转债周度跟踪：金融转债领跌，偏债区估值松动-20251129

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The convertible bond market digested the high valuations accumulated last week, with the underlying stocks rebounding moderately while the convertible bonds lagged in following the upward trend. The structure of the valuation has changed compared to the previous central level, with the valuation in the equity - biased area remaining relatively stable, but there are signs of loosening in the low - parity debt - biased area, especially in the 90 - 100 yuan parity range. The poor performance of bank and non - bank convertible bonds this week may be an important factor dragging down the debt - biased area valuation. Given the large fluctuations in the equity market and the unclear upward trend, and the insufficient protection at the high valuation level of the debt - biased area, attention can be focused on the structural opportunities of equity - biased convertible bonds [2][6]. 3. Summary by Directory 3.1 Weekly Viewpoint and Outlook - The convertible bond market mainly digested high valuations this week. The underlying stocks rebounded moderately, but convertible bonds had a weak follow - up increase. The valuation structure changed, with the equity - biased area stable and the low - parity debt - biased area showing signs of valuation decline, especially in the 90 - 100 yuan parity range. The poor performance of financial convertible bonds may have dragged down the debt - biased area valuation. Amid large equity market fluctuations and an unclear upward trend, focus on the structural opportunities of equity - biased convertible bonds [2][6]. 3.2 Convertible Bond Valuation - This week, with the rebound of underlying stocks and the digestion of high convertible bond valuations, the 100 - yuan premium rate dropped to the normal level (37.1%) before the sharp increase. As of the latest data, in the scenario of retaining outliers, the 100 - yuan premium rate of the entire market's convertible bonds was 37.1%, a single - week decline of 2.6%, and the latest quantile was at the 95.5% percentile since 2017. - The high - parity area mainly digested valuations this week, and attention should be paid to the downward shift of the valuation center in the low - parity debt - biased area. Due to the increase in the parity level and the resurgence of the call expectation, the conversion premium rate in the 130 - 140 yuan parity range declined the most and basically returned to the previous normal level. However, both the conversion premium rate and the bottom - up premium rate in the low - parity debt - biased area declined, with a relatively larger decline in the 90 - 100 yuan parity range. - The median price of convertible bonds and the yield to maturity were reported at 131.11 yuan and - 6.54% respectively, a change of - 0.28 yuan and - 0.13% from last week. Currently, the quantile levels are at the 97.60 and 1.30 percentiles since 2017 [5][7][12]. 3.3 Clause Tracking 3.3.1 Redemption - This week, Zhongneng, Wei 24, and Zhongqi Convertible Bonds announced redemptions, and 1 convertible bond announced non - redemption, with a forced redemption rate of 75%. Currently, there are 19 convertible bonds that have issued forced redemption or maturity redemption announcements but have not yet delisted, and the potential conversion or maturity balance of the forced - redeemed and matured convertible bonds among the non - delisted ones is 7 billion yuan. There are currently 37 convertible bonds in the redemption process, 8 are expected to meet the redemption conditions next week, and 13 are expected to issue trigger redemption announcements [19][20]. 3.3.2 Downward Revision - This week, Tianneng and Lanfan Convertible Bonds proposed downward revisions. As of the latest, 101 convertible bonds are in the non - downward - revision period, 20 cannot be downward - revised due to net asset constraints, 2 have triggered the condition and the stock price is still below the downward - revision trigger price but no announcement has been made, 37 are accumulating downward - revision days, and 2 have issued board of directors' pre - plans for downward revision but have not yet gone to the shareholders' meeting [23]. 3.3.3 Put Option - This week, Qiaqia Convertible Bond issued a conditional put option announcement. As of the latest, 5 convertible bonds are accumulating put option trigger days, among which 1 proposed a downward revision and 4 are in the non - downward - revision period [26]. 3.4 Primary Issuance - There was no convertible bond issuance this week. Maolai and Ruike Convertible Bonds have been issued and are awaiting listing. As of the latest, there are 9 convertible bonds in the approval - for - registration progress, with a to - be - issued scale of 7.4 billion yuan; and 6 convertible bonds in the listing - committee - approved progress, with a to - be - issued scale of 7.5 billion yuan [28].