记者观察：转债的估值贵了吗？

Core Viewpoint - The convertible bond market is experiencing significant growth, driven by the overall rise in the A-share market and increasing institutional demand, despite a notable reduction in the supply of convertible bonds due to strong redemptions and maturities [1][2]. Group 1: Market Performance - The A-share market has reached new highs not seen since 2015, with the China Convertible Bond Index also hitting a new peak, closing at 490.98 points, a 0.46% increase [1]. - The scarcity of convertible bonds has attracted substantial inflows from public funds, insurance, and bank wealth management products, contributing to the market's upward momentum [1]. Group 2: Valuation Metrics - The median price of convertible bonds has risen to 130 yuan, indicating a high absolute price level [1][2]. - The convertible bond market's conversion premium rate stands at 27%, suggesting a relatively reasonable valuation despite the high median price [2]. Group 3: Investment Considerations - The acceleration of strong redemptions is expected as the median price exceeds 130 yuan, making it crucial for investors to avoid convertible bonds that may be subject to early redemption [3]. - Investors face dual pressures of compressed premiums and increased selling from a rapidly expanding circulation if early redemptions occur unexpectedly [3].