【固收】估值较高，但仍可以乐观——可转债周报（2025年8月4日至2025年8月8日）（张旭/李枢川）

Market Overview - The China Convertible Bond Index increased by 2.3% during the week of August 4 to August 8, 2025, following a slight adjustment the previous week, while the China All Share Index rose by 1.9% [6] - Year-to-date, the China Convertible Bond Index has gained 12.8%, outperforming the China All Share Index, which has increased by 10.7% [6][9] - Current valuations of convertible bonds are near or exceed historical highs, yet the equity market remains vibrant, suggesting a positive outlook for convertible bonds [6][10] Performance by Rating and Size - High-rated bonds (AA+ and above), medium-rated bonds (AA), and low-rated bonds (AA- and below) saw weekly changes of +2.14%, +2.26%, and +3.01% respectively, with low-rated bonds showing the highest increase [7] - In terms of bond size, large-scale bonds (over 5 billion) increased by +1.49%, medium-scale bonds (between 500 million and 5 billion) by +2.38%, and small-scale bonds (under 500 million) by +3.23%, with small-scale bonds again leading in growth [7] Price and Valuation Metrics - The average price of convertible bonds reached 130.4 yuan, up from 127.7 yuan the previous week, with a percentile rank of 99.5% [8] - The average conversion price was 103.18 yuan, an increase from 100.65 yuan, with a percentile rank of 93.5% [8] - The average conversion premium stood at 28.1%, up from 27.4% the previous week, with a percentile rank of 56.7% [8] Sector Performance - The top 30 performing convertible bonds were primarily from the machinery equipment (7 bonds) and chemical (6 bonds) sectors, while the worst performers were mainly from the pharmaceutical and biological (7 bonds) and chemical (4 bonds) sectors [7]