可转债周报：评级披露仍较缓慢，关注权益轮动向转债传导-20250609

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The disclosure rhythm of convertible bond ratings has improved compared to the same period in 2024, but it is still slightly behind the average progress in the first week of June in previous years. The downgraded convertible bonds include Dongshi, Zhongzhuang Zhuan 2, etc. [5][8] - In June, attention should be paid to the momentum of the equity market, and the tariff risk may be controllable. Under the assumption of a relatively controllable risk environment, June may be a starting point for a small - scale market repair. The probability of the monthly increase of the CSI Convertible Bond Index in June since 2017 is over 60%. After the Sino - US leaders' call, the risk preference may be restored, and the manufacturing and technology sectors in the equity market are dominant, with the valuation of convertible bonds also rising. [5][13] - The industry rotation in the convertible bond market may be weaker than that in the equity market. If the equity market maintains a rapid rotation, attention can be paid to the repair opportunities of low - level convertible bonds. [5][17][18] - The valuation of near - maturity convertible bonds has significantly回调. In the future, attention can be paid to the volatility of the underlying stocks. Incorporating the "20 - day volatility of the underlying stock" into the factor consideration, a three - factor yield surface of price change - underlying stock volatility - double - low can be constructed. [5][19] 3. Summary According to the Table of Contents 3.1 Rating Disclosure Process and Market Trend - The disclosure progress of convertible bond ratings is still slow. As of June 6, 2025, the disclosure progress is about 22.3%, with some lag compared to the average progress in previous years, but an improvement compared to 2024. [5][8] - In June, focus on the equity market. The tariff risk may be controllable, and the market may have a small - scale repair. The convertible bond market has seen an increase in valuation, with the manufacturing and technology sectors in the equity market performing well. [5][13] 3.2 Market Review 3.2.1 Weekly Market Conditions - Last week, major stock indices rose, and the convertible bond market followed. There are 476 issued and unexpired convertible bonds with a balance of 67.3552 billion yuan. The Hengshuai Convertible Bond has not been listed, and the Luwei Convertible Bond will be issued online on June 11. [24] - In the equity market, most industries in the Shenwan primary industry index rose, with communication, non - ferrous metals, etc. leading the gains. In the convertible bond market, most also rose, with communication, environmental protection, etc. leading the gains. [26] - In terms of popular concepts, most concepts rose, with optical communication, high - speed copper connection, etc. leading the gains. [26] 3.2.2 Valuation Performance - The weighted average closing price of convertible bonds was 119.88 yuan, up 1.06% from the previous Friday. Only the conversion premium rates of high - rated and large - scale convertible bonds increased, with the AAA - rated rising 0.2 pct and those over 5 billion yuan rising 0.23 pct. [32] 3.3 Terms and Supply 3.3.1 Terms - As of June 6, no convertible bond announced redemption, but Hangyin Convertible Bond announced redemption arrangements. Four convertible bonds announced no downward revision, and seven are expected to trigger downward revision. [2][48] 3.3.2 Primary Market - Last week, there was no new convertible bond listing or issuance, and the Hengshuai Convertible Bond will be issued this week. [3][50][51] - There was no new board proposal, no new shareholder meeting approval, one new approval from the issuance review committee, and no new CSRC approval, compared to - 1, + 0, + 0, - 2 respectively from the same period last year. As of June 6, 10 listed companies have obtained approval for convertible bond issuance, with a planned issuance scale of 15.885 billion yuan, and 5 companies have passed the issuance review committee, with a total scale of 3.678 billion yuan. [3][51][58]