【固收】本周继续下跌——可转债周报（2026年3月2日至2026年3月6日）（张旭/杨欣怡）

Market Overview - The China convertible bond index decreased by 2.07% during the week of March 2 to March 6, 2026, compared to a decrease of 0.23% the previous week. The overall index fell by 2.28%, contrasting with a rise of 2.74% the prior week. Year-to-date, the convertible bond index has increased by 4.56%, while the overall index has risen by 5.63% [4][5]. Rating Analysis - The performance of convertible bonds by rating shows that high-rated bonds (AAA) fell by 1.05%, while medium-high rated bonds (AA+) decreased by 1.44%. Medium-rated bonds (AA) experienced the largest drop of 3.66%, followed by medium-low rated bonds (AA-) at 2.37% and low-rated bonds (AA- and below) at 2.90% [4]. Size Classification - In terms of bond size, large-scale convertible bonds (over 2 billion) decreased by 1.02%, medium-large bonds (1.5 to 2 billion) fell by 1.88%, medium-sized bonds (1 to 1.5 billion) saw a significant drop of 5.47%, medium-small bonds (0.5 to 1 billion) decreased by 2.43%, and small-scale bonds (under 0.5 billion) fell by 2.67%. The medium-sized bonds had the largest decline [5]. Price and Valuation Metrics - The average price of convertible bonds is 139.31 yuan, down from 142.60 yuan the previous week. The average conversion price is 106.74 yuan, down from 111.01 yuan, and the average conversion premium rate is 31.15%, slightly down from 31.83% [5]. Market Sentiment and Strategy - The convertible bond market has seen a downturn this week. Investors are advised to monitor market supply, policy trends, and geopolitical disturbances, and to make informed decisions based on bond terms and underlying stock conditions [6].