Core Insights - The report highlights three major trends in the consumer market for Q1 2025, driven by consumption policies, technological innovation, and an upgrade in quality and services [1]. Group 1: Consumption Trends - Consumption policies and technological innovations are expanding domestic demand, with promotional activities like "New Year Refresh" and "Trade-in Subsidies" stimulating sales [1]. - The gaming industry is leveraging short video sharing and esports events to enhance user engagement, while the travel sector is increasing discussion through "AI Customized Itineraries" and exploration of niche destinations [1]. - The upgrade in quality and services is becoming a significant trend in market development [1]. Group 2: Sales Data Growth - The top 10 consumer categories with the highest sales growth index in Q1 2025 include computer digital products, home appliances, healthcare, home decoration, office equipment, toys and musical instruments, fresh food, maternal and infant products, pet supplies, and outdoor sports [2]. - The sales growth index for computer digital products is 4.33, driven by promotional activities and policies that lower consumption barriers [2]. - Home appliances have a sales growth index of 3.75, supported by consumer demand for convenience, intelligence, and health, along with the promotion of energy-saving subsidies [2]. Group 3: Consumer Satisfaction - The highest consumer satisfaction in Q1 2025 was recorded in the art collection category, with a positive feedback rate of 97.8% [3]. - Video games and toys/musical instruments had lower positive feedback rates of 86.4% and 89.1%, respectively, indicating areas for improvement [3]. - The gaming sector saw significant discussion around product pricing and consumer experience, with a negative sentiment rate of 13.6% primarily due to issues like game lag and pricing disputes [3]. Group 4: Future Research Directions - The project team aims to leverage big data monitoring in the consumer sector to enhance research output and application, contributing to the release of diverse and differentiated consumption potential [4].

Market Overview - The Shanghai Composite Index increased by 0.36% as of 13:58, with a trading volume of 779.15 million shares and a turnover of 936.02 billion yuan, representing a 0.34% increase compared to the previous trading day [1]. Industry Performance - The top-performing sectors included: - Beauty Care: Increased by 4.10% with a transaction amount of 10.36 billion yuan, led by Shuiyang Co., which rose by 15.15% [1]. - Comprehensive: Increased by 2.16% with a transaction amount of 2.24 billion yuan, led by Nanjing Xinbai, which rose by 6.23% [1]. - Textile and Apparel: Increased by 2.03% with a transaction amount of 13.61 billion yuan, led by Mankalon, which rose by 19.98% [1]. - The sectors with the largest declines included: - Household Appliances: Decreased by 1.87% with a transaction amount of 15.38 billion yuan, led by Midea Group, which fell by 4.17% [2]. - Steel: Decreased by 1.37% with a transaction amount of 4.86 billion yuan, led by Benxi Steel, which fell by 6.75% [2]. - Coal: Decreased by 1.09% with a transaction amount of 5.21 billion yuan, led by Anyuan Coal Industry, which fell by 4.32% [2]. Detailed Industry Data - The following table summarizes the performance of various industries: | Industry | Change (%) | Transaction Amount (billion yuan) | Change from Previous Day (%) | Leading Stock | Change (%) | | --- | --- | --- | --- | --- | --- | | Beauty Care | 4.10 | 10.36 | 34.48 | Shuiyang Co. | 15.15 | | Comprehensive | 2.16 | 2.24 | 12.95 | Nanjing Xinbai | 6.23 | | Textile and Apparel | 2.03 | 13.61 | 15.61 | Mankalon | 19.98 | | Household Appliances | -1.87 | 15.38 | 17.34 | Midea Group | -4.17 | | Steel | -1.37 | 4.86 | 31.69 | Benxi Steel | -6.75 | | Coal | -1.09 | 5.21 | 45.64 | Anyuan Coal Industry | -4.32 | [1][2]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On May 22, 2025, most convertible bond industries declined, and the valuation contracted on a month - on - month basis. The trading sentiment in the convertible bond market weakened, and the overall market showed a situation where large - cap value stocks were relatively dominant [1]. 3. Summary by Related Catalogs Market Overview - **Index Performance**: The CSI Convertible Bond Index decreased by 0.32% month - on - month, the Shanghai Composite Index decreased by 0.22%, the Shenzhen Component Index decreased by 0.72%, the ChiNext Index decreased by 0.96%, the SSE 50 Index increased by 0.19%, and the CSI 1000 Index decreased by 1.08% [1]. - **Market Style**: Large - cap value stocks were relatively dominant. Large - cap growth stocks decreased by 0.49%, large - cap value stocks increased by 0.54%, mid - cap growth stocks decreased by 0.91%, mid - cap value stocks decreased by 0.67%, small - cap growth stocks decreased by 1.05%, and small - cap value stocks decreased by 0.97% [1]. - **Fund Performance**: The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 50.322 billion yuan, a month - on - month decrease of 8.82%. The total trading volume of the Wind All - A Index was 1.139705 trillion yuan, a month - on - month decrease of 6.15%. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 25.263 billion yuan, and the yield of the 10 - year Treasury bond increased by 0.86bp to 1.72% [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 119.07 yuan, a month - on - month decrease of 0.34%. Among them, the closing price of equity - biased convertible bonds was 157.17 yuan, a month - on - month increase of 0.49%; the closing price of bond - biased convertible bonds was 110.32 yuan, a month - on - month decrease of 0.20%; the closing price of balanced convertible bonds was 120.37 yuan, a month - on - month decrease of 0.18% [2]. - The proportion of high - price bonds above 130 yuan was 23.89%, a month - on - month decrease of 1.9pct. The range with the largest change in proportion was 110 - 120 (including 120), with a proportion of 37.42%, a month - on - month increase of 1.9pct. There were 10 bonds with a closing price below 100 yuan. The median price was 120.60 yuan, a month - on - month decrease of 0.58% [2]. Convertible Bond Valuation - The valuation contracted. The fitted conversion premium rate of 100 - yuan par value was 22.80%, a month - on - month decrease of 0.35pct. The overall weighted par value was 89.74 yuan, a month - on - month decrease of 0.44% [2]. - The premium rate of equity - biased convertible bonds was 4.26%, a month - on - month decrease of 0.45pct; the premium rate of bond - biased convertible bonds was 89.87%, a month - on - month decrease of 0.15pct; the premium rate of balanced convertible bonds was 19.65%, a month - on - month decrease of 0.33pct [2]. Industry Performance - **Stock Market**: In the A - share market, the top three industries with the largest declines were Beauty Care (-2.03%), Social Services (-1.80%), and Basic Chemicals (-1.70%); the top three industries with the largest increases were Banks (+1.00%), Media (+0.12%), and Household Appliances (+0.04%) [3]. - **Convertible Bond Market**: A total of 24 industries in the convertible bond market declined. The top three industries with the largest declines were Utilities (-1.15%), Household Appliances (-1.11%), and Non - Ferrous Metals (-1.07%); the top three industries with the largest increases were Banks (+0.56%), Media (+0.37%), and Building Decoration (+0.23%) [3]. - **Key Indicators of Different Industry Types**: - Closing price: The large - cycle decreased by 0.59%, manufacturing decreased by 0.81%, technology decreased by 0.40%, large - scale consumption decreased by 0.86%, and large - scale finance increased by 0.07% [3]. - Conversion premium rate: The large - cycle increased by 1.0pct, manufacturing increased by 1.2pct, technology increased by 0.25pct, large - scale consumption increased by 1.0pct, and large - scale finance increased by 0.68pct [3]. - Conversion value: The large - cycle decreased by 1.21%, manufacturing decreased by 1.48%, technology decreased by 0.51%, large - scale consumption decreased by 1.68%, and large - scale finance increased by 0.51% [3]. - Pure bond premium rate: The large - cycle decreased by 0.76pct, manufacturing decreased by 1.0pct, technology decreased by 0.55pct, large - scale consumption decreased by 1.0pct, and large - scale finance increased by 0.069pct [4]. Industry Rotation - The banking, media, and household appliance industries led the rise. The banking industry had a daily increase of 1.00% in the stock market and 0.56% in the convertible bond market; the media industry had a daily increase of 0.12% in the stock market and 0.37% in the convertible bond market; the household appliance industry had a daily increase of 0.04% in the stock market and a decrease of 1.11% in the convertible bond market [55].