Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Since January 29, the convertible bond market has been significantly adjusted for 3 consecutive trading days, with a cumulative decline of 4.75%. The recent adjustment is mainly due to the emotional valuation adjustment caused by the combination of early spring rally over - anticipation, high valuation, unexpected redemptions of convertible bonds approaching forced redemption, and external shocks [4][7]. - The polarization of valuation increases market vulnerability, and this round of adjustment is concentrated in "double - high" varieties. The price adjustment of "double - high" convertible bonds is relatively large, and the short - term risks focus on terms, valuation, and liquidity [4]. - Since September 24, 2024, there have been 4 times when the daily decline of the CSI Convertible Bond Index exceeded 2%. This round of adjustment may be approaching the bottom. It does not mean the end of the slow - bull market but rather the release of the vulnerability accumulated in the short - term rapid rise. After the precious metal volatility stabilizes, convertible bonds may follow the equity market to repair and present a structured differentiation market [4][14][16]. Group 3: Summary by Relevant Catalog 1. Characteristics of the Current Adjustment - On January 30, the hawkish remarks of the nominee for the Fed Chairman triggered global interest rate and precious metal fluctuations. The A - share index declined, and the convertible bond market adjusted significantly for 3 consecutive trading days from January 29, with a cumulative decline of 4.75%. On February 2, the decline of the CSI Convertible Bond Index was larger than that of the CSI 300 [4][7]. - The adjustment is mainly due to the emotional valuation adjustment caused by the combination of spring rally over - anticipation, high valuation, unexpected redemptions of convertible bonds approaching forced redemption, and external shocks, rather than a systematic credit or liquidity crisis [4][11]. - The adjustment is concentrated in "double - high" varieties. The price adjustment of convertible bonds with high price and high premium is large, and the adjustment range of equity - like convertible bonds > balanced > debt - like. The short - term risks focus on terms, valuation, and liquidity [4][11]. 2. How Did the Historical Reference Market Evolve? - The first adjustment occurred on October 9, 2024. After the market's 6 - day consecutive rise from September 24 to October 8, 2024, with a CSI Convertible Bond Index increase of 10.29% during the period, profit - taking pressure led to an emotional reversal. The daily decline on October 9 was 3.75%, and the decline from October 9 - 11 was 4.63% [4][14]. - The second adjustment on April 7, 2025, was due to the unexpected implementation of the US "reciprocal tariffs" on China. The index declined by 4.05%. After the adjustment, the market had a strong recovery. However, this adjustment was mainly due to external shocks, and its reference value for the recent adjustment is relatively weak [4][15]. - The third adjustment on August 27, 2025, was also due to the increased market vulnerability during the upward trend. The "net redemption of secondary bond funds" at the end of August triggered a valuation disturbance. The daily decline on August 27 was 2.82%, and the decline from August 27 - September 4 was 4.47% [4][15]. - The decline from January 29 to February 2, 2026, has exceeded the previous three declines. This adjustment is likely the release of short - term vulnerability, and the downward adjustment space may be limited. After the precious metal volatility stabilizes, convertible bonds may follow the equity market to repair [16].

债券人 . 唯有进行扎实的基本面研究，方能行稳致远。 点击注册小程序 查看完整报告 特别申明： 以下文章来源于债券人 ，作者光大证券固收研究 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-0.82%、-1.41%、-2.31%、-2.07%和-1.92%，均有所下跌，其中中评级券跌幅最大。 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20亿元之间）、中规模 转债（余额在10至15亿元之间）、中小规模转债（余额在5至10亿元之间）、小规模转债（余额小于5亿 元）本周涨跌幅分别为-1.33%、 -2.21%、-3.95%、-1.08%和-2.56%，其中中规模转债跌幅最大。 分平价来看，超高平价券（转股价值大于130元）、高平价券（转股价值在120至130元之间）、中高平价 券（转股价值在110至120元之间）、中平价券（转股价值在100至110元之间）、中低平价券（转股价值在 90至100元之间）、低平价券（转股价值在80至90元之间）、超低平价券（ ...