2026 年 1 月 31 日 总量研究 本周有所下跌 2、转债价格、平价和转股溢价率的均值分别为 140.56 元、109.04 元和 34.49% 截至 2026 年 1 月 30 日，存量可转债共 392 只（上周收盘为 394 只），余额为 5480.15 亿元（上周收盘为 5505.73 亿元）。具体来看： 转债价格的均值为 140.56 元（上周收盘为 141.26 元），分位值为 99.33%（2023 年初至 2026 年 1 月 30 日分位值，下同）； ——可转债周报（2026 年 1 月 26 日至 2026 年 1 月 30 日） 要点 1、市场行情 本周（2026 年 1 月 26 日至 2026 年 1 月 30 日，共 5 个交易日）中证转债指数 涨跌幅为-2.61%（上周涨跌幅为+2.92%），中证全指变动为-1.54%（上周涨 跌幅为+1.76%）。2026 年以来中证转债涨跌幅为+5.82%，中证全指涨跌幅为 +5.75%。 分评级来看，债项评级高评级券（评级为 AAA）、中高评级券（评级为 AA+）、 中评级券（评级为 AA）、中低评级券（评级为 AA-）和低评级券（评级 ...

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]

Market Overview - The convertible bond and equity markets experienced notable adjustments during the week of October 13 to October 17, 2025, with the China Convertible Bond Index declining by 2.3% and the China All Share Index decreasing by 3.5% [6] - Year-to-date performance shows the China Convertible Bond Index up by 14.4% and the China All Share Index up by 19.0%, indicating that the convertible bond market has underperformed compared to the equity market [6] - By rating, high-rated bonds (AA+ and above) fell by 1.73%, medium-rated bonds (AA) decreased by 3.41%, and low-rated bonds (AA- and below) dropped by 3.51%, with high-rated bonds experiencing the least decline [6] - In terms of bond size, large-scale convertible bonds (over 5 billion) decreased by 1.01%, medium-scale bonds (between 500 million and 5 billion) fell by 2.80%, and small-scale bonds (under 500 million) dropped by 3.98%, again showing that larger bonds fared better [6] Price and Valuation Metrics - The average price of convertible bonds is 130.61 yuan, down from 132.67 yuan the previous week, with a price percentile of 98.0% [8] - The average parity price is 103.82 yuan, down from 105.35 yuan, with a percentile of 93.4% [8] - The average conversion premium stands at 27.7%, slightly up from 27.6% the previous week, with a percentile of 56.5% [8] - Notably, the conversion premium for medium parity convertible bonds (valued between 90 and 110 yuan) is 28.8%, which is higher than the median conversion premium of 20.4% since 2018 [8] Convertible Bond Performance and Strategy - The convertible bond market continues to show stronger demand than supply, suggesting that convertible bonds remain relatively high-quality assets in the long term [9] - However, the current valuation levels are considered high, indicating a need for strategic adjustments in the portfolio composition [9]

Market Overview - The convertible bond market experienced fluctuations this week, with the China Convertible Bond Index showing a change of 0% from October 9 to October 10, 2025, compared to a previous increase of +1.6% [8] - The China All Share Index decreased by -0.3% during the same period, following a prior increase of +2.0% [8] - Year-to-date, the China Convertible Bond Index has increased by +17.1%, while the China All Share Index has risen by +23.3%, indicating that the convertible bond market has underperformed relative to the equity market [8] Performance by Rating - High-rated bonds (AA+ and above) and medium-rated bonds (AA) saw increases of +0.45% and +0.50% respectively, while low-rated bonds (AA- and below) decreased by -0.31%, indicating poor performance in the low-rated segment [8] Performance by Size - Large-scale convertible bonds (over 5 billion) increased by +0.32%, medium-scale bonds (between 500 million and 5 billion) rose by +0.12%, while small-scale bonds (under 500 million) fell by -0.16%, showing that larger bonds performed better this week [8] Performance by Parity - The weekly performance of convertible bonds based on their parity showed that ultra-high parity bonds (conversion value over 130 yuan) increased by +0.03%, while high parity bonds (110 to 130 yuan) decreased by -0.17% [9] Average Metrics - As of October 10, 2025, the average price of convertible bonds was 132.67 yuan, with an average parity of 105.35 yuan and an average conversion premium of 27.6% [10] - The total outstanding convertible bonds amounted to 420, with a total balance of 587.83 billion yuan [10] Market Demand and Supply - The demand for convertible bonds remains stronger than supply, suggesting that convertible bonds are still considered relatively high-quality assets in the long term [11] - However, the current valuation levels are generally high, indicating a need for structural adjustments in investment strategies [11]

Market Overview - The China Convertible Bond Index experienced a weekly increase of +0.9% from September 22 to September 26, 2025, following a previous decline of -1.5% [7] - The overall index for the week showed a change of +0.2%, with convertible bonds outperforming equities for the first time in nearly a month [10] - Year-to-date performance indicates a +15.3% increase for convertible bonds compared to a +21.3% increase for the overall index, suggesting slightly weaker performance in the convertible bond market [10] Rating Analysis - High-rated bonds (AA+ and above) saw a weekly increase of +0.69%, while medium-rated bonds (AA) increased by +0.86%, and low-rated bonds (AA- and below) only increased by +0.51%, indicating the lowest growth in the low-rated category [8] Size Classification - Large-scale convertible bonds (over 5 billion) increased by +0.73%, medium-scale bonds (between 500 million and 5 billion) rose by +1.01%, while small-scale bonds (under 500 million) saw a minimal increase of +0.01% [8] Price and Valuation Metrics - The average price of convertible bonds is 130.44 yuan, with an average conversion value of 104.27 yuan and an average conversion premium of 26.0% as of September 26, 2025 [9] - The number of outstanding convertible bonds is 427, with a total balance of 593.38 billion yuan [9] Market Performance and Investment Direction - The convertible bond market is expected to remain a relatively high-quality asset in the long term, despite current high valuation levels, necessitating a focus on structural adjustments [10]

Market Overview - The convertible bond market continued to rise during the week from June 30 to July 4, 2025, with the China Convertible Bond Index increasing by +1.2% (previous week +2.1%), marking two consecutive weeks of significant gains [3] - Year-to-date, the China Convertible Bond Index has risen by +7.9%, outperforming the China All Index, which has increased by +4.6% [3][7] Performance by Rating and Size - High-rated bonds (AA+ and above) saw the highest weekly increase of +1.62%, followed by medium-rated bonds (AA) at +1.41%, and low-rated bonds (AA- and below) at +0.63% [4] - In terms of bond size, large-scale convertible bonds (over 5 billion) increased by +1.45%, medium-scale bonds (between 500 million and 5 billion) by +1.12%, and small-scale bonds (under 500 million) by +0.92% [4] Price and Valuation Metrics - The average price of convertible bonds reached 124.53 yuan, up from 123.21 yuan the previous week, with a percentile value of 93.8% [5][6] - The average conversion price was 96.58 yuan, an increase from 94.88 yuan, with a percentile value of 81.9% [6] - The average conversion premium decreased to 28.2% from 29.9%, with a percentile value of 56.5% [6] Sector Performance - The top 30 convertible bonds by increase were primarily from the chemical (6), pharmaceutical (4), and electronics (4) sectors, while the largest declines were seen in the chemical (6), automotive (4), and non-ferrous metals (3) sectors [4] Future Outlook - The convertible bond market's performance is expected to be influenced by fundamental factors and macro policies, with a focus on sectors that can benefit from domestic demand stimulation [7]