2026 年 02 月 28 日 相关研究 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 王明路 A0230525060003 wanqml@swsresearch.com 徐亚 A0230524060002 xuya@swsresearch.com 联系人 徐亚 A0230524060002 xuya@swsresearch.com 如何理解高平价转债主动压估值? 转债周度跟踪 20260227 ● 1. 周观点及展望 ● 开年 A 股市场迎来开门红，但转债以微跌收场，转债表现远逊于对应正股，主要是由高 平价转债大幅压估值导致。140元以上平价区间中,估值压缩幅度的较大主要有两类,一 是由强赎进度导致的估值压缩,比如汇成、睿创、恒帅、微导、中宠转 2、振华、永 02 等，压缩幅度也相对偏大，但即使全部归于强赎预期，犹动幅度也明显大于此前；二是新 券和次新券估值主动压缩，比如鼎龙、路维、华辰、甬矽等。此外其他 140 元以上平价 转债估值同样普遍压缩,仅个别超预期不强赎转债估值回升。因此本轮高平价转债估值压 缩具有普遍性,强赎进度转债、新券和次新券估值压缩幅 ...

Group 1 - The company issued 9.5 million convertible bonds with a total value of 950 million yuan, which began trading on August 7, 2020 [1] - The convertible bonds, named "Longda Convertible Bonds," have a conversion period from January 18, 2021, to July 12, 2026 [1] - The stock price of the company has been below 70% of the conversion price of 9.30 yuan per share for 30 consecutive trading days, triggering the conditional redemption clause of the convertible bonds [2] Group 2 - The redemption period for the convertible bonds will be from July 15 to July 21, 2025, during which the conversion of the bonds will be suspended [2] - The conversion of the bonds will resume on July 22, 2025, after the redemption application period ends [2] - The company emphasizes the importance of this announcement for the bondholders [2]

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]