A股站上3600点，可转债市场再迎“赎回潮”

Core Viewpoint - The convertible bond market in A-shares is experiencing a significant contraction, with expectations that the market size may shrink to below 600 billion yuan in the second half of the year due to a lack of new issuance and increased forced redemptions [1][6][9] Group 1: Market Trends - The A-share market has shown strength, with the Shanghai Composite Index surpassing 3600 points, leading to a rise in the convertible bond market [1] - Over 10 convertible bonds have stopped trading in July alone, with a notable trend of forced redemptions occurring [2][3] - The new regulations for convertible bonds now include a "Z" identifier for the last trading day, alerting investors to act promptly [3] Group 2: Supply and Demand Factors - The supply side is affected by tightened refinancing policies, leading to longer review periods for bond issuance and a decrease in new supply [5][9] - Demand is also impacted as many convertible bonds are triggering forced redemption clauses, with issuers looking to optimize their financial structures [5][6] Group 3: Bank Convertible Bonds - The banking sector has seen a significant number of convertible bonds exit the market, with at least six bonds leaving this year, primarily through forced redemptions [6][8] - The total balance of bank convertible bonds has decreased from nearly 300 billion yuan to below 150 billion yuan, with market share dropping from 40% to about 20% [8][9] - The exit of bank convertible bonds is expected to exceed 90 billion yuan this year, contributing to the overall market contraction [9]