可转债周报：中美经贸谈判结果超预期，市场继续向好-20250517

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - From May 12 to May 16, 2025, the convertible bond market continued to recover. The CSI Convertible Bond Index rose by +0.3% this week (compared to +1.3% in the previous trading week), and the CSI All-Share Index changed by +0.7%. Since the beginning of 2025, the CSI Convertible Bond Index has risen by +3.4%, and the CSI All-Share Index has risen by +1.2%. The convertible bond market has performed better than the equity market. The result of the Sino-US economic and trade negotiations exceeded expectations, and market sentiment continued to improve. Looking ahead, the fundamental trend and macro policy are still important influencing factors for the current convertible bond market. At the current time, investors can continue to pay attention to convertible bonds with excellent performance in the underlying stocks in the fields of domestic demand and domestic substitution [1][4] 3. Summary by Relevant Catalogs Market Quotes - From May 12 to May 16, 2025 (a total of 5 trading days), the convertible bond market continued to recover. The CSI Convertible Bond Index rose by +0.3% this week (compared to +1.3% in the previous trading week), and the CSI All-Share Index changed by +0.7%. Since the beginning of 2025, the CSI Convertible Bond Index has risen by +3.4%, and the CSI All-Share Index has risen by +1.2%. The convertible bond market has performed better than the equity market [1] - In terms of ratings, high-rated bonds (rated AA+ and above), medium-rated bonds (rated AA), and low-rated bonds (rated AA- and below) rose by +0%, +0.08%, and +0.64% respectively this week, with low-rated bonds having the largest increase. In terms of convertible bond scale, 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) rose by +0.28%, +0.37%, and +0.49% respectively this week, with small-scale convertible bonds having the largest increase. In terms of 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) rose by +2.23%, +0.18%, -0.13%, +0.18%, and +0.40% respectively this week, with ultra-high parity bonds having the largest increase. In terms of industries, the top 30 convertible bonds in terms of increase mainly came from the chemical industry (7 bonds) and agriculture, forestry, animal husbandry and fishery (4 bonds); the top 30 convertible bonds in terms of decline mainly came from the chemical industry (6 bonds) and machinery and equipment (4 bonds) [2] Current Convertible Bond Valuation Level - As of May 16, 2025, there were a total of 476 outstanding convertible bonds (477 at the close of last week), with a balance of 677.491 billion yuan (685.546 billion yuan at the close of last week). Specifically: the average price of convertible bonds was 120.48 yuan (120.88 yuan last week), and the quantile was 74.7% (77.0% last week); the average parity of convertible bonds was 91.99 yuan (91.90 yuan last week), and the quantile was 57.1% (56.6% last week); the average conversion premium rate of convertible bonds was 31.0% (31.7% last week), and the quantile was 62.0% (63.5% last week); among them, the conversion premium rate of medium-parity (conversion value between 90 and 110 yuan) convertible bonds was 24.3% (24.3% last week), which was higher than the median conversion premium rate of medium-parity convertible bonds since 2018 (19.7%) [3] Convertible Bond Increase Situation - The top 15 convertible bonds in terms of increase this week included Hongqiang Convertible Bond, Zhongqi Convertible Bond, Zhongchong Convertible Bond 2, etc. The industries involved included chemical industry, building materials, agriculture, forestry, animal husbandry and fishery, etc. [20]