可转债周报（2026年1月26日至2026年1月30日）：本周有所下跌-20260131

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - This week, both the convertible bond market and the equity market declined. Currently, it is recommended to select bonds in a refined manner, comprehensively judge based on convertible bond terms and the situation of the underlying stocks, and pay attention to the forced redemption risk of individual bonds [4]. 3. Summary by Relevant Catalogs Market行情 - From January 26 to January 30, 2026 (a total of 5 trading days), the change rate of the CSI Convertible Bond Index was -2.61% (last week's change rate was +2.92%), and the change of the CSI All - Share Index was -1.54% (last week's change rate was +1.76%). Since 2026, the change rate of the CSI Convertible Bond Index has been +5.82%, and the change rate of the CSI All - Share Index has been +5.75% [1]. - In terms of ratings, the high - rated bonds (rated AAA), medium - high - rated bonds (rated AA+), medium - rated bonds (rated AA), medium - low - rated bonds (rated AA -), and low - rated bonds (rated AA - and below) had change rates of -0.81%, -1.48%, -1.51%, -1.87%, and -2.81% respectively this week, with high - rated bonds having the lowest decline [1]. - In terms of convertible bond scale, large - scale convertible bonds (bond balance greater than 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 less than 0.5 billion yuan) had change rates of -1.42%, -1.59%, -1.93%, -1.49%, and -2.49% respectively this week, with large - scale convertible bonds having the lowest decline [2]. - In terms of parity, ultra - high - parity bonds (conversion value greater than 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 less than 80 yuan) had change rates of +2.18%, +1.72%, -2.91%, +2.45, +1.51%, -4.29%, +5.97%, and -0.43% respectively this week, with low - parity bonds having the highest increase [2]. Convertible Bond Price, Parity, and Conversion Premium Rate - As of January 30, 2026, there were 392 outstanding convertible bonds (394 at the close of last week), with a balance of 548.015 billion yuan (550.573 billion yuan at the close of last week). - The average convertible bond price was 140.56 yuan (141.26 yuan at the close of last week), and the quantile was 99.33% (quantile from the beginning of 2023 to January 30, 2026). - The average convertible bond parity was 109.04 yuan (109.62 yuan at the close of last week), and the quantile was 99.33%. - The average conversion premium rate of convertible bonds was 34.49% (32.88% at the close of last week), and the quantile was 52.08% [3]. Convertible Bond Performance and Allocation Direction - This week, both the convertible bond market and the equity market declined. Currently, it is recommended to select bonds in a refined manner, comprehensively judge based on convertible bond terms and the situation of the underlying stocks, and pay attention to the forced redemption risk of individual bonds [4]. Convertible Bond Increase Situation - The top 15 convertible bonds in terms of increase this week are as follows: | Rank | Convertible Bond Name | Underlying Stock Name | Industry | Latest Closing Price (Yuan) | Convertible Bond Increase (%) | Underlying Stock Increase (%) | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 1 | Lianrui Convertible Bond | Lianrui New Materials | Basic Chemicals | 226.51 | 44.00 | -5.66 | | 2 | Tianzhun Convertible Bond | Tianzhun Technology | Machinery and Equipment | 266.57 | 16.12 | 14.23 | | 3 | Baichuan Convertible Bond 2 | Baichuan Co., Ltd. | Basic Chemicals | 149.00 | 12.75 | 29.25 | | 4 | Outong Convertible Bond | Outong Co., Ltd. | Power Equipment | 742.86 | 8.01 | 14.48 | | 5 | Haomei Convertible Bond | Haomei New Materials | Non - ferrous Metals | 262.00 | 7.22 | -0.05 | | 6 | Yunji Convertible Bond | Yunji Group | Machinery and Equipment | 404.50 | 7.01 | 4.53 | | 7 | Aofei Convertible Bond | Aofei Data | Communications | 317.00 | 6.02 | 10.22 | | 8 | Jize Convertible Bond | Jize New Energy | Public Utilities | 244.99 | 5.65 | 6.85 | | 9 | Jinji Convertible Bond | Jinji Co., Ltd. | Basic Chemicals | 151.00 | 4.72 | 19.60 | | 10 | Saite Convertible Bond | Saite New Materials | Basic Chemicals | 152.62 | 4.16 | 14.99 | | 11 | Xiaoming Convertible Bond | Xiaoming Co., Ltd. | Agriculture, Forestry, Animal Husbandry and Fishery | 145.68 | 4.15 | 13.89 | | 12 | Jin05 Convertible Bond | Jinpan Technology | Power Equipment | 208.25 | 3.69 | -7.47 | | 13 | Yubang Convertible Bond | Yubang New Materials | Power Equipment | 160.16 | 3.68 | 9.82 | | 14 | Tianyuan Convertible Bond | Wuhan Tianyuan | Environmental Protection | 272.20 | 3.68 | -2.86 | | 15 | Huairui Convertible Bond | Huairui Precision | Machinery and Equipment | 159.44 | 3.37 | 3.14 | [20]