可转债周报（2026年3月2日至2026年3月6日）：本周继续下跌-20260307

1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core View of the Report The convertible bond market continued to decline this week. It is recommended that investors track market supply, policy rhythm, and geopolitical conflict disturbances, and make comprehensive judgments based on convertible bond terms and underlying stock conditions for refined bond selection [1][4]. 3. Summary by Relevant Catalogs Market Conditions - From March 2, 2026, to March 6, 2026, the China Securities Convertible Bond Index fell by -2.07% (last week's change was -0.23%), and the China Securities All-Share Index changed by -2.28% (last week's change was +2.74%). Since 2026, the China Securities Convertible Bond Index has risen by +4.56%, and the China Securities All-Share Index has risen by +5.63% [1]. - By 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) fell by -1.05%, -1.44%, -3.66%, -2.37%, and -2.90% respectively this week, with medium-rated bonds having the largest decline [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 500 million and 1 billion yuan), and small-scale convertible bonds (balance < 500 million yuan) fell by -1.02%, -1.88%, -5.47%, -2.43%, and -2.67% respectively this week, with medium-scale convertible bonds having the largest decline [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) fell by -1.22%, -4.02%, +0.57%, -0.03%, -3.03%, -1.83%, and -0.60% respectively this week, with all except medium-high parity bonds declining [2]. Current Convertible Bond Valuation Levels As of March 6, 2026, there were 382 outstanding convertible bonds (384 at the end of last week), with a balance of 532.506 billion yuan (537.419 billion yuan at the end of last week). Specifically: - The average convertible bond price was 139.31 yuan (142.60 yuan at the end of last week), with a percentile of 97.25% (from the beginning of 2023 to March 6, 2026, the same below) [3]. - The average convertible bond parity was 106.74 yuan (111.01 yuan at the end of last week), with a percentile of 95.68% [3]. - The average convertible bond conversion premium rate was 31.15% (31.83% at the end of last week), with a percentile of 33.77% [3]. Convertible Bond Performance and Allocation Direction The convertible bond market declined this week. It is recommended that investors track market supply, policy rhythm, and geopolitical conflict disturbances, and make comprehensive judgments based on convertible bond terms and underlying stock conditions for refined bond selection [4]. Convertible Bond Increase Situation The top 15 convertible bonds with the highest increases this week are as follows: | Rank | Convertible Bond Name | Underlying Stock Name | Industry | Latest Closing Price (Yuan) | Convertible Bond Increase (%) | Underlying Stock Increase (%) | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 1 | Hongbai Convertible Bond | Hongbai New Materials | Basic Chemicals | 200.23 | 25.65 | 24.66 | | 2 | Shouhua Convertible Bond | Shouhua Gas | Public Utilities | 0.00 | 17.19 | 18.84 | | 3 | Hangyu Convertible Bond | Hangyu Technology | National Defense and Military Industry | 368.81 | 13.50 | -3.51 | | 4 | Yitian Convertible Bond | Yitian Smart | Household Appliances | 258.90 | 12.08 | 3.68 | | 5 | Shengxun Convertible Bond | *ST Shengxun | Computer | 169.00 | 11.05 | 6.32 | | 6 | Tianjian Convertible Bond | Zhongtian Rocket | National Defense and Military Industry | 0.00 | 9.55 | 5.26 | | 7 | Outong Convertible Bond | Oulutong | Power Equipment | 793.60 | 7.68 | 16.57 | | 8 | Guangli Convertible Bond | Guangli Technology | Machinery and Equipment | 158.00 | 6.04 | 14.61 | | 9 | Jialian Convertible Bond | Jialian Technology | Light Industry Manufacturing | 212.09 | 5.07 | 9.15 | | 10 | Jiayuan Convertible Bond | Jiayuan Technology | Power Equipment | 138.57 | 4.96 | 5.16 | | 11 | Zhenhua Convertible Bond | Zhenhua Co., Ltd. | Basic Chemicals | 578.00 | 4.60 | 14.51 | | 12 | Jinlang Convertible Bond 02 | Jinlang Technology | Power Equipment | 171.00 | 3.95 | 5.61 | | 13 | Tianhao Convertible Bond | Tianhao Energy | Public Utilities | 142.50 | 3.86 | 10.72 | | 14 | Lianrui Convertible Bond | Lianrui New Materials | Basic Chemicals | 207.06 | 3.56 | 5.75 | | 15 | Hongqiang Convertible Bond | Hongqiang Co., Ltd. | Basic Chemicals | 142.03 | 3.22 | -0.73 | [19]