可转债周报（2025 年 5 月 19 日至 2025 年 5 月 23 日）：稍有调整-20250524

Report Investment Rating No investment rating for the industry is provided in the report. Core View The convertible bond market had a slight adjustment this week. Since the beginning of 2025, the convertible bond market has outperformed the equity market. Fundamental trends and macro - policies remain important influencing factors for the current convertible bond market. At present, investors can continue to focus on convertible bonds of high - performance underlying stocks in areas such as boosting domestic demand and domestic substitution [1][4]. Summary by Directory 1. Market Quotes - From May 19 to May 23, 2025 (5 trading days), the CSI Convertible Bond Index fell by 0.1% (0.3% 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 3.3%, and the CSI All - Share Index has risen by 0.4% [1]. - By rating, high - rated bonds (AA + and above), medium - rated bonds (AA), and low - rated bonds (AA - and below) fell by 0.06%, 0.41%, and 0.52% respectively this week, with low - rated bonds having the largest decline. By convertible bond scale, large - scale convertible bonds (bond balance > 5 billion yuan), medium - scale convertible bonds (balance between 500 million and 5 billion yuan), and small - scale convertible bonds (balance < 500 million yuan) rose by 0.30%, fell by 0.35%, and fell by 0.65% respectively, with small - scale convertible bonds having the largest decline. By conversion parity, ultra - high - parity bonds (conversion value > 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 < 70 yuan) fell by 1.14%, 0.38%, 0.45%, 0.31%, and 0.21% respectively, with ultra - high - parity bonds having the largest decline. By industry, the top 30 convertible bonds in terms of gains mainly came from the chemical (6) and machinery and equipment (4) sectors; the top 30 convertible bonds in terms of losses mainly came from the automobile (5), machinery and equipment (4), and chemical (4) sectors [2]. 2. Convertible Bond Price, Parity, and Conversion Premium Rate - As of May 23, 2025, there were 473 outstanding convertible bonds (476 at the end of last week), with a balance of 674.315 billion yuan (677.491 billion yuan at the end of last week). The average convertible bond price was 120.75 yuan (120.48 yuan last week), and the quantile was 75.6% (74.7% last week). The average convertible bond parity was 92.02 yuan (91.99 yuan last week), and the quantile was 57.2% (57.1% last week). The average conversion premium rate was 30.2% (31.0% last week), and the quantile was 60.8% (62.0% last week). Among them, the conversion premium rate of medium - parity convertible bonds (conversion value between 90 and 110 yuan) was 24.2% (24.3% last week), higher than the median conversion premium rate of medium - parity convertible bonds since 2018 (19.7%) [3]. 3. Convertible Bond Performance and Allocation Direction - The convertible bond market had a slight adjustment this week, with the CSI Convertible Bond Index falling by 0.1% (rising by 0.3% in the previous trading week). Since the beginning of 2025, the convertible bond market has outperformed the equity market. Looking ahead, fundamental trends and macro - policies are still important influencing factors for the current convertible bond market. At present, investors can continue to focus on convertible bonds of high - performance underlying stocks in areas such as boosting domestic demand and domestic substitution [4]. 4. Convertible Bond Rise Situation - The top 15 convertible bonds in terms of gains this week include Yanggu Convertible Bond, Jingzhuang Convertible Bond, Xuerong Convertible Bond, etc. For example, Yanggu Convertible Bond rose by 20.87%, and its underlying stock, Yanggu Huatai, rose by 32.05% [21].