Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The length of the non - call commitment period for convertible bonds has stabilized at around 100 - 150 days since H2 2024, and the length has little impact on bond valuation [1][12]. - The necessity of paying attention to callable convertible bonds has increased. In H2 2025, the post - call yield of convertible bonds has increased, mainly contributed by the underlying stocks [2][3]. - Last week, the convertible bond market rose slightly, and the valuation decreased. Four convertible bonds announced early redemption, and three convertible bonds were listed, with a total pending issuance size of approximately 16.29 billion yuan [4][5]. 3. Summary by Directory 3.1 2025H2 Changes in Convertible Bond Call and Non - Call - The length of the non - call commitment period has stabilized at 100 - 150 days after reaching a peak of around 200 days in early 2024. The change is due to the improvement of information disclosure rules and the weak performance of the equity market [1][10]. - The length of the commitment period has little impact on convertible bond valuation. Since early 2025, the conversion premium rate on the day after the non - call announcement has risen from 2% to around 8%, but there is no significant difference among different commitment period groups [12]. - The frequency and proportion of callable convertible bonds have increased recently. In H2 2025, the post - call performance of convertible bonds has been strong, with an average increase of 0.5% in 20 trading days after the call announcement. Buying on T + 1 and holding until T + 20 can yield an average return of 3.0% [2][17][18]. - The strength of callable convertible bonds in H2 2025 is mainly due to the underlying stocks. The conversion premium rate of callable convertible bonds in 2025 is lower than the historical average, and the underlying stocks of callable convertible bonds in H2 2025 have performed significantly better than before [3][19]. 3.2 Market Review: Convertible Bonds Rose Slightly Weekly, and Valuation Declined - **Weekly Market Performance**: Last week, major stock indexes rose, and the convertible bond market rose slightly. The Shanghai Composite Index rose 1.52%, the Shenzhen Component Index rose 2.65%, and the CSI Convertible Bond Index rose 0.43%. There are 442 issued and outstanding convertible bonds with a balance of 611.817 billion yuan [26]. - **Valuation Performance**: The weighted average closing price of convertible bonds was 131.35 yuan, up 0.22% from the previous week. The conversion premium rate of the convertible bond market's par - value fitting was 29.94%, down 0.21 pct from the previous Friday. The premium rates of convertible bonds with different ratings and scales changed differently [36]. 3.3 Terms and Supply: Four Convertible Bonds Announced Call, Total Pending Issuance Size Approximately 16.29 Billion - **Terms**: As of September 12, Hao 24, Jing 23, Songyuan, and Lingyi convertible bonds announced early redemption; Tianyuan and Borui convertible bonds announced non - early redemption; Montai, Rundong, and other convertible bonds announced expected satisfaction of call conditions. No convertible bond announced a proposal for downward revision by the board of directors last week [4][57]. - **Primary Market**: Last week, Shenglan Zhuan 02, Jinwei, and Kaizhong convertible bonds were listed, with a total scale of 2.051 billion yuan. There are 4 listed companies that have obtained approval for convertible bond issuance, with a proposed issuance scale of 8.302 billion yuan. The total pending issuance size is approximately 16.29 billion yuan [5][60][67].