【固收】本周继续上涨——可转债周报（2025年12月22日至2025年12月26日）（张旭/杨欣怡）

Market Overview - The China convertible bond index increased by +1.64% during the week from December 22 to December 26, 2025, compared to +0.48% the previous week. The China All Index rose by +2.78%, up from -0.18% the prior week. Year-to-date, the convertible bond index has gained +18.98%, while the All Index has increased by +25.00% [6]. - By rating, the weekly performance of bonds was as follows: AAA-rated bonds +0.61%, AA+-rated +1.36%, AA-rated +2.52%, AA--rated +1.69%, and bonds rated AA- and below +1.98%, with AA-rated bonds showing the highest increase [6]. - In terms of bond size, large bonds (over 2 billion) rose by +1.06%, medium-large (1.5 to 2 billion) +0.62%, medium (1 to 1.5 billion) +1.05%, medium-small (0.5 to 1 billion) +2.15%, and small bonds (under 0.5 billion) +2.84%, with small bonds having the highest increase [6]. Price and Valuation Metrics - The average price of convertible bonds was 132.97 yuan, up from 130.35 yuan the previous week, with a percentile rank of 98.75% [8]. - The average conversion price was 102.08 yuan, an increase from 100.65 yuan, with a percentile rank of 89.75% [8]. - The average conversion premium rate was 32.34%, slightly down from 32.57% the previous week, with a percentile rank of 40.30% [8]. Convertible Bond Performance and Strategy - The convertible bond market continued to rise, although some individual bonds experienced significant volatility. Future trends may further diverge [9]. - It is recommended to assess bonds based on their terms and the performance of the underlying stocks, focusing on sectors with policy catalysts and high economic activity for new bond opportunities [9].