可转债周报（2025年10月20日至2025年10月24日）：再次转涨-20251025

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - From January to October 24, 2025, the convertible bond market underperformed the equity market. In the long - term, convertible bonds remain relatively high - quality assets due to the persistent strong demand and weak supply. However, the current valuation is high, and investors need to focus on structure [1][4] 3. Summary by Relevant Catalogs Market行情 - From October 20 to October 24, 2025, the convertible bond and equity markets rose again. The CSI Convertible Bond Index increased by +1.5% (previous week: - 2.3%), and the CSI All - Share Index changed by +3.4% (previous week: - 3.5%). Since the beginning of 2025, the CSI Convertible Bond Index has risen by +16.1%, and the CSI All - Share Index has risen by +23.0% [1] - By rating, high - grade bonds (AA+ and above), medium - grade bonds (AA), and low - grade bonds (AA - and below) rose by +2.30%, +2.22%, and +2.53% respectively this week, with low - grade bonds having the highest 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 by +0.12%, +2.36%, and +2.66% respectively this week, with large - scale convertible bonds having the lowest increase [1] - By conversion parity, ultra - high - parity bonds (conversion value > 130 yuan), high - parity bonds (conversion value between 110 and 130 yuan), medium - parity bonds (conversion value between 90 and 110 yuan), low - parity bonds (conversion value between 70 and 90 yuan), and ultra - low - parity bonds (conversion value < 70 yuan) rose by +4.58%, +2.88%, +1.64%, +1.35%, and +1.16% respectively this week, with ultra - high - parity bonds having the highest increase [2] Current Convertible Bond Valuation Level - As of October 24, 2025, there were 410 outstanding convertible bonds (413 at the end of last week), with a balance of 556.823 billion yuan (566.693 billion yuan at the end of last week) [3] - The average convertible bond price was 131.06 yuan (130.61 yuan at the end of last week), with a percentile of 98.6%; the average convertible bond parity was 104.86 yuan (103.82 yuan at the end of last week), with a percentile of 94.8%; the average convertible bond conversion premium rate was 27.6% (27.7% at the end of last week), with a percentile of 56.0%. The conversion premium rate of medium - parity convertible bonds (conversion value between 90 and 110 yuan) was 29.3%, higher than the median of medium - parity convertible bonds since 2018 (20.4%) [3] Convertible Bond Increase Situation - The top 15 convertible bonds in terms of increase this week include Yingliu Convertible Bond, Chenfeng Convertible Bond, and Jingda Convertible Bond, with increases of 73.08%, 27.32%, and 25.11% respectively [22]