Core Viewpoint - The banking sector is experiencing a strong performance, leading to an accelerated conversion of convertible bonds into stocks this year, with several banks triggering redemption clauses for their convertible bonds [2][7]. Group 1: Convertible Bond Redemption - Qilu Bank announced that its stock price has been above 130% of the current conversion price for 10 out of the last 15 trading days, which may trigger the redemption clause for its convertible bonds [4]. - If Qilu Bank's stock price remains above 6.50 CNY (130% of the adjusted conversion price of 5.00 CNY) for 5 more trading days, the bank has the right to redeem the bonds at face value plus accrued interest [4][5]. - This year, five convertible bonds from various banks have exited the market due to triggering redemption clauses, including those from Suhang Bank, Chengyin Bank, Hangyin Bank, and Nanyin Bank [8]. Group 2: Market Trends and Implications - The continuous rise in bank stock prices has led to a significant reduction in the outstanding balance of Qilu convertible bonds, which currently stands at 60.87 billion CNY, with an unconverted ratio of 76.09% [4]. - The trend of convertible bonds exiting the market is expected to continue, with only seven remaining if Qilu's bonds are redeemed [8]. - Approximately 100 billion CNY of bank convertible bonds are anticipated to complete conversion this year due to rising stock prices [8]. Group 3: Capital Supplementation and Market Dynamics - Convertible bonds serve as a crucial tool for banks to supplement their core Tier 1 capital, with a strong incentive for banks to convert bonds into stocks to enhance capital adequacy [2][11]. - The adjustment of conversion prices, such as Qilu Bank's reduction from 5.14 CNY to 5.00 CNY, increases the likelihood of triggering redemption clauses [9]. - The acceleration of bond conversions, combined with a slow pace of new bond approvals and issuances, may lead to irrational price increases for remaining high-quality convertible bonds in the market [11].

Core Viewpoint - Qilu Bank's convertible bonds may trigger redemption clauses due to the stock price remaining above 130% of the conversion price for a significant number of trading days, indicating strong market performance and potential capital strengthening for the bank [1][4][6]. Group 1: Convertible Bond Redemption - Qilu Bank announced that its stock price has been above 130% of the convertible bond's conversion price for 10 out of the last 15 trading days, which could lead to the triggering of redemption clauses if this trend continues [1][4]. - The conversion price for Qilu's bonds was adjusted from 5.14 CNY to 5.00 CNY, making the new threshold for triggering redemption 6.50 CNY [4][10]. - If the redemption clause is triggered, Qilu Bank has the right to redeem all or part of the unconverted bonds at face value plus accrued interest [5][6]. Group 2: Market Trends and Implications - This year, several bank convertible bonds have triggered strong redemption, with five bonds exiting the market, highlighting a trend of increasing bond scarcity [2][9]. - The rising stock prices of banks have led to a significant number of convertible bonds potentially triggering redemption, with estimates suggesting around 100 billion CNY in bank convertible bonds may convert this year [10][12]. - The adjustment of conversion prices by banks is aimed at increasing the likelihood of triggering redemption, thereby enhancing their capital positions [10][12].

对于可转换公司债券发行上市概况，南京银行披露称，公司于2021年6月15日向社会公开发行人民币200 亿元的可转换公司债券(以下简称"可转债""南银转债")，每张面值人民币100元，按面值发行，期限6 年。公司200亿元可转换公司债券于2021年7月1日起在上海证券交易所挂牌交易，债券简称"南银转 债"，债券代码"113050"，票面利率：第一年0.20%、第二年0.40%、第三年0.70%、第四年1.20%、第五 年1.70%、第六年2.00%。 21世纪经济报道记者叶麦穗广州报道今年以来，已有包括南银转债、杭银转债和苏行转债等银行转债先 后触及强赎区。与此同时，中信转债已经到期摘牌，浦银转债也将在今年10月到期。也就是说，今年至 少有5只银行转债先后摘牌。 对此，业内人士认为银行转债密集触发强赎，与银行股股价走强有较大关系，据同花顺（300033）统 计，今年中证银行指数上涨11%，位列行业涨幅榜前列，包括中农工建四大行在内，今年先后有11只银 行股股价创出历史新高。股价不断走高，让不少转债触及强赎区。此外，市场供需格局的变化也助推了 这波强赎潮。进入强赎时间 6月16日，南京银行（601009）公告称， ...

Group 1 - The core viewpoint of the articles highlights the strong performance of bank stocks, with several banks experiencing significant price increases, driven by valuation recovery and policy support [1][3][4] - On June 12, 34 out of 42 listed bank stocks saw price increases, with Qingdao Bank leading at a 3.5% rise, followed by Xi'an Bank and Nanjing Bank at 3.08% and 2.63% respectively [3][4] - The net inflow of funds into the banking sector on June 12 was 988 million yuan, with Agricultural Bank receiving the highest net inflow of 178 million yuan [3] Group 2 - Since 2025, bank stocks have shown strong performance due to high dividend yields, macro policy support, and valuation recovery, despite a narrowing net interest margin [4][6] - The implementation of asymmetric interest rate cuts and effective liquidity management by the People's Bank of China has helped stabilize banks' interest margins [4][6] - The trend of strong redemption in convertible bonds is linked to rising bank stock prices, which enhances banks' capital strength and reduces interest expenses [5][6][7] Group 3 - Several banks, including Nanjing Bank and Hangzhou Bank, have triggered strong redemption clauses for their convertible bonds due to stock prices exceeding specified thresholds [5][6] - The conversion of convertible bonds into equity enhances banks' core tier one capital, providing a solid foundation for future growth and profitability [6][7] - The overall economic environment and policy encouragement are leading to increased investor interest in bank stocks, accelerating capital replenishment processes [7]

Core Viewpoint - Nanjing Bank has announced the early redemption of its convertible bond, Nan Yin Convertible Bond, due to the triggering of conditional redemption clauses, reflecting a strong performance in the banking sector and a trend of multiple banks' convertible bonds being redeemed early [1][3][4]. Group 1: Convertible Bonds Redemption - Nanjing Bank's stock price has been above 130% of the conversion price of 8.22 CNY per share for 15 out of 19 trading days, leading to the decision to exercise the early redemption right [3]. - Other banks, including Suzhou Bank and Hangzhou Bank, have also seen their convertible bonds trigger early redemption this year, indicating a broader trend in the banking sector [2][4]. - The Hangzhou Bank's convertible bond was also recently announced for early redemption, with its stock price exceeding 130% of the conversion price of 11.35 CNY per share [4]. Group 2: Market Supply and Demand - The market is currently facing a short-term supply shortage of bank convertible bonds, as no new bank convertible bonds have been issued recently, leading to potential price increases for existing bonds [4]. - As of now, there are 10 bank convertible bonds in the market, with the Shanghai Pudong Development Bank's bond set to mature on October 28, 2025, with an issuance scale of 50 billion CNY [4]. Group 3: Banking Sector Performance - The banking sector has shown strong performance, with multiple bank stocks reaching new highs, contributing to the favorable conditions for convertible bond redemptions [5]. - Analysts remain optimistic about the absolute value of bank stocks, citing historical stability in returns during the traditional dividend distribution period in June and July [6]. - Long-term policies aimed at stabilizing the economy and promoting consumption are expected to benefit the banking sector, with continued demand from institutional investors [6].

近日，南京银行公告，该行发行的"南银转债"已触发有条件赎回条款，该行决定行使 "南银转债"的 提前赎回权。这也意味着，在银行股涨势持续下，年内已有多只银行可转债触发强赎，包括苏行转 债、杭银转债等。 最新触发强赎的为杭银转债，5月26日，杭州银行公告，自2025年4月29日至2025年5月26日，该公司股票已有 15个交易日的收盘价不低于杭银转债当期转股价格11.35元/股的130%（含130%，即不低于14.76元/股），根据 相关约定，已触发杭银转债的有条件赎回条款，该行决定行使杭银转债的提前赎回权。 Wind数据显示，截至今日，市场共有浦发转债、紫银转债、兴业转债等10只银行转债，其中，浦发转债即将 于10月28日到期，发行规模为500亿元。业内人士预测，随着杭银转债、南银转债等接连触发强赎，同时近年 来再无新发银行可转债进入市场，短时间内市场供不应求，相关标的价格或将上涨。 银行股"涨"声一片 可转债接连触发强赎，得益于年内银行板块持续飘红。 6月10日，多只银行股保持上涨态势，其中，江苏银行、南京银行、兴业银行、北京银行、长沙银行、成都银 行、中信银行股价创新高。 多只可转债接连官宣 根据南京银行公 ...

证券研究报告 南京银行 (601009 CH) | 华泰研究 | | | 动态点评 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 10 日│中国内地 | 区域性银行 | 2025 年 6 月 9 日，南京银行公告称已触发"南银转债"有条件赎回条款。 公司植根江苏优质区域，盈利稳健增长，分红比例保持较高水平，是兼具成 长潜力的股息标的，去年以来股东多次增持彰显发展信心。可转债强赎价附 近博弈阻力加剧，年初以来南京银行涨幅落后可比同业，估值仍有修复潜力。 转股完成后有望夯实公司资本，打开业务拓展空间，维持买入评级。 转债触发强赎，夯实公司资本 公司公告称自 2025 年 5 月 13 日至 2025 年 6 月 9 日期间，已有 15 个交易 日收盘价不低于"南银转债"当期转股价格 8.22 元/股的 130%（含 130%）， 即 10.69 元/股，已触发"南银转债"的有条件赎回条款。本次可转债提前 赎回完成后，将增强公司的资本实力，为业务进一步扩张提供支撑。25Q1 末南银转债未转股余额 105 亿元，以 25Q1 末风险加权资产静态测算，转股 完成后将提升核充率 ...

银行转债一直是固收类产品的"中流砥柱"，然而，今年以来，随着银行可转债数量持续减少，固收类基金和理财产品在资产配置上可能面临更加严峻的"资产荒"。 业内人士指出，随着银行可转债陆续到期，优质转债的稀缺性将持续，优质可转债估值将保持高位。 继成都银行、苏州银行、杭州银行之后，南京银行发行的可转债也因触发提前赎回条件，将退出转债市场。 6月9日晚，南京银行发布公告称，因公司发行的可转债触发 《南京银行股份有限公司公开发行A股可转换公司债券募集说明书》（简称《募集说明书》） 相关约定 的有条件赎回条款，公司决定行使南银转债的提前赎回权，对赎回登记日登记在册的南银转债按债券面值加当期应计利息的价格全部赎回。值得注意的是，目前南 银转债报137.998元/张，若持有该转债的投资者不及时操作，可能面临接近30%的亏损。 南京银行于2021年6月15日向社会公开发行200亿元的可转换公司债券，每张面值100元，按面值发行，期限6年。Wind数据显示，截至6月9日，南银转债的未转股余 额为51.66亿元，未转股比例为25.83%。 据证券时报记者梳理，南银转债为今年第4只以强赎方式退出的银行可转债。成银转债、苏行转债分别在今 ...

Group 1 - Nanjing Bank's convertible bond "Nan Yin Convertible Bond" may meet redemption conditions as its stock price has been above the conversion price threshold for a significant number of trading days [1] - The stock price of Nanjing Bank was reported at 11.29 yuan per share as of June 6, indicating a high likelihood of triggering the strong redemption clause [1] - If triggered, this will mark the third bank convertible bond to reach strong redemption this year [1] Group 2 - Nanjing Bank issued 200 billion yuan of convertible bonds on June 15, 2021, with a six-year term and a tiered interest rate structure [2] - Hangzhou Bank also announced early redemption of its "Hang Yin Convertible Bond" due to its stock price meeting the necessary criteria [2][3] - The first bank convertible bond to trigger strong redemption this year was Suzhou Bank's "Su Hang Convertible Bond," which was redeemed on January 21, 2025 [4] Group 3 - The market for bank convertible bonds is shrinking, with only 10 remaining in circulation, and further reductions expected as bonds approach maturity [7] - The current market size of bank convertible bonds is approximately 200 billion yuan, accounting for 27% of the total convertible bond market [7] - The trend indicates a potential scarcity of high-quality convertible bonds, which may lead to increased valuations for remaining bonds [7][8] Group 4 - The demand for bank convertible bonds remains strong due to their high credit ratings and liquidity, despite a lack of new issuances since 2023 [8] - There is a notable increase in banks' willingness to convert bonds into equity, although many existing bonds still have low conversion rates [8]

证券研究报告 南京银行 (601009 CH) 2025 年中期策略会速递— 业绩稳健增长，转债强赎可期 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 05 日│中国内地 | 区域性银行 | 6 月 4 日南京银行出席我们组织的 2025 年中期策略会，核心要点包括：1） 预计全年信贷同比多增，但零售需求与风险改善趋势仍待观察；2）存款迎 重定价高峰，负债成本持续优化；3）转债转股可期，夯实公司资本。 信贷有力投放，资产质量稳健 南京银行 24 年/25Q1 贷款同比+14.3%/+14.7%，新增贷款 1573/897 亿元。 Q1 信贷有力投放，为全年奠定较好基础，公司预计能够顺利完成目标，实 现同比多增。年初以来零售投放回暖，主要系按揭增势较好。消费贷方面， 南银法巴在两年快速增长后逐步进入稳定期，平台贷款方面更加谨慎，今年 整体会在管控风险的前提下进行零售投放安排。资产质量表现看，公司不良 走势平稳，25Q1 不良率环比持平至 0.83%。零售不良生成短期或仍有波动， 但随存量不良出清，更多核销资源向零售倾斜，25Q1 零 ...