转债周度跟踪：转债估值后续走势的两点关注-20250927

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the convertible bond market was in a shock, but performed better than the underlying stocks. The CSI Convertible Bond Index rose about 1 percentage point with the underlying stocks slightly up, and the 100 - yuan premium rate repaired about 1 percentage point. With positive sentiment in the equity market and the supply - demand mismatch, the convertible bond valuation remained firm, and the characteristic of the convertible bond valuation lagging behind the underlying stocks in decline may reappear, with a low probability of a significant short - term decline. The key for the convertible bond valuation to break through further lies in the subsequent trend of the equity - biased convertible bond valuation (mainly relying on non - redeemable convertible bonds) and the subsequent trend of the underlying stocks (if the volatility of the underlying stocks increases significantly, the convertible bond valuation may rise further). In the short term, the convertible bond market is in a shock period, and attention can be paid to the opportunities of bank convertible bonds that have returned to a low level [1][4]. 3. Summary by Relevant Catalogs 3.1 Weekly Viewpoint and Outlook - The convertible bond market was in shock this week, performing better than the underlying stocks. The CSI Convertible Bond Index rose about 1 percentage point, and the 100 - yuan premium rate repaired about 1 percentage point. The convertible bond valuation was firm, with a low probability of a significant short - term decline. The key to further valuation breakthrough lies in the equity - biased convertible bond valuation and the underlying stock trend. Short - term market direction is unclear, and bank convertible bonds at low levels can be focused on [1][4]. 3.2 Convertible Bond Valuation - The whole - market 100 - yuan valuation rose about 1 percentage point this week, similar to the mid - September level. The whole - market convertible bond 100 - yuan premium rate was 34.5%, up 0.9% this week, at the 91.3% percentile since 2017. The valuation repair of high - and low - rated convertible bonds was similar, about 1 percentage point [3][5]. - Compared with last week, the conversion premium rate and the bottom - support premium rate in the low - parity (50 - 70 yuan) and high - parity (130 - 140 yuan) areas increased more, while the valuation of balanced convertible bonds was slightly weaker [3][8]. - The median convertible bond price and the yield to maturity were 130.16 yuan and - 6.14% respectively, up 0.91 yuan and down 0.22% compared with last week, at the 98.3% and 0.8% percentiles since 2017 [3][16]. 3.3 Clause Tracking 3.3.1 Redemption - Two convertible bonds, Jingxing Convertible Bond and Chunqiu Convertible Bond, issued early redemption announcements this week. There are 27 convertible bonds that have issued early redemption or maturity redemption announcements but have not been delisted, with a potential conversion or maturity balance of 30.7 billion yuan [3][17]. - Two convertible bonds issued non - redemption announcements this week. There are 36 convertible bonds currently in the redemption progress, and 10 are expected to meet the redemption conditions next week [19][20]. 3.3.2 Downward Revision - Three convertible bonds, Jingke Convertible Bond, Lanfan Convertible Bond, and Yong22 Convertible Bond, announced downward revision results this week, with Jingke Convertible Bond and Yong22 Convertible Bond revised to the bottom. As of now, 122 convertible bonds are in the non - downward - revision period, 23 cannot be revised due to net asset constraints, 2 have triggered the condition but have not announced, 24 are accumulating downward - revision days, and 2 have issued downward - revision board proposals but have not gone to the general meeting [3][22]. 3.3.3 Put Option - No convertible bonds issued conditional put option announcements this week. As of now, 3 convertible bonds are accumulating put - option trigger days, with 1 in the non - downward - revision period and 2 accumulating downward - revision days [3][24].