金融可转债研究：金融转债梳理推荐-20250625

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - The supply-demand contradiction in the convertible bond market remains prominent, with approximately 470 existing bonds as of June 20, 2025, including 14 related to the banking sector [3][7] - The market valuation level has shown significant recovery, with the median conversion premium and pure bond yield at 31.43% and -1.60% respectively as of June 20, 2025 [4][11] - The low volatility attribute of the banking sector is expected to maintain its advantage in the long term, especially considering the current international trade and geopolitical situation [5][13] Summary by Relevant Sections Industry Basic Situation - The closing index level is 4479.03, with a 52-week high of 4479.03 and a low of 3132.76 [1] Market Supply and Demand - As of June 20, 2025, there are 10 existing bank convertible bonds with a total scale of approximately 151.3 billion, accounting for less than 23% of the total convertible bond market [3][9] - The demand for bank convertible bonds remains high due to their strong credit quality and risk resistance, while the supply has stagnated since 2023 due to long-term undervaluation [7][9] Market Valuation - The market has seen a notable recovery in valuation levels, with some indicators returning to relatively high levels compared to recent years [4][11] Investment Recommendations - It is suggested to focus on the largest existing convertible bonds, such as the Industrial Bank convertible bond and the representative Shangyin convertible bond from city commercial banks, considering their reasonable valuation and substantial remaining balance [5][13]