【固收】连续两周录得可观涨幅——可转债周报（2025年6月30日至2025年7月4日）（张旭/李枢川）

Market Overview - The convertible bond market continued to rise during the week from June 30 to July 4, 2025, with the China Convertible Bond Index increasing by +1.2% (previous week +2.1%), marking two consecutive weeks of significant gains [3] - Year-to-date, the China Convertible Bond Index has risen by +7.9%, outperforming the China All Index, which has increased by +4.6% [3][7] Performance by Rating and Size - High-rated bonds (AA+ and above) saw the highest weekly increase of +1.62%, followed by medium-rated bonds (AA) at +1.41%, and low-rated bonds (AA- and below) at +0.63% [4] - In terms of bond size, large-scale convertible bonds (over 5 billion) increased by +1.45%, medium-scale bonds (between 500 million and 5 billion) by +1.12%, and small-scale bonds (under 500 million) by +0.92% [4] Price and Valuation Metrics - The average price of convertible bonds reached 124.53 yuan, up from 123.21 yuan the previous week, with a percentile value of 93.8% [5][6] - The average conversion price was 96.58 yuan, an increase from 94.88 yuan, with a percentile value of 81.9% [6] - The average conversion premium decreased to 28.2% from 29.9%, with a percentile value of 56.5% [6] Sector Performance - The top 30 convertible bonds by increase were primarily from the chemical (6), pharmaceutical (4), and electronics (4) sectors, while the largest declines were seen in the chemical (6), automotive (4), and non-ferrous metals (3) sectors [4] Future Outlook - The convertible bond market's performance is expected to be influenced by fundamental factors and macro policies, with a focus on sectors that can benefit from domestic demand stimulation [7]