可转债市场跟踪周报（4.7-4.11）：关税扰动下跌，市场反应钝化-20250413

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The primary market maintained its recent issuance rhythm this week. The secondary market experienced significant fluctuations driven by US tariff policies. The Shanghai Composite Index nearly dropped by 9% on Monday, with some indices hitting record single - day declines. However, the market quickly stabilized and became less sensitive to subsequent US tariff uncertainties. The three major indices declined by 3.11%, 5.13%, and 6.73% respectively for the whole week. The convertible bond market generally followed the equity market trend, with the CSI Convertible Bond Index falling 1.70% for the week. The daily average trading volume of convertible bonds exceeded 9.3 billion yuan, a more than 50% increase from the previous week. - The market's 100 - yuan premium rate dropped to around 20% after the decline last Monday and recovered to 24% on Friday. Looking ahead, the domestic market may remain resilient. Although the current tariff level above 100% has no practical economic significance, potential marginal easing or structural adjustments in the China - US tariff game could still be important factors influencing the market. It is recommended to pay attention to the structural opportunities brought by the further evolution of tariff policies in combination with the market recovery process [39]. 3. Summary by Relevant Catalogs 3.1 Primary Convertible Bond Supply - Convertible Bond Issuance: Three convertible bonds were issued this week, with a total issuance scale of 2.506 billion yuan. As of April 11, there are no convertible bond issuances scheduled for next week [10]. - New Bond Subscription: The average online effective subscription amount for the three convertible bonds issued this week was 81.3 trillion yuan, with a winning rate of 0.0036% [13]. - New Bond Listing: Three convertible bonds were listed this week, with an average increase of 17.09% on the first - listing day. As of April 11, there are no convertible bond listings expected next week, and there are still 5 convertible bonds that have been issued but not listed [14]. 3.2 Secondary Market Review - Market Performance: The market experienced significant fluctuations due to the escalation of the trade war. On Monday, the A - share market declined sharply, with the Shanghai Composite Index dropping 7.34%. On Tuesday, it rebounded, with the Shanghai Composite Index rising 1.58%. After Wednesday, the domestic equity market became less sensitive to US tariff policies and continued to recover slightly. For the whole week, the three major indices declined by 3.11%, 5.13%, and 6.73% respectively. The convertible bond market generally followed the equity market trend, with the CSI Convertible Bond Index falling 1.70%. The daily average trading volume of convertible bonds exceeded 9.3 billion yuan, a more than 50% increase from the previous week [2][18][39]. - Factor and Industry Rotation: In terms of market capitalization, large - cap, medium - price, and high - rated convertible bonds had a slight advantage this week. Among the nine convertible bond industries, only the consumer staples industry rose, with a gain of 0.45%, while the rest declined. The information technology, consumer discretionary, and industrial industries had relatively large declines of 3.44%, 2.12%, and 2.03% respectively. After this week, the consumer staples industry became the industry with the largest year - to - date increase, and the year - to - date increase of the utilities industry turned negative [2][23][28]. - Valuation Indicators: As of April 11, 2025, the average conversion premium rate of the whole market was 54.97%, with a month - on - month change of 8.99 percentage points; the average pure - bond premium rate was 23.19%, with a month - on - month change of - 2.6 percentage points; the average pure - bond yield to maturity was - 7.94%, with a month - on - month change of - 0.32 percentage points [3][29]. 3.3 Terms and Primary Market - Terms Tracking: One convertible bond triggered the put - back clause this week. Two convertible bonds triggered the call clause and both announced not to call. As of Friday's close, 8 convertible bonds may trigger the call clause. Thirteen convertible bonds triggered the downward - revision clause and all announced not to revise. As of Friday's close, 15 convertible bonds may trigger the downward - revision clause [32]. - New Bond Overview: Three convertible bonds updated their issuance progress this week. The issuance proposal of Naipu Mining Machinery was approved by the board of directors; that of Doctor Glasses was approved by the shareholders' meeting; and that of Yongxi Electronics was approved by the issuance review committee. As of April 11, 2025, there are 6 convertible bonds approved by the CSRC waiting to be issued, with an estimated total issuance scale of 12.93575 billion yuan [35].