2025 年 04 月 27 日 强赎全拆解：让人欢喜让人忧 ——转债策略系列报告之五 《转债下修条款的"攻守之道"——转债策 略系列报告之四》2025/3/27 《转债仓位择时指标初探——转债策略系 列报告之三》2025/3/16 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 徐亚 A0230524060002 xuya@swsresearch.com 徐亚 (8621)23297818× xuya@swsresearch.com 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 债 券 研 究 债 券 策 略 ⚫ 转债触发强赎是"皆大欢喜"的事情，但是强赎对于转债本身又是风险事件，本文将对此 分析。 ⚫ 1. 强赎概念：转债主流退出途径，流程逐渐规范 ⚫ 转债在 6 年存续期内往往会在牛市期间触发强赎，因此强赎也是转债退出的主流方式， 80%左右的转债通过强赎退市。截止到 2025/4/18 共有 512 只转债退市，退出方式共计 5 种，其中通过强赎退出的转债为 422 只、占比 82% ...

Core Viewpoint - Despite the impact of the U.S. "reciprocal tariffs" on global capital markets since April, the domestic convertible bond market has shown overall stability, highlighting its defensive and offensive characteristics, with some convertible bonds recently reaching historical highs [1][3]. Summary by Sections Market Performance - Since April, the domestic convertible bond market has demonstrated resilience amid global market volatility, with the China Securities Convertible Bond Index experiencing a significant drop of 4.05% on April 7, marking its largest single-day decline of the year, yet this was less severe than the declines in the Shanghai and Shenzhen indices, indicating a defensive nature [3][4]. Recovery and Growth - Following the market rebound starting April 8, many convertible bonds have regained their losses, showcasing their offensive potential. Over 400 convertible bonds have risen since April 8, with more than 40 bonds increasing by over 10%, including notable performers like Fuxin Convertible Bond and Zhongqi Convertible Bond, which saw increases exceeding 20% [4]. Historical Highs - Several convertible bonds have recently reached historical highs, such as Zhongqi Convertible Bond, which surpassed 300 CNY per share, achieving a cumulative increase of 29.43% since April 8 and 149.62% year-to-date [5]. Zhongchong Convertible Bond also approached 200 CNY per share, with a cumulative increase of 36.45% since April 8 and 42.89% year-to-date [7]. Zhenhua Convertible Bond reached a price of 197.981 CNY per share, with a cumulative increase of 24% since April 8 and over 40% year-to-date [9]. Redemption Risks - Despite the overall stability of the convertible bond market compared to equities, there are risks associated with specific terms, such as early redemption clauses. For instance, Huisheng Convertible Bond faced significant declines due to triggering its conditional redemption clause, dropping over 40% from its high of 248 CNY per share since April 7 [12][14]. Similar situations have been observed with Bojie Convertible Bond, which has seen a nearly 20% decline since April due to early redemption [14].

不过，硬币的另一方面是，出现上述现象的背景是，近几个月来可转债市场总体表现强劲，使得可转债更容易触及有条件赎回条款。 多只可转债拟强赎 近日，科华数据发布关于提前赎回"科数转债"的公告。公告称，自2025年2月12日至2025年3月5日期间，公司股票已有15个交易日的收盘价格不低于"科数转 债"当期转股价格27.65元/股的130%（即35.95元/股）。根据《募集说明书》的规定，已触发"科数转债"的有条件赎回条款。2025年3月5日，公司第九届董事 会第二十三次会议审议通过了《关于提前赎回"科数转债"的议案》，结合当前市场及公司自身情况，公司决定行使"科数转债"的提前赎回权利。根据安排， 截至2025年4月15日收市后仍未转股的"科数转债"，将按照100.32元/张的价格强制赎回。 无独有偶，南山智尚近日也发布公告称，自2025年2月11日至2025年3月4日，公司股票价格已满足在连续30个交易日中至少15个交易日的收盘价不低于"智尚 转债"当期转股价格（9.35元/股）的130%（即12.16元/股），已触发《募集说明书》中的有条件赎回条款。经过综合考虑，公司董事会同意公司行使"智尚转 债"的提前赎回权利 ...