20241028-国新证券股份-可转债数据点评_2页_491kb

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Market Research Department
October 28, 2024

Convertible Bond Index Market Overview (Oct 21-25, 2024):
The CSI Convertible Bond Index rose by 150%, outpacing the SSE Index (up 117%) and the Wind All A Index (up 272%). The weighted average conversion premium rate fell 29 basis points. Small-cap bonds performed strongly, driving up the CSI Small-Cap Convertible Bond Index by 22%. However, the major market indices showed significant gains, highlighting market volatility.

Underlying Drivers:
Small-cap bonds outperformed large-cap ones. Sectors like Communication and Real Estate were the top performers, while Technology and Financials saw declines. Strong catalysts include fiscal policy support and government stimulus plans.

Key Metrics:

• CSI Onshore Convertible Bond Index: +150%
• CSI 500: +189%
• CSI Small-Cap Convertible Bond Index: +22%
• Turnover Premium Declined: 29 ppts to 30%

Sparking Interest:
Sector | Performance
Communication | +78%
Real Estate | +59%
Consumer Goods | +42%

With enhanced liquidity and predictive signals, these industries are positioning themselves for sustained performance. Growth catalyst plans include targeted fiscal support measures. However, policy adjustments could complicate market outlooks.