可转债周报（2026年3月16日至2026年3月20日）：本周继续下跌-20260321

Group 1: Report Industry Investment Rating - No information provided Group 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 to select bonds in a refined manner [1][4] Group 3: Summary According to the Directory 1. Market Quotes - From March 16 to March 20, 2026, the weekly change of the CSI Convertible Bond Index was -3.15% (last week was -1.10%), and the change of the CSI All - Share Index was -4.10% (last week was -0.51%). Since 2026, the CSI Convertible Bond Index has increased by +0.15%, and the CSI All - Share Index has increased by +0.79% [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) had weekly changes of -2.21%, -2.88%, -3.97%, -4.24%, and -4.54% respectively, with low - rated bonds having the largest decline [1] - By convertible bond scale, 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) had weekly changes of -2.53%, -3.09%, -3.51%, -4.13%, and -4.57% respectively, with small - scale convertible bonds having the largest decline [2] - By 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) had weekly changes of +0.27%, +1.31%, -4.29%, -3.13%, -1.03%, -4.84%, and -1.13% respectively. Except for ultra - high - parity and high - parity bonds, all others declined [2] 2. Convertible Bond Price, Parity, and Conversion Premium Rate - As of March 20, 2026, there were 377 outstanding convertible bonds (377 at the close of last week), with a balance of 523.799 billion yuan (527.921 billion yuan at the close of last week) [3] - The average convertible bond price was 134.84 yuan (139.04 yuan at the close of last week), and the percentile was 93.93% (from the beginning of 2023 to March 20, 2026) [3] - The average convertible bond parity was 103.61 yuan (108.59 yuan at the close of last week), and the percentile was 85.92% [3] - The average convertible bond conversion premium rate was 29.68% (29.05% at the close of last week), and the percentile was 27.00% [3] 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 to select bonds in a refined manner [4] 4. Convertible Bond Rise Situation - The top 15 convertible bonds in terms of weekly increase are listed, including details such as convertible bond abbreviation, underlying stock abbreviation, industry, latest closing price, convertible bond increase rate, and underlying stock increase rate [20]