- The report does not contain any quantitative models or factors, nor their construction, evaluation, or backtesting results[3][8][19]

- The report does not contain any quantitative models or factors for analysis[1][2][3]

aa 证券研究报告·金融工程报告 2025 年 12 月 8 日 江海证券研究发展部 分析师：梁俊炜 执业证书编号： S1410524090001 联系人：朱威 相关研究报告 金融工程定期报告 执业证书编号： S1410124010022 1.可转债跟踪周报：转债较权益超额 回撤，但股性攀升—2025.12.01 2.可转债跟踪周报：转债债性激增防 御 性 突 显 ， 回 撤 小 于 权 益 — 2025.11.24 3.可转债跟踪周报：转债债性支撑上 涨，表现优于权益—2025.11.17 4.可转债跟踪周报：转债继续随权益 上涨，可维持均衡配置—2025.11.10 5.可转债跟踪周报：转债放量延续上 扬，涨幅超越权益—2025.11.03 转债随权益小幅回暖，但有所缩量 核心内容： | 1 | 可转债市场表现 | 2 | | --- | --- | --- | | | 1.1 市场行情 | 2 | | 2 | 可转债个券表现 | 5 | | | 2.1 个券行情 | 5 | | | 2.2 估值分析 | 7 | | 3 | 可转债条款跟踪 | 8 | | | 4 风险提示 | 9 | ◆可转债市场表现： ...

aa 证券研究报告·金融工程报告 2025 年 12 月 1 日 江海证券研究发展部 金融工程定期报告 转债较权益超额回撤，但股性攀升 核心内容： ◆可转债市场表现： ◆可转债条款跟踪： 分析师：梁俊炜 执业证书编号： S1410524090001 联系人：朱威 执业证书编号： S1410124010022 相关研究报告 1.可转债跟踪周报：转债债性激增防 御 性 突 显 ， 回 撤 小 于 权 益 — 2025.11.24 2.可转债跟踪周报：转债债性支撑上 涨，表现优于权益—2025.11.17 3.可转债跟踪周报：转债继续随权益 上涨，可维持均衡配置—2025.11.10 4.可转债跟踪周报：转债放量延续上 扬，涨幅超越权益—2025.11.03 5.可转债跟踪周报：转债缩量上涨， 涨幅较权益偏低—2025.10.27 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 ➢ 近一周（2025-11-24 至 2025- ...

aa 证券研究报告·金融工程报告 2025 年 11 月 24 日 江海证券研究发展部 敬请参阅最后一页之免责条款 金融工程定期报告 转债债性激增防御性突显，回撤小于 权益 核心内容： ◆可转债市场表现： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 分析师：梁俊炜 执业证书编号： S1410524090001 联系人：朱威 执业证书编号： S1410124010022 相关研究报告 1.可转债跟踪周报：转债债性支撑上 涨，表现优于权益—2025.11.17 2.可转债跟踪周报：转债继续随权益 上涨，可维持均衡配置—2025.11.10 3.可转债跟踪周报：转债放量延续上 扬，涨幅超越权益—2025.11.03 4.可转债跟踪周报：转债缩量上涨， 涨幅较权益偏低—2025.10.27 5.可转债跟踪周报：转债随权益下 行，偏股转债回撤较大—2025.10.21 ➢ 近一周（2025-11-17 至 2025-11-21），上证转债、深证转债、中证 ...

- The weekly performance of the convertible bond market indices: Shanghai Convertible Bond Index, Shenzhen Convertible Bond Index, and China Convertible Bond Index had weekly changes of 1.557%, 1.396%, and 1.473% respectively[7] - The weekly performance of the equity market indices: Shanghai Composite Index and China Securities Index had weekly changes of 2.879% and 3.363% respectively[7] - The trading volume and value of the convertible bond market for the week were 184,327.64 million units and 30,011,742.91 million yuan, with week-on-week changes of -12.58% and -15.40% respectively[7] - The trading volume and value of the corresponding stocks for the week were 3,999,054.08 million shares and 63,737,365.90 million yuan, with week-on-week changes of -23.41% and -26.84% respectively[7] - As of October 24, 2025, the number of outstanding convertible bonds was 414, with an issuance scale of approximately 686.345 billion yuan and a remaining scale of approximately 538.707 billion yuan[10] - The median and arithmetic average conversion premium rates of the convertible bond market were approximately 27.15% and 41.72%, with week-on-week changes of -4.77% and -3.04% respectively[10] - The top five convertible bonds with the highest weekly gains were Yingliu Convertible Bond, Chenfeng Convertible Bond, Jingda Convertible Bond, Montai Convertible Bond, and Chunqiu Convertible Bond, with weekly changes of 73.08%, 27.32%, 25.11%, 24.41%, and 15.88% respectively[19][20] - The top five convertible bonds with the highest weekly losses were Huiche Convertible Bond, Yitian Convertible Bond, Jiaze Convertible Bond, Huicheng Convertible Bond, and Hengbang Convertible Bond, with weekly changes of -18.82%, -14.62%, -10.85%, -10.63%, and -9.55% respectively[19][21] - As of October 24, 2025, the number of convertible bonds priced below 100, between 100-110, 110-120, 120-130, 130-140, and above 140 were 0 (0.00%), 5 (1.22%), 52 (12.71%), 124 (30.32%), 105 (25.67%), and 123 (30.07%) respectively[35] - The median conversion premium rates for these price ranges were 0.00%, 99.95%, 71.57%, 46.47%, 21.84%, and 13.00%, with week-on-week changes of 0.00%, -3.74%, 1.52%, 19.48%, -0.48%, and 1.29% respectively[35]

- The report provides a detailed analysis of the convertible bond market performance over the week from September 28, 2025, to September 30, 2025, highlighting the weekly price changes of various convertible bonds and their underlying stocks[1][7][17] - The report includes a comprehensive valuation analysis of convertible bonds, detailing the number of bonds within different price ranges and their respective median conversion premium rates[32][38][39] - The report tracks the terms of convertible bonds, noting the number of bonds that have triggered downward revision clauses and those that may trigger conditional redemption clauses in the upcoming week[42]

- The report primarily focuses on the performance of the convertible bond market and individual convertible bonds during the week of September 8 to September 12, 2025[1][6][10] - The convertible bond market indices, including the Shanghai Convertible Bond Index, Shenzhen Convertible Bond Index, and CSI Convertible Bond Index, recorded weekly returns of 0.326%, 0.599%, and 0.426%, respectively, underperforming the equity market indices such as the Shanghai Composite Index (1.524%) and CSI All Share Index (2.068%)[6][7] - The trading volume and value of the convertible bond market decreased by 8.33% and 6.35% week-over-week, respectively, while the corresponding trading activity for underlying stocks also declined by 5.65% and 2.77%[6][8] - As of September 12, 2025, the convertible bond market had 442 outstanding bonds with an issuance scale of approximately 716.27 billion yuan and a remaining scale of 576.96 billion yuan[10][13] - The median conversion premium of the convertible bond market was 24.94%, with an arithmetic average of 39.04%, both showing a week-over-week decline of 6.05% and 2.95%, respectively[10][14] - The top five gainers among individual convertible bonds for the week were Shenglan Convertible 02 (67.70%), Kaizhong Convertible Bond (46.96%), Jinwei Convertible Bond (39.32%), Haitai Convertible Bond (38.11%), and Jiaze Convertible Bond (26.33%)[15][16] - The top five losers among individual convertible bonds for the week were Haibo Convertible Bond (-23.58%), Huiche Convertible Bond (-18.60%), Dongjie Convertible Bond (-9.77%), Songyuan Convertible Bond (-8.23%), and Huicheng Convertible Bond (-7.99%)[15][16] - Convertible bonds were categorized by price ranges, with the majority priced between 120-130 yuan (29.66%) and above 140 yuan (29.66%), while the median conversion premiums for these categories were 46.24% and 9.72%, respectively[27][28][34]