SPD BANK(SH:600000) Shenwan Hongyuan Securities·2025-09-20 15:25Report Industry Investment Rating - Not provided in the content Core Viewpoint of the Report - This week, micro - cap stocks declined again, and the convertible bond market continued to be weak. The convertible bond valuation compressed by about 1 percentage point, and its anti - decline performance was not prominent compared to the underlying stocks. Attention should be paid to whether the "double bottom" can form an effective support level. In the shock repair market since September 3, the high - price area of the convertible bond market was relatively resilient, but low - price bonds performed weakly, especially bank and non - bank convertible bonds. Considering the relatively thick bond floor and reasonable valuation from the perspective of the bottom - support premium rate, with the maturity of Pufa Convertible Bonds, the scarcity of large - cap convertible bonds will become more prominent, and the supply - demand contradiction may become the pricing mainline after valuation digestion [1][4]. Summary by Relevant Catalogs 1. Weekly Viewpoint and Outlook - Micro - cap stocks declined again this week, and the convertible bond market remained weak. The convertible bond valuation compressed by about 1 percentage point. Key indicators were slightly higher than the阶段性 low on September 2. The high - price area was resilient, while low - price bonds, especially bank and non - bank convertible bonds, performed weakly. Due to factors like institutional profit - taking and high valuations, but considering the thick bond floor and reasonable valuation from the bottom - support premium rate perspective, the supply - demand contradiction may become the pricing mainline after the maturity of Pufa Convertible Bonds [1][4]. 2. Convertible Bond Valuation - The convertible bond market fluctuated downward this week. The market - wide 100 - yuan valuation dropped by about 1 percentage point, slightly higher than the阶段性 low on September 2. The latest 100 - yuan premium rate was 33.6%, down 1.1% week - on - week, at the 87.2% percentile since 2017. High - and low - rated convertible bond valuations declined by about 1 percentage point [3][5]. - Compared with last week, the median conversion premium rate and bottom - support premium rate in each parity range decreased. The conversion premium rate percentile in the high - parity area was relatively low. The overall convertible bond market valuation declined this week, with both the conversion premium rates in the bond - biased and stock - biased areas decreasing. Although the conversion premium rate of bond - biased convertible bonds was still relatively high, its valuation percentile was not high from the bottom - support premium rate perspective [3][8]. - The median convertible bond price and the yield to maturity were reported at 129.25 yuan and - 5.92% respectively. Compared with last week, they changed by - 2.62 yuan and + 0.43% respectively, at the 97.70% and 1.00% percentiles since 2017 [3][13]. 3. Clause Tracking 3.1 Redemption - This week, 4 convertible bonds, including Jiuzhou Zhuan 2, Sanyang Convertible Bond, Keda Convertible Bond, and Lushan Convertible Bond, issued early redemption announcements. There were 27 convertible bonds that had issued early redemption or maturity redemption announcements but had not delisted, with a potential conversion or maturity balance of 35.1 billion yuan. Also, 4 convertible bonds issued non - redemption announcements. Currently, 38 convertible bonds were in the redemption process, and 8 were expected to meet the redemption conditions next week [3][17][21]. 3.2 Downgrade - This week, 2 convertible bonds, including Huitong Convertible Bond, proposed a downgrade, and Jiayuan Convertible Bond announced the downgrade result, reaching the lowest limit. As of now, 117 convertible bonds were in the non - downgrade period, 23 could not be downgraded due to net asset constraints, 1 had triggered the condition but the stock price was still below the downgrade trigger price without an announcement, 25 were accumulating downgrade days, and 5 had issued the board of directors' downgrade plan but had not held a general meeting of shareholders [3][24]. 3.3 Put - back - This week, Fuhan Convertible Bond issued a put - back announcement. As of now, 3 convertible bonds were accumulating put - back trigger days, with 1 proposing a downgrade, 1 in the non - downgrade period, and 1 accumulating downgrade days [3][27].