可转债周报20250901：转债主体上半年业绩如何？-20250901

1. Report Industry Investment Rating No information provided regarding the industry investment rating in the report. 2. Core Views of the Report - In the first half of 2025, over half of the convertible bond issuers saw year - on - year revenue growth. It is advisable to focus on some industry targets with in - line mid - year reports and reasonable valuations, while avoiding targets with lower - than - expected mid - year reports and high prices and premiums. Also, pay attention to the repair market of individual bonds with marginal improvements in post - mid - year - report orders/ prices in the 'anti - involution' industries and track policy catalysts from the third quarter onwards [1][2][10][16]. - Currently, A - shares still show good allocation value in terms of risk premium. In the convertible bond market, considering the impact of refinancing policies, there is some support on the demand side under the background of supply contraction. However, as the current overall valuation of convertible bonds is at a relatively high level, caution should be exercised regarding correction risks. Attention should be paid to hot themes, the repair opportunities of low - level technology growth sectors, and industries with improved domestic demand and high - dividend sectors [18]. 3. Summary According to the Directory 3.1. Convertible Bond Weekly Special and Outlook 3.1.1. How were the Issuers' Performance in the First Half of 2025? - Among 440 convertible bond issuers, 269 and 218 issuers saw year - on - year increases in operating income and net profit attributable to shareholders, accounting for 61.14% and 49.55% respectively. There were 75 convertible bonds with a net profit growth rate of over 50% and 90 with a growth rate below - 50%. There were 12 convertible bonds with a revenue growth rate of over 50% and 5 with a growth rate below - 50% [10]. - At the industry level, the agricultural, forestry, animal husbandry, and fishery industry had the highest year - on - year growth rate of net profit attributable to shareholders, while the light manufacturing industry had the lowest. Six industries had positive median revenue and profit growth rates, and six had negative ones. Loss - making issuers were mainly concentrated in power equipment, computer, basic chemicals, and pharmaceutical biology industries [12]. - Among individual bonds, 169 issuers achieved year - on - year growth in both revenue and net profit attributable to shareholders, and 122 issuers saw year - on - year declines in both [16]. 3.1.2. Weekly Review and Market Outlook - This week, the A - share market fluctuated upward. Considering the risk premium, A - shares still have good allocation value. In the convertible bond market, supply contraction provides some support on the demand side, but high valuations pose correction risks. Industries worthy of attention include hot themes, low - level technology growth sectors, domestic - demand - oriented industries, and high - dividend sectors [17][18]. 3.2. Weekly Tracking of the Convertible Bond Market 3.2.1. The Equity Market Closed Higher - This week, major equity market indices closed higher, with a market style more inclined towards large - cap growth. Among the Shenwan industries, 15 rose and 16 fell, with communication, non - ferrous metals, and electronics leading the gains [22][25]. 3.2.2. The Convertible Bond Market Closed Lower, and the Premium Rate per 100 - Yuan Par Value Declined - The convertible bond market closed lower this week, with the average daily trading volume increasing. All 29 industries in the convertible bond market declined, with the automotive, social services, and non - banking finance industries leading the losses. Most individual bonds fell, and the median convertible bond price decreased [27][32][34]. - The weighted conversion value of the whole market increased, and the premium rate decreased. The current premium rate per 100 - yuan par value is above the 50th percentile since 2017 [39]. 3.2.3. High - Frequency Tracking of Different Types of Convertible Bonds 3.2.3.1. Classification Valuation Changes - This week, there was valuation differentiation in the convertible bond structure. The valuation of convertible bonds with a par value between 110 - 120 increased, while most others decreased. Since the beginning of 2024, the conversion premium rates of equity - biased and balanced convertible bonds have bottomed out and rebounded [49]. 3.2.3.2. Market Index Performance - This week, convertible bonds of all ratings and scales declined. Historically, high - rating AAA convertible bonds have shown stable performance, while low - rating convertible bonds have weaker downside resistance and greater rebound potential [60][61]. 3.3. Tracking of Convertible Bond Supply and Terms 3.3.1. This Week's Primary Market Issuance Plans - One new convertible bond was listed this week, and three were issued but not yet listed. There were 11 primary approvals this week, and Jinchengxin received approval from the CSRC to issue 2 billion yuan of convertible bonds [68]. 3.3.2. Downward Revision and Redemption Clauses - This week, 7 convertible bonds announced potential downward revisions, 7 announced no downward revisions, 1 proposed a downward revision, and Ou 22 Convertible Bond announced the result of a downward revision. Also, 7 convertible bonds announced potential redemptions, 4 announced no early redemptions, and 9 announced early redemptions. As of the end of this week, 3 convertible bonds were still in the put - option period, and 16 were in the company's capital - reduction repayment period [73][76][79].