证券研究报告·固定收益·固收周报 固收周报 20250928 新能源转债配置空间再思考 2025 年 09 月 28 日 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 陈伯铭 执业证书：S0600523020002 chenbm@dwzq.com.cn 相关研究 《二级资本债周度数据跟踪 （20250922-20250926）》 2025-09-28 《绿色债券周度数据跟踪（20250922- 20250926）》 2025-09-28 东吴证券研究所 1 / 16 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 转债市场过去 1-2 个月经历了"分歧中拉升-高位大幅回调-分歧下震荡" 几个阶段，指数层面尚未回到 7 月底、8 月初市场分歧最严重的时期， 权益市场边际上的结构化同样带来转债平价及估值的结构化，总量指 标、总量分析的意义边际下降，结构化的板块机会甚至个券机会边际上 升。 ◼ 如我们在 0901-0905 当周提示的，最先关注到的板块还是"夹"在传统 周期和新方向、 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The convertible bond market rose following the underlying stocks today, with valuations increasing month - on - month. The small - cap growth style was relatively dominant, and trading sentiment in the convertible bond market heated up [1]. - Convertible bond prices and their central values increased, and the proportion of high - priced bonds rose. Valuations also increased, with the proportion of high - priced bonds over 130 yuan reaching 50.59%, a 3.52 - percentage - point increase from the previous day [2]. - Most industries in the underlying stocks rose today, with the top three gainers being the power equipment, electronics, and media sectors. All convertible bond industries rose, with the top three gainers being non - ferrous metals, communications, and national defense and military industries [3]. 3. Summary by Directory Market Main Index Performance - The CSI Convertible Bond Index rose 1.30% month - on - month, the Shanghai Composite Index rose 0.83%, the Shenzhen Component Index rose 1.80%, the ChiNext Index rose 2.28%, the SSE 50 Index rose 0.68%, and the CSI 1000 Index rose 1.70%. The small - cap growth style was relatively dominant, with small - cap growth rising 2.67% [1]. - The convertible bond equal - weighted index rose 1.41%, the convertible bond index rose 1.65%, and the convertible bond pre - plan index rose 1.90% [6]. Market Fund Performance - The trading volume of the convertible bond market was 88.173 billion yuan, a 5.48% increase month - on - month. The total trading volume of the Wind All - A was 2.347154 trillion yuan, a 6.80% decrease month - on - month. The net outflow of main funds in the Shanghai and Shenzhen stock markets was 279 million yuan, and the yield of the 10 - year treasury bond rose 2.52bp to 1.90% [1]. Convertible Bond Valuation - The weighted average closing price of convertible bonds was 130.16 yuan, a 1.34% increase from the previous day. The closing price of equity - biased convertible bonds was 179.14 yuan, a 1.72% increase; the closing price of bond - biased convertible bonds was 117.32 yuan, a 0.69% increase; the closing price of balanced convertible bonds was 126.13 yuan, a 1.15% increase [2]. - The fitted conversion premium rate of 100 - yuan parity was 28.42%, a 0.87 - percentage - point increase from the previous day. The overall weighted parity was 100.70 yuan, a 1.31% increase from the previous day [2]. Industry Rotation - In the A - share market, the top three gainers were the power equipment (+2.88%), electronics (+2.76%), and media (+2.59%) sectors; the top three losers were the banking (-0.36%), coal (-0.29%), and communications (-0.01%) sectors [3]. - All convertible bond industries rose, with the top three gainers being non - ferrous metals (+4.39%), communications (+3.15%), and national defense and military industries (+2.64%) [3].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Today, convertible bonds declined following the underlying stocks, while the valuation increased on a month - on - month basis [1] - The large - cap value style was relatively dominant, and the trading sentiment in the convertible bond market heated up [1] Summary by Directory 1. Market Main Index Performance - The CSI Convertible Bond Index decreased by 0.18% month - on - month, the Shanghai Composite Index decreased by 0.18%, the Shenzhen Component Index decreased by 0.29%, the ChiNext Index increased by 0.21%, the SSE 50 Index decreased by 0.09%, and the CSI 1000 Index decreased by 1.09% [1] - In terms of market style, large - cap growth rose by 0.42%, large - cap value rose by 0.64%, mid - cap growth decreased by 0.36%, mid - cap value decreased by 0.59%, small - cap growth decreased by 0.04%, and small - cap value decreased by 0.35% [1] 2. Market Fund Performance - The trading volume of the convertible bond market was 83.594 billion yuan, a month - on - month increase of 16.18%; the total trading volume of the Wind All - A was 2.518471 trillion yuan, a month - on - month increase of 17.55% [1] - The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 76.167 billion yuan, and the yield of the 10 - year treasury bond increased by 1.23bp to 1.88% on a month - on - month basis [1] 3. Convertible Bond Valuation - The weighted average closing price of convertible bonds was 128.51 yuan, a month - on - month decrease of 0.17%. The closing price of equity - biased convertible bonds was 176.30 yuan, a month - on - month decrease of 0.40%; the closing price of bond - biased convertible bonds was 116.52 yuan, a month - on - month increase of 0.01%; the closing price of balanced convertible bonds was 124.70 yuan, a month - on - month decrease of 0.21% [2] - The proportion of high - price bonds above 130 yuan was 47.07%, a month - on - month decrease of 0.59pct; the proportion of the 120 - 130 (including 130) range increased by 0.31pct. There were 0 bonds with a closing price below 100 yuan. The median price was 128.34 yuan, a month - on - month decrease of 0.30% [2] - The fitted conversion premium rate of 100 - yuan par value was 27.55%, a month - on - month increase of 0.28pct; the overall weighted par value was 99.40 yuan, a month - on - month decrease of 0.39%. The premium rate of equity - biased convertible bonds was 8.02%, a month - on - month decrease of 0.59pct; the premium rate of bond - biased convertible bonds was 86.45%, a month - on - month increase of 2.88pct; the premium rate of balanced convertible bonds was 22.58%, a month - on - month increase of 0.27pct [2] 4. Industry Performance - In the A - share market, the top three industries with the largest declines were social services (-3.11%), commerce and retail (-2.90%), and computers (-2.39%); the top three industries with the largest increases were banks (+1.52%), coal (+1.11%), and power equipment (+0.43%) [3] - In the convertible bond market, 19 industries declined. The top three industries with the largest declines were machinery and equipment (-4.15%), communications (-2.74%), and household appliances (-1.66%); the top three industries with the largest increases were environmental protection (+2.37%), automobiles (+1.06%), and petroleum and petrochemicals (+0.29%) [3] - In terms of closing price, large - cycle increased by 0.04%, manufacturing decreased by 0.90%, technology decreased by 1.14%, large - consumption decreased by 0.34%, and large - finance decreased by 0.13% [3] - In terms of conversion premium rate, large - cycle increased by 1.1pct, manufacturing increased by 0.98pct, technology increased by 0.66pct, large - consumption increased by 1.3pct, and large - finance increased by 0.7pct [3] - In terms of conversion value, large - cycle decreased by 0.76%, manufacturing decreased by 1.48%, technology decreased by 1.23%, large - consumption decreased by 1.45%, and large - finance decreased by 0.52% [3] - In terms of pure bond premium rate, large - cycle increased by 0.035pct, manufacturing decreased by 1.3pct, technology decreased by 1.8pct, large - consumption decreased by 0.44pct, and large - finance decreased by 0.14pct [4] 5. Industry Rotation - The banking, coal, and power equipment industries led the gains. For example, the daily increase of the banking industry's underlying stocks was 1.52%, and the daily increase of convertible bonds was 0.06%; the daily increase of the coal industry's underlying stocks was 1.11%, and the daily increase of convertible bonds was -0.66%; the daily increase of the power equipment industry's underlying stocks was 0.43%, and the daily increase of convertible bonds was 0.16% [55]

Quantitative Factors and Construction 1. Factor Name: Market Style Factor - **Construction Idea**: This factor tracks the relative performance and volatility of different market styles, such as large-cap vs. small-cap and value vs. growth styles, to understand market preferences and dynamics[10][12] - **Construction Process**: - **Style Performance**: Measure the relative returns of large-cap vs. small-cap stocks and value vs. growth stocks over the week - **Style Volatility**: Calculate the weekly changes in the volatility of these style returns - **Evaluation**: The factor effectively captures the market's preference for growth over value and the balanced performance between large-cap and small-cap stocks during the observed period[10][12] 2. Factor Name: Market Structure Factor - **Construction Idea**: This factor evaluates the dispersion of industry returns, the speed of industry rotation, and the concentration of trading activity to assess market structure and dynamics[10][12] - **Construction Process**: - **Industry Return Dispersion**: Compute the standard deviation of excess returns across industry indices - **Industry Rotation Speed**: Measure the rate of change in leading industries over the week - **Trading Concentration**: Calculate the proportion of total trading volume contributed by the top 100 stocks and the top 5 industries - **Evaluation**: The factor highlights an increase in industry return dispersion and trading concentration, indicating a more focused market structure[10][12] 3. Factor Name: Market Activity Factor - **Construction Idea**: This factor tracks market volatility and turnover rates to gauge overall market activity levels[11][12] - **Construction Process**: - **Volatility**: Measure the weekly changes in index-level volatility - **Turnover Rate**: Calculate the weekly changes in market turnover rates - **Evaluation**: The factor shows a rise in both market volatility and turnover, reflecting heightened market activity during the week[11][12] 4. Factor Name: Commodity Market Factor - **Construction Idea**: This factor monitors the strength of trends, basis momentum, volatility, and liquidity in commodity markets to understand their dynamics[19][25] - **Construction Process**: - **Trend Strength**: Assess the directional movement of commodity indices - **Basis Momentum**: Measure the changes in the basis (spot price vs. futures price) for energy and precious metals - **Volatility**: Calculate the weekly changes in commodity price volatility - **Liquidity**: Track the weekly changes in trading volume and bid-ask spreads - **Evaluation**: The factor indicates a decline in trend strength and volatility, while basis momentum for energy and precious metals increased, and liquidity showed a downward trend[19][25] 5. Factor Name: Option Market Factor - **Construction Idea**: This factor evaluates implied volatility, skewness, and discount rates in the options market to assess market sentiment and hedging activity[28] - **Construction Process**: - **Implied Volatility**: Track the implied volatility levels of the SSE 50 and CSI 1000 indices - **Skewness and Discount Rates**: Measure the skewness of put options and the implied discount rates for these indices - **Evaluation**: The factor reveals high implied volatility levels, with an increase in put skewness and discount rates for the CSI 1000 index, suggesting rising hedging activity and market divergence[28] 6. Factor Name: Convertible Bond Market Factor - **Construction Idea**: This factor examines the premium rates and trading activity in the convertible bond market to understand its dynamics[30] - **Construction Process**: - **Premium Rates**: Analyze the average premium rates for bonds with low conversion premiums - **Trading Activity**: Measure the weekly changes in trading volume - **Evaluation**: The factor shows an increase in the proportion of low-premium bonds and stable trading activity, indicating potential short-term adjustments in the market[30] --- Factor Backtesting Results 1. Market Style Factor - **Large-Cap vs. Small-Cap Performance**: Balanced[10][12] - **Value vs. Growth Performance**: Growth outperformed value[10][12] - **Style Volatility**: Large-cap/small-cap volatility decreased; value/growth volatility increased[10][12] 2. Market Structure Factor - **Industry Return Dispersion**: Increased[10][12] - **Industry Rotation Speed**: Peaked and then declined[10][12] - **Trading Concentration**: Increased for both top 100 stocks and top 5 industries[10][12] 3. Market Activity Factor - **Volatility**: Increased[11][12] - **Turnover Rate**: Increased[11][12] 4. Commodity Market Factor - **Trend Strength**: Declined[19][25] - **Basis Momentum**: Increased for energy and precious metals[19][25] - **Volatility**: Declined[19][25] - **Liquidity**: Declined[19][25] 5. Option Market Factor - **Implied Volatility**: High for SSE 50 and CSI 1000[28] - **Skewness and Discount Rates**: Increased for CSI 1000[28] 6. Convertible Bond Market Factor - **Premium Rates**: Low-premium bonds increased[30] - **Trading Activity**: Stable[30]

Core Viewpoint - "New bond subscription" is a low-threshold, high-yield investment method suitable for beginners, allowing investors to purchase newly issued convertible bonds from listed companies [2][5]. Group 1: Characteristics of New Bonds - Convertible bonds combine debt and equity features, providing a safety net through interest payments and principal repayment, while also offering potential upside through conversion to stock [3][4]. - The main profit model for new bonds is to sell on the first day of listing, with historical data showing profits ranging from tens to hundreds of yuan, and a significant price increase on the listing day [6]. - The entry threshold for participating in new bond subscriptions is low, typically requiring around 1,000 yuan, making it accessible to a wide range of investors [6][7]. Group 2: Subscription Process - Investors need to open a securities account and obtain permission to trade convertible bonds, which requires two years of trading experience and an average asset of 100,000 yuan over 20 days [8]. - The subscription process involves checking new bond issuance information, submitting a subscription request, and confirming the results after a lottery draw [10][12]. - It is advisable to sell on the first day of listing to secure profits, with specific trading timeframes and price limits in place for convertible bonds [15][16]. Group 3: Target Audience - New bonds are particularly suitable for novice investors looking to experience the capital market, low-risk investors seeking stable returns, and those with limited funds wanting to participate without affecting their main investment strategies [20].

Core Viewpoint - The convertible bond market is experiencing significant growth, driven by the overall rise in the A-share market and increasing institutional demand, despite a notable reduction in the supply of convertible bonds due to strong redemptions and maturities [1][2]. Group 1: Market Performance - The A-share market has reached new highs not seen since 2015, with the China Convertible Bond Index also hitting a new peak, closing at 490.98 points, a 0.46% increase [1]. - The scarcity of convertible bonds has attracted substantial inflows from public funds, insurance, and bank wealth management products, contributing to the market's upward momentum [1]. Group 2: Valuation Metrics - The median price of convertible bonds has risen to 130 yuan, indicating a high absolute price level [1][2]. - The convertible bond market's conversion premium rate stands at 27%, suggesting a relatively reasonable valuation despite the high median price [2]. Group 3: Investment Considerations - The acceleration of strong redemptions is expected as the median price exceeds 130 yuan, making it crucial for investors to avoid convertible bonds that may be subject to early redemption [3]. - Investors face dual pressures of compressed premiums and increased selling from a rapidly expanding circulation if early redemptions occur unexpectedly [3].

Summary of Convertible Bond Market Analysis Industry Overview - The analysis focuses on the convertible bond market and its dynamics in relation to fixed income and equity markets, particularly during periods of market volatility and economic fluctuations [1][3][5]. Key Points and Arguments 1. **Market Dynamics**: The relationship between fixed income funds and convertible bonds is characterized by a seesaw effect, where strong performance in pure bonds leads to reduced enthusiasm for convertible bonds [1][3]. 2. **Investment Strategies**: In 2025, many fixed income funds achieved returns of approximately 2% to 3% through strategies involving conversion or equity enhancement, particularly in a challenging pure bond environment [1][5]. 3. **Credit Ratings and YTM**: The rise in stock prices in 2025 has led to a significant increase in the conversion evaluation center, making YTM data less comparable to government or credit loans, thus reducing the strategy of using pure conversion as a credit loan alternative [1][6]. 4. **Market Volatility**: The convertible bond market has experienced several rounds of volatility since 2018, influenced by events such as the US-China trade war and the COVID-19 pandemic, with varying impacts on valuation [1][7][9]. 5. **Credit Risk Concerns**: In 2024, concerns over credit risk and defaults, particularly with the first default from Lingnan State-owned Enterprises, led to skepticism about the reliability of convertible bonds, resulting in significant price fluctuations [1][11]. 6. **Market Recovery**: After September 24, 2024, the convertible bond market began to recover, with premium rates gradually normalizing as market risk and liquidity risk became more pronounced [1][14]. 7. **Investor Behavior**: Different types of institutional investors have varying approaches to convertible bonds, with low-risk investors favoring stable bonds and high-risk investors seeking high returns from equity-like convertible bonds [1][18]. 8. **ETF Performance**: Convertible ETFs, such as the Bosera Convertible ETF, have shown strong performance, driven by demand from banks and insurance funds seeking exposure to equity markets [1][19]. 9. **Current Valuation**: As of now, the median price of convertible bonds has surpassed 130 yuan, with premium rates remaining in the 20-30% range, indicating a reasonable valuation despite being perceived as expensive [1][20]. 10. **Active Management Necessity**: Active management of convertible bond positions is crucial for fixed income funds to control drawdowns, given the inherent volatility of convertible securities compared to pure equities [1][21]. Additional Important Insights - The convertible bond market's performance is closely tied to macroeconomic conditions and investor sentiment, with historical experiences shaping current strategies and expectations [1][9][10]. - The impact of credit rating adjustments on the market is significant, particularly during the annual review periods, which can lead to substantial changes in the composition of convertible bond portfolios [1][16].

Investment Insights - The market sentiment remains strong with margin trading exceeding 2 trillion, indicating a potential overheating risk [1][4] - The cyclical sector is gaining strength driven by expectations from projects like the Xinjiang-Tibet Railway, while the rotation between growth and cyclical stocks continues [1][4] Equity Market Overview - Small-cap growth stocks significantly outperformed last week, while the volatility of both large and small-cap styles increased [6] - The dispersion of excess returns among industry indices is at a near one-year low, indicating a slowdown in industry rotation [6] - The trading concentration has increased, with the top 100 stocks and top 5 industries seeing a rise in transaction value share [6] Commodity Market Analysis - Precious metals and agricultural products showed increased trend strength, while other sectors remained stable or declined [15][16] - The volatility in black and energy chemical sectors remained stable, with a slight decrease in the volatility of non-ferrous metals [15][16] Options Market Insights - Implied volatility for the Shanghai Stock Exchange 50 and CSI 1000 indices continues to decline, reflecting a market that is both strong and cautious [24] Convertible Bond Market Trends - The premium rate for convertible bonds is approaching a one-year high, while the proportion of bonds with low conversion premiums is increasing, indicating structural growth characteristics [26]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report In Q2 2025, the convertible bond market generally followed the trend of the equity market, with the convertible bond index rising. However, the scale of convertible bonds held by funds decreased, and the convertible bonds of the banking industry were significantly reduced. Different types of funds showed different trends in holding convertible bonds, and the performance of convertible bond funds was stronger than that of the Wind All - A Index and the CSI Convertible Bond Index [2][3][4]. 3. Summary According to the Directory 3.1 2025 Q2 Market Review - Most major market indices rose, except for the Shenzhen Component Index. The Shanghai Composite Index rose 2.8%, the Shenzhen Component Index fell 1.3%, the ChiNext Index rose 1.2%, the Wind All - A Index rose 3.0%, and the CSI Convertible Bond Index rose 3.3%. The convertible bond market generally followed the trend of the equity market, and the conversion premium rate decreased from 46.58% on April 1 to 44.09% on June 30 [2][14]. 3.2 Fund Holding Convertible Bond Behavior Analysis 3.2.1 Fund Holding Convertible Bond Total Scale Change - As of the end of Q2 2025, the balance of the convertible bond market was 660.618 billion yuan, a decrease of 40.389 billion yuan from the end of the previous quarter. The scale of convertible bonds held by funds was 272.825 billion yuan, a decrease of 9.457 billion yuan from the end of the previous quarter, a year - on - year decrease of 1.21% and a quarter - on - quarter decrease of 3.35%. The proportion of the market value of convertible bonds held by funds to the balance of the convertible bond market was 41.30%, an increase of 1.03 percentage points compared with Q1 2025 [16][17]. 3.2.2 Various Types of Funds Holding Convertible Bond Scale Change - In Q2 2025, the secondary hybrid bond funds held the largest scale of convertible bonds, with a market value of 8.5867 billion yuan, followed by the primary hybrid bond funds with a market value of 7.2656 billion yuan. The secondary hybrid bond funds reduced their holdings of convertible bonds by 8.14 billion yuan, while the primary hybrid bond funds increased their holdings by 6.05 billion yuan [23][29]. 3.2.3 Fund Positioning Behavior Analysis - **Industry Distribution**: The convertible bonds of the banking sector were still the main allocation direction of funds. In Q2 2025, the top five industries with the largest scale of convertible bonds held by funds were banking, power equipment, basic chemicals, electronics, and non - ferrous metals. The convertible bonds of the banking industry were significantly reduced by over 14 billion yuan, while those of basic chemicals, non - banking finance, electronics, automotive, and pharmaceutical biology industries were increased by over 500 million yuan [37][40]. - **Individual Bond Distribution**: At the end of Q2 2025, among the top 5 convertible bonds held by funds, 4 were bank - related convertible bonds. The Bank of Shanghai Convertible Bond was the individual bond with the largest increase in holdings, followed by the Hebang Convertible Bond [45][47]. - **Rating Situation**: Among the convertible bonds held by funds, the proportion of AA - rated convertible bonds was relatively high, with 143 bonds, accounting for 30.82% [53]. 3.3 Convertible Bond Fund Holding Convertible Bond Behavior Analysis 3.3.1 Convertible Bond Fund Scale Change - As of the end of Q2 2025, there were 38 convertible bond funds in existence, holding a scale of 40.229 billion yuan, a decrease of 2.201 billion yuan from the previous quarter [56]. 3.3.2 Convertible Bond Fund Positioning Behavior Analysis - **Industry Distribution**: Convertible bond funds held the largest market value of bank - related convertible bonds, with a scale of 6.917 billion yuan. The convertible bonds of the non - banking finance industry were increased by 413 million yuan, while those of the banking industry were reduced by 1.583 billion yuan [57][59]. - **Performance**: In Q2 2025, the average return rate of convertible bond funds was 3.50%, the median return rate was 3.43%, and the average return rate of the top 10 convertible bond funds was 4.98%. The performance of convertible bond funds was stronger than that of the Wind All - A Index and the CSI Convertible Bond Index [63].

1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report - The convertible bond market had more than half of the industries declining, and the valuation was compressed on July 23, 2025. The trading sentiment in the convertible bond market heated up, with the turnover increasing by 6.46% compared to the previous day. The 10 - year Treasury yield rose by 1.34bp to 1.70%. The central price of convertible bonds decreased, and the proportion of high - price bonds declined. The valuation of convertible bonds was compressed, with the conversion premium rate of the 100 - yuan par - value fitting decreasing by 0.36pct compared to the previous day [2][3][6]. 3. Summary According to Relevant Catalogs Market Main Index Performance - **Overall Index**: The CSI Convertible Bond Index decreased by 0.04% compared to the previous day, the Shanghai Composite Index increased by 0.01%, the Shenzhen Component Index decreased by 0.37%, the ChiNext Index decreased by 0.01%, the SSE 50 Index increased by 0.32%, and the CSI 1000 Index decreased by 0.45% [2]. - **Style Index**: The large - cap value style was relatively dominant. The large - cap growth index decreased by 0.04%, the large - cap value index increased by 0.24%, the mid - cap growth index decreased by 0.19%, the mid - cap value index decreased by 0.48%, the small - cap growth index decreased by 0.26%, and the small - cap value index decreased by 0.33% [2]. - **Detailed Index Data**: The closing prices, daily changes, weekly changes, monthly changes, and year - to - date changes of multiple convertible bond and stock indexes are presented in the report, such as the CSI Convertible Bond Index closing at 459.42 with a daily decrease of 0.04% [10]. Market Fund Performance - **Turnover**: The turnover of the convertible bond market was 85.925 billion yuan, a 6.46% increase compared to the previous day. The total turnover of the Wind All - A Index was 1.898371 trillion yuan, a 1.57% decrease compared to the previous day [2]. - **Net Inflow of Main Funds**: The net outflow of main funds from the Shanghai and Shenzhen stock markets was 40.834 billion yuan [2]. - **10 - year Treasury Yield**: The 10 - year Treasury yield rose by 1.34bp to 1.70% [2]. Convertible Bond Valuation - **Overall Valuation**: The conversion premium rate of the 100 - yuan par - value fitting was 27.32%, a decrease of 0.36pct compared to the previous day. The overall weighted par value was 96.85 yuan, an increase of 0.51% compared to the previous day [6]. - **Different Types of Convertible Bonds**: The premium rate of equity - biased convertible bonds was 7.25%, a decrease of 0.16pct; the premium rate of debt - biased convertible bonds was 86.64%, a decrease of 4.93pct; the premium rate of balanced convertible bonds was 20.35%, an increase of 0.45pct [6]. Industry Performance - **Stock Market**: Among A - share markets, the top three industries with the largest declines were building materials (- 2.27%), national defense and military industry (- 1.60%), and machinery and equipment (- 1.29%); the top three industries with the largest increases were non - bank finance (+ 1.29%), beauty care (+ 0.59%), and household appliances (+ 0.58%) [6]. - **Convertible Bond Market**: Among the convertible bond markets, 16 industries declined. The top three industries with the largest declines were national defense and military industry (- 1.66%), non - ferrous metals (- 1.02%), and steel (- 1.02%); the top three industries with the largest increases were building materials (+ 4.54%), communication (+ 1.27%), and beauty care (+ 0.66%) [7]. - **Industry Indicators**: In terms of closing prices, the large - cycle industry increased by 0.08%, the manufacturing industry decreased by 0.41%, the technology industry decreased by 0.07%, the large - consumption industry increased by 0.09%, and the large - finance industry increased by 0.12%. In terms of conversion premium rates, the large - cycle industry increased by 0.89pct, the manufacturing industry decreased by 0.53pct, the technology industry increased by 1.1pct, the large - consumption industry decreased by 1.6pct, and the large - finance industry increased by 1.0pct. In terms of conversion values, the large - cycle industry decreased by 0.43%, the manufacturing industry decreased by 0.56%, the technology industry decreased by 1.03%, the large - consumption industry increased by 0.24%, and the large - finance industry decreased by 0.07%. In terms of pure - bond premium rates, the large - cycle industry increased by 0.11pct, the manufacturing industry decreased by 0.56pct, the technology industry decreased by 0.13pct, the large - consumption industry increased by 0.081pct, and the large - finance industry increased by 0.27pct [7]. Industry Rotation - Non - bank finance, beauty care, and household appliances led the rise. The report also presented the daily, weekly, monthly, and year - to - date changes in stock prices and convertible bond prices of various industries, as well as the P/E and P/B ratios and their percentile rankings in the past 3 - year and 10 - year periods [57].