Report Industry Investment Rating No information provided in the given content. Core Viewpoints - On December 30, the convertible bond industry showed mixed performance in terms of gains and losses, with valuations rising on a month - on - month basis [1]. - The mid - cap growth style was relatively dominant in the market [1]. - The trading sentiment in the convertible bond market weakened [1]. - The convertible bond price center increased, and the proportion of high - price bonds rose [2]. - The convertible bond valuations increased [2]. - In the A - share market, more than half of the underlying stock industry indices declined, while in the convertible bond market, 14 industries rose [3]. Summary by Related Catalogs Market Overview - **Index Performance**: The CSI Convertible Bond Index rose 0.14% month - on - month, the Shanghai Composite Index remained unchanged, the Shenzhen Component Index rose 0.49%, the ChiNext Index rose 0.63%, the SSE 50 Index rose 0.06%, and the CSI 1000 Index rose 0.04% [1]. - **Market Style**: Mid - cap growth was relatively dominant. Large - cap growth rose 0.57%, large - cap value fell 0.13%, mid - cap growth rose 0.81%, mid - cap value rose 0.66%, small - cap growth rose 0.66%, and small - cap value rose 0.34% [1]. - **Fund Performance**: The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 75.057 billion yuan, a 2.96% month - on - month decrease; the total trading volume of the Wind All - A was 2.161532 trillion yuan, a 0.18% month - on - month increase; the net outflow of the main funds in the Shanghai and Shenzhen stock markets was 23.828 billion yuan, and the yield of the 10 - year treasury bond decreased by 0.02 bp to 1.86% [1]. Convertible Bond Price - The overall weighted average closing price of convertible bonds was 134.53 yuan, a 0.09% month - on - month increase. Among them, the closing price of equity - biased convertible bonds was 202.44 yuan, a 1.47% increase; the closing price of bond - biased convertible bonds was 118.85 yuan, a 0.18% decrease; the closing price of balanced convertible bonds was 129.71 yuan, a 0.01% increase [2]. - The proportion of bonds with a closing price above 130 yuan was 59.95%, a 1.15 - percentage - point increase. The largest change in proportion occurred in the 120 - 130 (including 130) range, with a proportion of 28.01%, a 1.39 - percentage - point decrease. There were no bonds with a closing price below 100 yuan. The median price was 132.60 yuan, a 0.07% month - on - month decrease [2]. Convertible Bond Valuation - The fitted conversion premium rate of 100 - yuan par value was 33.54%, a 0.45 - percentage - point month - on - month increase; the overall weighted par value was 101.88 yuan, a 0.19% month - on - month decrease [2]. - The premium rate of equity - biased convertible bonds was 18.25%, a 1.38 - percentage - point increase; the premium rate of bond - biased convertible bonds was 86.78%, a 2.11 - percentage - point increase; the premium rate of balanced convertible bonds was 25.17%, a 0.42 - percentage - point increase [2]. Industry Performance - **Underlying Stock Market**: Among the A - share industries, the top three decliners were Commerce and Retail (-1.56%), Real Estate (-1.22%), and Utilities (-1.14%); the top three gainers were Petroleum and Petrochemical (+2.63%), Automobile (+1.35%), and Non - Ferrous Metals (+1.31%) [3]. - **Convertible Bond Market**: Among the convertible bond industries, the top three gainers were Automobile (+2.08%), Petroleum and Petrochemical (+1.25%), and Textile and Apparel (+0.77%); the top three decliners were Environmental Protection (-2.57%), National Defense and Military Industry (-1.23%), and Building Materials (-1.16%) [3]. - **By Category**: - **Closing Price**: The large - cycle category decreased by 0.38%, manufacturing increased by 0.54%, technology decreased by 0.24%, large - consumption increased by 0.10%, and large - finance decreased by 0.05% [3]. - **Conversion Premium Rate**: The large - cycle category decreased by 0.21 percentage points, manufacturing increased by 0.57 percentage points, technology increased by 0.028 percentage points, large - consumption increased by 0.63 percentage points, and large - finance increased by 0.79 percentage points [3]. - **Conversion Value**: The large - cycle category decreased by 0.74%, manufacturing increased by 0.17%, technology decreased by 0.36%, large - consumption decreased by 0.43%, and large - finance decreased by 0.20% [3]. - **Pure Bond Premium Rate**: The large - cycle category decreased by 0.55 percentage points, manufacturing increased by 0.81 percentage points, technology decreased by 0.16 percentage points, large - consumption increased by 0.12 percentage points, and large - finance decreased by 0.065 percentage points [4]. Industry Rotation - Industries such as Petroleum and Petrochemical, Automobile, and Non - Ferrous Metals led the gains. For example, Petroleum and Petrochemical had a daily increase of 2.63% in the underlying stock market and 1.25% in the convertible bond market; Automobile had a 1.35% increase in the underlying stock market and 2.08% in the convertible bond market [54].

在A股众多投资产品中，可转债凭借"下有保底，上不封顶"的独特优势越发收到投资者的关注，本文让我们对可转债的本质进行一探究竟。 可转债，全称可转换公司债券（Convertible Bond， CB），是上市公司发行的一种特殊的债券，它是"债券+期权"的奇妙组合。它赋予债券持有人在到期后 可得到还本付息的保障，也赋予了债券持有人在特定时间、按照特定条件将债券转换为公司普通股的权利。从本质讲，可转债是 "债券" 与 "股票期权" 的有 机结合体。 作为债券，其有固定的面值，通常每张为 100 元，发行时会约定票面利率每年给债券持有人付息（比如第一年 0.40%、第二年 0.60%、第三年 1.00%、第四 年 1.50%、第五年 2.50%、第六年 3.00%）。尽管约定票面利率普遍低于普通债券，但能为债券持有人提供基本的收益保障。若债券持有人持有可转债直到 期，到期时可获得本金和利息，这构成了可转债投资的基本安全垫。 而作为股票期权，可转债给予债券持有人在未来某个时间段内，按照既定转股价格将债券转换为公司股票的选择权。当公司经营状况良好，股价上涨，且高 于转股价格时，债券持有人通过转股即可分享公司成长带来的红利， ...

丨证券研究报告丨 固收资产配置丨点评报告 [Table_Title] 有色金属转债能否再起趋势性行情？ ——可转债周报 20251206 报告要点 [Table_Summary] 有色金属板块在 2020 年 10 月至 2021 年 11 月期间呈现持续超额收益，行情以 2021 年 6 月 为界分两阶段，后期转债与权益同步走强。当周权益端有色金属板块整体表现较好，而转债平 均剩余期限偏短，促转股意愿或较强，规模较 2021 年收缩，或可关注有色金属转债的后续行 情。当周 A 股整体偏强，创业板指相对突出，周期制造类行业表现较好，板块拥挤度变化有所 分化。可转债市场整体走强，中小盘表现较稳健，估值整体有所拉伸，成交集中在电力设备、 电子等板块。一级市场平稳推进，条款博弈有所延续，对估值结构或有扰动。 分析师及联系人 [Table_Author] 赵增辉 熊锋 朱承志 SAC：S0490524080003 SAC：S0490524120004 SFC：BVN394 SFC：BWI629 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 有 ...

Group 1: Report Industry Investment Rating - No industry investment rating information is provided in the report. Group 2: Core Views of the Report - This week, convertible bonds followed the decline of equities, but the decline was much smaller than that of the underlying stocks. Liquidity did not show significant panic, and the valuation continued to rise, with the premium rate of 100 - yuan bonds reaching 29%. The support for the convertible bond valuation comes from the scarcity premium due to supply less than demand and the support from the strong equity market environment. Before these two factors are completely broken, the convertible bond valuation remains firm [6]. - The cost - effectiveness of convertible bonds has declined. Currently, it is at a low level. High valuation and a decrease in high - quality individual bonds make trading more difficult. In December, due to reasons such as institutional assessments, the probability of position reduction is relatively high. In the case of an inevitable short - term correction in equities, convertible bonds are unlikely to have a continuous upward trend and may even have a supplementary decline. It is necessary to appropriately reduce the return expectations of convertible bonds, cash out in time or switch to defensive sectors. The trading opportunities of convertible bonds are greater than the trend opportunities. If a supplementary decline occurs, it may be one of the few layout opportunities at the end of the year [6]. - Affected by overseas stock markets this week, the A - share market had a systematic correction. Banks and food and beverage sectors were relatively resistant to the decline. Market sentiment was relatively pessimistic, and there was a strong demand to preserve returns at the end of the year. The disturbance from the US stock market further amplified the risk - aversion sentiment, and funds flowed to defensive sectors. Mid - cap blue - chip stocks may take over [6]. Group 3: Summary According to the Directory 1. Convertible Bond Views: Significant Decline in Underlying Stocks, Obvious Reluctance to Sell Convertible Bonds - Convertible bonds followed the decline of equities this week, but the decline was much smaller than that of the underlying stocks. The valuation continued to rise, and the premium rate of 100 - yuan bonds reached 29%. The support for the convertible bond valuation comes from the scarcity premium and the strong equity market environment. The cost - effectiveness of convertible bonds has declined, and it is necessary to reduce return expectations, cash out or switch to defensive sectors. Affected by overseas stock markets, the A - share market corrected, and mid - cap blue - chip stocks may take over [6][9]. 2. Convertible Bond Review: Convertible Bonds Followed the Decline of Equities, and Valuation Rose Significantly 2.1 Market Overall Performance: All Indexes Closed Lower, and Trading Volume Declined - Affected by overseas stock markets, all equity indexes closed lower this week. The CSI 2000 fell 6.78%, the CSI Convertible Bond Index fell 1.78%, and other indexes also had different degrees of decline. All industries declined, with banks, media, and food and beverage having smaller declines, and power equipment, comprehensive, basic chemicals, and commercial retail leading the decline. The average daily trading volume decreased by 181.322 billion yuan to 1.86 trillion yuan. The top ten convertible bonds in terms of gains last week were Luokai Convertible Bond, Dazhong Convertible Bond, etc. In terms of trading volume, Dazhong Convertible Bond, Guocheng Convertible Bond, etc. were relatively active [12]. 2.2 Slight Reduction in Trading Volume, Smaller Declines in High - Rating and Low - Price Convertible Bonds - This week, convertible bonds followed the significant decline of the underlying stocks, and the average daily trading volume decreased to 63.607 billion yuan. The CSI Convertible Bond Index fell 1.78%, the parity center decreased by 5.4% to 108.3 yuan, and the conversion premium rate center increased by 4.8% to 23.5%. In terms of style, high - price, small - cap, and low - rating convertible bonds performed poorly this week, while high - rating and low - price convertible bonds had smaller declines [14].

Group 1 - The public fund report for Q3 2025 shows over 300 bond funds have disclosed their performance, with 157 funds achieving net value growth [1] - The top-performing fund, Taixin Huiying Bond A, recorded a net value growth rate of 28.01%, while its C share only achieved 7.99%, indicating a significant performance disparity [1] - The bond market experienced notable adjustments in Q3 due to factors such as improved risk appetite among investors, stable macroeconomic conditions, and low bond yields reducing the attractiveness of fixed-income products [1] Group 2 - Several convertible bond funds achieved high net value growth rates, with five out of the top seven funds being convertible bond funds, including Rongtong Convertible Bond A and Jianxin Convertible Bond A [2] - The market's risk appetite has significantly increased, leading to a "see-saw effect" between stocks and bonds, with convertible bonds benefiting from the rising stock market, particularly in the technology sector [2] - Different fund managers have varied strategies; for instance, Rongtong Convertible Bond actively increased its positions in AI and innovative pharmaceutical sectors, while Changsheng Convertible Bond optimized its industry allocation based on market conditions [2] Group 3 - Wanji Convertible Bond has shifted to a "dual low convertible bond" strategy, maintaining a bond position between 85% and 90%, with plans to increase positions if the market corrects [3] - The bond market is seen as a low-risk option for investors, with recent trends indicating a recovery phase, particularly in the long-term bond segment [3] - Future bond market performance is expected to depend on monetary and fiscal policy combinations, with potential for downward adjustments in interest rates and opportunities in long-term bonds and green bonds [3]

Market Overview - The convertible bond and equity markets experienced notable adjustments during the week of October 13 to October 17, 2025, with the China Convertible Bond Index declining by 2.3% and the China All Share Index decreasing by 3.5% [6] - Year-to-date performance shows the China Convertible Bond Index up by 14.4% and the China All Share Index up by 19.0%, indicating that the convertible bond market has underperformed compared to the equity market [6] - By rating, high-rated bonds (AA+ and above) fell by 1.73%, medium-rated bonds (AA) decreased by 3.41%, and low-rated bonds (AA- and below) dropped by 3.51%, with high-rated bonds experiencing the least decline [6] - In terms of bond size, large-scale convertible bonds (over 5 billion) decreased by 1.01%, medium-scale bonds (between 500 million and 5 billion) fell by 2.80%, and small-scale bonds (under 500 million) dropped by 3.98%, again showing that larger bonds fared better [6] Price and Valuation Metrics - The average price of convertible bonds is 130.61 yuan, down from 132.67 yuan the previous week, with a price percentile of 98.0% [8] - The average parity price is 103.82 yuan, down from 105.35 yuan, with a percentile of 93.4% [8] - The average conversion premium stands at 27.7%, slightly up from 27.6% the previous week, with a percentile of 56.5% [8] - Notably, the conversion premium for medium parity convertible bonds (valued between 90 and 110 yuan) is 28.8%, which is higher than the median conversion premium of 20.4% since 2018 [8] Convertible Bond Performance and Strategy - The convertible bond market continues to show stronger demand than supply, suggesting that convertible bonds remain relatively high-quality assets in the long term [9] - However, the current valuation levels are considered high, indicating a need for strategic adjustments in the portfolio composition [9]

Core Viewpoint - China Mobile has converted 56.31 million shares of SPDB convertible bonds into 450 million ordinary shares at a price of 12.51 yuan per share, increasing its stake in SPDB from 17.00% to 18.18% [1][2] Group 1: Convertible Bond Details - The SPDB convertible bonds were issued in October 2019 with a total scale of 50 billion yuan, set to mature on October 27, 2025 [3][4] - As of October 14, 2023, the remaining unconverted balance of SPDB convertible bonds is 15.278 billion yuan, accounting for 30.56% of the total issuance [2][3] Group 2: Impact on Capital Adequacy - The conversion of convertible bonds is crucial for SPDB to enhance its core Tier 1 capital, which is essential for supporting the real economy [4][5] - If all convertible bonds are converted, the core Tier 1 capital adequacy ratio could increase from 8.91% to 9.39%, strengthening SPDB's capital position [5] Group 3: Market Dynamics and Investor Considerations - The current conversion premium for SPDB convertible bonds is 8.10%, indicating that converting may not be favorable for ordinary investors at this time [6][7] - Historical trends show that banks often face premium conversions as they approach maturity, primarily to bolster core Tier 1 capital [7][8] Group 4: Shareholder Influence - Existing shareholders, such as China Cinda and Oriental Asset, have already increased their stakes in SPDB, which may encourage further conversions of convertible bonds [5][8] - The high qualification requirements for major shareholders in commercial banks may provide an advantage for existing shareholders in promoting the conversion of SPDB convertible bonds [9]

Core Insights - The convertible bond market is expected to experience short-term volatility due to external risks, but medium-term growth is anticipated, particularly in structural opportunities within the market [3][4][19] - The current valuation of convertible bonds is considered reasonable, driven by underlying stocks, with a potential decrease in supply due to an increase in new issuances [3][4][57] - The market is shifting towards a more passive investment approach, with a notable increase in ETF holdings, which may amplify short-term market fluctuations [80][82] Group 1: Market Performance - In September, convertible bonds underperformed compared to underlying stocks, with high-priced and small-cap convertible bonds leading the market [3][6][13] - The technology sector continued to outperform, while bank and non-bank convertible bonds recorded the worst performance of the year [13][19] - The overall market for convertible bonds is characterized by a strong stock nature, with high-priced and small-cap bonds performing better during the recent volatility [14][19] Group 2: Valuation and Supply Dynamics - The current median price of convertible bonds is at a historical high of 132 yuan, with a significant number of high-priced bonds in the market [45][44] - The supply of convertible bonds is expected to increase, with a notable rise in issuance proposals since July, indicating a potential easing of the tight supply situation [60][64] - The market is witnessing a decline in the number of low-priced bonds, with only two bonds priced below their debt floor [45][57] Group 3: Institutional Behavior - In September, insurance institutions and securities asset management firms significantly reduced their holdings in convertible bonds, returning to historical low levels [21][24][70] - Public funds have increased their holdings in convertible bonds, now accounting for approximately 39% of the total market, reflecting a significant rise since the beginning of the year [71][77] - The overall market size of convertible bonds has decreased, but the market value to face value ratio has increased, influenced by concentrated conversions of specific bonds [66][70]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report Core Views - The convertible bond market has experienced several stages in the past 1 - 2 months, with structured sector and individual bond opportunities increasing. The new energy sector (wind, solar, and storage) is a key area, with a preference for storage over wind and solar. The photovoltaic industry chain prices are expected to bottom - out and rebound, and upstream may benefit first [2][39][40] - Currently, it is too early to switch between high - and low - priced bonds in the new energy direction. The risk - return ratio is still acceptable, and it is recommended to seize the right - hand side opportunities under linear extrapolation of expectations [40] - The top ten convertible bonds with the greatest potential for par premium rate repair next week are Pufa Convertible Bond, Hope Convertible Bond, Jinneng Convertible Bond, etc. [2][40] Group 3: Summary by Directory 1. Weekly Market Review 1.1 Equity Market - The equity market rose overall from September 22 - 26, 2025. The Shanghai Composite Index rose 0.21%, the Shenzhen Component Index rose 1.06%, the ChiNext Index rose 1.96%, and the CSI 300 rose 1.07%. However, most industries declined, with 7 out of 31 Shenwan primary industries rising, and 3 industries rising more than 2%. The power equipment, non - ferrous metals, and electronics industries led the gains [7][9][13] - The average daily trading volume of the two markets decreased by about 1997.73 billion yuan to 22950.61 billion yuan, a week - on - week decrease of 8.01% [9] 1.2 Convertible Bond Market - The convertible bond market rose 0.94% from September 22 - 26, 2025. 21 out of 29 Shenwan primary industries rose, with 2 industries rising more than 2%. The electronics, national defense and military industry, and power equipment industries led the gains [16] - The average daily trading volume of the convertible bond market was 845.82 billion yuan, a significant increase of 60.53 billion yuan, but a week - on - week decrease of 6.68%. The top ten convertible bonds in terms of trading volume had an average trading volume of 97.89 billion yuan, with the first - ranked bond reaching 134.73 billion yuan [16] - About 63.62% of individual convertible bonds rose, with about 28.40% rising in the 0 - 1% range and 20.66% rising more than 2% [16] - The overall market conversion premium rate continued to rise, with different trends in different price and parity intervals. 25 industries' conversion premium rates widened, and 6 industries' conversion parities increased [22][27][31] 1.3 Stock - Bond Market Sentiment Comparison - Overall, the convertible bond market had better trading sentiment this week. However, the trading sentiment varied by trading day. On Monday and Wednesday, the stock market had better trading sentiment, while on Tuesday, Thursday, and Friday, the convertible bond market had better trading sentiment [34][35] 2. Future Outlook and Investment Strategy - The convertible bond market has experienced several stages, and structured opportunities are more important. The new energy sector is a key area, with balanced and relatively low - priced targets in the power equipment sector having high win - rates and odds [2][37][39] - It is too early to switch between high - and low - priced bonds in the new energy direction. It is recommended to focus on the storage sector, followed by the wind and solar sectors. Pay attention to companies like Tong 22 and Jingneng in the photovoltaic industry [40] - The top ten convertible bonds with the greatest potential for par premium rate repair next week are Pufa Convertible Bond, Hope Convertible Bond, Jinneng Convertible Bond, Liqun Convertible Bond, Liuyao Convertible Bond, Hope Convertible Bond 2, Nenghua Convertible Bond, Qixiang Convertible Bond 2, Jiangong Convertible Bond, and Jiayue Convertible Bond [40]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The convertible bond market rose following the underlying stocks today, with valuations increasing month - on - month. The small - cap growth style was relatively dominant, and trading sentiment in the convertible bond market heated up [1]. - Convertible bond prices and their central values increased, and the proportion of high - priced bonds rose. Valuations also increased, with the proportion of high - priced bonds over 130 yuan reaching 50.59%, a 3.52 - percentage - point increase from the previous day [2]. - Most industries in the underlying stocks rose today, with the top three gainers being the power equipment, electronics, and media sectors. All convertible bond industries rose, with the top three gainers being non - ferrous metals, communications, and national defense and military industries [3]. 3. Summary by Directory Market Main Index Performance - The CSI Convertible Bond Index rose 1.30% month - on - month, the Shanghai Composite Index rose 0.83%, the Shenzhen Component Index rose 1.80%, the ChiNext Index rose 2.28%, the SSE 50 Index rose 0.68%, and the CSI 1000 Index rose 1.70%. The small - cap growth style was relatively dominant, with small - cap growth rising 2.67% [1]. - The convertible bond equal - weighted index rose 1.41%, the convertible bond index rose 1.65%, and the convertible bond pre - plan index rose 1.90% [6]. Market Fund Performance - The trading volume of the convertible bond market was 88.173 billion yuan, a 5.48% increase month - on - month. The total trading volume of the Wind All - A was 2.347154 trillion yuan, a 6.80% decrease month - on - month. The net outflow of main funds in the Shanghai and Shenzhen stock markets was 279 million yuan, and the yield of the 10 - year treasury bond rose 2.52bp to 1.90% [1]. Convertible Bond Valuation - The weighted average closing price of convertible bonds was 130.16 yuan, a 1.34% increase from the previous day. The closing price of equity - biased convertible bonds was 179.14 yuan, a 1.72% increase; the closing price of bond - biased convertible bonds was 117.32 yuan, a 0.69% increase; the closing price of balanced convertible bonds was 126.13 yuan, a 1.15% increase [2]. - The fitted conversion premium rate of 100 - yuan parity was 28.42%, a 0.87 - percentage - point increase from the previous day. The overall weighted parity was 100.70 yuan, a 1.31% increase from the previous day [2]. Industry Rotation - In the A - share market, the top three gainers were the power equipment (+2.88%), electronics (+2.76%), and media (+2.59%) sectors; the top three losers were the banking (-0.36%), coal (-0.29%), and communications (-0.01%) sectors [3]. - All convertible bond industries rose, with the top three gainers being non - ferrous metals (+4.39%), communications (+3.15%), and national defense and military industries (+2.64%) [3].