转债周度跟踪：利好因素增多，大盘转债继续领涨-20250621

1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoints of the Report - Affected by factors such as weakened upward momentum and overseas disturbances, the equity market declined. With non - banking convertible bonds intensively proposing downward revisions, the large - cap convertible bond market performed better than the small - cap one. Sectors like non - banking, public utilities, banks, and power equipment led the gains, and the underlying positions performed well. The market sentiment remained high, and the convertible bond valuation broke through a key point upwards [1][6]. - From May to June 20, 2025, 11 convertible bonds had their ratings downgraded (13 in the same period of 2024). Although the downgraded par - bond - type convertible bonds generally performed poorly, the parity level and default expectation were better than last year, so the credit risk expectation did not spread significantly. Photovoltaic convertible bonds fluctuated strongly [1][6]. - In the expected stock - bond volatile 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 advisable to focus on high - dividend large - cap par - bond convertible bonds, combined with a balanced and stock - biased direction. Pay attention to recent cases of proposed downward revisions and look for potential targets with strong willingness to promote conversion. Asymmetrical trading, double - low momentum, and clause - based gaming are still recommended [1][6]. 3. Summary by Relevant Catalogs 3.1 Convertible Bond Valuation - This week, the equity and convertible bond markets declined slightly, but the convertible bond valuation continued to rise. The 100 - yuan premium rate rose to the key point of 30%. The overall market's 100 - yuan premium rate was 30%, with a slight weekly increase of 0.29%. The latest quantile level was at the 78.60% percentile since 2017. There was a slight differentiation in the valuations of high - and low - rated convertible bonds, with low - rated ones performing relatively strongly [5][7]. - This week, convertible bonds followed the decline of the underlying stocks, and the yield to maturity increased slightly. As of the latest data, the conversion premium rate index, pure - bond premium rate index, and yield to maturity were 49.07%, 25.45%, and - 2.59% respectively, with changes of + 2.11%, - 0.87%, and + 0.17% compared to last week. Their current quantile levels were at the 78.00, 30.80, and 12.60 percentiles since 2017 [5][11]. 3.2 Clause Tracking 3.2.1 Redemption - This week, Jindan Convertible Bond and Tianyang Convertible Bond issued early redemption announcements. Currently, there are 7 convertible bonds that have issued early redemption or maturity redemption announcements but have not yet delisted. Among the non - delisted convertible bonds, the potential maturity or conversion balance of redeemable and maturing bonds is 6.3 billion yuan. There are currently 37 convertible bonds in the redemption process, and 8 are expected to meet the redemption conditions next week. Five convertible bonds issued non - redemption announcements this week [5][14][20]. 3.2.2 Downward Revision - One convertible bond announced a downward revision this week but did not revise to the bottom. Bonds such as Lanfan, Qibin, Jiali, Ruida, and Caitong proposed downward revisions. As of the latest, 158 convertible bonds are in the non - downward - revision period, 2 have triggered the condition and the stock price is still below the downward - revision trigger price but no announcement has been made, 48 are accumulating downward - revision days, and 6 have issued downward - revision board preliminary plans but have not yet been submitted to the general meeting of shareholders [5][22][24]. 3.2.3 Put Option - No convertible bond issued a put - option announcement this week. As of the latest, 3 convertible bonds are in the put - option process, and 8 are accumulating put - option trigger days. Among them, 4 are in the downward - revision process, 3 are in the non - downward - revision period, and 1 has proposed a downward revision [5][27]. 3.3 Primary Issuance - Four convertible bonds issued issuance announcements this week. According to the latest announcement, no convertible bonds are scheduled to be listed next week. As of the latest, there are 6 convertible bonds in the approval - registration process, with a to - be - issued scale of 13.4 billion yuan, and 4 in the listing - committee - approved process, with a to - be - issued scale of 2.9 billion yuan [5][30].