【固收】本周转债市场上涨——可转债周报（2025年12月8日至2025年12月12日）（张旭/杨欣怡）

Market Overview - The China Convertible Bond Index increased by +0.20% during the week of December 8 to December 12, 2025, compared to +0.08% the previous week. The China All Share Index rose by +0.19%, down from +0.77% the prior week. Year-to-date, the China Convertible Bond Index has gained +16.50%, while the China All Share Index has increased by +21.83% [4]. - The performance of convertible bonds by rating shows that high-rated bonds (AAA) decreased by -0.13%, medium-high rated bonds (AA+) fell by -0.61%, medium rated bonds (AA) rose by +0.17%, medium-low rated bonds (AA-) increased by +0.25%, and low-rated bonds (AA- and below) dropped by -0.42%. Medium-rated and medium-low rated bonds experienced some gains [4]. Convertible Bond Size Analysis - The performance of convertible bonds based on size indicates that large-scale bonds (over 2 billion) decreased by -0.51%, medium-large bonds (1.5 to 2 billion) fell by -0.45%, medium-sized bonds (1 to 1.5 billion) increased by +1.04%, medium-small bonds (0.5 to 1 billion) dropped by -0.29%, and small-scale bonds (under 0.5 billion) decreased by -0.24%. All categories except medium-sized bonds saw declines [5]. - The performance based on conversion price shows that ultra-high price bonds (conversion value over 130) increased by +5.15%, high price bonds (120 to 130) decreased by -1.39%, medium-high price bonds (110 to 120) fell by -1.03%, medium price bonds (100 to 110) rose by +0.57%, medium-low price bonds (90 to 100) dropped by -2.16%, low price bonds (80 to 90) increased by +2.22%, and ultra-low price bonds (under 80) decreased by -0.60%. The performance varied significantly across categories [5]. Convertible Bond Metrics - As of December 12, 2025, there are 408 convertible bonds in circulation, with a total balance of 556.12 billion. The average price of convertible bonds is 130.13, with a percentile value of 91.57%. The average conversion price is 99.99, with a percentile value of 86.66%. The average conversion premium rate is 31.41, with a percentile value of 37.36% [6]. Market Performance and Strategy - The convertible bond market and equity market both saw increases this week. However, certain individual bonds exhibited significant volatility, suggesting potential further divergence in future trends. The overall trading environment remains challenging. It is recommended to assess bonds based on their terms and the performance of underlying stocks, focusing on policy-driven opportunities in high-growth sectors [6].