光大证券研究·2026-02-01 00:04Market Overview - The China convertible bond index experienced a decline of -2.61% during the week from January 26 to January 30, 2026, compared to a previous increase of +2.92% [7] - The overall index for the China stock market fell by -1.54%, following a prior increase of +1.76% [7] - Year-to-date, the convertible bond index has risen by +5.82%, while the overall index has increased by +5.75% [7] Rating Analysis - The performance of bonds by rating category showed that high-rated bonds (AAA) had the smallest decline at -0.81%, while low-rated bonds (AA- and below) experienced the largest drop at -2.81% [7] Size Classification - In terms of bond size, large-scale convertible bonds (over 2 billion) had the least decline at -1.42%, while small-scale bonds (under 500 million) saw a decline of -2.49% [8] Par Value Analysis - The average price of convertible bonds was 140.56 yuan, with an average par value of 109.04 yuan and an average conversion premium rate of 34.49% as of January 30, 2026 [9] - The number of outstanding convertible bonds decreased to 392, with a total balance of 548.015 billion yuan [9] Market Performance and Strategy - The convertible bond market and equity market both saw declines this week, suggesting a need for refined selection of bonds based on terms and underlying stock performance, with a focus on individual bond redemption risks [10]