年底主线酝酿期，关注中低价、大盘——可转债周报20251118-20251118

Report Industry Investment Rating No relevant content was found in the provided documents. Core Viewpoints of the Report - The equity market is currently in the process of brewing the main investment themes for the next year, with significant style adjustments and accelerated sector rotation. The AI - related industrial chain and sectors mentioned in the 14th Five - Year Plan are worthy of attention [1][8][9]. - In the convertible bond market, mid - low - priced convertible bonds have performed well recently, and historically, defensive varieties have shown good excess returns at the end of the year. The large - cap convertible bond index also has a better cost - performance ratio at the end of the year [1][17][22]. Summary According to the Directory 1. End - of - year Main Theme Brewing Period: Focus on Mid - low - priced and Large - cap Convertible Bonds - The equity market has shown significant style adjustments since October. The trading congestion of TMT sectors has declined, while the trading in some non - ferrous, new/old energy sectors has become active. The sector rotation speed usually accelerates in the last 1 - 2 months of the year, and the trends of strong sectors may change [1][8][9]. - Mid - low - priced convertible bonds have performed well since mid - October, while high - priced equity - biased convertible bonds have fluctuated. Historically, except for 2019 - 2021, low - priced convertible bonds have had more obvious relative returns at the end of the year. The large - cap convertible bond index also has a better cost - performance ratio at the end of the year [1][17][22]. 2. Market Review: Convertible Bonds Rose Slightly Weekly, and Valuations Increased Slightly (1) Weekly Market Conditions: The Convertible Bond Market Rose Slightly, and Half of the Sectors Rose - Last week, the Shanghai Composite Index decreased by 0.18%, the Shenzhen Component Index decreased by 1.40%, the ChiNext Index decreased by 3.01%, the SSE 50 Index remained unchanged, the CSI 1000 Index decreased by 0.52%, and the CSI Convertible Bond Index increased by 0.52%. There are 405 issued and unexpired convertible bonds, with a balance of 552.048 billion yuan [23]. - In the equity market, more than half of the industries in the Shenwan Primary Industry Index rose. In the convertible bond market, the iron and steel, petroleum and petrochemical, non - ferrous metals, food and beverage, and agriculture, forestry, animal husbandry and fishery sectors rose, while the media, electronics, building materials, communications, and national defense and military industries declined [28]. - Most of the popular concepts rose last week, with the cross - strait integration, SPD, antibiotics, and other concepts leading the increase, while the optical communication, photolithography factory, and other concepts led the decline [30]. (2) Valuation Performance: The Premium Rates of Convertible Bonds with Different Ratings and Sizes Changed Differently - The weighted average closing price of convertible bonds was 134.95 yuan, an increase of 0.48% from the previous Friday. The closing prices of equity - biased, debt - biased, and balanced convertible bonds all increased. The proportion of the 110 - 120 (inclusive) price range decreased significantly. The median price increased by 0.55%. The convertible bond market's 100 - yuan par - value fitted conversion premium rate increased by 0.11 percentage points [32]. - The premium rates of convertible bonds with different ratings and sizes changed differently. The A+ rating decreased by 0.46 percentage points, and the size of less than 3 billion yuan (inclusive) decreased by 1.5 percentage points. The conversion premium rate of convertible bonds in the par - value range of less than 80 yuan (inclusive) decreased by 2.37 percentage points [32]. 3. Terms and Supply: 3 Convertible Bonds Announced Early Redemption, and the Total Pending Issuance Scale is Approximately 11 Billion Yuan (1) Terms: Last week, 3 Convertible Bonds Announced Early Redemption, and No Convertible Bond's Board of Directors Proposed a Downward Revision - As of November 14, Yuguang, Cehui, and Tianci announced early redemption; Dazhong, Weice, and Saili convertible bonds announced no early redemption; Chutian, Lizhong, Youcai, Huicheng, Haoyuan, Guocheng, Aofei, Mingdianzhuan 02, Hongfa, and Shenma convertible bonds announced that they were expected to meet the early redemption conditions [2][53]. - Last week, no convertible bond's board of directors proposed a downward revision. Dongshi convertible bond announced the downward revision result; 7 convertible bonds announced no downward revision, and 9 convertible bonds announced that they were expected to trigger a downward revision [2][53]. (2) Primary Market: Last week, Ruike Convertible Bonds were Issued, and the Total Pending Issuance Scale is Approximately 11 Billion Yuan - Last week, Ruike Convertible Bonds were issued with a scale of 1 billion yuan, and there were no newly listed convertible bonds [3][56]. - Last week, 1 company added a board of directors' plan, 3 companies passed the shareholders' meeting, 1 company passed the issuance review committee's approval, and 1 company was approved by the CSRC, with year - on - year changes of +1, +3, - 1, and +1 respectively. As of November 14, 5 listed companies obtained convertible bond issuance approvals, with a proposed issuance scale of 3.762 billion yuan; 7 companies passed the issuance review committee, with a total scale of 6.473 billion yuan. Laite Optoelectronics added a board of directors' plan last week, with a scale of 766 million yuan [3][57][63].