Market Overview - The China Convertible Bond Index experienced a decline of -0.23% during the week from February 24 to February 27, 2026, compared to a previous increase of +1.08% [4] - The overall China Index rose by +2.74% during the same period, following a +1.07% increase the previous week [4] - Year-to-date, the China Convertible Bond Index has increased by +6.77%, while the overall index has risen by +8.10% [4] Rating Analysis - High-rated bonds (AAA) saw a decline of -0.76%, while medium-high rated bonds (AA+) decreased by -0.25%. Medium-rated bonds (AA) fell by -1.57%, medium-low rated bonds (AA-) by -1.53%, and low-rated bonds (AA- and below) by -0.42% [4] - Among the ratings, medium-high rated bonds experienced the smallest decline [4] Size Segmentation - Large-scale convertible bonds (over 2 billion) decreased by -0.80%, while medium-large scale bonds (1.5 to 2 billion) increased slightly by +0.02%. Medium-scale bonds (1 to 1.5 billion) fell by -2.84%, medium-small scale bonds (0.5 to 1 billion) by -1.34%, and small-scale bonds (under 0.5 billion) by -0.89% [4] Price and Valuation Metrics - The average price of convertible bonds is 142.60 yuan, up from 141.58 yuan the previous week [6] - The average conversion price is 111.01 yuan, increasing from 108.45 yuan [6] - The average conversion premium rate is 31.83%, down from 34.85% [6] - As of February 27, 2026, there are 384 convertible bonds with a total balance of 537.42 billion yuan [6] Performance and Investment Strategy - The convertible bond market has seen a downturn this week. Investors are advised to track market supply and policy trends, select bonds carefully, and maintain a moderate position to seek higher returns through portfolio adjustments [7]

Market Overview - The China convertible bond index increased by 0.48% during the week of December 15 to December 19, 2025, compared to a 0.20% increase the previous week [6] - Year-to-date, the convertible bond index has risen by 17.06%, while the overall index has increased by 21.62% [6] - High-rated bonds (AAA) saw a weekly increase of 0.14%, while medium-rated bonds (AA) had the highest increase of 1.18% [6] Convertible Bond Performance - The average price of convertible bonds is 130.35 yuan, with an average conversion value of 100.65 yuan and an average conversion premium of 32.57% as of December 19, 2025 [8] - The total number of outstanding convertible bonds is 405, with a total balance of 5,554.29 billion yuan [8] Investment Strategy - The convertible bond market has shown an upward trend for three consecutive weeks, but individual bond volatility remains high, indicating potential for further divergence in future performance [9] - It is recommended to conduct detailed assessments based on bond terms and underlying stock conditions, focusing on sectors with policy support and high economic activity for new bond opportunities [9]