1. Market sentiment: When the market sentiment is high and the risk appetite is improved, investors pay a higher premium for convertible bonds, which leads to its price increase.

2. Relationship between supply and demand: When the number of newly issued convertible bonds in the market decreases or the old debt faces a large number of redemptions, the shortage of supply pushes up the price of convertible bonds.

3. Share conversion premium rate: Share conversion premium rate refers to the ratio of the market price of convertible bonds to their conversion value. The lower premium rate means that the price of convertible bonds is closer to its intrinsic value, and the rise of stock price is more easily transmitted to the price of convertible bonds.

4. Macroeconomic and policy environment: Macroeconomic factors such as economic prosperity, interest rate level, monetary policy and regulatory policy changes will affect the performance of the convertible bond market.

5. Credit rating and bond terms: The credit rating and bond terms of convertible bonds, such as redemption conditions and resale protection, will also affect the demand of investors and the transaction price of convertible bonds.

6. Other market dynamics: including but not limited to the overall trend of the stock market, industry trends, changes in company fundamentals, etc. , will indirectly or directly affect the price of convertible bonds.