截至2025年11月28日 13:22，中证可转债及可交换债券指数(931078)上涨0.42%。可转债ETF(511380)上涨0.49%，最新价报13.36元。拉长时间看，截至2025年 11月27日，可转债ETF近半年累计上涨11.37%。 华泰固收发布2026年REITs市场展望称，明年REITs市场趋势性机会有限，基本面分化或将更明显，投资策略应回归价值逻辑，建议精选基本面稳健、估值 合理的优质品种。低利率环境下，REITs作为多元化配置的重要工具，其在大类资产配置中的价值将进一步凸显。一级市场方面，发行规模预计将稳步增 长，扩募持续推进，投资人打新将回归理性，一级报价或应给二级市场留出缓冲空间。 展望后市，正股层面，近期在国内基本面仍弱修复、区域政治扰动、AI板块波动加大等因素影响下，短期仍需静待权益市场企稳，中长期慢牛行情仍大概 率延续。估值层面，新券发行节奏偏缓，供需矛盾仍存，上周可转债ETF份额逆势增加，止盈情绪或有所缓解，预计转债估值仍在高位震荡。 规模方面，可转债ETF最新规模达568.00亿元。（数据来源：Wind） 资金流入方面，可转债ETF最新资金净流出534.72万元。拉长时间看 ...

Group 1 - The convertible bond market is experiencing fluctuations, with the China Securities Convertible Bond and Exchangeable Bond Index down by 0.58% as of November 18, 2025, and the convertible bond ETF (511380) down by 0.41% at a latest price of 13.6 yuan [2] - Year-to-date, the total issuance of bonds by securities firms has reached 1.6 trillion yuan, a year-on-year increase of 62.34%, driven by a recovering capital market and low interest rates [2] - The issuance of 58 technology innovation bonds since May has totaled 789.7 billion yuan, with an average oversubscription rate of 3.8 times, indicating strong investor interest [2] Group 2 - The bond market is expected to maintain a volatile pattern, with government bond issuance decreasing and a balanced funding environment supported by the central bank [3] - The convertible bond market is projected to exhibit significant range-bound characteristics in 2026, influenced by rising expected returns from equity assets and the increasing probability of strong redemptions [3] - The latest size of the convertible bond ETF is 567.10 billion yuan, closely tracking the China Securities Convertible Bond and Exchangeable Bond Index, which reflects the overall performance of convertible and exchangeable bonds listed on the Shanghai and Shenzhen exchanges [3]

Core Insights - The China Securities Convertible Bond and Exchangeable Bond Index (931078) increased by 0.58% as of October 29, 2025, with the Convertible Bond ETF (511380) rising by 0.55% to a latest price of 13.51 yuan [2] - The recent report from the Central Committee emphasizes the need for proactive macroeconomic policies to stabilize growth, employment, and expectations, while also enhancing risk management in key areas such as real estate and local government debt [2] - The issuance of convertible bonds by banks is viewed as a cost-effective financing method, which can bolster core Tier 1 capital and support business expansion and risk resilience [3] Market Activity - The Convertible Bond ETF recorded a turnover rate of 13.16% with a trading volume of 7.825 billion yuan, indicating active market participation [2] - Over the past week, the Convertible Bond ETF has accumulated a rise of 0.83% [2] - The latest scale of the Convertible Bond ETF reached 59.363 billion yuan, with a net outflow of 638 million yuan recently [3] Investment Opportunities - Despite ongoing market uncertainties, investment opportunities are emerging, particularly in equity assets benefiting from the AI wave and policy support in the technology growth sector [3] - The recent trend shows that in the last 10 trading days, there were net inflows on 6 days, totaling 863 million yuan, with an average daily net inflow of 8.632 million yuan [3] - The Convertible Bond ETF closely tracks the performance of the China Securities Convertible Bond and Exchangeable Bond Index, which is composed of convertible and exchangeable bonds listed on the Shanghai and Shenzhen exchanges [3]

Group 1 - The core viewpoint of the news is that Alibaba plans to issue zero-coupon convertible bonds maturing in 2032, aiming to raise $3.17 billion, which is expected to be the largest transaction of its kind this year [2] - The convertible bond ETF (511380) has seen a recent increase of 0.69%, with a latest price of 13.28 yuan, and a cumulative increase of 0.93% over the past week [2] - The trading volume of the convertible bond ETF was active, with a turnover rate of 16.52% and a transaction value of 10.546 billion yuan, indicating strong market activity [2] Group 2 - The latest scale of the convertible bond ETF reached 63.684 billion yuan, with a recent net outflow of 372 million yuan [3] - Over the past five trading days, there were three days of net inflow, totaling 827 million yuan, with an average daily net inflow of 165 million yuan [3] - The convertible bond market is significantly influenced by the interest rate environment and credit spread changes, with the current RMB exchange rate being supported by cross-border capital flows and rapid growth in domestic foreign exchange deposits [3]