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]

Core Viewpoint - The banking sector has shown strong performance in 2023, with a cumulative increase of 20.54% in the banking index and nearly 20 bank stocks reaching new highs this year [1] Group 1: Convertible Bonds - There has been a notable surge in the redemption of bank convertible bonds, with two bonds officially delisted from the capital market this month [2] - Nanjing Bank's convertible bond is set to be redeemed and delisted on July 18, following a period where its closing price exceeded the conversion price threshold [3] - Hangzhou Bank's convertible bond completed its market-based conversion and delisting, strengthening its core tier one capital [4] - Several bank convertible bonds have completed conversion and delisting this year, with conversion rates for Chengyin and Suhang bonds reaching 99.94% and 99.93% respectively [5] - Qilu Bank's convertible bond is also approaching delisting, having triggered redemption clauses due to its stock price exceeding the conversion price threshold [5] Group 2: Shareholder Actions - Chengdu Bank's controlling shareholders have not executed their planned share buyback, as the stock price has consistently exceeded the buyback price limit [6][7] - The buyback plan was announced on April 9, with a price cap set at 17.59 yuan per share, but the stock price surpassed this limit shortly after the announcement [8][9] - Chengdu Bank indicated that the controlling shareholders will continue to monitor stock price fluctuations and market trends to determine the timing of their buyback [10]

Core Viewpoint - Qilu Bank has triggered the conditional redemption clause for its convertible bonds, indicating a strong performance in its stock price, which has implications for investors holding these bonds [1][3]. Summary by Sections Qilu Bank's Convertible Bonds - Qilu Bank announced on July 4 that its "Qilu Convertible Bonds" have triggered the conditional redemption clause, allowing the bank to exercise its early redemption rights [1]. - The stock price of Qilu Bank has been above 130% of the adjusted conversion price of 5.00 CNY per share for 15 trading days, leading to this decision [1][3]. Investor Options and Market Context - Investors holding "Qilu Convertible Bonds" can either trade them in the secondary market or convert them at the price of 5.00 CNY per share, but those who hold until forced redemption may face significant losses [3]. - The recent strength in the A-share banking sector has led to multiple banks' convertible bonds triggering forced redemptions, including those of Hangzhou Bank and Nanjing Bank [3][4]. Broader Market Trends - The banking sector has shown strong performance in the secondary market, with the Shenwan Primary Bank Index rising over 17.77% year-to-date, ranking second among 31 primary industry indices [4]. - The downward adjustment of conversion prices has made it easier for bank convertible bonds to trigger redemption clauses, further enhancing expectations for forced redemptions [5]. Capital Structure and Investor Sentiment - Convertible bonds are increasingly seen as a means for banks to optimize their capital structure and enhance capital strength, with early redemption signaling good financial health and stability [6]. - The completion of conversions from convertible bonds can significantly improve a bank's core Tier 1 capital adequacy ratio, reducing the urgency for refinancing [6].

截至7月4日收盘，齐鲁转债报收129.888元/张。另据该行7月1日公告，截至6月30日，仍有53.39亿元的齐鲁转 债尚未转股，占发行总量的比例为66.74%。 伴随银行股再度全面上涨，又一只银行可转债成功触发强制赎回！ 7月4日，齐鲁银行A股报收6.52元/股，这也是该行自6月23日起第5个交易日收盘价高于该行所发行可转债"齐 鲁转债"的赎回转股条件，正式触发该行强赎条款。这也意味着，银行可转债队伍再度缩减一员。 券商中国记者注意到，同日杭州银行公告称，将提前赎回其发行的"杭银转债"，赎回登记日为2025年7月4日， 未转股的可转债将被强制赎回，赎回价格为100.4932元/张，赎回款将于7月7日发放，届时杭银转债也将正式 摘牌。 齐鲁转债触发强赎 7月4日，齐鲁银行公告称，该行股票自6月3日至7月4日期间，已有15个交易日收盘价不低于"齐鲁转债"当期转 股价格（自2025年6月12日起转股价格由5.14元/股调整为5.00元/股）的130%（含130%）。根据可转债募集说 明书约定，已触发"齐鲁转债"的有条件赎回条款。 其中，齐鲁银行股价年内录得较大幅度的上涨是触发可转债强赎机制的直接原因。截至7月4日 ...

未来一年内，整体存量规模将会大幅减少。 今年，银行股表现强劲，随着正股股价的上涨，多只银行可转债触发了强制赎回条款。继苏银转债、成 银转债等触发强赎之后，杭银转债和南银转债也将在7月正式摘牌。与此同时，银行市场再次出现了资 产管理公司（AMC）通过可转债转股增持上市银行股份的情况。 随着银行转债市场迎来"赎回潮"，业内人士预计，银行转债的整体存量规模将大幅减少。今年大约有 1000亿元的银行转债可能会完成转股。这不仅意味着剩余可转债的价格可能会进一步上升，也促使机构 投资者调整其投资策略。 Wind数据显示，2025年中证银行指数累计涨幅高达15.57%，远超大盘平均水平。其中，杭州银行股价 涨幅达18.28%。早在5月，杭州银行股价就突破了杭银转债转股价11.35元的130%强赎线，触发价为 14.76元，导致杭银转债被强制赎回。 南京银行的南银转债也将在7月迎来退市。今年内，南京银行股价累计涨幅达到12.11%。在5月13日至6 月9日的15个交易日里，其收盘价均不低于南银转债转股价格8.22元/股的130%（即10.69元/股），由此 触发了提前赎回条款，正式进入退市流程。 具体而言，南银转债的最后交易 ...

正股股价攀升引发银行转债"强赎潮"，6月23日齐鲁银行提示将触发"齐鲁转债"赎回，此前苏行转债等已触发强赎，中信转债到期摘牌，年内银行 可转债退出加速。 港股内银股上半年表现也不错，A/H股溢价率收窄。截至6月27日，银行A/H溢价率降至25%，较年初降35个百分点，A股不同类型银行股息率趋 同。 银行股上半年走势受多因素影响。2025年一季度财报不佳、美国关税政策曾致板块回调，但外部不确定性增加时，又成避险资金首选。 高股息是重要支撑。存款利率下调后，"存银行不如买银行股"讨论增多，截至6月30日，A股银行股股息率中位数超4%，仅2家低于2%，且今年银 行分红提前。 【环球网财经综合报道】A股上半年收官，银行板块从"最抗跌"成"最能涨"，即便上周五大跌3%，年初至今涨幅仍超13%，整体涨幅居行业前 列。 中证银行指数继2007年后重上8000点，A股银行板块总市值首破10万亿元，多只个股股价十余次甚至二十余次创新高。截至7月1日上午收盘，中 证银行指数涨1.76%。 个股方面，近30只涨幅超10%，10只超20%，浦发、青岛银行涨幅超30%，仅郑州银行微跌近2%。市值上，截至6月30日，上市银行总市值超14 ...

3天内落定转股 浦发银行最新公告显示，6月27日，该行收到信达投资的通知，后者将其持有的近1.18亿张浦发转债转为该行A 股普通股，合计转股股数约9.12亿股。 此前，浦发银行于6月26日公告称，截至25日，信达证券管理的单一资管计划已累计增持近1.18亿张该行可转 债，随后，该项资管计划于26日将其持有的浦发转债全部转让至信达投资账户。 据了解，2019年10月底，浦发银行向社会公开发行5亿张可转债，每张面值100元，对应发行总额500亿元，期 限6年，并于当年11月在上交所挂牌交易，债券名称为"浦发转债"。 目前，浦发转债距到期还剩4个月时间，然而转股情况却不算理想。截至今年3月末，仅有144万元浦发转债转 为该行普通股，未转股的浦发转债在发行总量中的占比高达99.9971%。 而在信达投资转股完成后，浦发银行总股本增至约302.64亿股。其中，信达投资持有约9.12亿股，占该行总股 本的3.01%，进入该行前十大股东序列。 成立于2000年8月的信达投资，是中国信达的全资子公司。后者为中央金融企业，去年末总资产超1.6万亿元， 主要业务包括不良资产经营业务和金融服务业务，其中不良资产经营是核心业务。 " ...

Core Viewpoint - Several banks' convertible bonds are approaching forced redemption due to rising stock prices, leading to a significant reduction in the market size of bank convertible bonds [2][3][9] Group 1: Convertible Bond Redemption - Qilu Bank announced that its convertible bond is expected to meet redemption conditions due to a surge in stock price, potentially making it the fourth bank bond to be redeemed this year [2] - The stock price of Qilu Bank has been above 130% of the conversion price for 10 out of the last 15 trading days, which could trigger the redemption clause if the trend continues [3] - Nanjing Bank and Hangzhou Bank have also announced early redemption of their convertible bonds, with specific dates for the last trading and conversion days [4][5] Group 2: Market Trends and Supply Dynamics - The total outstanding amount of bank convertible bonds has decreased significantly from nearly 300 billion to approximately 150 billion, with market share dropping from 38.97% to about 22.64% [9] - The supply of new convertible bonds has been constrained due to regulatory scrutiny and the long-term undervaluation of bank stocks, leading to a scarcity of existing bonds [9] - Institutional investors are adjusting their strategies, reducing exposure to bank convertible bonds while seeking alternative high-yield assets [9] Group 3: Performance and Investor Behavior - The strong performance of bank stocks has been a key driver for the forced redemption of convertible bonds, as rising stock prices enhance the conversion value [8] - The market for bank convertible bonds is experiencing a supply-demand imbalance, with fewer new issues leading to increased valuations for existing bonds [8] - As several convertible bonds approach redemption, the overall market size is expected to shrink further, impacting investment strategies [8][9]