and 0.75% in the convertible bond market; the real estate had a daily increase of 1.13% in the A - share market [57].

Report Industry Investment Rating No information provided in the given content. Core Viewpoints - On December 30, the convertible bond industry showed mixed performance in terms of gains and losses, with valuations rising on a month - on - month basis [1]. - The mid - cap growth style was relatively dominant in the market [1]. - The trading sentiment in the convertible bond market weakened [1]. - The convertible bond price center increased, and the proportion of high - price bonds rose [2]. - The convertible bond valuations increased [2]. - In the A - share market, more than half of the underlying stock industry indices declined, while in the convertible bond market, 14 industries rose [3]. Summary by Related Catalogs Market Overview - **Index Performance**: The CSI Convertible Bond Index rose 0.14% month - on - month, the Shanghai Composite Index remained unchanged, the Shenzhen Component Index rose 0.49%, the ChiNext Index rose 0.63%, the SSE 50 Index rose 0.06%, and the CSI 1000 Index rose 0.04% [1]. - **Market Style**: Mid - cap growth was relatively dominant. Large - cap growth rose 0.57%, large - cap value fell 0.13%, mid - cap growth rose 0.81%, mid - cap value rose 0.66%, small - cap growth rose 0.66%, and small - cap value rose 0.34% [1]. - **Fund Performance**: The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 75.057 billion yuan, a 2.96% month - on - month decrease; the total trading volume of the Wind All - A was 2.161532 trillion yuan, a 0.18% month - on - month increase; the net outflow of the main funds in the Shanghai and Shenzhen stock markets was 23.828 billion yuan, and the yield of the 10 - year treasury bond decreased by 0.02 bp to 1.86% [1]. Convertible Bond Price - The overall weighted average closing price of convertible bonds was 134.53 yuan, a 0.09% month - on - month increase. Among them, the closing price of equity - biased convertible bonds was 202.44 yuan, a 1.47% increase; the closing price of bond - biased convertible bonds was 118.85 yuan, a 0.18% decrease; the closing price of balanced convertible bonds was 129.71 yuan, a 0.01% increase [2]. - The proportion of bonds with a closing price above 130 yuan was 59.95%, a 1.15 - percentage - point increase. The largest change in proportion occurred in the 120 - 130 (including 130) range, with a proportion of 28.01%, a 1.39 - percentage - point decrease. There were no bonds with a closing price below 100 yuan. The median price was 132.60 yuan, a 0.07% month - on - month decrease [2]. Convertible Bond Valuation - The fitted conversion premium rate of 100 - yuan par value was 33.54%, a 0.45 - percentage - point month - on - month increase; the overall weighted par value was 101.88 yuan, a 0.19% month - on - month decrease [2]. - The premium rate of equity - biased convertible bonds was 18.25%, a 1.38 - percentage - point increase; the premium rate of bond - biased convertible bonds was 86.78%, a 2.11 - percentage - point increase; the premium rate of balanced convertible bonds was 25.17%, a 0.42 - percentage - point increase [2]. Industry Performance - **Underlying Stock Market**: Among the A - share industries, the top three decliners were Commerce and Retail (-1.56%), Real Estate (-1.22%), and Utilities (-1.14%); the top three gainers were Petroleum and Petrochemical (+2.63%), Automobile (+1.35%), and Non - Ferrous Metals (+1.31%) [3]. - **Convertible Bond Market**: Among the convertible bond industries, the top three gainers were Automobile (+2.08%), Petroleum and Petrochemical (+1.25%), and Textile and Apparel (+0.77%); the top three decliners were Environmental Protection (-2.57%), National Defense and Military Industry (-1.23%), and Building Materials (-1.16%) [3]. - **By Category**: - **Closing Price**: The large - cycle category decreased by 0.38%, manufacturing increased by 0.54%, technology decreased by 0.24%, large - consumption increased by 0.10%, and large - finance decreased by 0.05% [3]. - **Conversion Premium Rate**: The large - cycle category decreased by 0.21 percentage points, manufacturing increased by 0.57 percentage points, technology increased by 0.028 percentage points, large - consumption increased by 0.63 percentage points, and large - finance increased by 0.79 percentage points [3]. - **Conversion Value**: The large - cycle category decreased by 0.74%, manufacturing increased by 0.17%, technology decreased by 0.36%, large - consumption decreased by 0.43%, and large - finance decreased by 0.20% [3]. - **Pure Bond Premium Rate**: The large - cycle category decreased by 0.55 percentage points, manufacturing increased by 0.81 percentage points, technology decreased by 0.16 percentage points, large - consumption increased by 0.12 percentage points, and large - finance decreased by 0.065 percentage points [4]. Industry Rotation - Industries such as Petroleum and Petrochemical, Automobile, and Non - Ferrous Metals led the gains. For example, Petroleum and Petrochemical had a daily increase of 2.63% in the underlying stock market and 1.25% in the convertible bond market; Automobile had a 1.35% increase in the underlying stock market and 2.08% in the convertible bond market [54].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Today, convertible bonds rose following the underlying stocks, and the valuation increased month - on - month. The trading sentiment in the convertible bond market weakened [1]. - The convertible bond price center increased, and the proportion of high - price bonds rose. The convertible bond valuation also increased [2]. - Today, most underlying stock industries rose, with 27 industries rising in the A - share market and 22 industries rising in the convertible bond market [3]. 3. Summary by Related Catalogs Market Overview - Index Performance: The CSI Convertible Bond Index rose 0.31% month - on - month, the Shanghai Composite Index rose 0.52%, the Shenzhen Component Index rose 0.83%, the ChiNext Index rose 1.21%, the SSE 50 Index rose 0.59%, and the CSI 1000 Index rose 0.40% [1]. - Market Style: Large - cap growth stocks were relatively dominant. Large - cap growth stocks rose 1.02%, large - cap value stocks rose 0.63%, mid - cap growth stocks rose 0.64%, mid - cap value stocks rose 0.47%, small - cap growth stocks rose 0.81%, and small - cap value stocks rose 0.52% [1]. - Fund Performance: The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 71.224 billion yuan, a 3.88% month - on - month decrease; the total trading volume of the Wind All - A Index was 1.286677 trillion yuan, an 11.35% month - on - month decrease; the net outflow of the main funds in the Shanghai and Shenzhen stock markets was 4.992 billion yuan, and the yield of the 10 - year Treasury bond decreased 1.49bp month - on - month to 1.64% [1]. Convertible Bond Price - The overall weighted average closing price of convertible bonds was 120.30 yuan, a 0.30% increase from yesterday. Among them, the closing price of equity - biased convertible bonds was 161.40 yuan, a 0.98% month - on - month decrease; the closing price of bond - biased convertible bonds was 111.56 yuan, a 0.17% month - on - month increase; the closing price of balanced convertible bonds was 121.34 yuan, a 0.16% month - on - month increase [2]. - The proportion of high - price bonds above 130 yuan was 25.69%, a 1.27pct increase from yesterday. The range with the largest change in proportion was 110 - 120 (including 120), with a proportion of 33.55%, a 1.27pct decrease from yesterday. There were 7 bonds with a closing price below 100 yuan. The median price was 122.19 yuan, a 0.66% increase from yesterday [2]. Convertible Bond Valuation - The fitted conversion premium rate of 100 - yuan par value was 23.32%, a 0.32pct increase from yesterday. The overall weighted par value was 90.61 yuan, a 0.83% increase from yesterday. The premium rate of equity - biased convertible bonds was 4.96%, a 0.03pct month - on - month decrease; the premium rate of bond - biased convertible bonds was 90.02%, a 0.03pct month - on - month decrease; the premium rate of balanced convertible bonds was 19.60%, a 0.18pct month - on - month decrease [2]. Industry Performance - In the A - share market, the top three rising industries were non - ferrous metals (+2.21%), agriculture, forestry, animal husbandry and fishery (+2.02%), and non - banking finance (+1.90%); the top three falling industries were pharmaceutical biology (-0.41%), communications (-0.28%), and beauty care (-0.10%) [3]. - In the convertible bond market, 22 industries rose. The top three rising industries were automobiles (+0.78%), agriculture, forestry, animal husbandry and fishery (+0.78%), and basic chemicals (+0.78%); the top three falling industries were environmental protection (-1.04%), electronics (-0.74%), and petroleum and petrochemicals (-0.22%) [3]. - Closing Price: The large - cycle sector increased 0.07%, the manufacturing sector increased 0.45%, the technology sector increased 0.10%, the large - consumption sector increased 0.30%, and the large - finance sector increased 0.29% [3]. - Conversion Premium Rate: The large - cycle sector decreased 0.73pct, the manufacturing sector decreased 1.7pct, the technology sector decreased 0.17pct, the large - consumption sector decreased 2.2pct, and the large - finance sector decreased 0.4pct [3]. - Conversion Value: The large - cycle sector increased 0.36%, the manufacturing sector increased 1.26%, the technology sector increased 0.24%, the large - consumption sector decreased 2.85%, and the large - finance sector increased 0.50% [3]. - Pure Bond Premium Rate: The large - cycle sector increased 0.085pct, the manufacturing sector increased 0.58pct, the technology sector increased 0.19pct, the large - consumption sector increased 1.5pct, and the large - finance sector increased 0.32pct [4]. Industry Rotation - Non - ferrous metals, agriculture, forestry, animal husbandry and fishery, and non - banking finance led the rise in the industry rotation. The report also provided the daily, weekly, monthly, and year - to - date changes in stock prices, convertible bond prices, and valuation quantiles of multiple industries [54].

1. Report Industry Investment Rating No information provided in the given report. 2. Core Views of the Report - The convertible bond market declined following the underlying stocks, and the valuation compressed on June 10, 2025 [1]. - The trading sentiment in the convertible bond market heated up, with the trading volume increasing [1]. - The market style favored large - cap value stocks [1]. 3. Summary by Relevant Catalogs Market Overview - Index Performance: The CSI Convertible Bond Index decreased by 0.28% compared to the previous day. The Shanghai Composite Index decreased by 0.44%, the Shenzhen Component Index decreased by 0.86%, the ChiNext Index decreased by 1.17%, the SSE 50 Index decreased by 0.39%, and the CSI 1000 Index decreased by 0.92% [1]. - Market Style: Large - cap value stocks were relatively dominant. Large - cap growth decreased by 0.71%, large - cap value decreased by 0.07%, mid - cap growth decreased by 0.70%, mid - cap value decreased by 0.09%, small - cap growth decreased by 1.01%, and small - cap value decreased by 0.34% [1]. - Capital Performance: The trading volume of the convertible bond market was 74.1 billion yuan, a 6.52% increase from the previous day. The total trading volume of the Wind All - A Index was 1.451437 trillion yuan, a 10.57% increase. The net out - flow of the main funds in the Shanghai and Shenzhen stock markets was 35.972 billion yuan, and the yield of the 10 - year treasury bond increased by 0.10bp to 1.66% [1]. Convertible Bond Price - The central price of convertible bonds decreased, and the proportion of high - price bonds decreased. The weighted average closing price of convertible bonds was 119.95 yuan, a 0.31% decrease from the previous day. The closing price of equity - biased convertible bonds was 162.79 yuan, a 0.01% increase; the closing price of bond - biased convertible bonds was 111.37 yuan, a 0.20% decrease; the closing price of balanced convertible bonds was 121.15 yuan, a 0.01% decrease [2]. - The proportion of bonds with a closing price above 130 yuan was 24.42%, a 2.34 - percentage - point decrease from the previous day. The most significant change in the proportion was in the range of 110 - 120 (including 120), with a proportion of 34.82%, a 1.06 - percentage - point increase. There were 8 bonds with a closing price below 100 yuan. The median price was 121.38 yuan, a 0.67% decrease from the previous day [2]. Convertible Bond Valuation - The valuation compressed. The conversion premium rate of the 100 - yuan par - value fitted convertible bonds was 23.00%, a 0.42 - percentage - point decrease from the previous day. The overall weighted par value was 89.91 yuan, a 0.64% decrease [2]. - The premium rate of equity - biased convertible bonds was 4.93%, a 0.91 - percentage - point decrease; the premium rate of bond - biased convertible bonds was 90.04%, a 0.53 - percentage - point increase; the premium rate of balanced convertible bonds was 19.78%, a 0.08 - percentage - point increase [2]. Industry Performance - In the A - share market, the top three industries with the largest declines were national defense and military industry (-1.97%), computer (-1.87%), and electronics (-1.65%); the top three industries with the largest increases were beauty care (+1.10%), banking (+0.48%), and medicine and biology (+0.33%) [3]. - In the convertible bond market, 24 industries declined. The top three industries with the largest declines were communication (-2.17%), computer (-1.58%), and building materials (-1.49%); the top three industries with the largest increases were beauty care (+0.82%), agriculture, forestry, animal husbandry and fishery (+0.34%), and banking (+0.32%) [3]. - For different sectors: - Closing price: The large - cycle sector decreased by 0.59%, the manufacturing sector decreased by 0.65%, the technology sector decreased by 1.44%, the large - consumption sector decreased by 0.31%, and the large - finance sector increased by 0.14% [3]. - Conversion premium rate: The large - cycle sector decreased by 0.4 percentage points, the manufacturing sector increased by 0.62 percentage points, the technology sector increased by 0.86 percentage points, the large - consumption sector increased by 0.87 percentage points, and the large - finance sector increased by 1.0 percentage point [3]. - Conversion value: The large - cycle sector decreased by 0.81%, the manufacturing sector decreased by 1.51%, the technology sector decreased by 1.82%, the large - consumption sector decreased by 0.08%, and the large - finance sector decreased by 0.68% [3]. - Pure - bond premium rate: The large - cycle sector decreased by 0.7 percentage points, the manufacturing sector decreased by 0.72 percentage points, the technology sector decreased by 2.0 percentage points, the large - consumption sector decreased by 0.43 percentage points, and the large - finance sector increased by 0.13 percentage points [4]. Industry Rotation - Beauty care, banking, and medicine and biology led the rise. For beauty care, the daily increase of the underlying stocks was 1.10%, and the convertible bonds increased by 0.82%; for banking, the daily increase of the underlying stocks was 0.48%, and the convertible bonds increased by 0.32%; for medicine and biology, the daily increase of the underlying stocks was 0.33%, and the convertible bonds increased by 0.18% [53].