可转债周报（2025年11月10日至2025年11月14日）：本周微涨-20251116

Report Summary 1. Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core View The convertible bond market rose slightly this week while the equity market declined. Since the beginning of 2025, both the convertible bond market and the equity market have been on an upward trend, but the convertible bond market has underperformed the equity market. Currently, the issuance of new convertible bonds has not accelerated significantly, demand remains strong, high - quality convertible bonds are scarce, and prices are relatively high. Fine - tuned bond selection is needed, and it is recommended to comprehensively consider bond terms and underlying stock conditions, diversify investments, and balance risks and returns [4]. 3. Summary by Directory Market行情 - From November 10 to November 14, 2025 (5 trading days), the CSI Convertible Bond Index rose by +0.52% (last week's increase was +0.86%), and the CSI All - Share Index decreased by - 0.53% (last week's increase was +0.63%). Since the beginning of 2025, the CSI Convertible Bond Index has risen by +18.61%, and the CSI All - Share Index has risen by +23.61% [1]. - By bond rating, high - rated bonds (AAA), medium - high - rated bonds (AA+), medium - rated bonds (AA), medium - low - rated bonds (AA -), and low - rated bonds (AA - and below) rose by - 0.61%, - 0.38%, +0.56%, - 0.09%, and +0.17% respectively this week, with medium - rated bonds having the highest increase [1]. - By convertible bond size, large - scale convertible bonds (bond balance > 2 billion yuan), medium - large - scale convertible bonds (balance between 1.5 and 2 billion yuan), medium - scale convertible bonds (balance between 1 and 1.5 billion yuan), small - medium - scale convertible bonds (balance between 0.5 and 1 billion yuan), and small - scale convertible bonds (balance < 0.5 billion yuan) rose by - 0.41%, - 0.88%, +0.83%, +0.10%, and +0.32% respectively this week, with medium - scale convertible bonds having the highest increase [2]. - By conversion parity, ultra - high - parity bonds (conversion value > 130 yuan), high - parity bonds (conversion value between 120 and 130 yuan), medium - high - parity bonds (conversion value between 110 and 120 yuan), medium - parity bonds (conversion value between 100 and 110 yuan), medium - low - parity bonds (conversion value between 90 and 100 yuan), low - parity bonds (conversion value between 80 and 90 yuan), and ultra - low - parity bonds (conversion value < 80 yuan) rose by - 3.78%, +1.54%, - 0.64%, - 0.22%, +0.52%, +0.96%, and +0.30% respectively this week, with high - parity bonds having the highest increase [2]. Convertible Bond Valuation - As of November 14, 2025, there were 412 outstanding convertible bonds (411 at the end of last week), with a balance of 566.85 billion yuan (569.538 billion yuan at the end of last week). The average convertible bond price was 133.30 yuan (132.07 yuan at the end of last week), with a percentile of 99.28% (from the beginning of 2023 to November 14, 2025). The average conversion parity was 105.52 yuan (105.90 yuan at the end of last week), with a percentile of 95.81%. The average conversion premium rate was 27.12% (27.07% at the end of last week), with a percentile of 18.21% [3]. Convertible Bond Performance and Allocation Direction - The convertible bond market rose slightly this week while the equity market declined. Since the beginning of 2025, both markets have risen, but the convertible bond market has underperformed. With no obvious acceleration in new bond issuance, strong demand, and high scarcity of high - quality bonds, and relatively high market prices, fine - tuned bond selection is needed. It is recommended to comprehensively consider bond terms and underlying stock conditions, diversify investments, and balance risks and returns [4]. Convertible Bond Increase Ranking - The top 15 convertible bonds with the highest increases this week include Guocheng Convertible Bond (31.44%), Dazhong Convertible Bond (28.89%), Dongshi Convertible Bond (20.41%), etc. [22]