可转债供需再平衡 小众市场演绎大行情

Group 1 - The core viewpoint of the articles highlights a significant trend in the convertible bond market, characterized by a "strong redemption wave" where multiple convertible bonds are being redeemed early due to triggering conditional redemption clauses [1][2] - In the first half of the year, over 90 convertible bonds triggered mandatory redemption clauses, with more than 30 bonds officially announced for redemption [1] - The issuance of convertible bonds has slightly accelerated, with 18 bonds issued in the first half of the year, totaling 20.61 billion, representing increases of 38.46% and 51.87% compared to the same period in 2024 [2] Group 2 - Despite the increase in issuance, the overall market size of convertible bonds has decreased, with a total market size of 664.86 billion as of July 7, down by 68.76 billion since the beginning of the year [2] - The China Securities Convertible Bond Index has shown a strong upward trend, reaching a peak of 449.36 points on July 4, the highest in nearly a decade, with a cumulative increase of 7.02% in the first half of the year [2][3] - The convertible bond market is experiencing a supply-demand imbalance, with strong demand driving market strength, as investors favor convertible bonds for their low volatility and high returns [3]