Shijiazhuang Shangtai Technology (SZ:001301) Sou Hu Cai Jing·2026-02-05 00:50Core Viewpoint - The convertible bond market is experiencing a notable surge, particularly highlighted by the recent issuance of Shangtai Technology's convertible bond, which has a large issuance scale and a high credit rating [1][4]. Group 1: Convertible Bond Market Overview - Shangtai Technology's convertible bond, Shangtai Convertible Bond, was listed for trading on February 5, with an issuance scale of 1.734 billion yuan, which is considered relatively large in recent times [1]. - The bond has an AA+ rating, indicating a high level of creditworthiness [1]. - The current stock price of the underlying asset is 75.90 yuan, while the conversion price is set at 84.71 yuan, resulting in a conversion value of only 89.60 yuan [1][2]. Group 2: Market Trends and Investor Behavior - The convertible bond market is currently experiencing a "small but beautiful" bull market, driven by the strong performance of small and mid-cap stocks, which have gained traction since the market style shifted post-September 24 [4]. - Despite the overall market sentiment improving and the convertible bond index rising, many ordinary investors have not felt the benefits of this bull market due to their heavy investments in "core assets," which have been underperforming [4][6]. - Investor behavior shows a tendency to buy more during price declines while hesitating to purchase during price increases, indicating a potential misalignment with market trends [6].