可转债周报（2025年3月31日至2025年4月3日）：适当做好防守-2025-04-05

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report From March 31 to April 3, 2025, affected by external environment changes, the convertible bond market continued to adjust. Although the CSI Convertible Bond Index declined, its decline was lower than that of the CSI All - Share Index. Since the beginning of 2025, the convertible bond market has outperformed the equity market. Currently, the bond market shows signs of recovery, while the equity market faces adjustment pressure. With the bond - floor protection in the convertible bond market, if proper defense measures are taken, the subsequent performance of convertible bonds can still be expected [1][4]. 3. Summary by Related Catalogs Market行情 - During the week from March 31 to April 3, 2025 (4 trading days), affected by external environment changes, the convertible bond market continued to adjust. The CSI Convertible Bond Index had a weekly change of - 0.3% (last week was - 0.2%), with a smaller decline than the CSI All - Share Index (- 1.2%). Since the beginning of 2025, the CSI Convertible Bond Index has risen by 3.3%, and the CSI All - Share Index has risen by 1.2%, indicating that the convertible bond market has outperformed the equity market [1]. - By rating, high - rated bonds (rating of AA + and above), medium - rated bonds (rating of AA), and low - rated bonds (rating of AA - and below) had weekly changes of - 0.3%, - 0.2%, and - 0.1% respectively, with high - rated bonds having the largest decline [1]. - By convertible bond scale, large - scale convertible bonds (bond balance > 5 billion yuan), medium - scale convertible bonds (balance between 500 million and 5 billion yuan), and small - scale convertible bonds (balance < 500 million yuan) had weekly changes of - 0.6%, - 0.3%, and 0% respectively, with large - scale convertible bonds having the largest decline [1]. - By conversion parity, ultra - high - parity bonds (conversion value > 130 yuan), high - parity bonds (conversion value between 110 and 130 yuan), medium - parity bonds (conversion value between 90 and 110 yuan), low - parity bonds (conversion value between 70 and 90 yuan), and ultra - low - parity bonds (conversion value < 70 yuan) had weekly changes of 0.3%, - 0.3%, - 0.1%, - 0.3%, and - 0.2% respectively, with ultra - high - parity bonds slightly rising [2]. - By industry, the top 30 convertible bonds in terms of increase mainly came from machinery and equipment (4), public utilities (4), and building decoration (4); the top 30 convertible bonds in terms of decline mainly came from chemicals (6), electronics (6), and automobiles (5) [2]. Current Valuation Level of Convertible Bonds - As of April 3, 2025, there were 485 outstanding convertible bonds (490 at the end of last week), with a balance of 685.51 billion yuan (686.47 billion yuan at the end of last week). - The average convertible bond price was 120.9 yuan (121.6 yuan last week), and the percentile was 77.0% (80.4% last week), with the percentile continuing to decline. - The average convertible bond parity was 93.9 yuan (95.6 yuan last week), and the percentile was 69.2% (79.8% last week). - The average convertible bond conversion premium rate was 28.2% (26.9% last week), and the percentile was 59.2% (55.6% last week), showing an increase this week. Among them, the conversion premium rate of medium - parity (conversion value between 90 and 110 yuan) convertible bonds was 23.4% (23.3% at the end of last week), higher than the median conversion premium rate of medium - parity convertible bonds since 2018 (19.5%) [3]. Convertible Bond Increase Situation The top 15 convertible bonds in terms of increase this week are as follows: | Rank | Convertible Bond Abbreviation | Underlying Stock Abbreviation | Industry | Latest Closing Price (yuan) | Convertible Bond Increase (%) | Underlying Stock Increase (%) | | --- | --- | --- | --- | --- | --- | --- | | 1 | Zhongqi Convertible Bond | Zhongqi New Materials | Building Materials | 243.4 | 72.8 | 33.1 | | 2 | Huisheng Convertible Bond | Huisheng Biology | Agriculture, Forestry, Animal Husbandry and Fishery | 228.0 | 42.9 | 40.0 | | 3 | Zhengfan Convertible Bond | Zhengfan Technology | Machinery and Equipment | 127.4 | 27.4 | 0.3 | | 4 | Jingyuan Convertible Bond | Jingyuan Environmental Protection | Public Utilities | 186.1 | 18.3 | 20.2 | | 5 | Jingzhuang Convertible Bond | Zhongtian Jingzhuang | Building Decoration | 156.8 | 10.3 | 10.7 | | 6 | Jizhi Convertible Bond | Jizhi Co., Ltd. | Machinery and Equipment | 201.1 | 10.3 | 9.2 | | 7 | Bohui Convertible Bond | Bohui Co., Ltd. | Chemicals | 116.4 | 6.1 | 0.1 | | 8 | Zhongbei Convertible Bond | Zhongbei Communication | Communication | 141.9 | 5.5 | 6.3 | | 9 | Huicheng Convertible Bond | Huicheng Environmental Protection | Public Utilities | 1710.0 | 5.3 | - 2.3 | | 10 | Tianrun Convertible Bond | Tianrun Dairy | Food and Beverage | 144.5 | 4.7 | 3.1 | | 11 | Aofei Convertible Bond | Aofei Data | Computer | 246.0 | 4.6 | 3.5 | | 12 | Hongcheng Convertible Bond | Hongcheng Environment | Public Utilities | 191.6 | 4.5 | 6.3 | | 13 | Zhongzhuang Convertible Bond 2 | ST Zhongzhuang | Building Decoration | 83.8 | 4.2 | - 2.0 | | 14 | Aima Convertible Bond | Aima Technology | Automobiles | 134.9 | 3.1 | 4.2 | | 15 | Chujiang Convertible Bond | Chujiang New Materials | Non - ferrous Metals | 156.3 | 2.9 | 2.0 | [21]