关税扰动再起，历史有何借鉴？：——可转债周报20251014-20251014

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since October, Sino - US trade friction has intensified. The market performance in April can be used as a reference. The equity market has strong support from market - stabilizing funds, and the convertible bond market has different performances in terms of valuation, rating, and industry [1][5]. - In the future, although there are significant macro - fluctuations, the expectation of market - stabilizing forces remains strong. A rapid adjustment may provide trading opportunities. A dumbbell strategy can be adopted for medium - rated convertible bonds, and sectors with "counter - cyclical" adjustment functions and the semiconductor self - controllable direction are worthy of attention [5]. 3. Summary According to the Table of Contents 3.1 Tariff Disturbance Resurfaces: What Can We Learn from History? - In October, Sino - US trade friction has intensified. On October 13, the equity market showed a slight decline, and the convertible bond market had a more obvious decline in valuation. The net redemption of convertible bond ETFs continued. Structurally, medium - and low - rated convertible bonds and export - oriented industries had more significant callbacks, while sectors such as banks and non - ferrous metals rose against the market [9]. - The market performance from April to June can be used as a reference. During the period of market - stabilizing funds, the valuation of convertible bonds was relatively stable, and medium - rated and export - oriented sectors had relatively large callbacks. After the panic, leveraged funds still had high expectations for the future, but the convertible bond market faced pressure from institutional position - reducing [17][25][30]. 3.2 Market Review: Convertible Bonds Slightly Declined Weekly, and Valuation Slightly Compressed 3.2.1 Weekly Market Quotes - Last week, major stock indices had different performances. The Shanghai Composite Index rose 0.37%, while the Shenzhen Component Index, ChiNext Index, Shanghai 50 Index, and CSI 1000 Index declined. The CSI Convertible Bond Index rose 0.03%. The convertible bond market was also differentiated, with some sectors rising and others falling [31]. - There are 423 issued and non - expired convertible bonds, with a balance of 5909.41 billion yuan. Fueneng Convertible Bonds will be issued on October 13, with a scale of 38.02 billion yuan [31]. 3.2.2 Valuation Performance - The weighted average closing price of convertible bonds rose 0.04%. The closing prices of different types of convertible bonds all increased. The proportion of convertible bonds in the 120 - 130 yuan range increased significantly. The median price rose 0.12%. The convertible bond market's 100 - yuan par - value fitted conversion premium rate decreased by 0.05 pct. High - rated and large - scale convertible bonds had more significant premium rate compression [39]. 3.3 Terms and Supply: Luokai and Enjie Convertible Bonds Announced Early Redemption, with a Total Pending Issuance Scale of Approximately 8 Billion 3.3.1 Terms - As of October 10, Luokai and Enjie Convertible Bonds announced early redemption; Mengsheng and Hengbang Convertible Bonds are expected to meet the early redemption conditions. No convertible bonds announced not to redeem early [2][60]. - Last week, no convertible bonds proposed downward revisions in the board of directors. Huitong Convertible Bonds announced the downward revision result; 2 convertible bonds announced not to revise downward; 6 convertible bonds are expected to trigger downward revisions [2]. 3.3.2 Primary Market - No convertible bonds were issued last week. Fueneng Convertible Bonds will be issued this week, with a scale of 38.02 billion yuan [3]. - No new board of directors' proposals were added last week. Five new companies passed the general meeting of shareholders. As of October 10, 2 companies obtained the issuance approval, with a proposed issuance scale of 26.77 billion yuan, and 8 companies passed the issuance review committee, with a total scale of 53.05 billion yuan. The total pending issuance scale is approximately 8 billion yuan [3][66][76].