TBEA(SH:600089) Zheng Quan Shi Bao·2025-10-20 04:20Core Viewpoint - The issuance of convertible bonds in the A-share market has significantly increased since August, with 32 companies announcing or updating their issuance plans, indicating a potential easing of supply-demand imbalances in the market [1][2]. Group 1: Issuance Trends - Since August, 32 listed companies have announced or updated their convertible bond issuance plans, with a total planned issuance of 377.36 billion yuan [2][3]. - Notable issuances include TBEA Co., Ltd. planning to raise up to 8 billion yuan and Qingdao Bank planning to raise up to 4.8 billion yuan [2]. - The majority of the recent issuances are from companies listed on the Sci-Tech Innovation Board and the Growth Enterprise Market, which now account for 62.5% of the total [3]. Group 2: Market Structure Issues - Despite the increase in issuance, structural issues remain, particularly the scarcity of large-cap convertible bonds as bank convertible bonds have exited the market [4][5]. - The total market size of convertible bonds has decreased from 733.73 billion yuan at the end of 2024 to 593.15 billion yuan as of October 16, 2023, a reduction of over 140 billion yuan [4]. Group 3: Market Resilience - The convertible bond market has shown strong resilience amid recent fluctuations in the A-share market, with a significant reduction in supply leading to a demand for fund reallocation [6]. - The current median price of convertible bonds is around 130 yuan, indicating a historically high valuation level [7].