Convertible Bond Details

The following is detailed information about convertible bonds, sourced from public market information, updated on March 9, 2026

Convertible Bond Overview

A convertible bond is a special type of bond that can be converted into common stock at specific times and under specific conditions. It combines the characteristics of both bonds and stocks, making it a hybrid financial product.

Key Features:

Double characteristics of stock and bond: Both fixed income from bonds and upside potential from stocks
Income sources: Interest income + Conversion gain
Risk: Lower than stocks, higher than ordinary bonds
Conversion period: Generally 6 months after issuance

Convertible Bonds with Good Market Performance

Bond Name	Bond Code	Underlying Stock	Conversion Value	Rating	Subscription Date
Chang Gao Convertible Bond	072452	Chang Gao Group	109.72	AA-	2026-03-09
Titan Convertible Bond	123084	Titan Shares	105.36	AA-	2026-03-05
Yong Ji Convertible Bond	113646	Yong Ji Shares	103.28	AA	2026-03-05
Heng Yi Convertible Bond	127067	Heng Yi Petrochemical	101.56	AA+	2026-03-05

Source: Public market information, updated on March 9, 2026

Convertible Bond Investment Strategies

1. Par Value Strategy

Select convertible bonds with prices close to par value (100 yuan), which have relatively low risk and limited downside.

2. Conversion Premium Strategy

Select convertible bonds with lower conversion premiums, which have higher conversion value and greater upside potential.

3. Underlying Stock Quality Strategy

Select convertible bonds with good underlying stock fundamentals and strong growth potential for long-term upside.

4. Yield-to-Maturity Strategy

Select convertible bonds with positive yield-to-maturity, which can generate positive returns even if not converted to stock.

Convertible Bond Market Analysis

Market Status

In March 2026, the convertible bond market showed a pattern of冲高回落 (rising then falling) and narrow range volatility, with trading volume slightly declining. Overall, the current price level and valuation of convertible bond assets are at high levels, and the asymmetry of asset price movements is average.

Investment Opportunities

Although the market is generally volatile, there are still many opportunities during trading sessions, such as the active performance of Titan, Yong Ji, and Heng Yi convertible bonds. Investors can focus on convertible bonds with good underlying stock quality and reasonable conversion premiums.

Risk Warning

Current convertible bond market valuations are at high levels. Investors should be aware of risks, avoid chasing high prices, reasonably control positions, and pay attention to changes in conversion premiums and underlying stock fundamentals.

Convertible Bond Investment Tips

Pay attention to conversion premium: The lower the conversion premium, the stronger the stock-like nature of the convertible bond, and the greater the upside potential.
Pay attention to underlying stock performance: The trend of the underlying stock is an important factor affecting the price of convertible bonds. Choose convertible bonds corresponding to underlying stocks with good fundamentals and strong growth.
Pay attention to bond ratings: Higher ratings mean lower credit risk for convertible bonds, but returns may be relatively lower.
Pay attention to conversion period: During the conversion period, the correlation between convertible bond prices and underlying stock prices will strengthen.
Diversify investments: Do not concentrate all funds on a single convertible bond. Reduce risk through diversified investments.