可转债周报（2025年12月22日至2025年12月26日）：本周继续上涨-20251227

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The convertible bond market continued to rise this week, but the volatility of some individual bonds remains high, and the future trends may further diverge. It is recommended to comprehensively consider the convertible bond terms and the underlying stock situation for refined bond selection, and focus on new bond opportunities in industries catalyzed by policies and industries with high prosperity [4]. 3. Section Summaries Market Conditions - From December 22 to December 26, 2025, the CSI Convertible Bond Index rose by +1.64% (last week's increase was +0.48%), and the CSI All - Share Index changed by +2.78% (last week's change was -0.18%). Since 2025, the CSI Convertible Bond Index has risen by +18.98%, and the CSI All - Share Index has risen by +25.00% [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%, +1.36%, +2.52%, +1.69%, and +1.98% 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 +1.06%, +0.62%, +1.05%, +2.15%, and +2.84% respectively this week, with small - 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 +2.17%, +0.22%, +2.68%, - 0.67%, - 0.28%, 2.10%, and - 0.08% respectively this week, showing differentiated changes [2]. Convertible Bond Valuation As of December 26, 2025, there were 397 outstanding convertible bonds (405 at the end of last week), with a balance of 553.336 billion yuan (555.429 billion yuan at the end of last week). The average convertible bond price was 132.97 yuan (130.35 yuan at the end of last week), with a percentile of 98.75%; the average conversion parity was 102.08 yuan (100.65 yuan at the end of last week), with a percentile of 89.75%; the average conversion premium rate was 32.34% (32.57% at the end of last week), with a percentile of 40.30% [3]. Convertible Bond Performance and Allocation Direction The convertible bond market continued to rise this week. Some individual bonds still have large fluctuations, and future trends may further diverge. It is recommended to combine convertible bond terms and the situation of the underlying stocks for comprehensive judgment, conduct refined bond selection, and pay attention to new bond opportunities in industries catalyzed by policies and industries with high prosperity [4]. Convertible Bond Increase Situation The top 15 convertible bonds in terms of this week's increase are presented, including details such as the convertible bond abbreviation, underlying stock abbreviation, industry, latest closing price, convertible bond increase rate, and underlying stock increase rate. For example, Jiamei Convertible Bond had a convertible bond increase of 37.67% and an underlying stock increase of 61.29% [21].