又一批可转债近日将密集面临强赎，据记者初步统计，相关可转债已超过10只。投资者需要留意相关可 转债最后交易日，以及转股等细节，避免产生损失。 值得一提的是，上述可转债中，绝大多数将于今年8月份进入最后交易日以及最后转股日。其中，志特 转债、飞鹿转债、联得转债、永安转债、齐鲁转债、楚江转债均将于8月上旬进入最后交易日，相关可 转债进入最后交易日和最后转股日的时间会相对较早，持有相关可转债的投资者或需要密切留意相关进 程。 10多只可转债将密集进入强赎 7月31日晚间，包括中船应急、联得装备、楚江新材、濮耐股份等在内的多家上市公司再度发布提前赎 回相关公司可转债的提示性公告。这是近期可转债将密集提前赎回的一个缩影。 比如中船应急当晚发布的关于提前赎回应急转债的第八次提示性公告表示，根据安排，截至2025年8月 27日收市后仍未转股的应急转债，将按照100.77元/张的价格强制赎回，因约定的赎回价格与目前应急 转债二级市场价格存在较大差异，特别提醒应急转债持有人注意在限期内转股，如果投资者未及时转 股，可能面临损失，敬请投资者注意投资风险。 另一家上市公司联得装备7月31日晚间发布的关于提前赎回联得转债的第十二次提 ...

Core Viewpoint - A significant number of convertible bonds are approaching mandatory redemption, with over 10 identified, prompting investors to pay close attention to the last trading days and conversion details to avoid losses [1][5]. Group 1: Mandatory Redemption Announcements - Multiple companies, including China Shipbuilding Emergency, Lian De Equipment, and Chu Jiang New Materials, have issued announcements regarding the early redemption of their convertible bonds [3]. - For instance, China Shipbuilding Emergency announced that its convertible bonds will be forcibly redeemed at a price of 100.77 CNY per bond if not converted by August 27, 2025, highlighting a significant price difference from the current market price [4]. - Lian De Equipment's convertible bonds will be redeemed at 101.70 CNY per bond if not converted by August 11, 2025, with a recommendation for holders to resolve any pledges or freezes before the conversion deadline [4]. Group 2: Last Trading and Conversion Dates - The North Lu convertible bonds have ceased trading, with the last trading day on July 30, 2025, and the final conversion day on August 4, 2025, after which they will be redeemed at 101.64 CNY per bond [6]. - The closing price of North Lu convertible bonds was 133 CNY per bond, indicating a potential loss of 23.58% for investors who do not convert by the deadline [7]. - Several convertible bonds, including Zhi Te, Fei Lu, and Lian De, will reach their last trading days in early August, necessitating close monitoring by investors [9]. Group 3: Risks of Non-Conversion - Convertible bond holders in the ChiNext board must have the appropriate trading permissions to convert their bonds, with a warning that those who do not meet suitability requirements cannot convert their bonds into stocks [8]. - Most of the identified convertible bonds are priced above 110 CNY per bond, with some exceeding 150 CNY, indicating a risk of significant losses if investors fail to sell or convert in time [10]. Group 4: Non-Redemption Decisions - Some companies, such as Microchip Biotech and Tongguang Cable, have opted not to redeem their convertible bonds early, citing compliance with specific price conditions [12][14]. - Microchip Biotech's board decided against early redemption after meeting the required stock price conditions, while Tongguang Cable also chose not to exercise its redemption rights [13][14]. - Other companies like Aofei Convertible Bonds and Huicheng Convertible Bonds have similarly announced their decision not to redeem early [15].

Group 1 - The A-share market is strengthening, with the Shanghai Composite Index surpassing 3600 points, leading to a rise in the convertible bond market, which is experiencing a wave of forced redemptions and delistings [1][2] - It is anticipated that the scale of the convertible bond market may gradually shrink to below 600 billion yuan in the second half of the year due to a lack of new issuance and increased forced redemptions [1][6] - The recent trend shows that over 50 convertible bonds have been delisted this year, with more than 80% exiting through forced redemption, indicating a significant increase compared to previous years [3][4] Group 2 - The recent tightening of refinancing policies has led to a prolonged review period for convertible bond issuances, resulting in a notable decline in new supply [5][8] - The banking sector is a major contributor to the decline in convertible bonds, with at least six bank bonds exiting the market this year, primarily through forced redemptions [6][7] - The total outstanding amount of convertible bonds has decreased from nearly 300 billion yuan to below 150 billion yuan, with the market share dropping from 40% to about 20% [7][8] Group 3 - The market for convertible bonds is expected to continue to shrink due to the scarcity of new issuances and the ongoing trend of forced redemptions, with estimates suggesting that the total market balance may fall below 600 billion yuan by year-end [6][8] - The performance of the convertible bond market is closely linked to the A-share market, with a strong correlation observed between market conditions and the exit of convertible bonds [4]

Core Viewpoint - The convertible bond market in A-shares is experiencing a significant contraction, with expectations that the market size may shrink to below 600 billion yuan in the second half of the year due to a lack of new issuance and increased forced redemptions [1][6][9] Group 1: Market Trends - The A-share market has shown strength, with the Shanghai Composite Index surpassing 3600 points, leading to a rise in the convertible bond market [1] - Over 10 convertible bonds have stopped trading in July alone, with a notable trend of forced redemptions occurring [2][3] - The new regulations for convertible bonds now include a "Z" identifier for the last trading day, alerting investors to act promptly [3] Group 2: Supply and Demand Factors - The supply side is affected by tightened refinancing policies, leading to longer review periods for bond issuance and a decrease in new supply [5][9] - Demand is also impacted as many convertible bonds are triggering forced redemption clauses, with issuers looking to optimize their financial structures [5][6] Group 3: Bank Convertible Bonds - The banking sector has seen a significant number of convertible bonds exit the market, with at least six bonds leaving this year, primarily through forced redemptions [6][8] - The total balance of bank convertible bonds has decreased from nearly 300 billion yuan to below 150 billion yuan, with market share dropping from 40% to about 20% [8][9] - The exit of bank convertible bonds is expected to exceed 90 billion yuan this year, contributing to the overall market contraction [9]

Core Viewpoint - Three convertible bonds, Z南银转, Z陵转债, and Z恒转债, are facing their last trading day on July 14, with significant potential losses if not sold or converted before the redemption date [1][5][13]. Group 1: Z南银转 - Z南银转's closing price is 145.56 yuan, with a redemption price of 100.1537 yuan [2][3]. - If not sold or converted, investors could face a loss of 31.19% based on the current price [1][5]. Group 2: Z陵转债 - Z陵转债's closing price is 124.003 yuan, with a redemption price of 101.726 yuan [8][9]. - Investors could incur a loss of 18.77% if they do not act before the redemption [1]. Group 3: Z恒转债 - Z恒转债's closing price is 133.803 yuan, with a redemption price of 101.397 yuan [1]. - A potential loss of 24.97% is expected if investors do not sell or convert [1]. Group 4: Market Context - The market has seen an increase in convertible bonds triggering redemption clauses, with many companies announcing strong redemptions [13]. - Investors are advised to act promptly to avoid significant losses, as the price difference between market trading and redemption can be substantial [13].

Core Viewpoint - Three convertible bonds, Z Nan Yin (南银转债), Z Ling (陵转债), and Z Heng (恒转债), are approaching their last trading day on July 14, with significant potential losses if not sold or converted before the redemption price is enforced [2][6][17]. Summary by Sections Z Nan Yin Convertible Bond - Z Nan Yin's last trading day is July 14, with a closing price of 145.56 yuan and a redemption price of 100.1537 yuan [3][4]. - If not sold or converted, investors could face a loss of approximately 31.19% based on current prices [2]. Z Ling Convertible Bond - Z Ling's last trading day is also July 14, with a closing price of 124.003 yuan and a redemption price of 101.726 yuan [9][11]. - Investors risk a loss of about 18.77% if they do not act before the redemption [2]. Z Heng Convertible Bond - Z Heng's last trading day is July 14, with a closing price of 133.803 yuan and a redemption price of 101.397 yuan [13][14]. - The potential loss for investors not selling or converting is around 24.97% [2]. Market Context - The recent market recovery has led to an increase in convertible bonds triggering redemption clauses, with many companies announcing strong redemptions [17]. - Investors are advised to act promptly to avoid significant losses, as the redemption prices are generally lower than current market prices [17].

Group 1 - The A-share market is recovering, but the convertible bond market is facing challenges with frequent strong redemption alerts [1][3] - From July 10 to July 31, nine convertible bonds will have redemption registration dates, posing significant risks for holders who do not act in time [1] - For instance, the Jin Dan Convertible Bond and Tian Yang Convertible Bond could lead to losses of nearly 50% if not converted by the last operation day on July 10 [1][3] Group 2 - The strong redemption frequency is attributed to the continuous rise in stock prices of listed companies [1] - Tian Yang Technology's stock price has remained above 130% of the conversion price for 15 consecutive trading days, triggering conditional redemption clauses [1] - Investors have two options when facing strong redemption: sell the convertible bonds or convert them into stocks, with the latter changing the trading rules from "T+0" to "T+1" [3] Group 3 - Other convertible bonds like Nan Yin, Hua Feng, and Guan Sheng are also set to exit the market, with Guan Sheng Convertible Bond potentially leading to losses exceeding 50% if not acted upon [3] - The occurrence of strong redemptions serves as a reminder for investors to closely monitor announcements related to their holdings, especially as redemption registration dates approach [3]

Group 1 - The A-share banking sector has transitioned from being the "most resilient" to the "most profitable," with a year-to-date increase of over 13% despite a recent drop of 3% [1][3] - The China Securities Banking Index has surpassed 8000 points for the first time since 2007, with the total market capitalization of A-share banks exceeding 10 trillion yuan, marking an increase of 1.54 trillion yuan since the beginning of the year [3] - Nearly 30 banking stocks have risen over 10%, with 10 stocks increasing over 20%, and some like Shanghai Pudong Development Bank and Qingdao Bank seeing gains over 30% [3] Group 2 - The strong performance of bank stocks has triggered a wave of "strong redemption" for convertible bonds, with several banks indicating potential redemptions due to rising stock prices [3] - The A/H share premium for banks has narrowed to 25%, a decrease of 35 percentage points since the beginning of the year, indicating improved performance in Hong Kong-listed bank stocks [3] - High dividend yields have become a significant support for bank stocks, with the median dividend yield for A-share banks exceeding 4% as of June 30, leading to discussions about the attractiveness of bank stocks over traditional savings [3] Group 3 - Institutional buying has contributed to the rise in bank stocks, with insurance companies making significant investments in the sector, and regulatory changes potentially favoring equity funds towards large-cap stocks [4] - Despite recent declines in bank stocks, there is a belief that long-term investment value remains, supported by stable fundamentals and high dividend yields [4] - Analysts caution against irrational speculation, highlighting risks such as narrowing net interest margins and rising retail non-performing loans, suggesting a focus on profitability and stability when selecting stocks [4]

Core Viewpoint - The rapid conversion of convertible bonds into common stock by Xinda Investment in Shanghai Pudong Development Bank (SPDB) reflects a new trend in managing convertible bond maturity pressures, similar to the "Everbright model" [10][11]. Group 1: Convertible Bond Conversion - On June 27, Xinda Investment converted nearly 118 million SPDB convertible bonds into approximately 912 million shares of common stock [1][3]. - The total share capital of SPDB increased to approximately 30.264 billion shares, with Xinda Investment holding about 3.01% of the total shares, entering the top ten shareholders [2][7]. - The conversion process took only three days, highlighting the efficiency of the transaction [2][3]. Group 2: Background of Convertible Bonds - SPDB issued 500 billion yuan worth of convertible bonds in October 2019, with a maturity of six years [5]. - As of March 2023, only 144,000 yuan worth of SPDB convertible bonds had been converted, indicating a conversion rate of only 0.0029% [6]. Group 3: Market Context and Trends - The "Everbright model" involves strategic shareholders converting bonds to alleviate maturity repayment pressures, especially when the underlying stock performs poorly [10]. - Previous cases, such as Everbright Bank's bond conversion by China Huarong, demonstrate the effectiveness of this strategy in reducing repayment burdens and enhancing core capital [11][13]. - The current market conditions show a high demand for bank convertible bonds due to their strong credit quality and risk resistance, despite a stagnation in new issuances since 2023 [17].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 13.29 [8][11]. Core Views - The company has triggered the conditional redemption clause for its convertible bonds, which is expected to enhance its capital strength and support further business expansion [2][4]. - The company is rooted in a high-quality region in Jiangsu, showing steady profit growth and maintaining a high dividend payout ratio, making it a potential growth and dividend stock [1][3]. - The stock has underperformed compared to peers since the beginning of the year, indicating potential for valuation recovery [1][3]. Summary by Sections Convertible Bonds - The company announced that from May 13, 2025, to June 9, 2025, the closing price of its convertible bonds has been above 130% of the conversion price, triggering the conditional redemption clause [2]. - As of the end of Q1 2025, the unconverted balance of the convertible bonds was RMB 10.5 billion, which will improve the capital adequacy ratio by 0.57 percentage points to 9.46% upon conversion [2]. Earnings and Dividends - As of June 9, 2025, the unconverted balance of the convertible bonds was approximately RMB 5.2 billion, accounting for about 4% of the company's total market value [3]. - The dilution effect on earnings per share (EPS) for 2025 is estimated to be around 10%, but the impact on dividend yield and return on equity (ROE) is manageable [3]. - The company is expected to maintain a competitive position in terms of profitability and dividend yield, with a projected dividend yield of 5.21% and a price-to-book (PB) ratio of 0.78x for 2025 [3]. Performance and Shareholder Confidence - The company has a clear strategic goal and has shown steady growth in performance, with revenue and net profit increasing by 6.5% and 7.1% year-on-year in Q1 2025, respectively [4]. - Major shareholders have increased their holdings significantly, with over RMB 7 billion in purchases, reflecting strong confidence in the company's future [4]. Profit Forecast and Valuation - The profit forecast remains unchanged, with projected EPS for 2025, 2026, and 2027 at RMB 1.86, RMB 2.02, and RMB 2.23, respectively [5]. - The target PB ratio is set at 0.90x, with a target price of RMB 13.29, indicating a favorable valuation compared to peers [5].