If the coupon rate of deliverable treasury bonds is higher than the coupon rate of treasury bond futures contract, the conversion coefficient is greater than1; If the deliverable bond coupon rate is lower than the bond futures contract coupon rate, the conversion coefficient is less than 1. The coupon rate of the five-year bond futures contract of CICC is 3%, and the coupon rate of deliverable bonds is 3.53%, so the conversion coefficient is greater than 1.