可转债周报（2025年6月16日至2025年6月20日）：小幅调整-20250621

Report Summary 1. Investment Rating The document does not mention the industry investment rating. 2. Core View From June 16 to June 20, 2025, the convertible bond market slightly adjusted. The weekly change rate of the CSI Convertible Bond Index was -0.2%, and the CSI All-Share Index changed by -1.2%. Since the beginning of 2025, the convertible bond market has outperformed the equity market. The current valuation level of convertible bonds is not low. Looking ahead, trade negotiations, fundamentals, and macro policies remain important influencing factors for the convertible bond market. Investors can continue to focus on convertible bonds with excellent performance in the underlying stocks in areas such as boosting domestic demand and domestic substitution [1][4]. 3. Summary by Directory Market Conditions - From June 16 to 20, 2025, the convertible bond market slightly adjusted. The weekly change rate of the CSI Convertible Bond Index was -0.2% (0% in the previous trading week), and the CSI All-Share Index changed by -1.2%. Since the beginning of 2025, the CSI Convertible Bond Index has risen by +4.5%, and the CSI All-Share Index has risen by +0.1%, indicating that the convertible bond market has outperformed the equity market [1][4]. - By rating, high-rated bonds (AA+ and above), medium-rated bonds (AA), and low-rated bonds (AA- and below) had weekly change rates of -0.08%, -0.57%, and -0.27% respectively, with high-rated bonds having the smallest decline. By convertible bond size, large-scale convertible bonds (bond balance greater than 5 billion yuan), medium-scale convertible bonds (balance between 500 million and 5 billion yuan), and small-scale convertible bonds (balance less than 500 million yuan) had weekly change rates of -0.15%, -0.30%, and -0.44% respectively, with large-scale convertible bonds having the smallest decline. By conversion parity, ultra-high parity bonds (conversion value greater than 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 less than 70 yuan) had weekly change rates of -1.64%, -0.81%, -0.79%, +0.50%, and +0.10% respectively, with ultra-high parity bonds having the largest decline. By industry, the top 30 convertible bonds in terms of increase were mainly from the chemical (4) and electronics (4) industries; the top 30 convertible bonds in terms of decline were mainly from the chemical (6), non-ferrous metals (3), agriculture, forestry, animal husbandry, and fishery (3), and building decoration (3) industries [2]. Convertible Bond Valuation Level - As of June 13, 2025, there were 470 outstanding convertible bonds (472 at the end of last week), with a balance of 660.951 billion yuan (662.041 billion yuan at the end of last week). - The average convertible bond price was 120.82 yuan (121.63 yuan last week), and the quantile was 75.9% (81.0% last week). - The average convertible bond parity was 91.32 yuan (93.35 yuan last week), and the quantile was 50.7% (66.9% last week). - The average convertible bond conversion premium rate was 31.3% (30.0% last week), and the quantile was 63.2% (60.3% last week). Among them, the conversion premium rate of medium-parity convertible bonds (conversion value between 90 and 110 yuan) was 23.8% (24.3% 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 adjusted from June 16 to 20, 2025. The weekly change rate of the CSI Convertible Bond Index was -0.2%, and the CSI All-Share Index changed by -1.2%. Since the beginning of 2025, the convertible bond market has outperformed the equity market. The current valuation level of convertible bonds is not low. Looking ahead, trade negotiations, fundamentals, and macro policies remain important influencing factors for the convertible bond market. Investors can continue to focus on convertible bonds with excellent performance in the underlying stocks in areas such as boosting domestic demand and domestic substitution [4]. Convertible Bond Increase Situation - The top 15 convertible bonds in terms of increase this week include Hengshuai Convertible Bond, Jingrui Convertible Bond, Liande Convertible Bond, etc. The industries involved include automotive, chemical, electronics, etc. [22].