Core Viewpoint - The banking sector has shown strong performance in 2023, leading to a significant increase in bank convertible bonds, with many set to exit the market, raising questions about asset allocation for institutional investors [1][2][3]. Group 1: Market Dynamics - Several bank convertible bonds, including Hangzhou Bank and South Bank, have completed their market conversion and delisting, with a total estimated reduction of around 100 billion yuan in bank convertible bonds this year [1][2]. - The strong redemption mechanism of convertible bonds is closely linked to the performance of the underlying bank stocks, which have been rising recently [1][2]. - The total outstanding convertible bonds as of July 8 was approximately 664.65 billion yuan, a decrease of 68.98 billion yuan since the beginning of the year, with projections suggesting it may fall below 600 billion yuan by the end of the year [3][6]. Group 2: Institutional Investment Trends - Convertible bonds have become a key asset in the "fixed income plus" strategy for asset management products, with institutions increasingly favoring them due to their low volatility and high returns [3][4]. - The demand for bank convertible bonds remains high due to their strong credit quality and risk resistance, despite a slowdown in new issuances [3][4]. - Institutions are now seeking to diversify their asset allocation strategies, looking for alternative high-yielding base assets as the supply of convertible bonds decreases [5][7]. Group 3: Future Outlook - The shrinking supply of bank convertible bonds and the ongoing demand may lead to a situation where valuations become difficult to maintain, prompting institutions to explore other investment opportunities [6][7]. - Analysts suggest that the current market conditions may create short-term trading opportunities in bank convertible bonds, despite their high valuations [6][7]. - The focus may shift towards convertible bond ETFs and other asset classes like REITs and thematic ETFs as institutions adapt to the changing market landscape [6][7].

Group 1 - The core viewpoint of the article highlights the robust performance of the convertible bond market, with the China Securities Convertible Bond Index achieving a year-to-date increase of 7.94%, outperforming major broad-based indices [2][3] - The recent surge in the market is attributed to the resilience of the A-share market, with notable performances from sectors such as banking and active mergers and acquisitions driving the convertible bond market upward [2][4] - The emergence of high-priced convertible bonds, such as Huicheng Convertible Bond, which has seen significant price increases, reflects both market enthusiasm and strong company fundamentals [7] Group 2 - The convertible bond market has shown a strong upward trend, with the index reaching a high of 449.36 points on July 4, marking a significant recovery from earlier adjustments [3][4] - The small-cap convertible bond index has led the market with an increase of 11.17%, while healthcare, consumer goods, industrials, materials, and financial sectors have all seen gains exceeding 7.7% [5] - The design characteristics of the index, including the exit of bank convertible bonds and limited new issuances, have contributed to the rising prices of convertible bonds [6] Group 3 - The traditional mechanisms of early redemption, price adjustment, and repurchase clauses are crucial in the convertible bond market, with early redemption becoming a prevalent strategy this year [8][9] - The market has seen a tightening supply-demand relationship, with a notable increase in the number of convertible bonds triggering early redemption clauses [9] - The upcoming maturity of major convertible bonds, such as the Pudong Development Bank Convertible Bond, has intensified market dynamics and price increases [10] Group 4 - Recent market trends indicate a cautious sentiment following a peak in the index, with investors advised to be mindful of high valuations [11] - The median price of convertible bonds has surpassed 123 yuan, reflecting a general increase in market prices [12] - Analysts suggest focusing on companies with strong mid-year performance as a strategy for future investments in the convertible bond market [13]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The convertible bond price is steadily recovering, and the convertible bond index outperforms the equity index. The convertible bond market and equity market declined due to Trump's tariff hikes but gradually recovered. Multiple industries and individual bonds saw price increases, and the convertible bond valuation is differentiated with the overall conversion premium rate decreasing [3][103]. - The issuance pace of convertible bonds has slowed down, and the net financing amount is at a relatively low level. The pre - issuance scale varies among different industries, with the high - end manufacturing industry having a relatively large pre - issuance scale. The un - converted balance of convertible bonds also shows significant differences among industries [3][103]. - The tariff disturbance is coming to an end, and the negative impact of tariffs on the convertible bond market will fade. The US is facing inflation pressure, and it has started economic and trade consultations with many countries, so high tariffs are expected to be unsustainable [3][76][103]. - Policies to expand domestic demand and promote consumption are frequently introduced. As the policy effects continue to emerge, the upward trend of relevant convertible bonds is expected to continue. The growth rate of necessary consumption is constantly recovering, and the "trade - in" policy promotes the consumption growth of household appliances and communication equipment [4][104]. - The profitability of multiple underlying stock industries has improved, and the net profit of individual bonds has increased, further enhancing the intrinsic value of convertible bonds. Most underlying stock industries have positive median net profit growth rates both quarter - on - quarter and year - on - year [6][105]. 3. Summary According to the Directory 3.1 Convertible Bonds: Price Steadily Recovering, Individual Bond Valuation Volatility and Differentiation - **The convertible bond and equity indexes first declined and then rose, and the bond yield fluctuated downward**: Affected by Trump's "reciprocal tariff", the domestic equity market declined in the second quarter and then gradually recovered. The bond market yield showed a fluctuating downward trend, mainly due to the central bank's moderately loose monetary policy [10][11]. - **The convertible bond and equity indexes are highly correlated, and the convertible bond index outperforms the equity index**: The convertible bond market index and the equity market index have a similar trend, and the convertible bond index has a higher return rate. The convertible bond index also shows a certain correlation with the bond yield [15][16]. - **Multiple convertible bond industries rose, and the rise - fall direction is consistent with that of the underlying stocks**: Most convertible bond industries showed an upward trend, and the rise - fall amplitude of convertible bond industries was relatively less differentiated compared to that of underlying stock industries [22]. - **Most individual bond prices rose, and the proportion of rising bonds in many industries exceeded half**: Most convertible bonds rose compared to the previous quarter. In different industries, the number of rising convertible bonds was large, and the price fluctuations of individual convertible bonds were relatively large [25]. - **The convertible bond valuation is differentiated, and the overall conversion premium rate is decreasing**: The conversion premium rate of most individual bonds is decreasing, and there is no significant correlation between the conversion premium rate and the bond balance. The different quantiles of the conversion premium rate of individual bonds have all decreased [29]. 3.2 Convertible Bond Net Financing is at a Low Level, and the Supply Pace is Slowing Down - **The issuance of convertible bonds has slowed down, and the net financing is at a low level in the same period**: The issuance scale of convertible bonds has decreased, and the net financing amount is at a low level. The maturity scale of convertible bonds is relatively stable and at a low level [35]. - **The pre - issuance of different industries is differentiated, and the high - end manufacturing industry has a large scale**: The pre - issuance scale of convertible bonds is relatively sufficient, and there are significant differences among different industries. The high - end manufacturing industry has a relatively high pre - issuance scale [37]. - **The proportion of un - converted balance of convertible bonds is relatively high, and there are significant industry differences**: Most convertible bonds still have a relatively high balance. The proportion of the convertible bond balance to the initial issuance scale varies greatly among different industries [38]. 3.3 Tariff Disturbance is Approaching the End, and the External Negative Impact on the Convertible Bond Market is Fading - **Trump imposed tariffs randomly, covering goods from multiple countries and multiple fields**: Trump's government imposed several rounds of tariffs on goods exported to the US in 2025, involving goods from multiple countries and a wide range of products [43]. - **Tariffs impacted the equity and convertible bond indexes to decline and then gradually recovered steadily**: Trump's tariff hikes caused a sharp decline in the US equity market index, an increase in the demand for bond hedging, and a decrease in the US Treasury bond yield. As the tariffs eased, the US stock index gradually recovered, and the US Treasury bond yield gradually rebounded. In China, the A - share market, Treasury bond yield, and convertible bond market index also declined due to tariff impacts but gradually recovered [48][49][52]. - **Exports increased against the trend, and the impact of tariffs on investment and consumption has not yet appeared**: In terms of trade, the export growth rate continued to increase, and the import growth rate continued to improve. In terms of production, the growth rate of industrial added value was not significantly affected by tariffs, but the manufacturing PMI was significantly affected. In terms of investment, the impact of tariffs on fixed - asset investment and its main components has not yet appeared. The consumption growth rate increased marginally, and the consumer and producer price indexes decreased marginally [56][60][62]. - **Tariffs are unsustainable, and the external impact on the convertible bond market is expected to fade**: Trump's tariff hikes are likely a means to expand revenue, and the impact of tariffs in the first half of the year is expected to gradually subside. The US is facing inflation pressure, and high tariffs may prevent prices from falling. The US has conducted consultations on economic and trade issues with many countries, so high tariffs are not expected to last [76][77]. 3.4 Policies to Promote Consumption are Continuously Advancing, and the Upward Trend of Relevant Convertible Bonds is Expected to Continue - **Favorable policies to promote consumption are frequently introduced, and the recovery progress of necessary consumption is accelerating**: A series of favorable policies and specific measures to promote consumption have been introduced, and the support for consumption is extensive. The recovery progress of necessary consumption has accelerated, and the "trade - in" policy has promoted the consumption growth of household appliances and communication equipment [78][81][86]. - **The convertible bond consumption sector as a whole rose, and the rise - fall of individual bonds is differentiated**: Benefiting from the multiple favorable policies to promote consumption, the prices of convertible bonds in consumption - related fields generally increased, but the rise - fall of individual bonds was differentiated [90]. - **The "trade - in" policy continues to advance, and attention should be paid to the over - heating risk of new consumption**: The favorable policies to promote consumption are still advancing, and it is expected that consumption will remain an important engine for economic growth in the second half of the year. The continuous advancement of the "trade - in" policy is expected to continue to benefit the convertible bonds in related consumption fields. Attention should be paid to new consumption formats such as self - pleasing consumption and the "gacha economy", but the short - term over - heating risk should be noted [93][94][95]. 3.5 The Performance of Underlying Stocks has Improved, and the Intrinsic Value of Convertible Bonds may be Further Enhanced - **The net profit of underlying stock industries has achieved positive growth, and the net profit of individual bond underlying stocks has improved overall**: Most underlying stock industries have positive median net profit growth rates both quarter - on - quarter and year - on - year. The net profit of individual bond underlying stocks has improved comprehensively compared to the previous quarter [96][99]. - **Most underlying stocks have positive net profit growth, and their performance is moderate compared to listed companies in the same industry**: Compared with listed companies in the same industry that have not issued convertible bonds, the net profit growth rate of convertible bond underlying stocks is moderate. The net profit growth rate of convertible bond underlying stocks is differentiated, and in some industries, most underlying stocks have positive net profit growth rates [101]. 3.6 Convertible Bond Strategy: It is Recommended to Focus on Convertible Bonds for Expanding Domestic Demand, High Dividends, and High Growth - It is recommended to focus on the following main lines in the convertible bond market: expanding domestic demand, especially in the fields related to boosting consumption; high - dividend sectors such as banks; and individual bonds with high - growth underlying stocks [6][106].

Group 1 - The Zhongzheng Convertible Bond Index closed up 0.56% at 446.81, with a trading volume of 66.09 billion [1] - The top gainers included Seli Convertible Bond, which rose by 20%, Yong'an Convertible Bond, which increased by nearly 14%, and Huicheng Convertible Bond, which climbed by nearly 12% [1] - The top losers were Ceihui Convertible Bond, which fell over 8%, Yingji Convertible Bond, which dropped over 5%, and Feilu Convertible Bond, which decreased over 4% [1]

｜2025年6月27日 星期五｜ NO.1 东莞证券第一大股东正式易主，IPO或迎新进展 债券余额500亿元的浦发转债还有4个月到期，信达证券管理的资管计划突然买入100多亿元。浦发转债 是浦发银行发行的可转债，发行总额为500亿元。6月26日晚间，浦发银行发布投资者增持可转债的公 告。浦发银行表示，近日，公司收到信达证券和信达投资的通知，截至2025年6月25日，信达证券管理 的信丰1号单一资产管理计划通过上海证券交易所系统累计增持公司可转债117,852,490张，占浦发转债 发行总量的23.57%。 点评：信达证券大手笔增持浦发转债，显示其对浦发银行基本面的信心，这可能影响投资者对浦发银行 可转债的估值预期。这一举动或引发市场对金融板块可转债的重新评估，投资者可能会更关注相关公司 的信用风险和转股价值。 NO.4 超百只主动权益基金净值创新高 在主动与被动基金的博弈中，一批主动权益基金正悄悄开启业绩"翻盘"。Wind数据显示，截至6月25 日，按照基金主代码统计口径，全市场已有超过180只主动权益基金的单位净值创成立以来新高，其中 超半数基金成立时长超过1年，成立时间较长的接近14年。 点评：东莞证券第 ...

Core Viewpoint - Lutai A (000726.SZ) has sold financial assets to improve liquidity, with the sale of Rongchang Biotech shares impacting net profit by 81.04 million yuan, exceeding 10% of the company's audited net profit for the last fiscal year [1][3]. Financial Performance - In 2024, Lutai A achieved revenue of 6.091 billion yuan, a year-on-year increase of 2.17%, and a net profit of 410 million yuan, up 1.7% [1][6]. - The company completed a total cash dividend distribution of 204 million yuan for 2024, representing approximately 49.84% of the net profit for the year [1][8]. Shareholding and Asset Management - As of December 31, 2024, Lutai A held 3.918 million shares of Rongchang Biotech, accounting for 0.72% of its total equity, with a book value of 118 million yuan [2][3]. - Following the sale, Lutai A retains 612,600 shares of Rongchang Biotech [2][3]. Market Activity - The stock price of Rongchang Biotech fell by 18.36% on June 26, 2024, closing at 60.7 yuan per share, despite a year-to-date increase of 97.85% [4]. - The current market value of Lutai A's remaining shares in Rongchang Biotech is approximately 37.185 million yuan [4]. Business Operations - Lutai A's textile and apparel segment generated revenue of 5.707 billion yuan in 2024, reflecting a 2.74% increase, with fabric and clothing products contributing 4.335 billion yuan and 1.372 billion yuan, respectively [6]. - The production volumes for fabrics and shirts were 205 million meters and 18.2526 million pieces, showing growth of 1.45% and 3.18% year-on-year [6]. Investment and Capital Management - Lutai A raised 1.4 billion yuan through convertible bonds in 2020, with net proceeds of 1.388 billion yuan allocated to strategic projects [7]. - The company has invested 586 million yuan and 358 million yuan in its functional fabric smart eco-park and overseas high-end fabric product line projects, respectively, with both projects having exceeded their investment targets [7]. Share Buyback and Dividends - In 2024, Lutai A repurchased B-shares for a total of 37.867 million yuan, contributing to a total cash distribution (dividends and buybacks) of 242 million yuan, which is 59.03% of the net profit for the year [8].

交易条款显示，顺丰控股拟通过配售和发行可转债募资至多44亿港元。拟以每股42.05-43.45港元发行 4,200万股H股，较周三收盘价46.20港元折让6%-9%。拟发行2026年7月8日到期、港元计价的可转债， 募资25.5亿港元。债券为零息债，换股价较配售价高出9%至19%，锁定期90天。募资所得将用于加强国 际和跨境物流能力、先进技术和数字解决方案的研发、优化资本结构、一般公司用途。（彭博） ...

Group 1 - The China Securities Convertible Bond Index opened up by 0.03% [1] - Yong'an Convertible Bond increased by 9.6%, while Huafeng Convertible Bond rose by 3.6% [1] - Several other convertible bonds, including Lianchuang, Xuelong, Quanfeng, and Hengshuai, saw gains exceeding 2% [1] Group 2 - Shouhua Convertible Bond decreased by 4.7%, and both Tianhao and Chuanheng Convertible Bonds fell by over 2% [1]

Core Insights - The article discusses a recent investigation by a well-known private equity firm, Hosheng Asset, into a listed company, Haoyuan Pharmaceutical, highlighting its competitive advantages and growth prospects [1] Company Overview - Haoyuan Pharmaceutical has high barriers to entry in its molecular building block business, with a diverse range of products and strong custom R&D capabilities [1] - The company is projected to achieve a revenue of 420 million yuan in 2024, representing a year-on-year growth of 35.7% [1] - Haoyuan's CDMO (Contract Development and Manufacturing Organization) business covers the entire drug development and production process, showcasing core technological, product, and team advantages [1] Production Capabilities - The company has established a production system comprising four key facilities: an API (Active Pharmaceutical Ingredient) factory, a formulation factory, a high-end intermediate factory, and a DC CDMO factory, enabling a three-tiered capacity arrangement [1] - Haoyuan has passed the EU QP audit, ensuring its quality management system and production capabilities meet EU GMP standards, which facilitates further expansion into domestic and international markets [1] Team and Incentives - The company has implemented multiple equity incentive plans targeting core personnel and mid-to-senior management to ensure team stability and creativity [1] Financial Activities - On November 28, 2024, Haoyuan successfully issued convertible bonds, raising 822 million yuan, although it has not yet met the conditions for strong redemption [1]

Report Summary 1. Investment Rating The document does not mention the industry investment rating. 2. Core View From June 16 to June 20, 2025, the convertible bond market slightly adjusted. The weekly change rate of the CSI Convertible Bond Index was -0.2%, and the CSI All-Share Index changed by -1.2%. Since the beginning of 2025, the convertible bond market has outperformed the equity market. The current valuation level of convertible bonds is not low. Looking ahead, trade negotiations, fundamentals, and macro policies remain important influencing factors for the convertible bond market. Investors can continue to focus on convertible bonds with excellent performance in the underlying stocks in areas such as boosting domestic demand and domestic substitution [1][4]. 3. Summary by Directory Market Conditions - From June 16 to 20, 2025, the convertible bond market slightly adjusted. The weekly change rate of the CSI Convertible Bond Index was -0.2% (0% in the previous trading week), and the CSI All-Share Index changed by -1.2%. Since the beginning of 2025, the CSI Convertible Bond Index has risen by +4.5%, and the CSI All-Share Index has risen by +0.1%, indicating that the convertible bond market has outperformed the equity market [1][4]. - By rating, high-rated bonds (AA+ and above), medium-rated bonds (AA), and low-rated bonds (AA- and below) had weekly change rates of -0.08%, -0.57%, and -0.27% respectively, with high-rated bonds having the smallest decline. By convertible bond size, large-scale convertible bonds (bond balance greater than 5 billion yuan), medium-scale convertible bonds (balance between 500 million and 5 billion yuan), and small-scale convertible bonds (balance less than 500 million yuan) had weekly change rates of -0.15%, -0.30%, and -0.44% respectively, with large-scale convertible bonds having the smallest decline. By conversion parity, ultra-high parity bonds (conversion value greater than 130 yuan), high parity bonds (conversion value between 110 and 130 yuan), medium parity bonds (conversion value between 90 and 110 yuan), low parity bonds (conversion value between 70 and 90 yuan), and ultra-low parity bonds (conversion value less than 70 yuan) had weekly change rates of -1.64%, -0.81%, -0.79%, +0.50%, and +0.10% respectively, with ultra-high parity bonds having the largest decline. By industry, the top 30 convertible bonds in terms of increase were mainly from the chemical (4) and electronics (4) industries; the top 30 convertible bonds in terms of decline were mainly from the chemical (6), non-ferrous metals (3), agriculture, forestry, animal husbandry, and fishery (3), and building decoration (3) industries [2]. Convertible Bond Valuation Level - As of June 13, 2025, there were 470 outstanding convertible bonds (472 at the end of last week), with a balance of 660.951 billion yuan (662.041 billion yuan at the end of last week). - The average convertible bond price was 120.82 yuan (121.63 yuan last week), and the quantile was 75.9% (81.0% last week). - The average convertible bond parity was 91.32 yuan (93.35 yuan last week), and the quantile was 50.7% (66.9% last week). - The average convertible bond conversion premium rate was 31.3% (30.0% last week), and the quantile was 63.2% (60.3% last week). Among them, the conversion premium rate of medium-parity convertible bonds (conversion value between 90 and 110 yuan) was 23.8% (24.3% last week), higher than the median conversion premium rate of medium-parity convertible bonds since 2018 (19.8%) [3]. Convertible Bond Performance and Allocation Direction - The convertible bond market slightly adjusted from June 16 to 20, 2025. The weekly change rate of the CSI Convertible Bond Index was -0.2%, and the CSI All-Share Index changed by -1.2%. Since the beginning of 2025, the convertible bond market has outperformed the equity market. The current valuation level of convertible bonds is not low. Looking ahead, trade negotiations, fundamentals, and macro policies remain important influencing factors for the convertible bond market. Investors can continue to focus on convertible bonds with excellent performance in the underlying stocks in areas such as boosting domestic demand and domestic substitution [4]. Convertible Bond Increase Situation - The top 15 convertible bonds in terms of increase this week include Hengshuai Convertible Bond, Jingrui Convertible Bond, Liande Convertible Bond, etc. The industries involved include automotive, chemical, electronics, etc. [22].