转债较权益超额回撤，但股性攀升

• The report focuses on the performance of convertible bonds (CBs) in the market, highlighting that the CB indices (Shanghai, Shenzhen, and CSI) experienced weekly returns of -0.499%, -0.006%, and -0.272%, respectively, compared to the CSI All Share Index's return of 2.821% during the same period, resulting in an absolute return difference of -3.093% between CBs and equities[8] - The trading volume and value of CBs for the week were 173,609.71 million units and 30,791,369.11 million yuan, respectively, showing a week-on-week decrease of -3.81% and -6.23%, while the corresponding trading volume and value of underlying stocks decreased by -20.13% and -17.13%, respectively, indicating a decline in market activity for both CBs and their underlying equities[8] - As of November 28, 2025, the CB market had 402 outstanding bonds with an issuance scale of approximately 632.24 billion yuan and a remaining scale of 515.59 billion yuan. The median and arithmetic average of the conversion premium rates were 29.53% and 43.69%, respectively, with week-on-week changes of -12.17% and -9.63%, reflecting a significant drop in conversion premiums[13]