今年强赎数量已达51只，可转债市场供不应求

Core Viewpoint - The A-share market has seen a significant increase in the number of convertible bonds being redeemed and delisted, primarily due to the strong performance of underlying stocks, which has triggered mandatory redemption mechanisms for these bonds [1][3]. Group 1: Convertible Bond Redemption - A total of 71 convertible bonds have been delisted in the A-share market this year, with 51 of these being due to redemption, accounting for approximately 71% of the total [1]. - The average increase in A-share stocks has been 25.9% year-to-date, which has led to a surge in mandatory redemptions of convertible bonds [1][3]. - Companies are opting for mandatory redemptions to encourage bond conversion, thereby reducing interest costs and optimizing their capital structure [1]. Group 2: Specific Cases of Redemption - The "Qilu Convertible Bond" will have its last conversion day on August 13, with a redemption price of 100.7086 yuan per bond, while its market price was 124.498 yuan as of August 6 [2]. - The stock price of Qilu Bank has increased by 16.83% this year, contributing to the triggering of the bond's mandatory redemption [2]. - At least four bank convertible bonds have triggered mandatory redemption this year, with the "Pudong Development Bank Convertible Bond" set to mature on October 28, totaling 500 billion yuan [2]. Group 3: Market Dynamics - The issuance of new convertible bonds has slowed, with fewer than 30 issued this year, leading to a significant decrease in the total market size and number of outstanding bonds [4]. - The Wind Convertible Bond Index has risen by 16.5% this year, reaching a historical high of 226.55 points as of August 6, outperforming major stock indices [4]. - The scarcity of high-quality convertible bonds, combined with strong institutional demand for fixed-income products, has created a supply-demand imbalance in the market [5]. Group 4: Investment Trends - The convertible bond market has seen a rotation similar to the stock market, with sectors like TMT and innovative pharmaceuticals gaining traction [5]. - Institutions are increasingly focusing on high-growth sectors such as electronics, chemicals, and pharmaceuticals for convertible bond investments, as traditional bank bonds become less available [5]. - The overall valuation of convertible bonds is currently high due to the supply-demand imbalance, making investment in this space more challenging [5].