转债延续上行，小幅跑输权益市场

• The report primarily focuses on the performance of the convertible bond market and individual convertible bonds during the week of September 8 to September 12, 2025[1][6][10] - The convertible bond market indices, including the Shanghai Convertible Bond Index, Shenzhen Convertible Bond Index, and CSI Convertible Bond Index, recorded weekly returns of 0.326%, 0.599%, and 0.426%, respectively, underperforming the equity market indices such as the Shanghai Composite Index (1.524%) and CSI All Share Index (2.068%)[6][7] - The trading volume and value of the convertible bond market decreased by 8.33% and 6.35% week-over-week, respectively, while the corresponding trading activity for underlying stocks also declined by 5.65% and 2.77%[6][8] - As of September 12, 2025, the convertible bond market had 442 outstanding bonds with an issuance scale of approximately 716.27 billion yuan and a remaining scale of 576.96 billion yuan[10][13] - The median conversion premium of the convertible bond market was 24.94%, with an arithmetic average of 39.04%, both showing a week-over-week decline of 6.05% and 2.95%, respectively[10][14] - The top five gainers among individual convertible bonds for the week were Shenglan Convertible 02 (67.70%), Kaizhong Convertible Bond (46.96%), Jinwei Convertible Bond (39.32%), Haitai Convertible Bond (38.11%), and Jiaze Convertible Bond (26.33%)[15][16] - The top five losers among individual convertible bonds for the week were Haibo Convertible Bond (-23.58%), Huiche Convertible Bond (-18.60%), Dongjie Convertible Bond (-9.77%), Songyuan Convertible Bond (-8.23%), and Huicheng Convertible Bond (-7.99%)[15][16] - Convertible bonds were categorized by price ranges, with the majority priced between 120-130 yuan (29.66%) and above 140 yuan (29.66%), while the median conversion premiums for these categories were 46.24% and 9.72%, respectively[27][28][34]