可转债周报（2025年8月11日至2025年8月15日）：权益市场方兴未艾，转债值得期待-20250816

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - From January to August 15, 2025, the convertible bond market outperformed the equity market, with the CSI Convertible Bond Index rising 14.6% and the CSI All-Share Index rising 13.9%. Although the current convertible bond valuation quantiles are close to or exceed historical highs, the equity market is booming, and convertible bonds are still worth looking forward to [1][4]. 3. Summary by Relevant Catalogs Market Conditions - From August 11 to August 15, 2025, the CSI Convertible Bond Index rose 1.6% (2.3% last week), and the CSI All-Share Index rose 2.9% (1.9% last week). The convertible bond market continued to rise [1]. - By rating, high-rated bonds (AA+ and above), medium-rated bonds (AA), and low-rated bonds (AA- and below) rose 1.7%, 2.0%, and 2.7% respectively this week, with low-rated bonds having the largest increase [1]. - By convertible bond size, large-scale convertible bonds (bond balance > 5 billion yuan), medium-scale convertible bonds (balance between 500 million and 5 billion yuan), and small-scale convertible bonds (balance < 500 million yuan) rose 0.7%, 2.0%, and 3.1% respectively this week, with small-scale convertible bonds having the largest increase [1]. - By conversion parity, ultra-high parity bonds (conversion value > 130 yuan), high parity bonds (conversion value between 110 - 130 yuan), medium parity bonds (conversion value between 90 - 110 yuan), low parity bonds (conversion value between 70 - 90 yuan), and ultra-low parity bonds (conversion value < 70 yuan) rose 5.9%, 1.9%, 1.4%, 0.9%, and 0.7% respectively this week, with ultra-high parity bonds having the largest increase [2]. Current Convertible Bond Valuation Levels - As of August 15, 2025, there were 456 outstanding convertible bonds (461 at the end of last week), with a balance of 627.415 billion yuan (631.809 billion yuan at the end of last week) [3]. - The average convertible bond price was 131.58 yuan (130.35 yuan last week), with a quantile of 100%; the average convertible bond parity was 104.19 yuan (103.18 yuan last week), with a quantile of 94.8%; the average convertible bond conversion premium rate was 28.6% (28.1% last week), with a quantile of 57.4%. Among them, the conversion premium rate of medium-parity convertible bonds (conversion value between 90 - 110 yuan) was 30.8% (29.6% last week), higher than the median conversion premium rate of medium-parity convertible bonds since 2018 (20.1%) [3]. Convertible Bond Increase Situation - This week, the top 5 convertible bonds with the largest increases were Outong Convertible Bond (64.48%), Dayuan Convertible Bond (63.01%), Jintong Convertible Bond (39.50%), Weixin Convertible Bond (27.57%), and Youzu Convertible Bond (25.09%) [21].