Core Viewpoint - The convertible bond market is experiencing significant growth, driven by a recovering stock market, with a transaction volume exceeding 6 trillion yuan and a year-on-year increase of over 28% as of June 6 [1] Market Performance - The convertible bond market has shown steady performance, with the China Convertible Bond Index rising by 4.67% year-to-date, compared to a 1% increase in the Shanghai Composite Index [3] - As of June 6, the total outstanding convertible bonds in the Shanghai and Shenzhen markets is 674.06 billion yuan, a decrease of 59.56 billion yuan since the beginning of the year [2] - In 2023, the total issuance of convertible bonds reached 143.33 billion yuan, while in 2024, it is projected to be 36.76 billion yuan [2] Valuation Outlook - The average price of convertible bonds is currently at 134.01 yuan, with an average conversion premium of 44.9%, indicating a "high price, high premium" characteristic [4] - The scarcity of bank convertible bonds is expected to increase their valuation, with several bonds nearing redemption triggers [5] Investment Strategy - Analysts suggest maintaining a neutral position in convertible bonds, focusing on those with higher yield to maturity (YTM) and lower conversion premiums [6] - Investment opportunities should prioritize growth-themed stocks and consider bonds nearing maturity while avoiding low-liquidity, low-priced bonds [6]
可转债市场年内成交超6万亿元 下半年发行节奏有望持续修复
Zheng Quan Ri Bao·2025-06-06 16:45