【固收】中美经贸谈判结果超预期，市场继续向好——可转债周报（2025年5月12日至2025年5月16日）（张旭/李枢川）

Market Overview - The convertible bond market has shown a continuous recovery, with the China Convertible Bond Index recording a weekly change of +0.3% for the week of May 12 to May 16, 2025, compared to +1.3% in the previous week [3] - Since the beginning of 2025, the China Convertible Bond Index has increased by +3.4%, outperforming the overall market index, which has risen by +1.2% [3][7] Rating and Scale Performance - By rating, high-rated bonds (AA+ and above) remained unchanged at +0%, while medium-rated bonds (AA) increased by +0.08%, and low-rated bonds (AA- and below) saw the highest increase of +0.64% [4] - In terms of bond scale, large-scale bonds (over 5 billion) increased by +0.28%, medium-scale bonds (between 500 million and 5 billion) by +0.37%, and small-scale bonds (under 500 million) by +0.49%, with small-scale bonds showing the largest increase [4] Price and Valuation Metrics - The average price of convertible bonds is 120.48 yuan, down from 120.88 yuan the previous week, with a percentile value of 74.7% [5] - The average parity price is 91.99 yuan, slightly up from 91.90 yuan, with a percentile value of 57.1% [5] - The average conversion premium rate is 31.0%, down from 31.7% the previous week, with a percentile value of 62.0% [5] Sector Performance - The top 30 convertible bonds by increase are primarily from the chemical sector (7 bonds) and agriculture, forestry, animal husbandry, and fishery (4 bonds) [4] - The top 30 convertible bonds by decrease are mainly from the chemical sector (6 bonds) and machinery equipment (4 bonds) [4] Future Outlook - The market sentiment remains positive due to better-than-expected outcomes from US-China trade negotiations, with fundamental trends and macro policies being key factors influencing the convertible bond market [7] - Investors are advised to focus on convertible bonds linked to strong-performing underlying stocks in sectors such as domestic demand and domestic substitution [7]