20230605-华创证券-转债市场日度跟踪_8页_1mb

Convertible Bond Market Daily Summary (June 5, 2023)

Market Overview

On June 5, 2023, the convertible bond market experienced slightly compressed valuation and reduced trading volume. Key indices showed modest declines or slight increases: the CSI Convertible Bond Index decreased by 0.013%, the Shanghai Composite Index rose 0.007%, the Shenzhen Component Index fell 0.47%, while others, such as the CSI 50 Index and others like the CSI 1000 Index, showed various movements. Market style favored large-cap value stocks, with reductions in small-cap and growth-oriented indices.

Fund Flow and Trading

Convertible bond trading volume was 52.565 billion yuan, down 14.81% year-over-year. A-share market turnover was high, with mainland funds net outflow of 21.017 billion yuan and northbound funds net outflow of 1.215 billion yuan. The 10-year国债 yield decreased by 25bps to 2.69%, reflecting shifting investor sentiment.

Price and Valuation

The average closing price of convertible bonds was 11,810 yuan, down 0.17% day-over-day. High-floor bonds above 130 yuan saw a reduced proportion, while mid-range bonds (110-120 yuan) gained share. Conversion premiums decreased overall, with high-premium bonds showing compression, indicating a slight tightening in bond valuations.

Industry Performance

In the A-share market, 17 sectors declined, led by falls in power equipment and food beverage. Rising sectors included media, social services, and home appliances. For the convertible bond market, similar trends were observed, with significant losses in industries like food beverage and gains in areas such as communication and computer stocks.

Risk Factors

Key risks include high stock volatility, compressed bond valuations, potential delays in economic recovery, and external market fluctuations. These factors could impact market stability and investment opportunities.