转债周度跟踪：边际交易情绪短期左右市场风格-20250602

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, convertible bonds performed slightly better than underlying stocks, and the valuation of high - rated convertible bonds increased slightly. Affected by marginal trading sentiment, the performance of convertible bonds was weak first and then strong. With the strong performance of the large - cap style in the equity market and the accelerated conversion of some bank convertible bonds, the valuation of high - rated large - cap convertible bonds increased slightly and is expected to remain stable due to the scarcity of bottom - position varieties. Small - cap convertible bonds may continue to show a volatile and differentiated trend [1][8]. - In a volatile stock - bond market, convertible bond assets with strong valuation support are expected to achieve good relative returns. It is recommended to maintain a neutral position, trade frequently, and accumulate small gains. In terms of allocation, it is recommended to focus on high - dividend large - cap debt - biased convertible bonds, combined with a balanced and equity - biased direction. Pay attention to recent cases of proposed downward revisions and look for potential targets with a strong willingness to promote conversion. Asymmetrical trading, double - low momentum, and clause - based gaming strategies are still recommended [1][8]. 3. Summary by Relevant Catalogs 3.1 Weekly Viewpoint and Outlook - Convertible bonds were slightly stronger than underlying stocks this week, and high - rated convertible bond valuations rose slightly. Affected by marginal trading sentiment, convertible bond performance was weak first and then strong. High - rated large - cap convertible bond valuations may remain stable, while small - cap convertible bonds may be volatile and differentiated. It is recommended to maintain a neutral position, trade frequently, and focus on high - dividend large - cap debt - biased convertible bonds, combined with a balanced and equity - biased direction [1][8]. 3.2 Convertible Bond Valuation - The 100 - yuan premium rate of the entire market's convertible bonds was 29%, down 0.18% week - on - week, and the latest quantile was at the 75.1 percentile since 2017. The 100 - yuan premium rate of low - rated convertible bonds was 23%, down 0.42% week - on - week, at the 68 percentile since 2017. The 100 - yuan premium rate of high - rated convertible bonds was 22%, up 0.1% week - on - week, at the 82.5 percentile since 2017 [4][9]. - The conversion premium rate of convertible bonds decreased, while the pure - bond premium rate and yield to maturity changed little. As of the latest data, the conversion premium rate index, pure - bond premium rate index, and yield to maturity were 47.5%, 25.31%, and - 2.36% respectively, with changes of - 0.74%, 0.07%, and 0.02% compared to last week, and their current quantile levels were at the 73.1, 30.2, and 18 percentiles since 2017 [4][14]. 3.3 Clause Tracking 3.3.1 Redemption - This week, Farland, Hangzhou Bank, and Zhengyu Convertible Bonds issued early redemption announcements. The potential maturity or conversion balance of convertible bonds subject to early redemption or maturity among those still trading is 306 million yuan. As of now, there are 26 convertible bonds in the redemption process, and 5 are expected to meet the redemption conditions next week and should be monitored [4][19]. - This week, Outong and Yinlun Convertible Bonds announced that they would not redeem the bonds early. As of now, 50 convertible bonds are within the non - redemption period [4][22]. 3.3.2 Downward Revision - One convertible bond issued a board proposal for a downward revision this week. As of now, 167 convertible bonds are in the non - downward - revision interval, 2 have triggered the condition and the stock price is still below the downward - revision trigger price but no announcement has been made, 43 are in the downward - revision process, and 2 have issued board proposals for downward revision but have not yet gone to the general meeting of shareholders [4][23]. 3.3.3 Put Option - No new convertible bonds issued put - option announcements this week. As of now, 8 convertible bonds are in the cumulative put - option process, 2 are in the downward - revision process, and 3 have issued put - option announcements [4][26]. 3.4 Primary Issuance - One new convertible bond, Hengshuai Convertible Bond, was issued this week with an issuance scale of 328 million yuan. There are no new issuances or listings scheduled for next week [4][29]. - As of now, there are 10 convertible bonds in the approval - registration process with an expected issuance scale of about 1.59 billion yuan, and 4 in the listing - committee approval process with an expected issuance scale of about 320 million yuan [4][29].