智通财经1月6日讯（编辑 杨斌）随着上证指数跨年的13连阳，转债市场也迎来十年的突破。尽管在本 轮上行中，ETF和保险的资金持续流出转债市场，但业内预计，随着资金季节性回流叠加权益的春季行 情，转债市场仍有维持强势。 今日，中证转债指数大涨1.35%收于505.77点，在突破去年8月高点的同时，十年来第一次站上500点。 同时，市场成交量再度接近千亿元。 不过，在本轮转债市场加速上涨的同时，转债ETF资金却持续净流出。数据显示，可转债ETF的基金份 额在去年9月初达到48.5亿份的历史高点，随后震荡下行，2025年末下降至38亿份。 （资料来源：Wind数 图：可转债ETF基金份额变化 据，智通财经整理） 东方金诚研究指出，近期转债跟随权益放量上涨，但转债ETF资金的持续流出，也显示低风偏资金的相 对谨慎预期，短期转债波动或有所加剧，进入震荡行情，需关注市场量能与情绪变化判断后续方向。 市场连续大涨后，公募转债中位价格已达133.72元，全市场37只转债价格超过200元。从12月以来涨幅 居前的转债来看，多为高价转债。 图：12月以来涨幅居前的转债 | 证券名称 | 2025年12月 以来涨跌幅% | 最新收 ...

点击注册小程序 查看完整报告 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 1、市场行情 本周（2025年12月8日至2025年12月12日，共5个交易日）中证转债指数涨跌幅为+0.20%（上周涨跌幅为 +0.08%），中证全指变动为+0.19%（上周涨跌幅为+0.77%）。2025年以来中证转债涨跌幅为+16.50%， 中证全指涨跌幅为+21.83%。 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（评级为AA-及以下）本周涨跌幅分别为-0.13%、-0.61%、 +0.17%、+0.25%和 -0.42%，中评级券和中低评级券有所上涨。 分转债规模看，大规模转债（债券余额大于20亿元）、中大规模转债（余额在15至20亿元 ...

Core Viewpoint - The Zhongzheng Convertible Bond Index opened lower by 0.07% on November 12, indicating a slight decline in the overall market sentiment for convertible bonds [1] Group 1: Market Performance - Dongshi Convertible Bond rose nearly 10%, showing strong investor interest and positive market sentiment [1] - Yonggui Convertible Bond increased by 8.8%, reflecting a favorable performance among certain convertible bonds [1] - Zhenhua Convertible Bond fell by 4.7%, indicating a negative trend for this specific bond [1] - Tianci Convertible Bond decreased by 3.8%, suggesting a decline in investor confidence for this bond [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - From January to October 24, 2025, the convertible bond market underperformed the equity market. In the long - term, convertible bonds remain relatively high - quality assets due to the persistent strong demand and weak supply. However, the current valuation is high, and investors need to focus on structure [1][4] 3. Summary by Relevant Catalogs Market行情 - From October 20 to October 24, 2025, the convertible bond and equity markets rose again. The CSI Convertible Bond Index increased by +1.5% (previous week: - 2.3%), and the CSI All - Share Index changed by +3.4% (previous week: - 3.5%). Since the beginning of 2025, the CSI Convertible Bond Index has risen by +16.1%, and the CSI All - Share Index has risen by +23.0% [1] - By rating, high - grade bonds (AA+ and above), medium - grade bonds (AA), and low - grade bonds (AA - and below) rose by +2.30%, +2.22%, and +2.53% respectively this week, with low - grade bonds having the highest increase [1] - By convertible bond size, large - scale convertible bonds (bond balance > 5 billion yuan), medium - scale convertible bonds (balance between 500 million and 5 billion yuan), and small - scale convertible bonds (balance < 500 million yuan) rose by +0.12%, +2.36%, and +2.66% respectively this week, with large - scale convertible bonds having the lowest increase [1] - By conversion parity, ultra - high - parity bonds (conversion value > 130 yuan), high - parity bonds (conversion value between 110 and 130 yuan), medium - parity bonds (conversion value between 90 and 110 yuan), low - parity bonds (conversion value between 70 and 90 yuan), and ultra - low - parity bonds (conversion value < 70 yuan) rose by +4.58%, +2.88%, +1.64%, +1.35%, and +1.16% respectively this week, with ultra - high - parity bonds having the highest increase [2] Current Convertible Bond Valuation Level - As of October 24, 2025, there were 410 outstanding convertible bonds (413 at the end of last week), with a balance of 556.823 billion yuan (566.693 billion yuan at the end of last week) [3] - The average convertible bond price was 131.06 yuan (130.61 yuan at the end of last week), with a percentile of 98.6%; the average convertible bond parity was 104.86 yuan (103.82 yuan at the end of last week), with a percentile of 94.8%; the average convertible bond conversion premium rate was 27.6% (27.7% at the end of last week), with a percentile of 56.0%. The conversion premium rate of medium - parity convertible bonds (conversion value between 90 and 110 yuan) was 29.3%, higher than the median of medium - parity convertible bonds since 2018 (20.4%) [3] Convertible Bond Increase Situation - The top 15 convertible bonds in terms of increase this week include Yingliu Convertible Bond, Chenfeng Convertible Bond, and Jingda Convertible Bond, with increases of 73.08%, 27.32%, and 25.11% respectively [22]

Group 1 - The core viewpoint of the article highlights that the recent surge in the convertible bond market is driven by three main factors: strong performance in the equity market, historically low bond yields, and tight supply due to refinancing regulations [1] - The convertible bond market can be viewed as a combination of ordinary bonds and stock call options, providing investors with both fixed income and potential capital appreciation [1][2] - The current support for the convertible bond market is heavily reliant on the equity market's performance, suggesting that if the equity market continues to perform well, convertible bonds may also exhibit upward momentum [1][2] Group 2 - Investors are cautioned against the misconception that high-priced convertible bonds always have downside protection, as their price movements may closely follow the underlying stocks [2] - For high-risk investors, low premium, high elasticity convertible bonds are recommended to construct a balanced investment portfolio aimed at capturing excess returns [2] - The index for convertible bonds and exchangeable bonds is based on a large sample size from the Shanghai and Shenzhen stock exchanges, using a market capitalization-weighted method to balance index volatility [3]

Group 1 - The China Securities Convertible Bond Index opened nearly flat [1] - Huahong Convertible Bond rose over 11% [1] - Jintong Convertible Bond increased by more than 6% [1] - Lingkang Convertible Bond saw a rise of over 3% [1] Group 2 - Saili Convertible Bond declined by more than 6% [1] - Beilu Convertible Bond, Feilu Convertible Bond, Guanda Convertible Bond, and Yong'an Convertible Bond each fell by over 3% [1]

Group 1 - The China Securities Convertible Bond Index opened up by 0.02% [1] - Huafeng Convertible Bond rose over 4%, while Saili Convertible Bond increased by over 2% [1] - Other notable increases include Keshun Convertible Bond, Jincheng Convertible Bond, Ruida Convertible Bond, and Jiayi Convertible Bond, each rising over 1% [1] Group 2 - Yingji Convertible Bond fell by over 2%, with Zai22 Convertible Bond and Beilu Convertible Bond also declining by over 1% [1]

Group 1 - The China Securities Convertible Bond Index opened lower by 0.02% [1] - Feilu Convertible Bond and Tongguang Convertible Bond rose over 3% [1] - Emergency Convertible Bond, Sanyang Convertible Bond, and Qianglian Convertible Bond increased by over 2% [1] Group 2 - Baichuan Convertible Bond 2 fell by over 2% [1] - Jincheng Convertible Bond and Jing 23 Convertible Bond declined by nearly 2% [1]

Group 1 - The Zhongzheng Convertible Bond Index opened lower by 0.02% [1] - Hengshuai Convertible Bond surged by 20%, triggering a trading halt [1] - Jingda Convertible Bond increased by 2.5%, while Shouhua Convertible Bond rose nearly 2% [1] Group 2 - Hangyang Convertible Bond declined by 3.3% [1] - Beilu Convertible Bond fell by 2.7% [1] - Wentai Convertible Bond decreased by 1.5% [1]

Core Viewpoint - The China Convertible Bond Index opened lower by 0.05%, indicating a slight decline in the market sentiment towards convertible bonds [1] Group 1: Market Performance - The price of the Puli Convertible Bond dropped significantly by 33.7%, reflecting a major sell-off in this specific bond [1] - The Feikai Convertible Bond fell by 5.9%, contributing to the overall negative trend in the market [1] - The Huaxiang Convertible Bond experienced a decline of nearly 3%, further indicating weakness in the sector [1] Group 2: Positive Performers - The Yunjiji Convertible Bond saw an increase of 9.8%, standing out as a strong performer amidst the overall market decline [1] - The Jingda Convertible Bond rose by 4%, showing resilience in its performance [1] - Other bonds such as Yirui Convertible Bond, Jiuzhou Convertible Bond, Jieneng Convertible Bond, and Hengfeng Convertible Bond all increased by 1.8%, indicating some positive movement in the market [1]