Fixed Income Research - The report discusses the evolving narrative of inflation, highlighting a rebalancing of supply and demand, and a shift in institutional behavior towards fixed income investments [2][3] - It emphasizes the need to monitor key factors such as inflation, supply-demand dynamics in the bond market, and the correlation between stocks and bonds as critical variables for the second quarter [2] Cultural Research: Pop Mart - Pop Mart has demonstrated significant capabilities in IP platformization and is accelerating its overseas expansion, maintaining a buy rating [2][7] - The company achieved a revenue of 371.2 billion yuan in 2025, representing a year-on-year growth of 184.7%, with overseas revenue growing by 291.9% [7][9] - The plush category has become the largest revenue contributor, with a revenue of 187.1 billion yuan in 2025, marking a growth of 560.6% [8] Automotive Research: China National Heavy Duty Truck Group - China National Heavy Duty Truck Group reported a significant increase in heavy truck sales, solidifying its position as a leader in exports [2][10] - The company achieved a revenue of 1,095.4 billion yuan in 2025, with a year-on-year growth of 15.2%, and a net profit of 70.2 billion yuan, up 19.8% [11][13] - The report forecasts net profits of 80 billion yuan for 2026, reflecting a growth of 4% [10][11]

Market Overview - The equity market saw most major indices decline, with only the Wind Micro Index rising by 1.54% during the week. The North Securities 50 index fell by 3.40%, while the ChiNext Index and the Shanghai Composite Index decreased by 1.68% and 1.09%, respectively [4][5] - In the bond market, both short and long-term interest rates declined, with the 10-year government bond yield falling by 1.27 basis points to 1.817%. The credit spreads for both short and long-term bonds also narrowed [7][8] Equity Product Allocation Strategy - Event-driven strategy highlights include: - China's innovative drug licensing transactions exceeding $60 billion, with recommended funds such as Harvest Mutual Selection A (006603), ICBC Health A (006002), and Penghua Medical Technology A (001230) [12][13] - Attacks on two major aluminum plants in the Middle East, suggesting a focus on funds like Harvest Resource Selection A (005660) and Huaxia Prosperity Driven A (017598) [13] - The official naming of "Token" as "词元," indicating potential investment opportunities in computing power and chip sectors, with recommended funds including Nord New Life A (006887) and Harvest Frontier Innovation (009993) [14] - Asset allocation strategy recommends a balanced core with a barbell strategy, focusing on dividend and technology/high-end manufacturing sectors. Suggested funds include Anxin Dividend Selection A (018381) and Harvest Military Industry Theme A (004698) [16][17] Stable Product Allocation Strategy - Market analysis indicates a net injection of 281.9 billion yuan by the central bank, maintaining a balanced and loose funding environment. The 2025 China International Balance of Payments Report shows a current account surplus of $735 billion, representing 3.7% of GDP [20][22] - Industrial profits for large-scale enterprises grew by 15.2% in the first two months of 2026, indicating a positive economic outlook [22] - Recommended products include short-term bond funds like Nord Short Bond A (005350) and Guotai Lian A (016947), with a focus on maintaining liquidity while managing risk [23][24]

1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided report. 2. Core Viewpoints of the Report - Since March, geopolitical conflicts have escalated, leading to a significant decline in the stock market. The weakening of equity assets has caused an obvious drawdown in "fixed - income +" products and increased redemption pressure [1][10]. - In the second half of 2025, institutions significantly increased their allocation to equity assets. The current increased redemption pressure of "fixed - income +" may lead to a negative feedback loop of institutional selling and accelerated asset decline [3][20]. - Through scenario testing, if there is no significant double - kill of stocks and bonds, the risk of a large - scale net value drawdown of wealth management products is limited, but there may be some active redemption pressure. First - tier and second - tier bond funds with more equity assets may face greater redemption pressure in the negative feedback, but the pressure is still controllable [4][5]. - If the redemption pressure of "fixed - income +" continues, it may lead to a reduction in equity asset allocation, a widening of the spread of Tier 2 capital bonds, and a narrowing of the term spread [6][49]. 3. Summary According to the Directory 3.1 March Onwards: Increased Redemption Pressure on "Fixed - Income +" - Since March, due to geopolitical conflicts, the global liquidity expectation has shifted, and the equity and convertible bond markets have significantly adjusted, causing the cumulative gains and losses of most broad - based indices to turn negative. The weakening of equity assets has led to an obvious drawdown in "fixed - income +" products and increased redemption pressure [1][10]. - From the beginning of the year to March 27, the cumulative yields of the short - term pure bond, medium - and long - term pure bond, first - tier bond fund, and second - tier bond fund indices were 0.45%, 0.64%, 0.65%, and 0.27% respectively. The proportions of short - term pure bond and medium - and long - term pure bond funds with negative cumulative returns since the beginning of the year were 3% and 7% respectively, while those of first - tier and second - tier bond funds were 10% and 27% respectively [1][12]. - Since the beginning of the year, medium - and short - term bonds have performed well. Most wealth management products have achieved positive returns, and the net - breaking rate is relatively low. As of March 27, 3.8% of wealth management products had negative cumulative yields, and the net - breaking rate of existing wealth management products was 1.1% [2][16]. 3.2 Background of "Fixed - Income +" Redemption: Institutional Increase in Equity Asset Allocation - In the second half of 2025, institutions significantly increased their allocation to equity assets, which may lead to a negative feedback loop of institutional selling and accelerated asset decline. - Wealth management may have increased its allocation to equity assets through public funds. Although the proportion of equity assets in wealth management assets decreased from 2.4% in the middle of 2025 to 1.9% at the end of the year, the proportion of public funds in wealth management assets increased from 4.2% to 5.1% [20]. - The proportion of pension's equity assets increased from 6.4% to 9.6%. In the second half of 2025, the net value of pension's equity assets increased by 773.5 billion yuan, while the net value of fixed - income assets decreased by 100.49 billion yuan [22]. - The proportion of insurance's stock investment increased from 8.5% to 9.7%. In the third and fourth quarters of 2025, the net asset scale of insurance's stocks increased by 552.5 billion yuan and 113.5 billion yuan respectively [26]. - In the second half of 2025, the scale of second - tier bond funds increased significantly, and the proportion of equity allocation increased from 11.64% to 13.93%. In total, institutions such as wealth management, insurance, pension, and second - tier bond funds increased their allocation to stocks by more than 700 billion yuan in the second half of 2025 [28][36]. 3.3 "Fixed - Income +" Net Value Drawdown Pressure Calculation 3.3.1 Redemption Pressure on Wealth Management Products - By assuming that non - cash - management fixed - income wealth management products have a bond - to - stock ratio of 92.5:7.5, and considering the bond's annualized coupon rate of 1.7% and a duration of 1.34 years, different market scenarios are simulated. - If bonds do not decline, wealth management products can basically maintain positive returns. Even if the stock market falls by 15%, the coupon income can generally offset the losses from the stock decline. In the case of a double - kill of stocks and bonds, wealth management products may experience a large - scale and significant drawdown. - Currently, the risk of large - scale passive redemption of wealth management products is relatively limited, but there is some active redemption pressure [4][40]. 3.3.2 Redemption Pressure on Funds - First - tier and second - tier bond funds with more equity assets may face greater redemption pressure in the negative feedback, but the pressure is still controllable. - In the most extreme scenario (the stock index falls by 20% and interest rates rise by 40bps), the proportion of second - tier bond funds with a drawdown of more than 5% is 32%, with a scale of about 2.4 trillion yuan, and the proportion of those with a drawdown of more than 3% will exceed 70%, reaching 3.6 trillion yuan. Even if bond interest rates remain unchanged, if the stock market retraces by 10%, 11.9% and 4.3% of second - tier bond funds will have drawdowns of more than 3% and 5% respectively, with scales of 726.3 billion and 158.4 billion yuan [5][44]. 3.4 Risks of "Fixed - Income +" Redemption - If the redemption of "fixed - income +" continues, it may lead to a reduction in equity asset allocation, a widening of the spread of Tier 2 capital bonds, and a narrowing of the term spread. The redemption of "fixed - income +" will directly lead to the selling of equity assets, which is a further negative for the stock market. Due to the strong liquidity of Tier 2 capital bonds, they are likely to be sold off in the market adjustment, leading to a widening of the spread. In addition, during periods of high redemption pressure, public funds may sell short - term and highly liquid bonds first, causing short - term interest rates to rise and the term spread to narrow [6][49].

Group 1: Report Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - Last week, the convertible bond market showed significant strength compared to the underlying stocks, with the central value of the conversion premium rate rising significantly and the conversion premium rate of 100 - yuan par value remaining stable. The core driving force for the "resistant to decline and follow - up with rise" of convertible bonds comes from the expansion of the premium rate. However, the current position structure may lead to a callback risk that deviates from the equity rhythm [5][8]. - The capital support from the expansion of insurance funds and the transfer of household deposits still exists, and the allocation demand for "fixed - income +" products is resilient. The medium - term optimistic expectation for the convertible bond market remains unchanged. In the short term, the market trading difficulty has increased significantly, and the convertible bond volatility will remain high. If the market further adjusts, high - quality bottom - position varieties with excessive decline will present a layout window. It is recommended to focus on band trading opportunities, shorten the holding period moderately, and strictly control the portfolio drawdown risk [5][8]. - Last week, the equity market fluctuated widely, with the market center moving down. Geopolitical conflicts and overseas stagflation expectations led to a sharp decline at the beginning of the week, followed by a rebound. The energy security sector remained strong, while the non - banking finance and technology growth sectors were weak. In the medium term, there is no need to be overly pessimistic, and mid - cap blue - chip stocks may become the main force in the market, with the cycle and high - end manufacturing sectors having high allocation value [5][9]. Group 3: Summary by Directory 1. Convertible Bond Views: Convertible Bonds Rose Against the Trend, Be Wary of Valuation Fluctuations - The convertible bond market showed an independent anti - decline trend last week, with the central value of the conversion premium rate rising significantly. The position structure may lead to a callback risk. The medium - term outlook is optimistic, but short - term trading is difficult. It is recommended to focus on band trading and control risks [8]. 2. Convertible Bond Review: Convertible Bonds Rose Against the Trend, and the Central Value of the Premium Rate was Passively Lifted 2.1 Market Overall Performance: Most Equity Indexes Closed Lower, and Trading Volume Declined Slightly - The equity market fluctuated widely last week, with the Shanghai Composite Index once falling below 3800 points. The CSI Convertible Bond Index rose 1.28%, while most other indexes fell. The daily average trading volume decreased to 2.11 trillion yuan. The top - ten rising convertible bonds and the most active convertible bonds are listed [13]. 2.2 Convertible Bond Trading Volume Increased, and High - Price and Medium - High - Rating Convertible Bonds Led the Gains - The convertible bond market fluctuated greatly last week, with trading volume increasing. The daily average trading volume rose to 673.98 billion yuan. The CSI Convertible Bond Index rose 1.28%, the median convertible bond par value fell 1.7% to 100.9 yuan, and the median conversion premium rate rose 2.2 percentage points to 32.2%. High - price and medium - high - rating convertible bonds performed well, while large - cap and high - rating convertible bonds performed weakly [18].

Core Viewpoint - The article emphasizes the importance of stable investment products in volatile market conditions, highlighting a specific fund that has shown strong performance and risk management since its inception in 2015 [3][17]. Fund Performance - The fund, Penghua Hongli Mixed Fund, has a total scale of 1.873 billion and has achieved a net value growth of 95.84% since its establishment, significantly outperforming the benchmark of 66.05% and the CSI 300 index's increase of 29.5% [3][6]. - The fund has consistently delivered positive annual returns, with an annualized return of 6.28% [3]. Risk Management - The fund has demonstrated robust risk control, with only three instances of dynamic drawdown exceeding 4% since inception, and a maximum drawdown of around 5% during the extreme market conditions in March 2020 [4]. Asset Allocation - The fund's asset allocation is primarily focused on bonds, which served as a stabilizing force, with bond holdings reaching nearly 90% during the bear market from 2022 to 2023 [10]. - In 2024, the fund's stock allocation increased from 12.28% to 27.08%, while maintaining a bond allocation below 50%, resulting in a 10.2% return for the year, exceeding the benchmark by 5.5% [10]. Sector Rotation - Over the past five years, the fund has engaged in sector rotation, with the banking sector being the largest holding at 20.16% at the end of 2021, followed by an increase in the electronics sector to 48.6% by mid-2024 [11]. - The fund's latest holdings include significant positions in electronics, national defense, pharmaceuticals, and basic chemicals [11]. Top Holdings - As of the end of Q4 2025, the top ten holdings include five new entries such as BOE Technology Group, TCL Technology, and South Chip Technology, indicating a strategic shift towards leading companies in the electronics sector [13]. Bond Holdings - The fund's bond portfolio primarily consists of AAA-rated securities, including various corporate bonds, with financial bonds making up 84.6% of the holdings by the end of 2025 [16][20].

Core Viewpoint - The article highlights the performance of the Anxin New Value Mixed A fund (003026.OF), which has shown strong defensive capabilities in weak and volatile markets, achieving a nearly 8% annualized return since inception and a total return of 109% as of March 23, 2026, significantly outperforming the CSI 300 index, which rose by 31% during the same period [3][4]. Performance Summary - The fund has recorded positive returns in all years since its inception in August 2016, except for a slight loss in 2022, showcasing its resilience [4]. - Since taking over in August 2021, fund manager Liang Bingzhe has achieved an annualized return of 6.2% [5]. - The fund's annual performance compared to its benchmark and the CSI 300 index from 2021 to 2026 shows consistent outperformance, particularly in 2025 with a return of 10.56% against the CSI 300's 17.66% [6]. Risk Management - The fund's maximum drawdown since Liang Bingzhe's tenure is only -5.7%, indicating strong risk management capabilities [7]. - The fund employs a "fixed income plus" strategy, maintaining a stock allocation of less than 20%, which contributes to its defensive nature [10]. Asset Allocation - The fund's portfolio is characterized by a low concentration in its top holdings, with the top ten stocks accounting for only 7.9% of the net asset value, and the largest holding, China National Offshore Oil Corporation, representing just 1.63% [13]. - The fund focuses on undervalued, high-dividend, and defensive assets, aligning with its stable bond base [13]. Market Position - Despite its conservative approach, the fund ranks 1621st in the market, indicating a stable position among peers [16]. - The fund's ability to provide a smooth upward curve in net value has made it a sought-after option for investors looking for stability in volatile markets [18]. Growth in Popularity - The fund's assets grew from 0.64 billion yuan at the end of 2024 to 10.24 billion yuan by the end of 2025, primarily driven by individual investors [20]. Conclusion - Anxin New Value A is positioned as a robust investment option for those seeking stability and minimal drawdowns, making it a valuable addition for investors looking for a "ballast" in their asset allocation [21].

Core Viewpoint - The era of traditional deposits is ending, and there is a growing demand for professional wealth management solutions among families, particularly in light of declining interest rates and the need for stable yet reasonable asset growth [1][2]. Group 1: Market Trends - The interest rates for five-year fixed deposits have dropped from over 5% to around 1.3%, indicating a long-term trend of declining rates in the economic transition [2]. - By 2026, the total maturity scale of one-year and above fixed deposits is expected to reach 50 trillion yuan, primarily from high-interest deposits made in 2020-2021 [2]. - The current environment shows low yields in money market funds and cash management products, while A-shares exhibit increased volatility, prompting investors to seek better asset allocation options [2]. Group 2: Investment Products - The "low-volatility fixed income+" products and Funds of Funds (FOF) are emerging as attractive options for families looking for a balance between stability and yield [2][3]. - The scale of various bond funds, including primary and secondary bond funds, is projected to reach 2.74 trillion yuan by the end of 2025, marking a 60% increase [3]. - The 工银双玺 6-month holding period bond fund has achieved a return of 4.05% over the past year, outperforming its benchmark by approximately 1.2 percentage points [3]. Group 3: Performance of Specific Funds - The 工银产业债券 fund has delivered a return of 109.51% since its inception, significantly exceeding its benchmark by over 50% [4]. - The 工银四季收益债券 fund has shown strong performance with a return of 94.07% since its transformation in February 2014, outperforming its benchmark by 32.4 percentage points [4]. - The 工银价值稳健 6-month holding FOF has achieved a return of 7.27% over the past year, surpassing its benchmark by 4.63% [6]. Group 4: Risk Management and Research - The investment and risk management framework at 工银瑞信 includes a comprehensive research system that supports dynamic adjustments to duration and asset allocation [8]. - The firm employs a dedicated credit research team and a robust risk control system to manage various risks, ensuring the safety of funds [8]. - The product matrix at 工银瑞信 is designed to meet diverse investor needs, providing tailored solutions for different risk appetites [8]. Group 5: Conclusion - The shift of 50 trillion yuan in funds represents a significant transformation in Chinese household wealth management, moving from reliance on deposits to a more diversified approach [9]. - Professionalism, discipline, and a long-term perspective are becoming essential for wealth preservation and growth in the current low-interest-rate environment [9]. - Utilizing systematic tools for wealth management can help investors achieve stable transitions in their financial strategies [9].

Group 1: Strategic Development - The company will continue to adhere to the "industrial brokerage + first-class investment banking" strategy during the 14th Five-Year Plan, focusing on solidifying capital-intensive business foundations while vigorously developing light capital businesses [2] - The wealth management business aims to enhance customer base and drive transformation through financial products and advisory services [2] - Investment banking will stimulate vitality in refinancing and mergers & acquisitions while leveraging interbank market licenses to expand bond business scale [2] Group 2: Fund Management Strategies - In response to the declining trend of bank deposit interest rates, the company’s two fund management subsidiaries will advance product strategy layouts and enhance innovation capabilities to provide quality product offerings [2] - The focus will be on improving customer service quality, research capabilities, brand building, and risk control to create differentiated advantages in a competitive market [4] Group 3: Proprietary Business and Asset Allocation - The company will maintain a "high dividend +" strategy in equity business, using low-volatility high-dividend assets as a profit foundation while dynamically adjusting allocations based on market changes [4] - Fixed income business will strengthen the construction of a major asset allocation system and increase the proportion of "fixed income +" products [4] Group 4: Market Value Management - As a state-owned enterprise-controlled listed brokerage, the company is assessed on comprehensive indicators including operational performance, safety compliance, and functional services, which encompass market value management [4] - The company emphasizes high-quality development to solidify intrinsic value, enhance transparency and effectiveness of information disclosure, and actively manage investor relations to attract long-term and rational investments [4] - Efforts will be made to stabilize investor return expectations and enhance the stability and sustainability of cash dividends, sharing the company's development achievements with investors [4] Group 5: Disclosure Information - The activity did not involve the disclosure of any significant information [4]

Core Viewpoint - The article discusses the current market dynamics, particularly focusing on the behavior of institutional investors and the implications of geopolitical events on market sentiment [1][5][27]. Group 1: Institutional Investor Behavior - Institutional investors are categorized based on their funding types, with long-term funds like insurance companies being more inclined to increase their positions, while unstable funds like wealth management products are reducing their exposure to mitigate volatility [9][10]. - Recent market declines were attributed to small and medium-sized insurance companies being forced to reduce their positions due to regulatory requirements, which was labeled as a misleading narrative by some analysts [11][12]. - The article highlights that the A-share market has experienced relatively smaller declines compared to global markets, indicating that it is not in an oversold condition [13][14]. Group 2: Market Dynamics and Trends - The article notes that the recent volatility in the market has led to a significant withdrawal from wealth management products, which are more sensitive to market fluctuations, indicating a trend of risk aversion among investors [17][23]. - The performance of convertible bonds has been negatively impacted as they are closely related to wealth management products, which have seen a rapid decline in valuation due to market uncertainties [24]. - The article emphasizes that the current market adjustments are healthy, as they remove the most sensitive funds first, making it easier for the market to clear [25]. Group 3: Global Market Reactions - Global markets have shown a rebound following news of potential negotiations involving key political figures, which has increased risk appetite among investors [27][28]. - The article points out that the A-share market has seen a broad-based rally, with most sectors recovering, particularly the small-cap stocks that had previously underperformed [31]. - The article also mentions significant movements in the ETF market, indicating a potential shift in marketing strategies as companies begin to brand their products more prominently [34][37]. Group 4: Sector-Specific Insights - In the Hong Kong market, there is a notable risk associated with the volatility of southbound capital flows, which are primarily driven by short-term trading funds [38]. - Positive earnings reports from new consumer companies in Hong Kong have led to a collective surge in their stock prices, indicating strong market interest in this sector [40]. - The article highlights the growing trend of electric vehicle registrations in the EU, which could benefit Chinese automotive companies as oil prices rise [40].

Report Industry Investment Rating - The report does not provide a specific industry investment rating. Core Viewpoints of the Report - The premium rate of convertible bonds with a face value of 100 yuan has temporarily stabilized. If the equity market does not break down further, the callback space for the premium rate of 100 - yuan convertible bonds is relatively controllable. If the equity market continues to break down, some convertible bonds may enter a stage of being wrongly sold. If the convertible bond market adjusts further, some undervalued high - quality bottom - position varieties will present layout opportunities. It is recommended to focus on band trading opportunities and shorten the holding period appropriately [7][10]. - There is no need to overly worry about the impact of the second - generation solvency regulatory assessment on the "fixed - income +" market. The regulatory rules are not new policies, and the industry has had nearly four years to adjust and adapt [7][11]. - In the medium - term, there is no need to be overly pessimistic about the A - share market. The pattern of a slow - bull market has not changed. The funds at both ends of market risk preference are converging towards the middle. Mid - cap blue - chip stocks are expected to become the backbone of the market, and the cyclical and high - end manufacturing sectors have a high cost - performance ratio for allocation [7][11]. Summary According to the Directory 1. Convertible Bond Viewpoint: The Premium Rate of 100 - yuan Bonds is Temporarily Stable, and Both Convertible Bonds and Equities are at Key Points - The convertible bond market has been continuously adjusting following the equity market, and the central value of the conversion premium rate has been passively raised. However, the premium rate of 100 - yuan convertible bonds has shown signs of stabilization. The callback amplitude of the premium rate of 100 - yuan convertible bonds in this adjustment is close to 6 percentage points, the largest in previous adjustments. This is due to the higher overall valuation of convertible bonds compared to the same period in history and the long - lasting slow - bull market in the equity market [7][10]. - Considering the resilience of the configuration demand for "fixed - income +" products and the unchanged support logic of the slow - bull expectation of the equity market for the convertible bond market sentiment, if the equity market does not break down further, the callback space for the premium rate of 100 - yuan convertible bonds is relatively controllable. If the equity market continues to break down, some convertible bonds may be wrongly sold. Currently, the convertible bond index has given back all its annual gains, and convertible bonds below 130 yuan have significantly adjusted, indicating that some institutional funds that entered the market at the beginning of the year have taken profits and left the market to wait and see. If the convertible bond market further adjusts, some undervalued high - quality bottom - position varieties will present layout opportunities. It is recommended to focus on band trading opportunities and shorten the holding period appropriately [7][10]. 2. Convertible Bond Review: The Trading Volume of Convertible Bonds Declined, and the Central Value of the Premium Rate was Passively Raised 2.1 Market Overall Performance: Most Equity Indexes Closed Lower, and the Trading Volume Slightly Shrunk - Last week, the equity market significantly adjusted. The Shanghai Composite Index closed at 3957 points, and only the ChiNext Index closed higher. The ChiNext Index rose 1.26%, while the CSI 300 fell 2.19%, the SSE 50 fell 2.47%, the Shenzhen Component Index fell 2.90%, the CSI Convertible Bond Index fell 3.15%, the Shanghai Composite Index fell 3.38%, the STAR 50 fell 4.03%, the CSI 1000 fell 5.25%, the CSI 2000 fell 5.70%, the Beijing Stock Exchange 50 fell 5.76%, and the CSI 500 fell 5.82%. In terms of industries, only the communication and banking sectors closed higher, while the non - ferrous metals, basic chemicals, and steel sectors led the decline. The average daily trading volume decreased by 287.811 billion yuan to 2.21 trillion yuan [16]. - The top ten convertible bonds in terms of gains last week were Yubang Convertible Bond, Hongbai Convertible Bond, Jinhong Convertible Bond, Haiyou Convertible Bond, Songlin Convertible Bond, Jingzhuang Convertible Bond, Huayi Convertible Bond, Titan Convertible Bond, Aowei Convertible Bond, and Jinlang Convertible Bond 02. In terms of trading volume, Baichuan Convertible Bond 2, Sanfang Convertible Bond, Tongyu Convertible Bond, Jinhong Convertible Bond, Dazhong Convertible Bond, Tianhao Convertible Bond, Weidao Convertible Bond, Outong Convertible Bond, Aofei Convertible Bond, and Jinneng Convertible Bond were relatively active [16]. 2.2 The Trading Volume of Convertible Bonds Declined, and High - priced and Medium - Low - Rated Convertible Bonds Led the Decline - Last week, the convertible bond market significantly adjusted, and market activity declined. The average daily trading volume dropped to 63.345 billion yuan. The CSI Convertible Bond Index fell 3.15% in a single week, the median conversion parity of convertible bonds fell 5.1% to 102.7 yuan, and the median conversion premium rate rose 2.6 percentage points to 30.0%. In terms of style performance, the decline of dual - low strategy targets and large - cap convertible bonds was relatively controllable, while high - priced and medium - low - rated convertible bonds adjusted more significantly [24].