CSI Convertible Bond Index Opens 0.19% Lower; ZX, Benchuan, Haoyuan Lead Declines

The dispersion here is the story: a modestly lower index masking double-digit divergence between individual convertibles, with the weakest names falling several times harder than the index and the strongest rising more than the index fell. That pattern points to idiosyncratic, issue-specific pressure rather than broad convertibles weakness, which matters for anyone treating the index as a proxy for the asset class. Whether the gap between the leaders and laggards persists or converges is the open question.