【固收】本周有所调整——可转债周报（2025年11月17日至2025年11月21日）（张旭/杨欣怡）

Market Overview - The China convertible bond index experienced a decline of -1.78% during the week of November 17 to November 21, 2025, compared to a previous increase of +0.52% [6] - The overall index for the China stock market fell by -5.05%, following a prior decrease of -0.53% [6] - Year-to-date, the convertible bond index has risen by +16.50%, while the overall stock index has increased by +17.36% [6] Rating Performance - The performance of bonds by rating category showed declines across the board: AAA rated bonds fell by -0.82%, AA+ by -1.41%, AA by -2.31%, AA- by -2.07%, and bonds rated AA- and below by -1.92%, with the AA rated bonds experiencing the largest drop [6] Size Performance - In terms of bond size, large convertible bonds (over 2 billion) decreased by -1.33%, medium-large (1.5 to 2 billion) by -2.21%, medium (1 to 1.5 billion) by -3.95%, medium-small (0.5 to 1 billion) by -1.08%, and small bonds (under 0.5 billion) by -2.56%, with medium-sized bonds showing the largest decline [6] Price and Valuation Metrics - The average price of convertible bonds is 131.61 yuan, down from 133.30 yuan the previous week, with a percentile rank of 96.56% [8] - The average conversion price is 101.20 yuan, down from 105.52 yuan, with a percentile rank of 88.67% [8] - The average conversion premium stands at 31.88%, up from 27.12%, with a percentile rank of 38.31% [8] Market Sentiment and Strategy - Both the convertible bond market and the equity market have seen declines this week, although both markets have been on an upward trend since the beginning of 2025 [9] - The remaining duration of existing convertible bonds is shortening, and there is a decrease in high-quality individual bonds, leading to potential adjustment pressures on high-priced and high-valuation convertible bonds [9] - It is recommended to conduct a detailed selection of bonds based on their terms and the underlying stock situation, while also paying attention to new bond opportunities in industries with high economic prospects [9]