1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Recent small - and micro - cap stocks have been active. Despite policy - driven cooling signals, they still benefit from loose liquidity, with the CSI 2000 and Wind Small - and Micro - Cap Index leading the gains. Convertible bonds, which are well - matched in style, have seen a significant rise in their underlying stocks, leading to a simultaneous increase in their valuation. Valuation indicators such as the convertible bond's 100 - yuan premium rate and the median price have reached new highs since 2017. Structurally, the price ranges of 130 - 140 yuan and above 150 yuan have shown strong performance, while newly - issued convertible bonds have underperformed. Currently, there is a consensus on the bull market in the equity market, with high capital activity. Convertible bonds are experiencing a "double - hit" market in terms of parity and valuation, but in the state of strong equity characteristics and high conversion premium rates, the risk of forced redemptions of individual bonds should still be guarded against [2][3]. 3. Summary by Relevant Catalogs 3.1 Weekly Views and Outlook - Small - and micro - cap stocks are active. The convertible bond market is well - matched in style, with a significant increase in the underlying stocks and a simultaneous rise in valuation. High - parity convertible bonds are active, while newly - issued ones perform poorly. There is a "double - hit" market, but forced redemption risks should be noted [2][3]. 3.2 Convertible Bond Valuation - This week, the underlying stocks of convertible bonds performed actively, and the convertible bonds rose in tandem. The 100 - yuan premium rate increased by 0.9% to 33.5%, reaching the 100th percentile since 2017 and remaining above the 2 - times standard deviation [2][4]. - The valuation of convertible bonds in each parity range has increased significantly. The increase in the equity - biased area is slightly higher than that in the bond - biased area, but the gap has narrowed. The valuation in the 120 - 140 yuan parity range has increased significantly due to the high activity of underlying stocks, while the valuation in the range above 140 yuan has only increased slightly due to forced redemption disturbances [2][8]. - From the perspective of individual bonds, in the high - parity area, the conversion premium rates of Xinfu and Yinbang have decreased significantly due to the forced redemption process and rising forced - redemption expectations, while the valuations of Shuangliang, Hebang, Ruike, Zhoubang, Hengshuai, and Daimei have increased significantly due to the significant rise of their underlying stocks. The valuations in the balanced and bond - biased areas have generally increased slightly. The valuations of near - maturity bonds are weak, and the valuation of newly - issued Anke bonds is slowly compressing [2][10]. 3.3 Clause Tracking 3.3.1 Redemption - This week, Tianjian, Fuli, Sailong, Shentong, Beigang, and Huazheng convertible bonds announced redemptions, and 2 convertible bonds announced non - redemptions, with a forced - redemption rate of 75%. Currently, there are 49 convertible bonds in the redemption process, 8 are expected to meet the redemption conditions next week, and 10 are expected to issue announcements of potential redemption triggers. In addition, 26 convertible bonds are expected to enter the forced - redemption counting period within the next month [2][17][19]. 3.3.2 Downward Revision - This week, Hongchuan convertible bonds proposed a downward revision, and Fangyuan convertible bonds announced the result of the downward revision (not revised to the bottom). As of now, 101 convertible bonds are in the temporary non - downward - revision range, 20 cannot be downward - revised due to net - asset constraints, 1 has triggered the condition but has not announced while the stock price is still below the downward - revision trigger price, 16 are accumulating the days for downward revision, and 3 have issued the board of directors' pre - plans for downward revision but have not held a general meeting of shareholders [2][23]. 3.3.3 Put Option - No convertible bonds issued conditional put - option announcements this week. As of now, 3 convertible bonds are accumulating the days to trigger the put option, among which 1 has proposed a downward revision, and 2 are in the temporary non - downward - revision range [2][27]. 3.4 Primary Issuance - As of now, there are 10 convertible bonds in the process of approval for registration, with a total issuance scale of 8.8 billion yuan, and no convertible bonds are in the process of passing the listing committee [29].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The convertible bond market showed unexpected resilience despite large fluctuations in the equity market towards the end of the year, which may be related to the significant under - allocation pressure of institutional investors such as insurance, annuity, and public funds. With a consistent expectation of the "Spring Rally" next year, there is still room for a bullish view on the convertible bond market [4][5]. 3. Summary by Catalog 3.1 Weekly Viewpoint and Outlook - The equity and convertible bond markets remained in a volatile trend this week. Micro - cap stocks in major stock indices declined significantly, but the convertible bond market was relatively insensitive. The negative impact of micro - cap stock declines on convertible bonds was less than that in late August and late November. - Convertible bond valuations fluctuated in tandem with the market. The 100 - yuan premium rate fluctuated around 30%. Structurally, the valuation of the equity - biased area was better than that of the bond - biased area. Under multiple negative factors such as high valuations, capital outflows, and adjustments in pure bonds, the valuation of the bond - biased area weakened compared with the previous period. In the context of weak performance of the underlying stocks, the valuation of the equity - biased area rose inversely, showing a certain degree of resilience [4][5]. 3.2 Convertible Bond Valuation - This week, the underlying stocks declined slightly, and the convertible bond market was roughly flat, with valuations showing volatility. After excluding abnormal points, the 100 - yuan premium rate of the entire market's convertible bonds was 29.8%, a weekly decline of 0.1%, and the latest quantile level was at the 99.1% percentile since 2017. - The valuation of the equity - biased area was still better than that of the bond - biased area. With weak performance of the underlying stocks, the high - parity area's valuation provided reverse support and showed resilience. The valuation of the bond - biased area remained weak, but there were structural differences. The valuation of the 80 - 100 yuan parity area, which had performed weakly previously, stabilized, while the valuation of the area below 80 yuan remained weak. - The median price and yield to maturity of convertible bonds were reported at 130.90 yuan and - 6.56% respectively, a change of - 0.71 yuan and + 0.00% compared with last week. The current quantile levels were at the 97.30 and 1.40 percentiles since 2017 [4][6][11]. 3.3 Clause Tracking - **Redemption**: This week, Hugong and Yingbo Convertible Bonds announced redemptions, while Bojun Convertible Bond announced no redemption, with a forced - redemption rate of 67%. Currently, there are 20 convertible bonds that have issued forced - redemption or maturity - redemption announcements but have not yet delisted. The potential conversion or maturity balance of forced - redemption and maturity convertible bonds among the non - delisted bonds is 4.9 billion yuan. There are currently 22 convertible bonds in the redemption process. Six are expected to meet the redemption conditions next week, and 10 are expected to issue announcements indicating that they are likely to trigger redemption. In addition, 9 convertible bonds are expected to enter the forced - redemption counting period within the next month [4][18][20]. - **Downward Revision**: This week, Bengang, Jinlangzhuan 02, and Hongchuan Convertible Bonds proposed downward revisions. As of now, 107 convertible bonds are in the non - downward - revision interval, 20 cannot be downward - revised due to net - asset constraints, 1 has triggered the condition and the stock price is still below the downward - revision trigger price but no announcement has been made, 29 are accumulating days for downward revision, and 5 have issued downward - revision board proposals but have not yet gone to the shareholders' meeting [4][24]. - **Put Option**: This week, Wanqing Convertible Bond issued a conditional put - option announcement, and Huahai Convertible Bond has triggered the put - option clause but has not yet issued an announcement. As of now, 4 convertible bonds are accumulating days to trigger the put option, among which 1 has proposed a downward revision and 3 are in the non - downward - revision interval [4][26]. 3.4 Primary Issuance - This week, Aohong, Shenyu, and Tianzhun Convertible Bonds were issued, and Dingjie Convertible Bond will be issued next week. As of now, Pulan, Aohong, Shenyu, and Tianzhun Convertible Bonds have been issued but are not yet listed. - As of now, there are 5 convertible bonds at the approval - for - registration stage, with a total issuance scale of 5.1 billion yuan; and 9 convertible bonds at the stage of passing the listing - committee review, with a total issuance scale of 10 billion yuan [4][28].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - This week, the equity and convertible bond markets were weak first and then strong. Due to the relatively weak performance of the underlying stocks, the valuation in the high - parity area rose against the trend to support the convertible bond price, and the median convertible bond price remained stable above 130 yuan. The convertible bonds showed strong resistance to decline during the equity market's volatile period, and the good supply - demand pattern still strongly supported the valuation. The convertible bond market still has overall opportunities, but in terms of structure, risks such as the decay of the time value of short - duration convertible bonds and unexpected forced redemptions should be guarded against [1][5] Summary by Relevant Catalogs 1. Weekly Viewpoint and Outlook - The equity and convertible bond markets were weak first and then strong this week. The high - parity area valuation supported the convertible bond price. The convertible bonds had strong anti - decline ability, and the supply - demand pattern supported the valuation. Pay attention to the decline in the valuation of debt - oriented convertible bonds and the potential impact of forced redemptions. The equity market outlook is optimistic, but risks in convertible bonds need to be guarded against [1][5] 2. Convertible Bond Valuation - This week, the underlying stocks performed weakly, while the convertible bond valuation rebounded against the trend, with the 100 - yuan premium rate rising by 0.5% week - on - week to 29.9%. The current quantile level is at the 99.4% percentile since 2017. The valuation performance in the equity - oriented area was better than that in the debt - oriented area. The conversion premium rate in the 130 - 140 yuan parity range increased significantly, and that in the 100 - 120 yuan parity range also increased slightly. In the debt - oriented area, the conversion premium rate and the bottom - support premium rate in the 80 - 100 yuan parity range mainly declined. The median convertible bond price and the yield to maturity were reported at 131.61 yuan and - 6.56% respectively, with changes of + 0.51 yuan and - 0.01% from last week. Their current quantile levels are at the 98.10 and 1.30 percentiles since 2017 [4][6][10] 3. Terms Tracking 3.1 Redemption - This week, Nenghui, Xinhua, and Limin Convertible Bonds announced redemptions, and 3 convertible bonds announced non - redemptions, with a forced - redemption rate of 50%. Currently, there are 19 convertible bonds that have issued forced - redemption or maturity - redemption announcements but have not delisted. The potential conversion or maturity balance of these convertible bonds is 5.2 billion yuan. There are currently 31 convertible bonds in the redemption process. Next week, 7 are expected to meet the redemption conditions, and 9 are expected to issue announcements of potential redemption triggers. In addition, 12 convertible bonds are expected to enter the forced - redemption counting period within the next month [4][21][24] 3.2 Downward Revision - No convertible bond proposed a downward revision this week. As of now, 100 convertible bonds are in the non - downward - revision period, 20 cannot be downward - revised due to net - asset constraints, 1 has triggered the condition and the stock price is still below the downward - revision trigger price but no announcement has been made, 39 are accumulating days for downward revision, and 2 have issued board - of - directors' proposals for downward revision but have not yet held a general shareholders' meeting [4][27] 3.3 Put Option (Back Sale) - This week, Leger Convertible Bond issued a conditional put - option (back - sale) announcement. As of now, 6 convertible bonds are accumulating days to trigger the put - option condition. Among them, 1 proposed a downward revision, 1 is accumulating days for downward revision, and 4 are in the non - downward - revision period [4][30] 4. Primary Issuance - This week, Puxun Convertible Bond was issued. Maolai, Ruike, and Puxun Convertible Bonds have been issued but are pending listing. As of now, there are 8 convertible bonds in the approval - for - registration process, with a pending issuance scale of 7.1 billion yuan, and 8 in the listing - committee - approval process, with a pending issuance scale of 9.8 billion yuan [4][32]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In the context where the convertible bond market approached the high point at the end of August again, there was an obvious pullback this week, forming a "double - top" pattern since the end of August, with a significant pullback in micro - cap stocks. The convertible bond market's anti - decline ability was significantly stronger than at the end of August, and the valuation was relatively high. The 100 - yuan premium rate valuation was approaching 40%, exceeding the high point at the end of August. This might be related to two factors: the relatively weak price and valuation of high - price convertible bonds in this round of the repair market, and the "reverse operation" of funds [2][3]. - In the short term, the convertible bond valuation has reached the annual high, with weak valuation protection and a high dependence on the performance of the underlying stocks. Considering the limited downside space of the equity market and the under - allocation of convertible bond positions, there are still trading opportunities in the convertible bond market [2][3]. 3. Summary by Relevant Catalogs 3.1 Weekly View and Outlook - The convertible bond market approached the high point at the end of August again and then pulled back, forming a "double - top" pattern. The anti - decline ability of convertible bonds was strong, and the valuation was high. The 100 - yuan premium rate valuation was close to 40%. The reasons were the weak performance of high - price convertible bonds and the "reverse operation" of funds. Short - term valuation protection was weak, but there were trading opportunities [2][3]. 3.2 Convertible Bond Valuation - The anti - decline ability of convertible bonds was strong, and the valuation increased significantly. The 100 - yuan premium rate valuation (39.6%) exceeded the high point on August 22 (37.6%). The current 100 - yuan premium rate was 39.6%, with a weekly increase of 3.5%, and the latest quantile was at the 97.6% percentile since 2017 [2][4]. - Although the underlying stocks declined significantly, convertible bonds showed strong anti - decline characteristics. The conversion premium rate in the parity range above 130 yuan increased significantly, while the valuation in the debt - biased area decreased slightly [2][8]. - The median price of convertible bonds was 131.39 yuan, a decrease of 2.61 yuan from last week, and the yield to maturity was - 6.41%, an increase of 0.63% from last week. The current quantile levels were at the 98.10 and 1.50 percentiles since 2017 respectively [14]. 3.3 Clause Tracking 3.3.1 Redemption - This week, Lizhong Convertible Bond, Chutian Convertible Bond, Guocheng Convertible Bond, Mingdian Convertible Bond 02, and Hongfa Convertible Bond announced redemptions, while Huicheng, Haoyuan, and Aofei Convertible Bonds announced non - redemptions, with a forced redemption rate of 63%. There were 16 convertible bonds that had issued forced redemption or maturity redemption announcements but had not been delisted, and the potential conversion or maturity balance of forced - redemption and maturity convertible bonds was 9.3 billion yuan. Currently, there were 40 convertible bonds in the redemption process, 9 were expected to meet the redemption conditions next week, and 14 were expected to issue redemption trigger announcements [2][17][19]. 3.3.2 Downward Revision - No convertible bonds proposed downward revisions this week. Aidi and Jingneng Convertible Bonds announced downward - revision results, both revised to the bottom. As of now, 106 convertible bonds were in the non - downward - revision period, 20 could not be downward - revised due to net asset constraints, 2 had triggered the downward - revision condition but the stock price was still below the trigger price and no announcement had been made, and 34 were accumulating downward - revision days [2][22]. 3.3.3 Put - Option - This week, Honglu and Bairun Convertible Bonds issued conditional put - option announcements. As of now, 7 convertible bonds were accumulating put - option trigger days, 1 was also accumulating downward - revision days, and 6 were in the non - downward - revision period [2][25]. 3.4 Primary Issuance - This week, Maolai Convertible Bond was issued, and Maolai and Ruike Convertible Bonds had been issued but not yet listed. Zhuomei Convertible Bond was expected to be listed next week (November 24, 2025). As of now, there were 8 convertible bonds in the approval - registration progress, with a total issuance scale of 6.7 billion yuan, and 6 in the listing - committee approval progress, with a total issuance scale of 7.8 billion yuan [2][28].

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Core Viewpoints - The convertible bond market continued its previous volatile and strong trend this week. The marginal change is that the China Convertible Bond Index has exceeded the high on August 25th, and indicators such as the 100 - yuan premium rate valuation, the median convertible bond price, and the yield to maturity are all "one step away" from the late - August highs. The sentiment in the convertible bond market has reached a new high for the year. Compared with late August, the prices and valuations in the high - parity area are currently weak, while those in the low - parity area have returned to their highs. Also, during this round of recovery, capital sentiment is relatively cautious, with net outflows from convertible bond ETFs. Although the valuation protection in the low - parity area is weak on the margin, considering the thick bond floor and strong allocation power, it is expected that the convertible bond market's resilience will be stronger than in late August even if there is a pullback [3][4]. 3. Summary by Directory 3.1 Weekly Viewpoint and Outlook - The convertible bond market continued its volatile and strong trend. The China Convertible Bond Index exceeded the August 25th high. Valuation indicators are close to late - August highs. High - parity area is weak, low - parity area has recovered. Capital sentiment is cautious. The market is expected to be more resilient than in late August [3][4]. 3.2 Convertible Bond Valuation - The 100 - yuan valuation of convertible bonds is strong and approaching the previous high. The latest full - market 100 - yuan premium rate is 36.2%, up 0.4% from last week, at the 94.5% percentile since 2017. Compared with last week, the valuation generally increased, with the 130 - 140 yuan parity range still weak due to forced redemption disturbances. The median convertible bond price is 134.00 yuan, up 0.70 yuan, and the yield to maturity is - 7.04%, down 0.22% from last week, at the 99.60% and 0.10% percentiles since 2017 respectively [3][5][15]. 3.3 Clause Tracking 3.3.1 Redemption - This week, Tianci, Cehui, and Yuguang Convertible Bonds announced redemptions, while Weice, Seli, and Dazhong Convertible Bonds announced non - redemptions, with a forced redemption rate of 50%. There are currently 10 convertible bonds that have issued forced redemption or maturity redemption announcements but have not delisted, with a potential conversion or maturity balance of 7.1 billion yuan. There are 46 convertible bonds in the redemption process, 11 are expected to meet redemption conditions next week, and 16 are expected to issue redemption trigger announcements [20][22]. 3.3.2 Downward Revision - No convertible bonds proposed downward revisions this week. Lanfan Convertible Bond did not revise the conversion price to the lowest, while Dongshi Convertible Bond revised it to the lowest. As of now, 103 convertible bonds are in the non - downward - revision period, 20 cannot be revised due to net asset constraints, 2 have triggered the condition but the stock price is still below the trigger price without an announcement, 29 are accumulating downward - revision days, and 2 have issued board proposals for downward revisions but have not held a general meeting of shareholders [25]. 3.3.3 Put Option - No convertible bonds issued conditional put option announcements this week. As of now, 7 convertible bonds are accumulating put - option trigger days, among which 1 has triggered the downward - revision condition, 2 are accumulating downward - revision days, and 4 are in the non - downward - revision period [28]. 3.4 Primary Issuance - The Ruke Convertible Bond was issued this week. The Qizhong, Zhuomei, and Ruke Convertible Bonds have been issued but are yet to be listed. As of now, there are 7 convertible bonds awaiting registration approval, with a total issuance scale of 6.4 billion yuan, and 7 convertible bonds that have passed the listing committee review, with a total issuance scale of 6.5 billion yuan [30].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - This week, the convertible bond market experienced an obvious style shift, with the TMT sectors like computer, media, and communication cooling off, while the power equipment sector led the rise, and photovoltaic convertible bonds performed brightly. The valuation of debt - oriented convertible bonds was firm, outperforming equity - oriented ones. With the market rising in a volatile manner, the valuation in the 130 - 140 yuan parity range was significantly weak due to strong redemption expectations. The convertible bonds lagged behind the underlying stocks, with their gains less than half of the underlying stocks. Indicators such as the median convertible bond price, the premium rate per hundred yuan, and the yield to maturity have returned to the upper edge of the oscillation range since September. If they can break through effectively, the short - term upward trend of convertible bonds is expected to be strengthened [2][3]. 3. Summary by Relevant Catalogs 3.1 Convertible Bond Valuation - The convertible bond premium rate per hundred yuan is still in an oscillating trend, within the range of 2 times the standard deviation above and below the 250 - day average. As of the latest, with outliers retained, the market - wide convertible bond premium rate per hundred yuan is 35.7%, down 0.1% week - on - week, and the latest percentile is at the 93.8% percentile since 2017 [2][4]. - Compared with last week, the valuations of debt - oriented and low - parity convertible bonds were stronger, with both the conversion premium rate and the bottom - support premium rate rising, and prices slightly increasing. The valuations of equity - oriented and high - parity convertible bonds were weaker, with the conversion premium rate oscillating downward. The valuation in the 130 - 140 yuan parity range declined significantly, and its historical percentile was significantly lower than other parity ranges [2][8]. - This week, the median convertible bond price and the yield to maturity were reported at 133.30 yuan and - 6.82% respectively, changing by + 0.96 yuan and - 0.18% week - on - week. Their current percentile levels are at the 99.80% and 0.30% percentiles since 2017 [2][13]. 3.2 Clause Tracking 3.2.1 Redemption - This week, Qibin Convertible Bond announced redemption, and Fenggong Convertible Bond announced non - redemption, with a strong redemption rate of 50%. Currently, there are 12 convertible bonds that have issued strong redemption or maturity redemption announcements but have not delisted. Among the non - delisted convertible bonds, the potential conversion or maturity balance of strongly redeemed and matured convertible bonds is 6 billion yuan. There are currently 40 convertible bonds in the redemption process, and 9 are expected to meet the redemption conditions next week [2][17][20]. 3.2.2 Downward Revision - This week, Aidi Convertible Bond proposed a downward revision. As of the latest, 98 convertible bonds are in the non - downward - revision period, 20 cannot be downward - revised due to net asset constraints, 2 have triggered the condition and the stock price is still below the downward - revision trigger price but no announcement has been made, 31 are accumulating downward - revision days, and 4 have issued board proposals for downward revision but have not held a general meeting of shareholders [2][22]. 3.2.3 Put Option - This week, no convertible bond issued a conditional put option announcement. As of the latest, 7 convertible bonds are accumulating put - option trigger days, among which 1 proposed a downward revision, 1 has triggered the downward - revision condition, and 5 are in the non - downward - revision period [2][25]. 3.3 Primary Issuance - This week, no convertible bond issued an issuance announcement. Qizhong Convertible Bond and Zhuomei Convertible Bond have been issued and are waiting for listing. As of the latest, there are 7 convertible bonds at the approval - for - registration stage, with a to - be - issued scale of 6.9 billion yuan; and 7 at the listing - committee - approval stage, with a to - be - issued scale of 6.3 billion yuan [2][27].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The convertible bond market is currently in a state of high sentiment. With the support of valuation, convertible bonds have outperformed underlying stocks, and the median price, 100 - yuan valuation, and convertible bond index are all at historical highs. The market shows a differentiated structure. For low - volatility fundamental and mid - to high - priced convertible bonds, trading may be better than allocation due to potential price - fluctuation risks. For high - elasticity fundamental and high - priced convertible bonds, they are the most elastic variety in the market, and their space is expected to expand further. Currently, with the continuous rise of risk preference, small - cap and low - rated convertible bonds may become the key areas for capital speculation, while high - rated and large - cap convertible bonds can focus on downward - revision games [4][5]. 3. Summary by Relevant Catalogs 3.1 Weekly View and Outlook - **Low - volatility and Mid - to High - priced Convertible Bonds**: Since 2025, the imbalance between supply and demand in the convertible bond market has led to strong performance of traditional low - priced convertible bonds. The median price of the whole market has been rising, and the premium rate of low - parity convertible bonds is at a historical high. Due to the lack of elasticity in the underlying stock fundamentals and strong call expectations, there may be price - fluctuation risks at high premium rates, so trading is preferred over allocation [4][5]. - **High - elasticity and High - priced Convertible Bonds**: These are traditional high - parity and high - priced convertible bonds with high volatility. In Q2 2025, their performance was relatively limited, and the valuation was not high, with strong call risks being a significant constraint. However, the underlying stock fundamentals are relatively good, and the support logic is clear. Since Q3, their elasticity has gradually been released. Even if a call notice is issued, the impact on the bond price is expected to be controllable in the context of sufficient liabilities. Currently, with the continuous rise of risk preference, small - cap and low - rated convertible bonds may be the focus of capital speculation, and high - rated and large - cap convertible bonds can focus on downward - revision games to find potential trading opportunities [4][5]. 3.2 Convertible Bond Valuation - This week, both convertible bonds and underlying stocks continued to rise, and the increase of convertible bonds exceeded that of underlying stocks. The valuation of convertible bonds was extremely strong. The 100 - yuan premium rate of the whole - market convertible bonds was 35%, with a single - week increase of 1.21%, and the latest quantile was at the 93.40% percentile since 2017. The valuation of both high - and low - rated convertible bonds increased by more than 1% this week. After removing outliers, the 100 - yuan valuations of high - and low - rated convertible bonds were both at extreme levels since 2017 [4][7]. - The convertible bond yield to maturity reached a new low since 2017, reporting - 6.27%. As of the latest data, the conversion premium rate index, pure - bond premium rate index, and yield to maturity were 42.08%, 43.32%, and - 6.27% respectively, with changes of - 0.27%, + 3.96%, and - 0.67% compared to last week, and their current quantile levels were at the 62.10%, 77.20%, and 0.00% percentiles since 2017 [4][9]. 3.3 Clause Tracking 3.3.1 Redemption - This week, convertible bonds such as Kaineng, Yaoshi, and Gaoce issued early redemption announcements. Currently, there are 24 convertible bonds that have issued call or maturity redemption announcements but have not been delisted, and the potential conversion or maturity balance of these non - delisted convertible bonds is 4.4 billion yuan. There are currently 41 convertible bonds in the redemption process, and 17 are expected to meet the redemption conditions next week. Also, 6 convertible bonds issued non - redemption announcements this week [4][14]. 3.3.2 Downward Revision - This week, Tianye and Huayang convertible bonds proposed downward revisions, and Jinneng, Lanfan, and Tian 23 announced downward revisions. Among them, Jinneng and Tian 23 convertible bonds were revised downward to the maximum, while Lanfan was not. As of the latest data, 136 convertible bonds are in the non - downward - revision interval, 23 cannot be revised downward due to net - asset constraints, 1 has triggered the condition but the stock price is still below the downward - revision trigger price without an announcement, 27 are accumulating downward - revision days, and 3 have issued downward - revision board proposals but have not yet held a general meeting of shareholders [4][20]. 3.3.3 Put Option - No convertible bonds issued put - option announcements this week. As of the latest data, 2 convertible bonds have issued put - option announcements, and 4 are accumulating put - option trigger days, among which 2 are in the non - downward - revision interval and 2 are accumulating downward - revision days [4][22]. 3.4 Primary Issuance - This week, Kaizhong convertible bonds issued an issuance announcement. As of now, Weidao and Kaizhong convertible bonds have been issued but have not yet determined their listing dates. There are currently 5 convertible bonds in the approval - registration progress, with a total issuance scale of 5.4 billion yuan, and 4 in the listing - committee approval progress, with a total issuance scale of 9 billion yuan [4][24].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The high price and high valuation of convertible bonds have certain logical support from aspects such as bond floor and institutional behavior [3][7]. - The thick bond floor of convertible bonds currently may lead to an upward breakthrough in the average price as the stock market rises, and the existence of call - risk may cause the valuation and price of non - called convertible bonds to become more expensive [3][7]. - The option value of debt - like convertible bonds has increased, and their high - price and high - valuation state may be maintained, with the YTM possibly dropping to a very low level [3][7]. - As the equity market continues to strengthen and funds flow into equity - related assets, convertible bonds have become a tool for fixed - income plus funds to capture the beta of the equity market. If secondary bond funds replace primary bond funds as the marginal incremental form of fixed - income plus funds flowing into the market, the capital inflow into the convertible bond market may continue to increase [3][7]. - The average remaining term of the convertible bond market is gradually shortening, indicating an increase in both call and downward - revision probabilities. The high price of short - term debt - like convertible bonds currently contains a strong downward - revision expectation [3][7]. 3. Summary by Relevant Catalogs 3.1 Weekly Viewpoint and Outlook - The high price and high valuation of convertible bonds are supported by four clues, including the thick bond floor, the increase in the option value of debt - like convertible bonds, the strengthening of the equity market and the inflow of funds, and the shortening of the average remaining term of the convertible bond market [3][7]. 3.2 Convertible Bond Valuation - This week, the sentiment of convertible bonds and underlying stocks remained positive, with both rising significantly. The 100 - yuan valuation continued to rise unilaterally, and convertible bonds had a strong ability to follow the rise of underlying stocks [6][8]. - The overall market convertible bond 100 - yuan premium rate was 33%, rising by 1.14% in a single week, and the latest quantile level was at the 89.90% percentile since 2017. There was an obvious differentiation in the valuation of high - and low - rated convertible bonds, with the valuation of low - rated convertible bonds rising more [6][8]. - This week, convertible bonds continued to rise significantly following the underlying stocks, and the yield to maturity reached a new low since 2017, reporting - 5.09%. As of the latest, the conversion premium rate index, pure - bond premium rate index, and yield to maturity were 41.94%, 37.06%, and - 5.09% respectively, changing by - 1.31%, + 3.02%, and - 0.70% compared with last week, and their current quantile levels were at the 61.90, 62.70, and 0.00 percentiles since 2017 [6][10]. 3.3 Clause Tracking 3.3.1 Redemption - This week, convertible bonds such as Yingji, Chujiang, and Liancheng issued early redemption announcements. Currently, there are 22 convertible bonds that have issued call or maturity redemption announcements but have not yet delisted, and the potential conversion or maturity balance of call and maturity convertible bonds among those not delisted is 5 billion yuan [6][14]. - There are currently 52 convertible bonds in the redemption process, 14 of which are expected to meet the redemption conditions next week. Also, 4 convertible bonds issued non - redemption announcements this week [14][17][19]. 3.3.2 Downward Revision - This week, Zhongzhuangzhuan 2 and Jinneng convertible bonds proposed downward revisions, and Jingao convertible bond announced a downward revision to the bottom. As of the latest, 145 convertible bonds are in the non - downward - revision interval, 24 are restricted by net assets and cannot be downward - revised, 1 has triggered the condition but the stock price is still below the downward - revision trigger price without an announcement, 37 are accumulating downward - revision days, and 3 have issued downward - revision board proposals but have not yet held a general meeting of shareholders [6][20][21]. 3.3.3 Put Option - This week, Guowei and Changqi convertible bonds issued put - option announcements. As of the latest, 2 convertible bonds have issued put - option announcements, and 4 are accumulating put - option trigger days, among which 3 are in the non - downward - revision interval and 1 is accumulating downward - revision days [23]. 3.4 Primary Issuance - There were no convertible bond issuance announcements this week. According to the latest announcement, Bo 25 convertible bond is to be listed next week (July 28, 2025). As of the latest, there are 6 convertible bonds in the approval - registration progress with an expected issuance scale of 6.9 billion yuan, and 3 in the listing - committee approval progress with an expected issuance scale of 4 billion yuan [25].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, convertible bonds performed slightly better than underlying stocks, and the valuation of high - rated convertible bonds increased slightly. Affected by marginal trading sentiment, the performance of convertible bonds was weak first and then strong. With the strong performance of the large - cap style in the equity market and the accelerated conversion of some bank convertible bonds, the valuation of high - rated large - cap convertible bonds increased slightly and is expected to remain stable due to the scarcity of bottom - position varieties. Small - cap convertible bonds may continue to show a volatile and differentiated trend [1][8]. - In a volatile stock - bond market, convertible bond assets with strong valuation support are expected to achieve good relative returns. It is recommended to maintain a neutral position, trade frequently, and accumulate small gains. In terms of allocation, it is recommended to focus on high - dividend large - cap debt - biased convertible bonds, combined with a balanced and equity - biased direction. Pay attention to recent cases of proposed downward revisions and look for potential targets with a strong willingness to promote conversion. Asymmetrical trading, double - low momentum, and clause - based gaming strategies are still recommended [1][8]. 3. Summary by Relevant Catalogs 3.1 Weekly Viewpoint and Outlook - Convertible bonds were slightly stronger than underlying stocks this week, and high - rated convertible bond valuations rose slightly. Affected by marginal trading sentiment, convertible bond performance was weak first and then strong. High - rated large - cap convertible bond valuations may remain stable, while small - cap convertible bonds may be volatile and differentiated. It is recommended to maintain a neutral position, trade frequently, and focus on high - dividend large - cap debt - biased convertible bonds, combined with a balanced and equity - biased direction [1][8]. 3.2 Convertible Bond Valuation - The 100 - yuan premium rate of the entire market's convertible bonds was 29%, down 0.18% week - on - week, and the latest quantile was at the 75.1 percentile since 2017. The 100 - yuan premium rate of low - rated convertible bonds was 23%, down 0.42% week - on - week, at the 68 percentile since 2017. The 100 - yuan premium rate of high - rated convertible bonds was 22%, up 0.1% week - on - week, at the 82.5 percentile since 2017 [4][9]. - The conversion premium rate of convertible bonds decreased, while the pure - bond premium rate and yield to maturity changed little. As of the latest data, the conversion premium rate index, pure - bond premium rate index, and yield to maturity were 47.5%, 25.31%, and - 2.36% respectively, with changes of - 0.74%, 0.07%, and 0.02% compared to last week, and their current quantile levels were at the 73.1, 30.2, and 18 percentiles since 2017 [4][14]. 3.3 Clause Tracking 3.3.1 Redemption - This week, Farland, Hangzhou Bank, and Zhengyu Convertible Bonds issued early redemption announcements. The potential maturity or conversion balance of convertible bonds subject to early redemption or maturity among those still trading is 306 million yuan. As of now, there are 26 convertible bonds in the redemption process, and 5 are expected to meet the redemption conditions next week and should be monitored [4][19]. - This week, Outong and Yinlun Convertible Bonds announced that they would not redeem the bonds early. As of now, 50 convertible bonds are within the non - redemption period [4][22]. 3.3.2 Downward Revision - One convertible bond issued a board proposal for a downward revision this week. As of now, 167 convertible bonds are in the non - downward - revision interval, 2 have triggered the condition and the stock price is still below the downward - revision trigger price but no announcement has been made, 43 are in the downward - revision process, and 2 have issued board proposals for downward revision but have not yet gone to the general meeting of shareholders [4][23]. 3.3.3 Put Option - No new convertible bonds issued put - option announcements this week. As of now, 8 convertible bonds are in the cumulative put - option process, 2 are in the downward - revision process, and 3 have issued put - option announcements [4][26]. 3.4 Primary Issuance - One new convertible bond, Hengshuai Convertible Bond, was issued this week with an issuance scale of 328 million yuan. There are no new issuances or listings scheduled for next week [4][29]. - As of now, there are 10 convertible bonds in the approval - registration process with an expected issuance scale of about 1.59 billion yuan, and 4 in the listing - committee approval process with an expected issuance scale of about 320 million yuan [4][29].

1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core View of the Report This week, convertible bonds underperformed underlying stocks, and their valuations slightly declined. Amid better - than - expected Sino - US economic and trade talks, the equity market accelerated its recovery in the first half of the week and then pulled back. There was a divergence in the performance of large - and small - cap styles in the convertible bond market. Large - cap convertible bonds performed strongly due to the continuous replenishment of under - allocated industries by funds, while previously active styles such as TMT declined. Currently, with limited fluctuations in the bond market and doubts about the medium - to - long - term profit improvement of equities, although there is limited upward space for convertible bond valuations, strong support is likely due to supply - demand contradictions, and no breakthrough variables have emerged. In terms of allocation, it is recommended to focus on high - dividend large - cap debt - biased convertible bonds, combined with a balanced equity - biased direction. Pay attention to recent cases of proposed downward revisions and look for potential targets with a strong willingness to promote conversion. Asymmetrical trading, double - low momentum, and clause - based gaming are still recommended [1][6]. 3. Summary by Relevant Catalogs 3.1 Week's View and Outlook - Convertible bonds underperformed underlying stocks this week, with slightly reduced valuations. The equity market first recovered and then pulled back. There was a style divergence in the convertible bond market. - Given the current situation of the bond and equity markets, convertible bond valuations have limited upward space but are likely to be strongly supported. - Allocate high - dividend large - cap debt - biased convertible bonds, combined with a balanced equity - biased direction. Focus on downward - revision cases and use strategies like asymmetrical trading [1][6]. 3.2 Convertible Bond Valuation - Convertible bonds underperformed underlying stocks, and overall valuations slightly decreased. The 100 - yuan premium rate of the entire market was 28%, down 0.02% week - on - week, at the 73.1st percentile since 2017. Low - rated convertible bonds had a 100 - yuan premium rate of 23%, down 0.2%, at the 71.2nd percentile. High - rated convertible bonds had a 100 - yuan premium rate of 22%, down 0.31%, at the 79.6th percentile [3][7]. - The conversion premium rate decreased, the pure - bond premium rate increased, and the yield to maturity decreased. As of the latest data, the conversion premium rate index, pure - bond premium rate index, and yield to maturity were 47.24%, 26.13%, and - 2.48% respectively, changing by - 0.91%, 0.42%, and - 0.13% from last week, at the 72.4th, 33.3rd, and 15.3rd percentiles since 2017 [3][10]. 3.3 Clause Tracking 3.3.1 Redemption - No new convertible bonds issued early - redemption announcements this week. There is currently 1 convertible bond that has issued an early - redemption announcement and is still trading, and no bonds with maturity - redemption announcements are trading. The potential maturity or conversion balance of early - redeemed and matured convertible bonds still trading is 275 million yuan. - There are 26 convertible bonds in the redemption process, and 7 are expected to meet the redemption conditions next week, which are recommended for observation. - Two convertible bonds, including Qianglian, announced not to redeem early. As of now, 49 convertible bonds are within the non - redemption period [13][18][19]. 3.3.2 Downward Revision - Gaoce and Puli announced downward - revision board plans this week. As of now, 170 convertible bonds are in the non - downward - revision interval, 2 have triggered the condition and the stock price is still below the trigger price but no announcement has been made, 46 are in the downward - revision process, and 4 have issued downward - revision board plans but have not held a general meeting of shareholders [20][23]. 3.3.3 Put Option - Three convertible bonds, including Sannuo, Lepu 2, and Changhong, issued put - option announcements this week. As of now, 9 convertible bonds are in the cumulative put - option process, 1 is in the downward - revision process, 2 are in the process of board - proposed revision but have not held a general meeting of shareholders. Currently, 6 convertible bonds have issued put - option announcements [23]. 3.4 Primary Issuance - There are no convertible bonds scheduled for issuance or listing next week. As of now, there are 9 convertible bonds in the approval - registration process, with an expected issuance scale of about 1.45 billion yuan, and 4 in the listing - committee approval process, with an expected issuance scale of about 270 million yuan [25].