金吾财讯 | A股中秋节前全天缩量震荡，午后跌幅进一步扩大，整体交投情绪继续下降，截至收盘，沪指跌1.22%，深成指跌2.34%，创业板指跌2.68%。沪深两市成交额约1.65万亿，较上一个交易日缩量约1116亿元。盘面上看，个股跌多涨少，超1100只股份上扬，逾4300只股份录得下跌。板块方面，先进封装、减肥药、CPO、电子烟等板块跌幅居前；教育、航运港口、煤炭、工程机械等板块涨幅居前。国投证券表示，若节前成交不足，行情仍需依靠部分行业和个股带动。AI硬件是短期关键，其上涨空间取决于美国资本开支和盈利表现能否继续验证。转债上周有所修复，估值回升更多集中在高平价端，但整体估值仍高，尚不宜由一周反弹推断普涨行情。部分品种已经先行上涨，后续更值得关注正股预期尚有改善、债价尚未充分反映的个券。偏债转债的纯债溢价率仍低于2021至2023年的中枢，但上周已由12.3%回升至13.0%，110只低平价样本中仅13只到期收益率为正。底仓选择仍需比较信用、持有回报和剩余期限，并考虑买入价格与退出时点。
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