“新券狂欢”！两日大涨近90%

Core Viewpoint - The convertible bond market is experiencing a "new bond frenzy" due to a continued decline in supply, leading to intense competition for newly issued bonds [1][3]. Group 1: Performance of Convertible Bonds - Hengshuai Convertible Bond surged 57.30% on its first trading day and an additional 20% the following day, totaling an 88.76% increase in just two days, marking it as the strongest debut of the year [2][5]. - The bond's performance exceeded market expectations, with an initial conversion premium of approximately 25%, suggesting a listing price range of 117.07 to 130.43 yuan per share [6][10]. - The bond's conversion premium reached 104.98%, indicating a significant market interest despite the underlying stock's stable price [10]. Group 2: Market Dynamics - The scarcity of new bonds is driving a heated competition among investors, reflecting a growing demand for convertible bonds amid limited supply [3][9]. - Since 2019, the company has shown steady revenue growth, with total revenues projected to rise from 331 million yuan in 2019 to 962 million yuan in 2024 [7]. - The convertible bond issuance was relatively small, with a total fundraising scale of 327 million yuan, and a credit rating of A+ [11]. Group 3: Supply and Demand Trends - The convertible bond supply has increased slightly in June, with several new bonds being issued, but the overall market remains constrained due to a significant reduction in bank convertible bonds [15][16]. - The balance of bank convertible bonds has decreased from nearly 300 billion yuan in 2023 to about 150 billion yuan currently, with market share dropping from 38.97% to approximately 22.64% [15][16]. - The ongoing reduction in bank convertible bond supply is reshaping market dynamics and prompting institutional investors to seek alternative assets [16][17].