转债较权益超额延续，可关注顺周期板块

• The report primarily focuses on the performance and analysis of the convertible bond market, including market trends, individual bond performance, valuation analysis, and clause tracking, but does not include any quantitative models or factors for construction or testing[1][3][8] - The convertible bond market's weekly performance (2026-01-19 to 2026-01-23) is highlighted, with indices such as the Shanghai Convertible Bond Index, Shenzhen Convertible Bond Index, and CSI Convertible Bond Index showing weekly returns of 2.790%, 3.175%, and 2.921%, respectively[3][8][11] - The report provides detailed data on trading volume and value for convertible bonds and their corresponding stocks, showing a week-over-week decline in activity, with convertible bond trading volume at 241,961.36 million units and trading value at 46,654,679.30 million yuan[3][8][11] - Individual convertible bond performance is analyzed, with the top five gainers being Jiamei Convertible Bond (48.11%), Fuxin Convertible Bond (30.99%), Tianchuang Convertible Bond (29.26%), Dazhong Convertible Bond (24.16%), and Shuangliang Convertible Bond (22.40%)[20][21] - The report also lists the top five decliners, including Huiche Convertible Bond (-32.91%), Dongshi Convertible Bond (-17.81%), Yinbang Convertible Bond (-7.14%), Huanxu Convertible Bond (-6.45%), and Haohan Convertible Bond (-5.71%)[20][22] - Valuation analysis includes the distribution of convertible bond prices, with 213 bonds priced above 140 yuan, representing 56.50% of the market, and the median conversion premium rate for this category at 26.73%[11][34][39] - Clause tracking reveals that 107 convertible bonds have triggered downward revision clauses, and seven bonds are likely to trigger conditional redemption clauses, including Fuchun Convertible Bond, Jiahe Convertible Bond, Xingfa Convertible Bond, Yongxi Convertible Bond, Yinbang Convertible Bond, Weixin Convertible Bond, and Yaoji Convertible Bond[41]