2025 年 12 月 20 日 临期非银转债明显下跌 ——转债周度跟踪 20251219 ⚫ 1. 周观点及展望 证 券 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 王明路 A0230525060003 wangml@swsresearch.com 徐亚 A0230524060002 xuya@swsresearch.com 联系人 徐亚 A0230524060002 xuya@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 本周正股和转债修复，百元溢价率小幅上行 0.4%、重回 30%以上。截止最新，在 剔除异常点情景下，全市场转债百元溢价率为 30.2%、单周上行 0.4%，最新分位数水 平处于 2017 年以来 99.5%百分位。 债 券 研 究 债 券 周 评 研 究 报 告 相关研究 - ⚫ 本周微盘股修复，转债跟随正股上涨，高价转债表现偏弱，下修案例增加、正股上涨等利 多因素加持下低价转债表现 ...

Report Summary 1. Investment Rating of the Reported Industry The provided content does not mention the investment rating of the industry. 2. Core Viewpoints of the Report - At the beginning of the week, the convertible bond market experienced a significant pullback, but sentiment quickly recovered. The convertible bond index reached a new high, and the YTM hit a new low. Small - cap sectors such as technology and innovative drugs led the gains, while bank and photovoltaic convertible bonds were volatile, with bank convertible bonds that had performed well retreating. After a phased adjustment, there may be repair opportunities for bank convertible bonds. The convertible bond market is generally expensive, and after the YTM, the 100 - yuan valuation also broke through strongly this week. There may be short - term upward momentum, but potential adjustment risks need to be guarded against [1][4]. 3. Summaries Based on Relevant Catalogs 3.1 Convertible Bond Valuation - This week, both equities and convertible bonds continued to rise slightly. Convertible bonds had a strong ability to follow the rise of underlying stocks, and the 100 - yuan valuation increased. The market - wide convertible bond 100 - yuan premium rate was 31%, up 0.33% from the previous week, and the latest quantile was at the 86.10% percentile since 2017. There was a slight differentiation in the valuations of high - and low - rated convertible bonds, with low - rated ones being slightly stronger [3][5]. - This week, convertible bonds continued to rise slightly following the underlying stocks. The yield to maturity was approaching a historical low, at - 4.39%. As of the latest data, the conversion premium rate index, pure bond premium rate index, and yield to maturity were 43.25%, 34.04%, and - 4.39% respectively, with changes of - 0.73%, + 1.66%, and - 0.39% from the previous week. Their current quantile levels were at the 63.50, 55.10, and 0.80 percentiles since 2017 [3][10]. 3.2 Clause Tracking 3.2.1 Redemption - This week, Guangda, Beilu, Feilu, Yong'an, Liande convertible bonds, etc. issued early redemption announcements. Currently, there are 21 convertible bonds that have issued early redemption or maturity redemption announcements but have not delisted, and the potential conversion or maturity balance of these bonds is 5.3 billion yuan. There are 43 convertible bonds currently in the redemption process, and 9 are expected to meet the redemption conditions next week. Three convertible bonds issued non - redemption announcements this week [3][15][17]. 3.2.2 Downgrade - This week, Lingkang convertible bond proposed a downgrade, and Shanshi convertible bond announced a downgrade, approaching the maximum downgrade. As of the latest, 152 convertible bonds are in the non - downgrade period, 25 cannot be downgraded due to net asset constraints, 2 have triggered the condition but the stock price is still below the downgrade trigger price without an announcement, 36 are accumulating downgrade days, and 2 have issued board - proposed downgrade plans but have not yet gone to the general meeting of shareholders [3][21]. 3.2.3 Put - back - This week, Longda convertible bond issued a put - back announcement. As of the latest, 2 convertible bonds have issued put - back announcements, and 7 are accumulating put - back trigger days, including 5 in the non - downgrade period and 2 accumulating downgrade days [3][24]. 3.3 Primary Issuance - There were no announcements of convertible bond issuances this week. Next week, Libo convertible bond is scheduled to be listed on July 22, 2025. As of the latest, there are 5 convertible bonds in the approved - registration progress, with a total issuance scale of 5.9 billion yuan, and 2 in the listing - committee - approved progress, with a total issuance scale of 1.5 billion yuan [3][26].