证券研究报告|宏观研究报告 [Table_Date] 2025 年 06 月 06 日 [Table_Title] 2025Q1 转债信用评分&负面事件梳理出炉 邮箱：tianlm@hx168.com.cn SAC NO：S1120524010001 分析师：董远 邮箱：dongyuan1@hx168.com.cn SAC NO：S1120524050003 [Table_Summary] 我们在报告《转债信用分析框架指南》中介绍了转债信用分 析方法，现基于最新的存续转债情况，更新 2025Q1 转债信用 评分。 2025Q1 转债信用评分涵盖所有非金融存续转债，共计 448 只。包括基础设施类转债 37 只，零售类转债 12 只，公用事业 类转债 21 只，轻资产服务类转债 22 只，消费医药类转债 90 只，制造类转债 162 只，周期类转债 104 只，统计时间截至 2025 年 3 月 31 日。 总体来看，基础设施类、零售类和轻资产服务类信用评分较 上一季度环比提升；消费医药类、制造类和周期类信用评分 较上一季度均环比下降；公用事业类信用评分较上一季度变 化不大。 我们将按季度对转债信用评分进行持续 ...

证券研究报告|宏观研究报告 [Table_Date] 2025 年 06 月 06 日 [Table_Title] 2025Q1 转债信用评分&负面事件梳理出炉 [Table_Summary] 我们在报告《转债信用分析框架指南》中介绍了转债信用分 析方法，现基于最新的存续转债情况，更新 2025Q1 转债信用 评分。 2025Q1 转债信用评分涵盖所有非金融存续转债，共计 448 只。包括基础设施类转债 37 只，零售类转债 12 只，公用事业 类转债 21 只，轻资产服务类转债 22 只，消费医药类转债 90 只，制造类转债 162 只，周期类转债 104 只，统计时间截至 2025 年 3 月 31 日。 总体来看，基础设施类、零售类和轻资产服务类信用评分较 上一季度环比提升；消费医药类、制造类和周期类信用评分 较上一季度均环比下降；公用事业类信用评分较上一季度变 化不大。 我们将按季度对转债信用评分进行持续更新，敬请投资者关 注。 风险提示 转债信用分析框架不够完善、转债发行人信用资质评估框架 不够细致；转债规则出现超预期调整。 评级及分析师信息 [Table_Author] 分析师：田乐蒙 邮箱：ti ...

Core Viewpoint - The market has rebounded to the level of 3400, returning to the position seen in March, following a 10% adjustment over two months, indicating a potential recovery in investor sentiment and market dynamics [1][3]. Group 1: Market Performance - The banking, brokerage, and insurance sectors have surged, contributing to a significant increase in the index, which has now surpassed 3400 [3][9]. - The banking index has reached a historical high, with a total market capitalization exceeding 10 trillion, representing over 10% of the total market capitalization of the CSI All Share Index, which stands at 99 trillion [9]. Group 2: Fund Management Regulations - New regulations for public funds are expected to tie performance assessments to benchmarks and investor profitability, prompting a shift in investment strategies [3][4]. - Most public funds benchmark against the CSI 300 index, leading to a potential increase in buying activity in the index's constituent sectors, particularly in banking and finance [4][5]. Group 3: Investment Strategies - The anticipation of new regulations has led to a tactical shift in fund managers' strategies, with early buying seen as advantageous for cost efficiency [4][6]. - High-profile institutions, including Goldman Sachs, have noted that the financial sector is experiencing a rise due to the new public fund management guidelines, with significant reallocations observed since the announcement on May 7 [7][10]. Group 4: Market Sentiment and Future Outlook - The current market behavior is characterized as a short-term tactical repositioning rather than a fundamental improvement in the market [11][12]. - The expectation is that public funds will increasingly invest in CSI 300 constituents, but fund managers are likely to maintain their research-driven investment approaches to outperform the index over time [12][13].