Core Insights - The convertible bond market has shown strong performance in 2023, with a year-to-date trading volume increase of over 37% and a cumulative rise of 17.14% in the China Convertible Bond Index as of October 10 [2][3] Market Overview - The convertible bond market is experiencing a tightening supply-demand dynamic, driven by a strong equity market and increased investor confidence due to regulatory support and breakthroughs in the technology sector [2][3] - The total outstanding convertible bonds decreased significantly to 606.43 billion yuan, down 127.21 billion yuan from the beginning of the year, with 33 new bonds issued and 119 bonds exiting the market [2][3] Supply and Demand Dynamics - The number of strong redemption cases has increased, primarily due to rising stock prices triggering redemption mechanisms, leading to a contraction in supply while demand remains stable [3] - The average price of convertible bonds is currently at 147.6 yuan, with an average conversion premium of 38.42%, indicating that the market valuation is within a reasonable range [3][4] Future Outlook - The convertible bond market is expected to enter a wide fluctuation range in Q4 2025, with a focus on low-priced bonds that have conversion demands [4] - Investors are advised to pay attention to technology-related catalysts and opportunities related to the "14th Five-Year Plan," particularly in the new energy sector and high-quality technology bonds [4]
可转债市场交投活跃 年内成交额同比增超37%
Zheng Quan Ri Bao·2025-10-12 15:52