转债市场接连调整！

Core Viewpoint - The convertible bond market has experienced increased volatility following a recent peak in the China Securities Convertible Bond Index, with a notable decline observed in late March due to cooling bullish sentiment in the stock market and potential delisting risks for underlying stocks [1][3][5]. Group 1: Market Performance - On March 24, the China Securities Convertible Bond Index opened lower and saw a maximum intraday decline of over 1%, closing down 0.44% [3][5]. - Since March 19, the index has experienced a cumulative pullback of over 3% from its year-to-date high [3][5]. - The overall performance of convertible bonds has been negatively impacted by a shift in market sentiment and style, particularly affecting mid-to-low priced securities [5]. Group 2: Specific Bond Movements - The Yong'an Convertible Bond fell sharply by 20% on March 24, closing at 147.026 yuan per share, with a negative conversion premium of -3.95% [8][9]. - This decline was linked to the underlying stock Yong'an's price drop, which was influenced by a recent change in control and associated risk disclosures [9]. Group 3: Institutional Perspectives - Different institutions have varying views on the future of the convertible bond market. Huatai Securities has shifted its stance to cautious, focusing on low-priced and balanced stock-bond varieties due to high valuations and potential risks [5][12]. - Huazhong Securities suggests that despite high valuations, the convertible bond market could see a rebound in 2025, emphasizing the importance of selecting high-quality, liquid bonds [12][13]. - The current market environment has led to a reduction in risk appetite among institutional investors, with a focus on high-rated, stable companies and sectors such as banking and utilities [13].