China Convertible Bond Index Rises 0.13% at Open

The modest index gain masks a sharp divergence: top gainers are hitting the 30% daily limit while the worst losers are down just over 1%, indicating speculative, selective flows rather than broad-based buying. This suggests momentum is concentrated in a few names, possibly driven by issuer-specific catalysts or sector rotation, while the majority of the market remains tepid. The wide spread between winners and losers is worth tracking—whether such volatility persists could signal growing risk appetite in the convertible space, which matters for fixed-income and equity cross-over investors watching for signs of speculative froth.