可转债周报（2025年5月26日至2025年5月30日）：持续窄幅震荡-20250531

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The convertible bond market showed a slight recovery this week with continuous narrow - range fluctuations. Since the beginning of 2025, the convertible bond market has outperformed the equity market. Tariffs, 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 with excellent performance of underlying stocks in areas such as boosting domestic demand and domestic substitution [1][4]. 3. Summary by Directory Market行情 - From May 26 to May 30, 2025 (5 trading days), the convertible bond market slightly recovered with continuous narrow - range fluctuations. The weekly change of the CSI Convertible Bond Index was +0.2% (compared to - 0.1% in the previous trading week), while the CSI All - Share Index changed by - 0.1%. Since the beginning of 2025, the CSI Convertible Bond Index has risen by +3.6%, and the CSI All - Share Index has risen by +0.3%, indicating that the convertible bond market has performed better than the equity market [1]. - By rating, high - rated bonds (AA + and above), medium - rated bonds (AA), and low - rated bonds (AA - and below) had weekly changes of +0.27%, +0.03%, and - 0.04% respectively, with high - rated bonds having the largest increase. 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) had weekly changes of +0.22%, +0.01%, and +0.01% respectively, with large - scale convertible bonds having the largest increase. 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) had weekly changes of +0.62%, - 0.21%, +0.02%, - 0.05%, and - 0.05% respectively, with ultra - high - parity bonds having the largest increase. By industry, the top 30 convertible bonds in terms of increase mainly came from building materials (3), chemical industry (3), electronics (3), and building decoration (3); the top 30 convertible bonds in terms of decline mainly came from the automobile (6), chemical industry (5), machinery and equipment (4), and household appliances (4) industries [2]. Convertible Bond Price, Parity, and Conversion Premium Rate - As of May 30, 2025, there were 473 outstanding convertible bonds (the same as at the end of last week), with a balance of 665.922 billion yuan (compared to 674.315 billion yuan at the end of last week). The average convertible bond price was 120.19 yuan (compared to 120.75 yuan last week), and the quantile was 72.9% (compared to 75.6% last week). The average convertible bond parity was 92.52 yuan (compared to 92.02 yuan last week), and the quantile was 61.5% (compared to 57.2% last week). The average conversion premium rate of convertible bonds was 30.3% (compared to 30.2% last week), and the quantile was 60.9% (compared to 60.8% last week). Among them, the conversion premium rate of medium - parity convertible bonds (conversion value between 90 and 110 yuan) was 23.4% (compared to 24.2% last week), higher than the median conversion premium rate of medium - parity convertible bonds since 2018 (19.8%) [3]. Convertible Bond Performance and Allocation Direction - The convertible bond market slightly recovered this week, with the CSI Convertible Bond Index rising by +0.2% and showing continuous narrow - range fluctuations recently. Since the beginning of 2025, the convertible bond market has outperformed the equity market. Looking forward, tariffs, 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 with excellent performance of underlying stocks in areas such as boosting domestic demand and domestic substitution [4]. Convertible Bond Rise Situation - The top 15 convertible bonds in terms of increase this week include Zhongqi Convertible Bond (18.54% increase), Limin Convertible Bond (16.22% increase), and Tianyang Convertible Bond (15.59% increase) [22].