EBSCN(SH:601788) EBSCN·2025-08-02 07:55Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - From January to August 1, 2025, the CSI Convertible Bond Index rose by +10.3%, and the CSI All-Share Index rose by +8.6%. The convertible bond market outperformed the equity market. After five consecutive weeks of gains, the convertible bonds adjusted slightly this week. Fundamental trends and anti-involution policies are important influencing factors for the current convertible bond market. Investors can continue to focus on convertible bonds in areas such as boosting domestic demand and anti-involution [1][4] Group 3: Summary by Related Catalogs 1. Market Conditions - From July 28 to August 1, 2025, the CSI Convertible Bond Index fell by -1.4% (last week's increase was +2.1%), and the CSI All-Share Index changed by -1.1% (last week's increase was +2.2%). Since the beginning of 2025, the CSI Convertible Bond Index has risen by +10.3%, and the CSI All-Share Index has risen by +8.6%. The convertible bond market outperformed the equity market [1] - By rating, high-rated bonds (AA+ and above), medium-rated bonds (AA), and low-rated bonds (AA- and below) fell by -2.03%, -0.29%, and -0.93% respectively this week, with high-rated bonds having the largest decline. By convertible bond scale, 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) fell by -1.66%, -0.85%, and -0.83% respectively this week, with large-scale convertible bonds having the largest decline. By parity, ultra-high parity bonds (conversion value greater than 130 yuan) rose slightly by +0.38% this week, while other types of parity bonds had varying degrees of decline [2] - By industry, the top 30 convertible bonds in terms of gains mainly came from machinery and equipment (6), pharmaceutical biology (4), and electronics (4); the top 30 convertible bonds in terms of losses mainly came from chemicals (5), non-ferrous metals (4), etc. [2] 2. Convertible Bond Price, Parity, and Conversion Premium Rate - As of August 1, 2025, there were 463 outstanding convertible bonds (468 at the close of last week), with a balance of 636.614 billion yuan (637.942 billion yuan at the close of last week) [3] - The average convertible bond price was 127.7 yuan (128.87 yuan last week), with a quantile of 97.7%; the average convertible bond parity was 100.65 yuan (101.20 yuan last week), with a quantile of 89.3%; the average convertible bond conversion premium rate was 27.4% (27.3% last week), with a quantile of 55.4%. Among them, the conversion premium rate of medium-parity convertible bonds (conversion value between 90 and 110 yuan) was 27.6% (29.0% last week), higher than the median conversion premium rate of medium-parity convertible bonds since 2018 (20.0%) [3] 3. Convertible Bond Performance and Allocation Direction - This week, the CSI Convertible Bond Index fell by -1.4%. After five consecutive weeks of gains, the convertible bonds adjusted slightly this week; the CSI All-Share Index changed by -1.1%. Since the beginning of 2025, the CSI Convertible Bond Index has risen by +10.3%, and the CSI All-Share Index has risen by +8.6%. The convertible bond market outperformed the equity market. Looking ahead, fundamental trends and anti-involution policies are still important influencing factors for the current convertible bond market. Investors can continue to focus on convertible bonds in areas such as boosting domestic demand and anti-involution [4] 4. Convertible Bond Increase Situation - The top 15 convertible bonds in terms of gains this week included Qizheng Convertible Bond, Bo 25 Convertible Bond, Dongjie Convertible Bond, etc. For example, Qizheng Convertible Bond had a convertible bond increase of 45.60% and an underlying stock increase of 39.99% [24]