转债市场一周回顾（2025、05、06-2025、05、09）

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The convertible bond market rose following the equity market this week. The convertible bonds of industries such as national defense and military industry, household appliances, machinery and equipment, automobiles, and power equipment led the gains, with increases of 2.66%, 1.99%, 1.91%, 1.74%, and 1.62% respectively. Only the media sector declined, with a drop of -0.7%. The median absolute price of convertible bonds this week was 120.6. In the stock market, all sectors rose, with the national defense and military industry, communication, power equipment, and banking industries leading the gains, with increases of 6.33%, 4.96%, 4.02%, and 3.88% respectively [1][26]. - The conversion premium rate of 100 - yuan par value convertible bonds fell to 23.86% this week. Looking at the conversion premium rates by par - value intervals, the average conversion premium rates of convertible bonds in the par - value intervals of 40 - 50, 90 - 100, and over 130 decreased, while the average conversion premium rates of convertible bonds in the remaining par - value intervals increased [1][29]. - The yields of all classic convertible bond strategies were positive this week. The yield of the stock - biased strategy was 2.72%, the yield of the bond - biased strategy was 1.06%, the yield of the balanced strategy was 1.32%, the yield of the low - price strategy was 1.31%, and the yield of the double - low strategy was 1.94% [2][33]. - In terms of convertible bonds entering special periods, Hebang Convertible Bonds and Baolong Convertible Bonds entered the conversion and redemption periods; no convertible bonds announced redemption or non - redemption; Fengyu Convertible Bonds, Wanshun Convertible Bonds 2, and Shouhua Convertible Bonds announced formal downward revisions; Ruifeng Convertible Bonds, Dongcai Convertible Bonds, Lingkang Convertible Bonds, Jiuqiang Convertible Bonds, Shunbo Convertible Bonds, Shenghong Convertible Bonds, Lanfan Convertible Bonds, Qifan Convertible Bonds, Shengxun Convertible Bonds, and Yuxing Convertible Bonds announced non - downward revisions [2][39][42]. - No convertible bonds were announced for issuance this week. Eight listed companies announced the progress of convertible bond issuance, with a planned issuance scale of 7.372 billion yuan. Seven of them adopted a combined issuance method of priority placement, online pricing, and offline placement, and one was a private placement. Two passed the board of directors' proposals, five passed the general meetings of shareholders, and one was approved for registration [3][46]. 3. Summaries According to Relevant Catalogs 1. This Week's Secondary Market Performance 1.1 This Week's Performance of Convertible Bond/Stock Market Indexes - The CSI Convertible Bond Index closed at 427.47, with a weekly increase of 1.32% and a weekly trading volume of 242.319 billion yuan; the Shanghai Stock Exchange Convertible Bond Index closed at 376.36, with a weekly increase of 1.31% and a weekly trading volume of 94.108 billion yuan; the Shenzhen Stock Exchange Convertible Bond Index closed at 306.83, with a weekly increase of 1.32% and a weekly trading volume of 155.172 billion yuan. The Shanghai Composite Index closed at 3,342.00, with a weekly increase of 1.92% and a weekly trading volume of 2,113.529 billion yuan; the Shenzhen Component Index closed at 10,126.83, with a weekly increase of 2.29% and a weekly trading volume of 3,176.346 billion yuan; the ChiNext Index closed at 2,011.77, with a weekly increase of 3.27% and a weekly trading volume of 1,489.326 billion yuan [13]. - The top three convertible bonds in terms of increase this week were Haomei Convertible Bonds (18.20%), Huaxiang Convertible Bonds (13.17%), and Outong Convertible Bonds (12.59%); the top three convertible bonds in terms of decrease were Fuxin Convertible Bonds (-1.93%), Shengxun Convertible Bonds (-1.95%), and Rundong Convertible Bonds (-2.14%) [13]. 1.2 This Week's Performance of Convertible Bond/Stock Market Industries - In the convertible bond market, the convertible bonds of industries such as national defense and military industry, household appliances, machinery and equipment, automobiles, and power equipment led the gains, with increases of 2.66%, 1.99%, 1.91%, 1.74%, and 1.62% respectively; only the media sector declined, with a drop of -0.7%. In the stock market, all sectors rose, with the national defense and military industry, communication, power equipment, and banking industries leading the gains, with increases of 6.33%, 4.96%, 4.02%, and 3.88% respectively [1][26]. - The conversion premium rate of 100 - yuan par value convertible bonds fell to 23.86% this week. Looking at the conversion premium rates by par - value intervals, the average conversion premium rates of convertible bonds in the par - value intervals of 40 - 50, 90 - 100, and over 130 decreased, while the average conversion premium rates of convertible bonds in the remaining par - value intervals increased [1][29]. 1.3 Performance of Classic Convertible Bond Strategies The yields of all classic convertible bond strategies were positive this week. The yield of the stock - biased strategy was 2.72%, the yield of the bond - biased strategy was 1.06%, the yield of the balanced strategy was 1.32%, the yield of the low - price strategy was 1.31%, and the yield of the double - low strategy was 1.94% [2][33]. 1.4 Performance of the Dynamic Pool of Convertible Bond Targets This Week The report provided the weekly performance, April performance, convertible bond prices, conversion values, and industries of 10 convertible bond targets such as Zhongte Convertible Bonds, Shanlu Convertible Bonds, and Heshun Convertible Bonds [38]. 1.5 Convertible Bonds Entering Special Periods This Week - Hebang Convertible Bonds and Baolong Convertible Bonds entered the conversion and redemption periods [39]. - No convertible bonds announced redemption or non - redemption [41]. - Fengyu Convertible Bonds, Wanshun Convertible Bonds 2, and Shouhua Convertible Bonds announced formal downward revisions [42]. - Ruifeng Convertible Bonds, Dongcai Convertible Bonds, Lingkang Convertible Bonds, Jiuqiang Convertible Bonds, Shunbo Convertible Bonds, Shenghong Convertible Bonds, Lanfan Convertible Bonds, Qifan Convertible Bonds, Shengxun Convertible Bonds, and Yuxing Convertible Bonds announced non - downward revisions [42][44]. 2. This Week's Convertible Bond Primary Market Situation 2.1 Convertible Bonds Announced for Issuance This Week No convertible bonds were announced for issuance this week [45]. 2.2 Progress of Convertible Bond Issuance Proposals Announced This Week Eight listed companies announced the progress of convertible bond issuance, with a planned issuance scale of 7.372 billion yuan. Seven of them adopted a combined issuance method of priority placement, online pricing, and offline placement, and one was a private placement. Two passed the board of directors' proposals, five passed the general meetings of shareholders, and one was approved for registration [46].