转债市场一周回顾（2025/05/12-2025/05/16）

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - This week, affected by the easing of Sino - US tariffs, the convertible bond market rose following the equity market. The convertible bonds of industries such as household appliances, beauty care, and basic chemicals led the gains, while the communication, social services, and petroleum and petrochemical sectors led the declines. The classic convertible bond strategies all had positive returns [1]. - There were no new convertible bond issuance announcements this week. A total of 11 listed companies announced the progress of convertible bond issuance plans, with a proposed issuance scale of 7682 million yuan [46]. 3. Summary by Directory 3.1 This Week's Secondary Market Performance 3.1.1 This Week's Overall Performance of Convertible Bond/Stock Market Indexes - The CSI Convertible Bond Index closed at 428.83, up 0.32% with a weekly trading volume of 305.372 billion yuan; the Shanghai Convertible Bond Index closed at 377.38, up 0.27% with a trading volume of 110.274 billion yuan; the Shenzhen Convertible Bond Index closed at 307.81, up 0.32% with a trading volume of 206.327 billion yuan. The Shanghai Composite Index closed at 3367.46, up 0.76%; the Shenzhen Component Index closed at 10179.60, up 0.52%; the ChiNext Index closed at 2039.45, up 1.38% [9]. 3.1.2 This Week's Performance of Each Industry in the Convertible Bond/Stock Market - In the convertible bond market, household appliances, beauty care, and basic chemicals led the gains with increases of 1.31%, 1.31%, and 1.21% respectively. The communication, social services, and petroleum and petrochemical sectors led the declines with decreases of - 2.54%, - 1.8%, and - 1.01% respectively. The median absolute price of convertible bonds was 120.26. In the stock market, beauty care, non - bank finance, automobiles, and transportation led the gains with increases of 3.08%, 2.49%, 2.4%, and 2.06% respectively. The computer and national defense and military industries led the declines with decreases of - 1.26% and - 1.18% respectively. The 100 - yuan par conversion premium rate was slightly compressed to 23.72% [1][19][22]. 3.1.3 Performance of Classic Convertible Bond Strategies - The returns of all classic strategies were positive this week. The return of the equity - biased strategy was 1.93%, the bond - biased strategy was 0.69%, the balanced strategy was 0.25%, the low - price strategy was 0.87%, and the double - low strategy was 0.59% [2][31]. 3.1.4 Performance of the Convertible Bond Target Dynamic Pool This Week - The convertible bonds in the dynamic pool, such as Zhongte Convertible Bond, Shanlu Convertible Bond, and Heshun Convertible Bond, had different weekly performances in terms of convertible bonds and underlying stocks [33]. 3.1.5 Convertible Bonds Entering Special Periods This Week - Jiayi Convertible Bond entered the conversion and redemption period. No convertible bonds announced redemption. Xuerong Convertible Bond and Qianglian Convertible Bond announced non - redemption. Jialian Convertible Bond and Baichuan Convertible Bond 2 successfully lowered the conversion price, while Puli Convertible Bond and Gaoce Convertible Bond announced proposals to lower the conversion price. Jingke Convertible Bond, Yong 22 Convertible Bond and other 12 convertible bonds announced non - downward adjustment of the conversion price [36][38][42]. 3.2 This Week's Convertible Bond Primary Market Situation 3.2.1 This Week's Announced Convertible Bond Issuance - There were no announcements of convertible bond issuances this week [3]. 3.2.2 This Week's Announced Progress of Convertible Bond Issuance Plans - A total of 11 listed companies announced the progress of convertible bond issuance plans, with a proposed issuance scale of 7682 million yuan. Among them, 10 companies adopted a combined issuance method of priority placement, online pricing, and offline placement, and 1 company adopted a private placement method. Two companies passed the board of directors' proposal, five passed the general meeting of shareholders, two were accepted by the exchange, and two were approved for registration [46].