光大证券研究·2025-12-21 00:03Market Overview - The China convertible bond index increased by 0.48% during the week of December 15 to December 19, 2025, compared to a 0.20% increase the previous week [6] - Year-to-date, the convertible bond index has risen by 17.06%, while the overall index has increased by 21.62% [6] - High-rated bonds (AAA) saw a weekly increase of 0.14%, while medium-rated bonds (AA) had the highest increase of 1.18% [6] Convertible Bond Performance - The average price of convertible bonds is 130.35 yuan, with an average conversion value of 100.65 yuan and an average conversion premium of 32.57% as of December 19, 2025 [8] - The total number of outstanding convertible bonds is 405, with a total balance of 5,554.29 billion yuan [8] Investment Strategy - The convertible bond market has shown an upward trend for three consecutive weeks, but individual bond volatility remains high, indicating potential for further divergence in future performance [9] - It is recommended to conduct detailed assessments based on bond terms and underlying stock conditions, focusing on sectors with policy support and high economic activity for new bond opportunities [9]