可转债策略周报：关注顺周期转债-2025-03-26

Group 1: Market Overview - The convertible bond market declined alongside the equity market, with a smaller drop. The China Convertible Bond Index fell by 1.37% to 430.48 points, while the Shanghai Composite Index decreased by 1.60% to 3,364.83 points [2][10] - The trading volume and turnover of convertible bonds showed a significant decline, with weekly trading volume down by 15.2% to 20,131 million hands and turnover down by 16.9% to 320.31 billion [24][26] - The textile, public utilities, transportation, banking, and steel sectors performed relatively well, while the computer, media, and electronics sectors continued to lead the decline [21][34] Group 2: Convertible Bond Valuation - The convertible bond premium rate decreased to 41.83%, down 2.62% from the previous week, which is below the 25th percentile level of the past 24 years [3][36] - The textile, food and beverage, pharmaceutical, non-bank financial, and construction materials sectors had higher premium rates, while the comprehensive, communication, defense, banking, and media sectors had lower rates [39][40] Group 3: Convertible Bond Supply and Demand - As of last week, the total balance of listed convertible bonds was 699.90 billion, with a weighted average remaining term of 2.7 years. 64% of these bonds are listed on the Shanghai Stock Exchange [4][44] - There was one new issuance announcement for a convertible bond, with a planned issuance size of 5.00 billion, and six companies updated their issuance dynamics, totaling 18.06 billion [47][48] Group 4: Convertible Bond Credit Quality - The majority of convertible bonds are rated A+ or above, accounting for 91.0% of the total. There was one downgrade in March for Dongshi Convertible Bond [5][42]