可转债周报：市场盘整中，关注低价、中盘及TMT-20250527

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views of the Report - The convertible bond and equity markets are currently in a high - level consolidation phase. Before the market chooses a direction, attention can be paid to low - priced, mid - cap, and TMT sectors [1][12]. - In 2025, about 9% of convertible bonds have completed the disclosure of regular rating reports, with a similar pace to 2024. A total of 10 convertible bonds have had their ratings downgraded, showing no significant change compared to previous years, and the market reaction is not obvious [1][12]. - From May to July, the performance of convertible bonds divided by rating shows little differentiation, while the performance divided by price shows significant differences. Low - priced convertible bonds may be at a good price but not a good time yet, and the suppression factors may be lifted after the rating downgrade risk is realized in mid - to late June [2][14]. - The small - cap index and trading congestion are at historical high levels, facing short - term adjustment pressure. In contrast, the mid - cap index and congestion have fallen to relatively safe low levels, and opportunities for mid - cap repair after June can be focused on [3][24]. - Since mid - March, the trading congestion of the TMT sector has dropped significantly to a low level in the past three years. In June, opportunities for sector rotation within the TMT direction can be noted, such as the short - term opportunities of Qianglian Convertible Bond [4][32]. 3. Summary According to the Directory 3.1 Market Consolidation: Track Opportunities in Low - priced, Mid - cap, and TMT Sectors - Regular Rating Report Disclosure: As of May 24, 2025, about 9% of convertible bonds have completed the disclosure of regular rating reports, with a similar pace to 2024. A total of 10 convertible bonds have had their ratings downgraded, and the market reaction is not obvious [12]. - Low - priced Bond Performance: From May to July, the performance of convertible bonds divided by rating shows little differentiation, while the performance divided by price shows significant differences. Low - priced convertible bonds have an average decline of 5 points in 35 trading days after early May. In 2025, low - priced convertible bonds have performed better than in previous years, mainly due to the strong learning effect of 2024. The suppression factors may be lifted after the rating downgrade risk is realized in mid - to late June [2][14]. - Mid - cap and Small - cap Analysis: The small - cap index and trading congestion are at historical high levels, facing short - term adjustment pressure. The mid - cap index and congestion have fallen to relatively safe low levels, and opportunities for mid - cap repair after June can be focused on. From a calendar effect perspective, there is no significant difference among large, medium, and small - cap stocks from May to July [3][24]. - TMT Sector Analysis: Since mid - March, the trading congestion of the TMT sector has dropped significantly to a low level in the past three years. In June, opportunities for sector rotation within the TMT direction can be noted, such as the short - term opportunities of Qianglian Convertible Bond [4][32]. 3.2 Market Review: Convertible Bonds Slightly Declined Weekly, and Valuations Slightly Compressed - Weekly Market Conditions: Last week, major stock indices declined, and the convertible bond market slightly declined. There are 475 issued and outstanding convertible bonds, with a balance of 68.3527 billion yuan. In the equity market, most industries declined, while in the convertible bond market, most sectors rose. Among popular concepts, about half declined [37][41]. - Valuation Performance: The weighted average closing price of convertible bonds was 118.68 yuan, a 0.20% decline from the previous Friday. The convertible bond market's 100 - yuan par - value fitted conversion premium rate was 22.78%, a 0.17 - percentage - point decline from the previous Friday. The conversion premium rates of convertible bonds of various ratings and scales have increased, with the A + rating rising by 1.81 percentage points and those below 300 million yuan (including 300 million yuan) rising by 2.63 percentage points [47]. 3.3 Terms and Supply: Huaxiang and Hongchang Convertible Bonds Announced Redemption, and CSRC Approval of Convertible Bonds is Acceptable - Terms: As of May 23, Huaxiang and Hongchang Convertible Bonds announced redemption, with the last trading days on June 6 and June 11, 2025, respectively. No convertible bond's board of directors proposed a downward revision. Nine convertible bonds announced no downward revision, and 16 convertible bonds announced that they were expected to trigger a downward revision [5][64]. - Primary Market: No new convertible bonds were listed or issued last week. There were no new board proposals, 5 new cases passed the general meeting of shareholders, 1 new case passed the CSRC review committee, and no new CSRC approvals, compared with + 0, + 5, + 1, - 1 respectively from the same period last year. As of May 23, 10 listed companies have obtained convertible bond issuance approvals, with a planned issuance scale of 1.5048 billion yuan, and 4 listed companies have passed the CSRC review committee, with a total scale of 339.3 million yuan [6][71][74].