转股溢价回落，转债调整后有望继续随权益上涨

• The report focuses on the performance of the convertible bond market, highlighting that from February 24 to February 27, 2026, the weekly returns of the Shanghai Convertible Bond Index, Shenzhen Convertible Bond Index, and CSI Convertible Bond Index were -0.336%, -0.031%, and -0.234%, respectively, while the CSI All Share Index achieved a weekly return of 2.744%[7][10] - The convertible bond market's trading volume and value for the same period were 161,146.86 million units and 29,450,827.38 million yuan, respectively, showing a week-on-week decrease of -24.61% and -25.57%[7][10] - The median conversion premium rate of the convertible bond market as of February 27, 2026, was approximately 29.16%, with an arithmetic average of 41.94%, reflecting a significant week-on-week decline of -15.32% and -9.77%, respectively[10][17] - The report provides a breakdown of convertible bond prices, showing that as of February 27, 2026, the number of bonds priced below 100, between 100-110, 110-120, 120-130, 130-140, and above 140 were 0, 8, 14, 56, 88, and 205, respectively, with corresponding median conversion premium rates of 0.00%, 46.48%, 20.87%, 72.27%, 34.65%, and 23.63%[31][36][37] - The top five performing convertible bonds for the week were Aiwei Convertible Bond, Huiche Convertible Bond, Youcai Convertible Bond, Shuangliang Convertible Bond, and Guanglian Convertible Bond, with weekly returns of 72.02%, 21.84%, 21.16%, 19.66%, and 16.11%, respectively[18][21] - The bottom five performing convertible bonds for the week were Huicheng Convertible Bond, Weidao Convertible Bond, Ruichuang Convertible Bond, Xinfeng Convertible Bond, and Hengshuai Convertible Bond, with weekly returns of -18.37%, -16.84%, -16.28%, -14.04%, and -13.68%, respectively[18][19][21]