转债缩量上涨，涨幅较权益偏低

• The weekly performance of the convertible bond market indices: Shanghai Convertible Bond Index, Shenzhen Convertible Bond Index, and China Convertible Bond Index had weekly changes of 1.557%, 1.396%, and 1.473% respectively[7] - The weekly performance of the equity market indices: Shanghai Composite Index and China Securities Index had weekly changes of 2.879% and 3.363% respectively[7] - The trading volume and value of the convertible bond market for the week were 184,327.64 million units and 30,011,742.91 million yuan, with week-on-week changes of -12.58% and -15.40% respectively[7] - The trading volume and value of the corresponding stocks for the week were 3,999,054.08 million shares and 63,737,365.90 million yuan, with week-on-week changes of -23.41% and -26.84% respectively[7] - As of October 24, 2025, the number of outstanding convertible bonds was 414, with an issuance scale of approximately 686.345 billion yuan and a remaining scale of approximately 538.707 billion yuan[10] - The median and arithmetic average conversion premium rates of the convertible bond market were approximately 27.15% and 41.72%, with week-on-week changes of -4.77% and -3.04% respectively[10] - The top five convertible bonds with the highest weekly gains were Yingliu Convertible Bond, Chenfeng Convertible Bond, Jingda Convertible Bond, Montai Convertible Bond, and Chunqiu Convertible Bond, with weekly changes of 73.08%, 27.32%, 25.11%, 24.41%, and 15.88% respectively[19][20] - The top five convertible bonds with the highest weekly losses were Huiche Convertible Bond, Yitian Convertible Bond, Jiaze Convertible Bond, Huicheng Convertible Bond, and Hengbang Convertible Bond, with weekly changes of -18.82%, -14.62%, -10.85%, -10.63%, and -9.55% respectively[19][21] - As of October 24, 2025, the number of convertible bonds priced below 100, between 100-110, 110-120, 120-130, 130-140, and above 140 were 0 (0.00%), 5 (1.22%), 52 (12.71%), 124 (30.32%), 105 (25.67%), and 123 (30.07%) respectively[35] - The median conversion premium rates for these price ranges were 0.00%, 99.95%, 71.57%, 46.47%, 21.84%, and 13.00%, with week-on-week changes of 0.00%, -3.74%, 1.52%, 19.48%, -0.48%, and 1.29% respectively[35]