可转债周报（2025 年 4 月 7 日至 2025 年 4 月 11 日）：更多关注高红利、绩优属性转债-20250411

Report Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - Affected by external environment changes, the convertible bond market fluctuated significantly this week. The CSI Convertible Bond Index fell 1.7% (compared to -0.3% last week), with a smaller decline than the CSI All-Share Index (-4.3%). Since the beginning of 2025, the CSI Convertible Bond Index has risen 1.5%, while the CSI All-Share Index has fallen 3.1%, indicating that the convertible bond market has outperformed the equity market. "Reciprocal tariffs" are an important influencing factor for the current convertible bond market. At present, it is necessary to focus on "defense" first and then make allocations according to the situation. During the defense phase, more attention can be paid to convertible bonds whose underlying stocks have high dividend and high-quality performance attributes [1][4]. Summary by Relevant Catalogs Market Conditions - From April 7 to April 11, 2025 (a total of 5 trading days), affected by external environment changes, the convertible bond market fluctuated significantly. The CSI Convertible Bond Index fell 1.7% this week (compared to -0.3% last week), with a smaller decline than the CSI All-Share Index (-4.3%). Since the beginning of 2025, the CSI Convertible Bond Index has risen 1.5%, while the CSI All-Share Index has fallen 3.1%, indicating that the convertible bond market has outperformed the equity market [1]. - By rating, high-rated bonds (rated AA+ and above), medium-rated bonds (rated AA), and low-rated bonds (rated AA- and below) fell 1.21%, 1.59%, and 2.10% respectively this week, with high-rated bonds having the smallest decline. By convertible bond size, large-scale convertible bonds (bond balance greater than 5 billion yuan), medium-scale convertible bonds (balance between 500 million and 5 billion yuan), and small-scale convertible bonds (balance less than 500 million yuan) fell 1.20%, 1.62%, and 2.23% respectively this week, with small-scale convertible bonds having the largest decline. By conversion parity, ultra-high parity bonds (conversion value greater than 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 less than 70 yuan) fell 3.63%, 1.78%, 1.94%, 1.34%, and 1.52% respectively this week, with ultra-high parity bonds having the largest decline. By industry, the top 30 convertible bonds in terms of gains mainly came from agriculture, forestry, animal husbandry, and fishery (5 bonds) and chemical industry (4 bonds); the top 30 convertible bonds in terms of losses mainly came from machinery and equipment (5 bonds), electrical equipment (5 bonds), electronics (4 bonds), etc. [2]. Current Convertible Bond Valuation Level - As of April 11, 2025, there were 481 outstanding convertible bonds (485 at the end of last week), with a balance of 687.432 billion yuan (685.51 billion yuan at the end of last week). Specifically, the average convertible bond price was 118.6 yuan (120.9 yuan last week), and the percentile was 63.1% (77.0% last week), with the percentile continuing to decline; the average convertible bond parity was 85.4 yuan (93.9 yuan last week), and the percentile was 22.9% (69.2% last week); the average convertible bond conversion premium rate was 38.7% (28.2% last week), and the percentile was 83.7% (59.2% last week), indicating a significant increase in the valuation level this week. Among them, the conversion premium rate of medium-parity (conversion value between 90 and 110 yuan) convertible bonds was 25.6% (23.4% 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 Performance and Allocation Direction - Affected by external environment changes, the convertible bond market fluctuated significantly. The CSI Convertible Bond Index fell 1.7% this week (compared to -0.3% last week), with a smaller decline than the CSI All-Share Index (-4.3%). Since the beginning of 2025, the CSI Convertible Bond Index has risen 1.5%, while the CSI All-Share Index has fallen 3.1%, indicating that the convertible bond market has outperformed the equity market. Looking ahead, "reciprocal tariffs" are an important influencing factor for the current convertible bond market. At present, it is necessary to focus on "defense" first and then make allocations according to the situation. During the defense phase, more attention can be paid to convertible bonds whose underlying stocks have high dividend and high-quality performance attributes [4]. Convertible Bond Gain Situation - The top 15 convertible bonds in terms of gains this week include Haohan Convertible Bond, Zhibang Convertible Bond, Yiwei Convertible Bond, etc. The industries of these convertible bonds mainly include computer, light industry manufacturing, electrical equipment, etc. [21].