【固收】本周跌幅收窄——可转债周报（2026年3月9日至2026年3月13日）（张旭/杨欣怡）

Market Overview - The China Convertible Bond Index experienced a decline of -1.10% during the week of March 9 to March 13, 2026, compared to a previous decline of -2.07% [4] - The overall market index, the China All Share Index, decreased by -0.51%, following a prior decline of -2.28% [4] - Year-to-date performance shows the China Convertible Bond Index up by +3.41% and the China All Share Index up by +5.09% [4] Rating Analysis - High-rated bonds (AAA) saw a slight increase of +0.02%, while lower-rated bonds experienced declines: AA+ at -0.79%, AA at -1.83%, AA- at -2.55%, and below AA- at -1.97% [4] - In terms of bond size, large-scale bonds (over 2 billion) decreased by -0.27%, while medium-large bonds (1.5 to 2 billion) increased by +0.02%. Medium-scale bonds (1 to 1.5 billion) rose by +0.05%, while medium-small (0.5 to 1 billion) and small-scale bonds (under 0.5 billion) fell by -2.11% and -2.75%, respectively [4] Price and Valuation Metrics - The average price of convertible bonds is 139.04 yuan, down from 139.31 yuan the previous week [6] - The average conversion price is 108.59 yuan, up from 106.74 yuan last week [6] - The average conversion premium rate is 29.05%, down from 31.15% [6] - As of March 13, 2026, there are 377 convertible bonds with a total balance of 527.92 billion yuan, a decrease from 532.51 billion yuan the previous week [6] Market Performance and Investment Direction - The convertible bond market has seen a downturn this week, prompting a recommendation for investors to monitor market supply, policy changes, and geopolitical tensions [7] - Investors are advised to make informed decisions based on bond terms and underlying stock performance [7]