转债周度跟踪：预期偏向乐观，估值再度上扬-20250426

1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core View of the Report As of the end of April, the equity market has mostly recovered. The impact of tariff issues on asset prices has become relatively dull, and domestic pro - growth policies have provided effective support, leading to an overall optimistic market expectation. This optimism is reflected in convertible bond valuations, with the market - wide par premium rate approaching the March central level. Small - cap convertible bonds remain strong, but as the earnings disclosure period and rating adjustment window approach, debt - biased convertible bonds perform weakly. In terms of allocation, it is recommended to use high - dividend and downward - revised convertible bonds as the base, focus on recent cases of proposed downward revisions, and look for potential targets with a strong willingness to promote conversion. Asymmetrical trading, double - low momentum, and clause - based gaming strategies are also recommended [2][26]. 3. Summary by Relevant Catalogs 3.1 Convertible Bond Valuation - This week, the equity and convertible bond markets were volatile, and convertible bond valuations continued to rise, with lower - rated valuations rising slightly more. The market - wide convertible bond par premium rate was 29%, up 1.19% for the week, and the latest quantile was at the 76.80% percentile since 2017. The increase in high - and low - rated valuations was similar, with the low - rated up 0.71% [3]. - This week, convertible bonds fluctuated slightly following the underlying stocks, and the premium rate indicators were generally stable. As of the latest, the conversion premium rate index, pure bond premium rate index, and yield to maturity were 52.71%, 22.79%, and - 1.62% respectively, changing by - 1.35%, + 1.08%, and - 0.25% from last week. Their current quantiles are at the 85.00, 22.50, and 32.50 percentiles since 2017 [6]. 3.2 Clause Tracking 3.2.1 Redemption - This week, Huaxiang and Feikai convertible bonds issued early redemption announcements. Currently, there are 4 convertible bonds that have issued early redemption announcements and are still trading. No convertible bonds issued maturity redemption announcements this week. Among the still - trading convertible bonds, the potential maturity or conversion balance of early - redemption and maturity convertible bonds is 1.6 billion yuan [12]. - Limin convertible bond announced that it would not redeem the convertible bonds in advance. As of the latest, 58 convertible bonds are within the non - redemption period [16]. 3.2.2 Downward Revision - This week, Weier, Linggang, and Haiyou convertible bonds announced downward revisions, and Zhongzhuang Zhuan 2, Jieneng, Fengyu, and Wanshun Zhuan 2 proposed downward revisions. As of the latest, 167 convertible bonds are in the non - downward - revision interval, 4 have triggered the condition and the stock price is still below the downward - revision trigger price but no announcement has been made, 95 are accumulating downward - revision days, and 5 have issued downward - revision board proposals but have not gone to the general meeting of shareholders [17]. 3.2.3 Put No convertible bonds issued put announcements this week. As of the latest, 18 convertible bonds are accumulating put - trigger days, among which 2 are in the downward - revision process, 1 has proposed a downward revision, and 15 are in the non - downward - revision interval [22]. 3.3 Primary Issuance - There were no announcements of convertible bond issuances this week. According to the latest announcements, no convertible bonds are scheduled to be listed next week. As of the latest, there are 6 convertible bonds in the approved - registration process with a to - be - issued scale of 13 billion yuan, and 7 in the listing - committee - approved process with a to - be - issued scale of 4.3 billion yuan [24].