【固收】本周转涨，且涨幅超权益——可转债周报（2025年9月22日至2025年9月26日）（张旭/李枢川）

Market Overview - The China Convertible Bond Index experienced a weekly increase of +0.9% from September 22 to September 26, 2025, following a previous decline of -1.5% [7] - The overall index for the week showed a change of +0.2%, with convertible bonds outperforming equities for the first time in nearly a month [10] - Year-to-date performance indicates a +15.3% increase for convertible bonds compared to a +21.3% increase for the overall index, suggesting slightly weaker performance in the convertible bond market [10] Rating Analysis - High-rated bonds (AA+ and above) saw a weekly increase of +0.69%, while medium-rated bonds (AA) increased by +0.86%, and low-rated bonds (AA- and below) only increased by +0.51%, indicating the lowest growth in the low-rated category [8] Size Classification - Large-scale convertible bonds (over 5 billion) increased by +0.73%, medium-scale bonds (between 500 million and 5 billion) rose by +1.01%, while small-scale bonds (under 500 million) saw a minimal increase of +0.01% [8] Price and Valuation Metrics - The average price of convertible bonds is 130.44 yuan, with an average conversion value of 104.27 yuan and an average conversion premium of 26.0% as of September 26, 2025 [9] - The number of outstanding convertible bonds is 427, with a total balance of 593.38 billion yuan [9] Market Performance and Investment Direction - The convertible bond market is expected to remain a relatively high-quality asset in the long term, despite current high valuation levels, necessitating a focus on structural adjustments [10]