Core Insights - The convertible bond market is experiencing a significant performance year, with a notable increase in subscription yield for new bonds since the implementation of the credit subscription system [1][2]. Group 1: Performance of New Convertible Bonds - Since 2025, over 30 convertible bonds have been listed in the mainland securities market, with an average first-day increase of approximately 37%, surpassing the average first-day increases of previous years [2]. - The average first-day increase for convertible bonds from 2018 to 2024 was recorded at 2.4%, 9.5%, 19.1%, 19.4%, 29.7%, 33.7%, and 24.1% respectively [2]. - All newly listed convertible bonds in 2025 closed above their issue price on the first day, with 30 bonds showing an increase of over 20%, including several notable bonds that reached the maximum first-day increase limit [2]. Group 2: Subsequent Performance of New Convertible Bonds - The average increase for newly listed convertible bonds in the first week of trading in 2025 was 43.0%, significantly higher than the averages from 2018 to 2024, which were 2.3%, 9.8%, 20%, 21%, 28.9%, 38.6%, and 28.2% respectively [3]. - In the first month of trading, the average increase for 2025's newly listed convertible bonds was 45.5%, again exceeding the performance of previous years [3]. Group 3: Subscription Difficulty for New Convertible Bonds - The average online subscription rate for newly listed convertible bonds in 2025 is approximately 0.0048%, which is a decrease compared to the rates in 2023 and 2024, aligning more closely with the 2022 average [4]. - The average online subscription rates from 2022 to 2024 were 0.0049%, 0.0087%, and 0.0052% respectively [4].

Core Viewpoint - The convertible bond market is experiencing a significant performance year, with increased subscription yield and reduced online winning rates for new bonds [1][2]. Group 1: Performance of New Convertible Bonds - Since the beginning of 2025, over 30 convertible bonds have been listed in the mainland securities market, with an average first-day increase of approximately 37%, surpassing previous years' averages [3]. - The average first-day increase for convertible bonds from 2018 to 2024 was 2.4%, 9.5%, 19.1%, 19.4%, 29.7%, 33.7%, and 24.1% respectively [3]. - All newly listed convertible bonds in 2025 closed above their issue price on the first day, with 30 bonds increasing over 20%, including notable ones like Pulin Convertible Bond and Ruike Convertible Bond [3]. Group 2: Subsequent Performance of New Convertible Bonds - The average increase in the first week for newly listed convertible bonds in 2025 is 43.0%, significantly higher than previous years [4]. - The average increase for the first month of newly listed convertible bonds in 2025 is 45.5%, also exceeding prior years' performance [4]. - The strong performance of new convertible bonds is attributed to the upward trend in the A-share market, with major indices showing significant year-to-date increases, such as the Shanghai Composite Index up 18.14% and the ChiNext Index up over 50% [4]. Group 3: Subscription Difficulty for New Convertible Bonds - The average online winning rate for newly listed convertible bonds in 2025 is approximately 0.0048%, a noticeable decrease compared to 2023 and 2024 [6]. - The average online winning rates from 2022 to 2024 were 0.0049%, 0.0087%, and 0.0052% respectively, indicating a trend of increasing difficulty in winning subscriptions [6].