转债周度跟踪20251121：转债抗跌性突出，百元估值逼近40%-20251123

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In the context of the convertible bond market approaching the high point at the end of August again, there was an obvious pullback this week. Since the end of August, the convertible bond index has formed a "double top" pattern, and small - cap stocks have pulled back significantly. Compared with the end of August, the anti - decline ability of the convertible bond market in this round is significantly stronger, and the valuation performance is relatively strong. The 100 - yuan premium rate valuation approaches 40%, significantly exceeding the high point at the end of August. This may be related to two factors: Firstly, in this round of the repair market, the prices and valuations of high - priced convertible bonds are significantly weaker, so the high - price area plays a good safety cushion role through reverse valuation support; Secondly, from the perspective of two ETFs, the capital side also shows the characteristic of "reverse operation", and funds flow in reversely during the market correction. In the short term, the convertible bond valuation has reached the highest point this year, with weak valuation protection and being more dependent on the performance of the underlying stocks. Considering the limited downside space of the equity market and the under - allocation of convertible bond positions, there are still many trading opportunities in the convertible bond market [2][3]. 3. Summary by Relevant Directory 3.1 Weekly View and Outlook - The convertible bond market approached the high point at the end of August again and had an obvious pullback this week. The anti - decline ability in this round is stronger than that at the end of August, and the 100 - yuan premium rate valuation is close to 40%. Although the convertible bond valuation has reached the highest point this year and the valuation protection is weak, there are still trading opportunities due to the limited decline of the equity market and under - allocated positions [2][3]. 3.2 Convertible Bond Valuation - The anti - decline ability of convertible bonds is strong, and the valuation has increased significantly. The 100 - yuan premium rate valuation (39.6%) has exceeded the high point on August 22 (37.6%). As of the latest, in the scenario of retaining outliers, the 100 - yuan premium rate of the whole - market convertible bonds is 39.6%, with a weekly increase of 3.5%, and the latest percentile is at the 97.6% percentile since 2017. Although the underlying stocks have fallen significantly, the anti - decline ability of convertible bonds is prominent. Especially, the conversion premium rate in the par value range above 130 yuan has increased significantly, while the valuation in the debt - biased area has slightly declined [2][4]. 3.3 Clause Statistics 3.3.1 Redemption - This week, Lizhong Convertible Bond, Chutian Convertible Bond, Guocheng Convertible Bond, Mingdianzhuan 02, and Hongfa Convertible Bond announced redemptions, while Huicheng, Haoyuan, and Aofei Convertible Bonds announced non - redemptions, with a forced redemption rate of 63%. Currently, there are 16 convertible bonds that have issued forced redemption announcements or maturity redemption announcements but have not delisted. The potential conversion or maturity balance of forced - redeemed and maturing convertible bonds among the non - delisted ones is 9.3 billion yuan. There are currently 40 convertible bonds in the redemption process, 9 are expected to meet the redemption conditions next week, and 14 are expected to issue trigger redemption announcements [2][17]. 3.3.2 Downward Revision - No convertible bonds proposed downward revisions this week. Aidi and Jingneng Convertible Bonds announced the results of downward revisions, both to the bottom. As of the latest, there are 106 convertible bonds in the temporary non - downward - revision range, 20 convertible bonds cannot be downward - revised due to net asset constraints, 2 convertible bonds have triggered the condition and the stock price is still lower than the downward - revision trigger price but no announcement has been made, 34 convertible bonds are accumulating the days for downward revision, and no convertible bonds have issued downward - revision board proposals but have not held a general meeting of shareholders [2][21]. 3.3.3 Put - This week, Honglu and Bairun Convertible Bonds issued conditional put announcements. As of the latest, 7 convertible bonds are accumulating the days to trigger the put, among which 1 convertible bond is also accumulating the days for downward revision, and 6 convertible bonds are in the temporary non - downward - revision range [2][24]. 3.4 Primary Issuance - This week, Maolai Convertible Bond was issued. Maolai and Ruoke Convertible Bonds have been issued but not listed, and Zhuomei Convertible Bond will be listed next week (2025/11/24). As of the latest, there are 8 convertible bonds in the approval - for - registration progress, with a to - be - issued scale of 6.7 billion yuan; there are 6 convertible bonds in the progress of passing the listing committee, with a to - be - issued scale of 7.8 billion yuan [2][27].