银行股走强，银行转债“跌倒”

Core Viewpoint - The surge in bank convertible bonds triggering early redemption is primarily linked to the strong performance of bank stocks, with the China Securities Bank Index rising by 11% this year, leading to multiple bonds reaching the redemption threshold [1][7]. Group 1: Convertible Bonds and Redemption - Several bank convertible bonds, including Nanjing Bank's "Nan Yin Convertible Bond," have triggered early redemption due to their underlying stock prices exceeding the specified thresholds [2][3]. - Nanjing Bank's "Nan Yin Convertible Bond" will be fully redeemed at face value plus accrued interest, with the last trading day set for July 1, 2025 [2][4]. - Hangzhou Bank's "Hang Yin Convertible Bond" also triggered early redemption, with the last trading day on July 1, 2025, and the last conversion day on July 4, 2025 [3][4]. Group 2: Market Dynamics - The strong performance of bank stocks has been a key driver for the early redemption of convertible bonds, as rising stock prices enhance the conversion value of these bonds [7]. - The supply-demand dynamics in the market have shifted, with a noticeable reduction in the issuance of bank convertible bonds, leading to increased scarcity and higher valuations for existing bonds [7][8]. - Regulatory constraints on bank refinancing have made large-scale issuance of new convertible bonds challenging, further contributing to the scarcity and potential revaluation of existing bonds [8].