Market Overview - The China convertible bond index decreased by -3.15% during the week of March 16 to March 20, 2026, compared to a decrease of -1.10% the previous week. The overall index dropped by -4.10%, with a previous week's change of -0.51%. Year-to-date, the convertible bond index has increased by +0.15%, while the overall index has risen by +0.79% [4]. - By rating, the performance of bonds was as follows: AAA rated bonds decreased by -2.21%, AA+ rated bonds by -2.88%, AA rated bonds by -3.97%, AA- rated bonds by -4.24%, and bonds rated AA- and below by -4.54%, with the lowest-rated bonds experiencing the largest decline [4]. Convertible Bond Size Analysis - The performance of convertible bonds based on size was as follows: large-scale bonds (over 2 billion) decreased by -2.53%, medium-large bonds (1.5 to 2 billion) by -3.09%, medium-scale bonds (1 to 1.5 billion) by -3.51%, medium-small bonds (0.5 to 1 billion) by -4.13%, and small-scale bonds (under 0.5 billion) by -4.57%, with small-scale bonds showing the largest decline [5]. Price and Valuation Metrics - The average price of convertible bonds was 134.84 yuan, down from 139.04 yuan the previous week. The average conversion price was 103.61 yuan, down from 108.59 yuan, and the average conversion premium rate was 29.68%, slightly up from 29.05% the previous week [6]. - As of March 20, 2026, there were 377 convertible bonds in circulation, with a total balance of 523.99 billion yuan, down from 527.92 billion yuan the previous week [6]. Investment Recommendations - The current market trend indicates a decline in convertible bonds. Investors are advised to monitor market supply, policy changes, and geopolitical disturbances, and to make informed decisions based on bond terms and underlying stock conditions [7].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The convertible bond market continued to decline this week. It is recommended that investors track market supply, policy rhythm, and geopolitical conflict disturbances, and make comprehensive judgments based on convertible bond terms and underlying stock conditions to select bonds in a refined manner [1][4] Group 3: Summary According to the Directory 1. Market Quotes - From March 16 to March 20, 2026, the weekly change of the CSI Convertible Bond Index was -3.15% (last week was -1.10%), and the change of the CSI All - Share Index was -4.10% (last week was -0.51%). Since 2026, the CSI Convertible Bond Index has increased by +0.15%, and the CSI All - Share Index has increased by +0.79% [1] - By rating, high - rated bonds (AAA), medium - high - rated bonds (AA+), medium - rated bonds (AA), medium - low - rated bonds (AA -), and low - rated bonds (AA - and below) had weekly changes of -2.21%, -2.88%, -3.97%, -4.24%, and -4.54% respectively, with low - rated bonds having the largest decline [1] - By convertible bond scale, large - scale convertible bonds (bond balance > 2 billion yuan), medium - large - scale convertible bonds (balance between 1.5 and 2 billion yuan), medium - scale convertible bonds (balance between 1 and 1.5 billion yuan), small - medium - scale convertible bonds (balance between 0.5 and 1 billion yuan), and small - scale convertible bonds (balance < 0.5 billion yuan) had weekly changes of -2.53%, -3.09%, -3.51%, -4.13%, and -4.57% respectively, with small - scale convertible bonds having the largest decline [2] - By parity, ultra - high - parity bonds (conversion value > 130 yuan), high - parity bonds (conversion value between 120 and 130 yuan), medium - high - parity bonds (conversion value between 110 and 120 yuan), medium - parity bonds (conversion value between 100 and 110 yuan), medium - low - parity bonds (conversion value between 90 and 100 yuan), low - parity bonds (conversion value between 80 and 90 yuan), and ultra - low - parity bonds (conversion value < 80 yuan) had weekly changes of +0.27%, +1.31%, -4.29%, -3.13%, -1.03%, -4.84%, and -1.13% respectively. Except for ultra - high - parity and high - parity bonds, all others declined [2] 2. Convertible Bond Price, Parity, and Conversion Premium Rate - As of March 20, 2026, there were 377 outstanding convertible bonds (377 at the close of last week), with a balance of 523.799 billion yuan (527.921 billion yuan at the close of last week) [3] - The average convertible bond price was 134.84 yuan (139.04 yuan at the close of last week), and the percentile was 93.93% (from the beginning of 2023 to March 20, 2026) [3] - The average convertible bond parity was 103.61 yuan (108.59 yuan at the close of last week), and the percentile was 85.92% [3] - The average convertible bond conversion premium rate was 29.68% (29.05% at the close of last week), and the percentile was 27.00% [3] 3. Convertible Bond Performance and Allocation Direction - The convertible bond market declined this week. It is recommended that investors track market supply, policy rhythm, and geopolitical conflict disturbances, and make comprehensive judgments based on convertible bond terms and underlying stock conditions to select bonds in a refined manner [4] 4. Convertible Bond Rise Situation - The top 15 convertible bonds in terms of weekly increase are listed, including details such as convertible bond abbreviation, underlying stock abbreviation, industry, latest closing price, convertible bond increase rate, and underlying stock increase rate [20]

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]

1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core View of the Report The convertible bond market continued to decline this week. It is recommended that investors track market supply, policy rhythm, and geopolitical conflict disturbances, and make comprehensive judgments based on convertible bond terms and underlying stock conditions for refined bond selection [1][4]. 3. Summary by Relevant Catalogs Market Conditions - From March 2, 2026, to March 6, 2026, the China Securities Convertible Bond Index fell by -2.07% (last week's change was -0.23%), and the China Securities All-Share Index changed by -2.28% (last week's change was +2.74%). Since 2026, the China Securities Convertible Bond Index has risen by +4.56%, and the China Securities All-Share Index has risen by +5.63% [1]. - By rating, high-rated bonds (AAA), medium-high-rated bonds (AA+), medium-rated bonds (AA), medium-low-rated bonds (AA-), and low-rated bonds (AA- and below) fell by -1.05%, -1.44%, -3.66%, -2.37%, and -2.90% respectively this week, with medium-rated bonds having the largest decline [1]. - By convertible bond size, large-scale convertible bonds (bond balance > 2 billion yuan), medium-large-scale convertible bonds (balance between 1.5 and 2 billion yuan), medium-scale convertible bonds (balance between 1 and 1.5 billion yuan), small-medium-scale convertible bonds (balance between 500 million and 1 billion yuan), and small-scale convertible bonds (balance < 500 million yuan) fell by -1.02%, -1.88%, -5.47%, -2.43%, and -2.67% respectively this week, with medium-scale convertible bonds having the largest decline [2]. - By conversion parity, ultra-high parity bonds (conversion value > 130 yuan), high parity bonds (conversion value between 120 and 130 yuan), medium-high parity bonds (conversion value between 110 and 120 yuan), medium parity bonds (conversion value between 100 and 110 yuan), medium-low parity bonds (conversion value between 90 and 100 yuan), low parity bonds (conversion value between 80 and 90 yuan), and ultra-low parity bonds (conversion value < 80 yuan) fell by -1.22%, -4.02%, +0.57%, -0.03%, -3.03%, -1.83%, and -0.60% respectively this week, with all except medium-high parity bonds declining [2]. Current Convertible Bond Valuation Levels As of March 6, 2026, there were 382 outstanding convertible bonds (384 at the end of last week), with a balance of 532.506 billion yuan (537.419 billion yuan at the end of last week). Specifically: - The average convertible bond price was 139.31 yuan (142.60 yuan at the end of last week), with a percentile of 97.25% (from the beginning of 2023 to March 6, 2026, the same below) [3]. - The average convertible bond parity was 106.74 yuan (111.01 yuan at the end of last week), with a percentile of 95.68% [3]. - The average convertible bond conversion premium rate was 31.15% (31.83% at the end of last week), with a percentile of 33.77% [3]. Convertible Bond Performance and Allocation Direction The convertible bond market declined this week. It is recommended that investors track market supply, policy rhythm, and geopolitical conflict disturbances, and make comprehensive judgments based on convertible bond terms and underlying stock conditions for refined bond selection [4]. Convertible Bond Increase Situation The top 15 convertible bonds with the highest increases this week are as follows: | Rank | Convertible Bond Name | Underlying Stock Name | Industry | Latest Closing Price (Yuan) | Convertible Bond Increase (%) | Underlying Stock Increase (%) | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 1 | Hongbai Convertible Bond | Hongbai New Materials | Basic Chemicals | 200.23 | 25.65 | 24.66 | | 2 | Shouhua Convertible Bond | Shouhua Gas | Public Utilities | 0.00 | 17.19 | 18.84 | | 3 | Hangyu Convertible Bond | Hangyu Technology | National Defense and Military Industry | 368.81 | 13.50 | -3.51 | | 4 | Yitian Convertible Bond | Yitian Smart | Household Appliances | 258.90 | 12.08 | 3.68 | | 5 | Shengxun Convertible Bond | *ST Shengxun | Computer | 169.00 | 11.05 | 6.32 | | 6 | Tianjian Convertible Bond | Zhongtian Rocket | National Defense and Military Industry | 0.00 | 9.55 | 5.26 | | 7 | Outong Convertible Bond | Oulutong | Power Equipment | 793.60 | 7.68 | 16.57 | | 8 | Guangli Convertible Bond | Guangli Technology | Machinery and Equipment | 158.00 | 6.04 | 14.61 | | 9 | Jialian Convertible Bond | Jialian Technology | Light Industry Manufacturing | 212.09 | 5.07 | 9.15 | | 10 | Jiayuan Convertible Bond | Jiayuan Technology | Power Equipment | 138.57 | 4.96 | 5.16 | | 11 | Zhenhua Convertible Bond | Zhenhua Co., Ltd. | Basic Chemicals | 578.00 | 4.60 | 14.51 | | 12 | Jinlang Convertible Bond 02 | Jinlang Technology | Power Equipment | 171.00 | 3.95 | 5.61 | | 13 | Tianhao Convertible Bond | Tianhao Energy | Public Utilities | 142.50 | 3.86 | 10.72 | | 14 | Lianrui Convertible Bond | Lianrui New Materials | Basic Chemicals | 207.06 | 3.56 | 5.75 | | 15 | Hongqiang Convertible Bond | Hongqiang Co., Ltd. | Basic Chemicals | 142.03 | 3.22 | -0.73 | [19]

Group 1: Investment Rating The document does not mention the industry investment rating. Group 2: Core Views - The convertible bond market declined this week. It is recommended that investors track market supply and policy rhythm, select bonds carefully, maintain a moderate position, and adjust the portfolio structure to seek more returns [1][4] Group 3: Summary by Directory Market Conditions - From February 24 to February 27, 2026 (4 trading days), the CSI Convertible Bond Index fell by -0.23% (last week's change was +1.08%), and the CSI All-Share Index rose by +2.74% (last week's change was +1.07%). Since 2026, the CSI Convertible Bond Index has risen by +6.77%, and the CSI All-Share Index has risen by +8.10% [1] - By rating, high-rated bonds (AAA), medium-high-rated bonds (AA+), medium-rated bonds (AA), medium-low-rated bonds (AA-), and low-rated bonds (AA- and below) fell by -0.76%, -0.25%, -1.57%, -1.53%, and -0.42% respectively this week, with medium-high-rated bonds having the smallest decline [1] - By convertible bond size, large-scale convertible bonds (bond balance > 2 billion yuan), medium-large-scale convertible bonds (balance between 1.5 and 2 billion yuan), medium-scale convertible bonds (balance between 1 and 1.5 billion yuan), small-medium-scale convertible bonds (balance between 0.5 and 1 billion yuan), and small-scale convertible bonds (balance < 0.5 billion yuan) changed by -0.80%, +0.02%, -2.84%, -1.34%, and -0.89% respectively this week, with medium-large-scale convertible bonds rising and the rest falling [2] - By conversion parity, ultra-high parity bonds (conversion value > 130 yuan), high parity bonds (conversion value between 120 and 130 yuan), medium-high parity bonds (conversion value between 110 and 120 yuan), medium parity bonds (conversion value between 100 and 110 yuan), medium-low parity bonds (conversion value between 90 and 100 yuan), low parity bonds (conversion value between 80 and 90 yuan), and ultra-low parity bonds (conversion value < 80 yuan) changed by -4.25%, +1.79%, -3.48%, -1.66%, +0.73%, -4.17%, and -0.92% respectively this week, with high parity bonds having the highest increase [2] Convertible Bond Valuation - As of February 27, 2026, there were 384 outstanding convertible bonds (386 at the end of last week), with a balance of 537.419 billion yuan (541.848 billion yuan at the end of last week) [3] - The average convertible bond price was 142.60 yuan (141.58 yuan at the end of last week), with a percentile of 99.87% (from the beginning of 2023 to February 27, 2026) [3] - The average convertible bond parity was 111.01 yuan (108.45 yuan at the end of last week), with a percentile of 100.00% [3] - The average convertible bond conversion premium rate was 31.83% (34.85% at the end of last week), with a percentile of 37.02% [3] Convertible Bond Performance and Allocation Direction - The convertible bond market declined this week. Investors are advised to track market supply and policy rhythm, select bonds carefully, maintain a moderate position, and adjust the portfolio structure to seek more returns [4] Convertible Bond Increase Ranking - The top 15 convertible bonds in terms of increase this week include Youcai Convertible Bond, Shuangliang Convertible Bond, and Guanglian Convertible Bond, etc., with detailed information such as the underlying stock, industry, closing price, convertible bond increase, and underlying stock increase provided [19]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - This week, both the convertible bond market and the equity market declined. Currently, it is recommended to select bonds in a refined manner, comprehensively judge based on convertible bond terms and the situation of the underlying stocks, and pay attention to the forced redemption risk of individual bonds [4]. 3. Summary by Relevant Catalogs Market行情 - From January 26 to January 30, 2026 (a total of 5 trading days), the change rate of the CSI Convertible Bond Index was -2.61% (last week's change rate was +2.92%), and the change of the CSI All - Share Index was -1.54% (last week's change rate was +1.76%). Since 2026, the change rate of the CSI Convertible Bond Index has been +5.82%, and the change rate of the CSI All - Share Index has been +5.75% [1]. - In terms of ratings, the high - rated bonds (rated AAA), medium - high - rated bonds (rated AA+), medium - rated bonds (rated AA), medium - low - rated bonds (rated AA -), and low - rated bonds (rated AA - and below) had change rates of -0.81%, -1.48%, -1.51%, -1.87%, and -2.81% respectively this week, with high - rated bonds having the lowest decline [1]. - In terms of convertible bond scale, large - scale convertible bonds (bond balance greater than 2 billion yuan), medium - large - scale convertible bonds (balance between 1.5 and 2 billion yuan), medium - scale convertible bonds (balance between 1 and 1.5 billion yuan), small - medium - scale convertible bonds (balance between 0.5 and 1 billion yuan), and small - scale convertible bonds (balance less than 0.5 billion yuan) had change rates of -1.42%, -1.59%, -1.93%, -1.49%, and -2.49% respectively this week, with large - scale convertible bonds having the lowest decline [2]. - In terms of parity, ultra - high - parity bonds (conversion value greater than 130 yuan), high - parity bonds (conversion value between 120 and 130 yuan), medium - high - parity bonds (conversion value between 110 and 120 yuan), medium - parity bonds (conversion value between 100 and 110 yuan), medium - low - parity bonds (conversion value between 90 and 100 yuan), low - parity bonds (conversion value between 80 and 90 yuan), and ultra - low - parity bonds (conversion value less than 80 yuan) had change rates of +2.18%, +1.72%, -2.91%, +2.45, +1.51%, -4.29%, +5.97%, and -0.43% respectively this week, with low - parity bonds having the highest increase [2]. Convertible Bond Price, Parity, and Conversion Premium Rate - As of January 30, 2026, there were 392 outstanding convertible bonds (394 at the close of last week), with a balance of 548.015 billion yuan (550.573 billion yuan at the close of last week). - The average convertible bond price was 140.56 yuan (141.26 yuan at the close of last week), and the quantile was 99.33% (quantile from the beginning of 2023 to January 30, 2026). - The average convertible bond parity was 109.04 yuan (109.62 yuan at the close of last week), and the quantile was 99.33%. - The average conversion premium rate of convertible bonds was 34.49% (32.88% at the close of last week), and the quantile was 52.08% [3]. Convertible Bond Performance and Allocation Direction - This week, both the convertible bond market and the equity market declined. Currently, it is recommended to select bonds in a refined manner, comprehensively judge based on convertible bond terms and the situation of the underlying stocks, and pay attention to the forced redemption risk of individual bonds [4]. Convertible Bond Increase Situation - The top 15 convertible bonds in terms of increase this week are as follows: | Rank | Convertible Bond Name | Underlying Stock Name | Industry | Latest Closing Price (Yuan) | Convertible Bond Increase (%) | Underlying Stock Increase (%) | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 1 | Lianrui Convertible Bond | Lianrui New Materials | Basic Chemicals | 226.51 | 44.00 | -5.66 | | 2 | Tianzhun Convertible Bond | Tianzhun Technology | Machinery and Equipment | 266.57 | 16.12 | 14.23 | | 3 | Baichuan Convertible Bond 2 | Baichuan Co., Ltd. | Basic Chemicals | 149.00 | 12.75 | 29.25 | | 4 | Outong Convertible Bond | Outong Co., Ltd. | Power Equipment | 742.86 | 8.01 | 14.48 | | 5 | Haomei Convertible Bond | Haomei New Materials | Non - ferrous Metals | 262.00 | 7.22 | -0.05 | | 6 | Yunji Convertible Bond | Yunji Group | Machinery and Equipment | 404.50 | 7.01 | 4.53 | | 7 | Aofei Convertible Bond | Aofei Data | Communications | 317.00 | 6.02 | 10.22 | | 8 | Jize Convertible Bond | Jize New Energy | Public Utilities | 244.99 | 5.65 | 6.85 | | 9 | Jinji Convertible Bond | Jinji Co., Ltd. | Basic Chemicals | 151.00 | 4.72 | 19.60 | | 10 | Saite Convertible Bond | Saite New Materials | Basic Chemicals | 152.62 | 4.16 | 14.99 | | 11 | Xiaoming Convertible Bond | Xiaoming Co., Ltd. | Agriculture, Forestry, Animal Husbandry and Fishery | 145.68 | 4.15 | 13.89 | | 12 | Jin05 Convertible Bond | Jinpan Technology | Power Equipment | 208.25 | 3.69 | -7.47 | | 13 | Yubang Convertible Bond | Yubang New Materials | Power Equipment | 160.16 | 3.68 | 9.82 | | 14 | Tianyuan Convertible Bond | Wuhan Tianyuan | Environmental Protection | 272.20 | 3.68 | -2.86 | | 15 | Huairui Convertible Bond | Huairui Precision | Machinery and Equipment | 159.44 | 3.37 | 3.14 | [20]

Group 1: Market Conditions - From January 12 to January 16, 2026, the CSI Convertible Bond Index rose by +1.08% (last week's increase was +4.45%), and the CSI All-Share Index changed by +0.47% (last week's increase was +5.04%). Since 2026, the CSI Convertible Bond Index has risen by +5.57%, and the CSI All-Share Index has risen by +5.54% [1] - By bond rating, high-rated bonds (AAA), medium-high-rated bonds (AA+), medium-rated bonds (AA), medium-low-rated bonds (AA-), and low-rated bonds (AA- and below) rose by -1.17%, +0.45%, +0.90%, -0.01%, and -0.68% respectively this week, with medium-rated bonds having the highest increase [1] - By convertible bond scale, large-scale convertible bonds (bond balance > 2 billion yuan), medium-large-scale convertible bonds (balance between 1.5 and 2 billion yuan), medium-scale convertible bonds (balance between 1 and 1.5 billion yuan), small-medium-scale convertible bonds (balance between 0.5 and 1 billion yuan), and small-scale convertible bonds (balance < 0.5 billion yuan) rose by -1.14%, +2.24%, +1.78%, -0.57%, and -0.07% respectively this week, with medium-large-scale convertible bonds having the highest increase [2] - By conversion parity, ultra-high parity bonds (conversion value > 130 yuan), high parity bonds (conversion value between 120 and 130 yuan), medium-high parity bonds (conversion value between 110 and 120 yuan), medium parity bonds (conversion value between 100 and 110 yuan), medium-low parity bonds (conversion value between 90 and 100 yuan), low parity bonds (conversion value between 80 and 90 yuan), and ultra-low parity bonds (conversion value < 80 yuan) rose by -1.39%, -1.40%, -0.52%, +0.60%, +0.08%, -0.35%, and -0.97% respectively this week, with medium parity bonds having the highest increase [2] Group 2: Convertible Bond Price, Parity, and Conversion Premium Ratio - As of January 16, 2026, there were 396 outstanding convertible bonds (398 at the end of last week), with a balance of 548.444 billion yuan (551.501 billion yuan at the end of last week) [3] - The average convertible bond price was 137.71 yuan (137.03 yuan at the end of last week), with a percentile of 99.59% (from the beginning of 2023 to January 16, 2026) [3] - The average convertible bond parity was 106.52 yuan (104.54 yuan at the end of last week), with a percentile of 98.64% [3] - The average convertible bond conversion premium ratio was 33.01% (32.80% at the end of last week), with a percentile of 44.35% [3] Group 3: Convertible Bond Performance and Allocation Direction - The convertible bond market rose this week. Under the current supply-demand pattern of convertible bonds, the driving effect of the underlying stocks is expected to be strong, and the valuation may still have upward room. It is recommended to select bonds carefully, comprehensively judge based on convertible bond terms and underlying stock conditions, and pay attention to industries catalyzed by policies and industries with high prosperity [4] Group 4: Top 15 Convertible Bonds by Increase This Week | Rank | Convertible Bond Name | Underlying Stock Name | Industry | Latest Closing Price (Yuan) | Convertible Bond Increase (%) | Underlying Stock Increase (%) | | --- | --- | --- | --- | --- | --- | --- | | 1 | Jin05 Convertible Bond | Jinpan Technology | Power Equipment | 198.89 | 26.44 | 1.07 | | 2 | Huayi Convertible Bond | Feikang Haojing | Pharmaceutical Biology | 263.55 | 24.20 | 22.98 | | 3 | Dingjie Convertible Bond | Dingjie Shuzhi | Computer | 236.00 | 23.72 | 15.74 | | 4 | Haohan Convertible Bond | Haohan Shendu | Computer | 196.17 | 22.35 | 30.57 | | 5 | Jingce Zhuan2 | Jingce Electronics | Machinery and Equipment | 254.00 | 21.95 | 26.69 | | 6 | Weice Convertible Bond | Weice Technology | Electronics | 285.73 | 21.88 | 20.31 | | 7 | Taifu Convertible Bond | Taifu Quanye | Machinery and Equipment | 177.28 | 19.54 | 8.96 | | 8 | Jiaoxi Convertible Bond | Jiaoxi Electronics | Electronics | 246.66 | 19.06 | 24.43 | | 9 | Anji Convertible Bond | Anji Technology | Electronics | 294.89 | 18.21 | 12.69 | | 10 | Huicheng Convertible Bond | Huicheng Co., Ltd. | Electronics | 339.18 | 18.02 | 23.16 | | 11 | Dinglong Convertible Bond | Dinglong Co., Ltd. | Electronics | 278.71 | 17.35 | 6.95 | | 12 | Lanxiao Zhuan02 | Jianyuan Technology | Basic Chemicals | 179.47 | 16.92 | 9.06 | | 13 | Chaoda Convertible Bond | Chaoda Equipment | Automobile | 179.00 | 15.30 | 4.94 | | 14 | Dianhua Convertible Bond | Xiangtan Electrochemical | Power Equipment | 178.47 | 15.29 | -0.14 | | 15 | Jingda Convertible Bond | Jingda Co., Ltd. | Power Equipment | 530.61 | 14.35 | 4.55 | [17]

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].

Core Insights - The convertible bond market is experiencing a significant performance year, with a notable increase in subscription yield for new bonds since the implementation of the credit subscription system [1][2]. Group 1: Performance of New Convertible Bonds - Since 2025, over 30 convertible bonds have been listed in the mainland securities market, with an average first-day increase of approximately 37%, surpassing the average first-day increases of previous years [2]. - The average first-day increase for convertible bonds from 2018 to 2024 was recorded at 2.4%, 9.5%, 19.1%, 19.4%, 29.7%, 33.7%, and 24.1% respectively [2]. - All newly listed convertible bonds in 2025 closed above their issue price on the first day, with 30 bonds showing an increase of over 20%, including several notable bonds that reached the maximum first-day increase limit [2]. Group 2: Subsequent Performance of New Convertible Bonds - The average increase for newly listed convertible bonds in the first week of trading in 2025 was 43.0%, significantly higher than the averages from 2018 to 2024, which were 2.3%, 9.8%, 20%, 21%, 28.9%, 38.6%, and 28.2% respectively [3]. - In the first month of trading, the average increase for 2025's newly listed convertible bonds was 45.5%, again exceeding the performance of previous years [3]. Group 3: Subscription Difficulty for New Convertible Bonds - The average online subscription rate for newly listed convertible bonds in 2025 is approximately 0.0048%, which is a decrease compared to the rates in 2023 and 2024, aligning more closely with the 2022 average [4]. - The average online subscription rates from 2022 to 2024 were 0.0049%, 0.0087%, and 0.0052% respectively [4].

Report Industry Investment Rating - No investment rating information provided in the report Core Viewpoints - This week, both the convertible bond market and the equity market declined. Since the beginning of 2025, both markets have been on an upward trend. Currently, the remaining term of outstanding convertible bonds has shortened, and the number of high - quality individual bonds has decreased. High - price and high - valuation convertible bonds may face certain adjustment pressures, and trading convertible bonds is quite difficult. It is recommended to comprehensively judge based on convertible bond terms and the situation of the underlying stocks, select bonds in a refined manner, and pay attention to new bond opportunities in industries with high prosperity [4] Summary by Directory Market行情 - From November 17 to November 21, 2025 (5 trading days), the change rate of the CSI Convertible Bond Index was - 1.78% (last week's change rate was + 0.52%), and the change of the CSI All - Share Index was - 5.05% (last week's change rate was - 0.53%). Since 2025, the change rate of the CSI Convertible Bond Index has been + 16.50%, and the change rate of the CSI All - Share Index has been + 17.36% [1] - By rating, high - rated bonds (AAA), medium - high - rated bonds (AA+), medium - rated bonds (AA), medium - low - rated bonds (AA -), and low - rated bonds (AA - and below) all declined this week, with medium - rated bonds having the largest decline [1] - By convertible bond scale, large - scale convertible bonds (bond balance > 2 billion yuan), medium - large - scale convertible bonds (balance between 1.5 and 2 billion yuan), medium - scale convertible bonds (balance between 1 and 1.5 billion yuan), small - medium - scale convertible bonds (balance between 0.5 and 1 billion yuan), and small - scale convertible bonds (balance < 0.5 billion yuan) all declined this week, with medium - scale convertible bonds having the largest decline [2] - By parity, ultra - high - parity bonds (conversion value > 130 yuan), high - parity bonds (conversion value between 120 and 130 yuan), medium - high - parity bonds (conversion value between 110 and 120 yuan), medium - parity bonds (conversion value between 100 and 110 yuan), medium - low - parity bonds (conversion value between 90 and 100 yuan), low - parity bonds (conversion value between 80 and 90 yuan), and ultra - low - parity bonds (conversion value < 80 yuan) had different performance this week, with ultra - high - parity bonds having the highest increase [2] Convertible Bond Price, Parity, and Conversion Premium Rate - As of November 21, 2025, there were 411 outstanding convertible bonds (412 at the end of last week), with a balance of 563.719 billion yuan (566.85 billion yuan at the end of last week) [3] - The average convertible bond price was 131.61 yuan (133.30 yuan at the end of last week), and the percentile was 96.56% (from the beginning of 2023 to November 21, 2025) [3] - The average convertible bond parity was 101.20 yuan (105.52 yuan at the end of last week), and the percentile was 88.67% [3] - The average convertible bond conversion premium rate was 31.88% (27.12% at the end of last week), and the percentile was 38.31% [3] Convertible Bond Performance and Allocation Direction - Currently, the remaining term of outstanding convertible bonds has shortened, and the number of high - quality individual bonds has decreased. High - price and high - valuation convertible bonds may face certain adjustment pressures, and trading convertible bonds is quite difficult. It is recommended to comprehensively judge based on convertible bond terms and the situation of the underlying stocks, select bonds in a refined manner, and pay attention to new bond opportunities in industries with high prosperity [4]