利柏转债

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利柏转债盘中下跌2.0%报139.27元/张,成交额2314.69万元,转股溢价率53.42%
Jin Rong Jie· 2025-08-27 04:19
8月27日,利柏转债盘中下跌2.0%报139.27元/张,成交额2314.69万元,转股溢价率53.42%。 资料显示,利柏转债信用级别为"AA",债券期限6年(第一年0.10%、第二年0.30%、第三年0.60%、第 四年1.20%、第五年1.80%、第六年2.00%),对应正股名称为利柏特,转股开始日为2026年1月9日,转 股价12.14元。 可转换债券简称可转债,是一种可以在特定时间、按特定条件转换为普通股票的特殊企业债券,兼具债 权和股权的特征。一般而言,持有人可按照发行时约定的价格将债券转换成公司的普通股票的债券。如 果债券持有人不想转换,则可以继续持有债券,直到偿还期满时收取本金和利息,或者在流通市场出售 变现。 资料显示,江苏利柏特股份有限公司总部位于上海市大虹桥国际商务中心,成员公司包括江苏利柏特股 份有限公司、上海利柏特工程技术有限公司、上海利柏特建设有限公司、上海里卜特工业设备有限公 司、湛江利柏特模块制造有限公司。公司采用高效的数据化管理和先进的生产工艺以控制产品的质量和 进度来满足客户的需求,得到了客户的好评、同行的尊重、社会的认可。公司各项规章制度健全,基础管 理细致,专业技术全面 ...
利柏转债盘中上涨2.0%报139.408元/张,成交额3498.98万元,转股溢价率52.88%
Jin Rong Jie· 2025-08-11 07:28
可转换债券简称可转债,是一种可以在特定时间、按特定条件转换为普通股票的特殊企业债券,兼具债 权和股权的特征。一般而言,持有人可按照发行时约定的价格将债券转换成公司的普通股票的债券。如 果债券持有人不想转换,则可以继续持有债券,直到偿还期满时收取本金和利息,或者在流通市场出售 变现。 资料显示,江苏利柏特股份有限公司总部位于上海市大虹桥国际商务中心,成员公司包括江苏利柏特股 份有限公司、上海利柏特工程技术有限公司、上海利柏特建设有限公司、上海里卜特工业设备有限公 司、湛江利柏特模块制造有限公司。公司采用高效的数据化管理和先进的生产工艺以控制产品的质量和 进度来满足客户的需求,得到了客户的好评、同行的尊重、社会的认可。公司各项规章制度健全,基础管 理细致,专业技术全面,经验丰富,实力雄厚,积累了丰富行业经验,在业界享有较高声誉。业务范围涵盖工 业模块设计和制造、工程服务(工程总承包工程设计、工程采购、工程施工、工程维保等)。 根据最新一期财务数据,2025年1月-3月,利柏特实现营业收入6.68亿元,同比增加1.45%;归属净利润 3586.66万元,同比下跌8.07%;扣非净利润3323.12万元,同比增加5. ...
8月转债月报:高位之上,仍有可为-20250807
Western Securities· 2025-08-07 07:11
Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The current convertible bond valuation is at a high level, but compared to the previous high in 2022, the current pure bond yield is lower, and the rigid demand for fixed - income + allocation gives some upward space for convertible bond valuation. In August, the equity market still has an environment for further upward movement, supported by domestic policies and international factors [1][13] - Specific investment directions to focus on include anti - involution (Jingneng Convertible Bond, Muyuan Convertible Bond, Wens Convertible Bond), innovative drugs (Huahai Convertible Bond, Chutian Convertible Bond), and humanoid robots (Keli Convertible Bond, Zhenghai Convertible Bond) [2][18] Summary by Directory 1. August Convertible Bond Outlook: Still Promising at High Levels - In July, the equity market rose, with the Wind All - A Index rising 4.7% monthly. The convertible bond market had a double - wheel drive of underlying stocks and valuation, with the CSI Convertible Bond Index rising 2.9%. By the end of July, the convertible bond price and valuation were still at high levels [9] - Although the Politburo meeting in late July was slightly below market expectations, anti - involution policies are ongoing, and supportive policies are being implemented. The less - than - expected US non - farm data increases the expectation of a Fed rate cut in September, which is beneficial for the equity market [13] 2. Market Review in July 2.1 Equity Market - The A - share market rose in July, with the Wind All - A Index rising 4.7% again. The market traded around three main lines: anti - involution, AI, and innovative drugs. The anti - involution policy, the start of the Yajiang Hydropower Project, and continuous positive news in AI and innovative drugs drove the market [19] - In terms of structure, small - cap stocks outperformed large - cap stocks, and growth stocks outperformed value stocks. Most industries in the equity market rose, with steel, building materials, medicine, and TMT sectors leading the gains, while defensive sectors such as banks, utilities, and transportation declined [24] 2.2 Convertible Bond Market - In July, the convertible bond market had a positive sentiment, with the CSI Convertible Bond Index rising 2.9%, relatively underperforming the equity market. The trading volume increased, with an average daily turnover of 728.9 billion yuan [30] - Among industries, 28 out of 29 convertible bond industry indices rose. Public utilities, electronics, medicine, building materials, and power equipment sectors performed well. Individual bonds such as Tianlu Convertible Bond, Saili Convertible Bond, and Borui Convertible Bond led the gains [34] 3. Convertible Bond Valuation - The convertible bond valuation continued to rise to a historical high in July. The end - of - month 100 - yuan parity premium rate was 29.3%, up 1.6pp from the end of June, at the 96.5% and 94.1% quantile levels since 2018 and 2021 respectively [35] - The median convertible bond price and parity also increased, while the median conversion premium rate decreased slightly, and the median pure bond premium rate increased [40] 4. Convertible Bond Supply and Demand 4.1 Convertible Bond Supply - In July 2025, 3 new convertible bonds were issued, with a total scale of 8.452 billion yuan. Three convertible bonds obtained CSRC registration approval, with a to - be - issued scale of 2.62 billion yuan, and 2 public convertible bond board plans were added, with a to - be - issued scale of 2.496 billion yuan [48][51][53] 4.2 Convertible Bond Demand - The share of the Convertible Bond ETF increased rapidly in July, with the share increasing by 572 million to 3.549 billion and the circulation scale increasing by 8.259 billion yuan to 45.183 billion yuan [54] 5. Clause Tracking 5.1 Redemption - As of July 31, 20 convertible bonds confirmed forced redemption, 10 might be subject to forced redemption, and 19 would not be forced to redeem [55] 5.2 Downward Revision - As of July 31, 8 convertible bonds confirmed downward revision, 6 proposed downward revision, and 43 temporarily did not revise downward [58]
2025年8月可转债市场展望:从仓位走向结构
Shenwan Hongyuan Securities· 2025-08-05 14:41
Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In July, the convertible bond market continued its upward trend, with the equal - weighted index significantly outperforming the weighted index. The median convertible bond price reached a maximum of 129 yuan, approaching the level at the beginning of 2022, but the structure showed that low - priced bonds were significantly higher than those at the beginning of 2022, while high - priced bonds were significantly lower [2][9]. - The July market was a "second - derivative" fluctuation, while the equity "first - derivative" remained positive. Before the September 3 parade, A - shares may have opportunities, and the dumbbell strategy (high - dividend + micro - cap stocks) may rebound. The convertible bond market will continue to follow the underlying stocks and remain strong [2]. - The new VAT policy on the interest income of bonds such as treasury bonds may increase the cost - effectiveness of stable and low - volatility convertible bonds, and the buying volume of bond - type convertible bonds and the entire convertible bond market may increase [2]. - After short - term winning - rate volatility pricing, the market will shift to odds - based advantages. It is recommended to pay attention to the cost - effectiveness improvement of bank convertible bonds and high - elasticity varieties, and the future will shift from position - based victory to structure - based victory [4]. Summary According to Relevant Catalogs 1. Review of the Convertible Bond Market in July: Recovery under Strong Equity - **Price and Index Performance**: The convertible bond market continued to rise in July, with a steeper upward slope compared to June. The equal - weighted index significantly outperformed the weighted index, and there was a slight pullback at the end of the month. The median convertible bond price reached a maximum of 129 yuan and closed at around 127 yuan at the end of the month [2][9]. - **Style and Sector Performance**: In July, small - cap and low - rating styles were dominant again, and their excess performance since the beginning of the year reached a new high. The pharmaceutical sector led the rise, while the financial sector significantly underperformed other sectors since 2025 [10][12][15]. - **Comparison with Underlying Stocks**: Convertible bonds slightly underperformed the underlying stocks, but the underperformance margin further narrowed compared to June. The convertible bond market showed strong performance overall, and its valuation advantage was significant [16][21]. - **Valuation Situation**: The convertible bond valuation confirmed an upward trend, with the 100 - yuan premium rate rising to a maximum of 33% in July. The current high - valuation problem is mainly reflected in the low - parity area, while the 120 - 130 yuan parity is still a valuation depression [22][24][27]. 2. Outlook for the Convertible Bond Market in August: Shifting from Position - Based Victory to Structure - Based Comparison - **Equity Market and Convertible Bond Market**: The short - term adjustment of the equity market is due to the full implementation of the market rotation and catch - up market, and the market has returned to a volatile state. Before the September 3 parade, A - shares may have opportunities, and the convertible bond market will follow the underlying stocks and remain strong [2][46]. - **Valuation of Convertible Bonds**: The high valuation of convertible bonds may be maintained because the overall risk of the stock market is controllable. However, the absolute valuation of bond - type convertible bonds is relatively high, and there are potential adjustment risks. After the short - term adjustment, they have certain cost - effectiveness [48][53][60]. - **Impact of VAT Policy**: The adjustment of the bond VAT policy may increase the attractiveness of bond - type convertible bonds. After the tax increase, the cost - effectiveness of pure bonds decreases, and the buying volume of bond - type convertible bonds may increase [63][66]. - **Cost - Effectiveness of Different Types of Convertible Bonds**: The cost - effectiveness of high - dividend and low - volatility convertible bonds such as bank convertible bonds may increase, and attention should also be paid to high - elasticity varieties and individual bonds with odds advantages [4]. 3. Bond Selection Directions and Targets in August - **Bond Selection Directions**: First, pay attention to the directions favored by the high - to - low shift in the August market, such as bank convertible bonds and some "bank - like" convertible bonds; second, focus on small - cap growth sectors such as self - controllability and national defense and military industries; third, pay attention to convertible bonds that are not subject to forced redemption or have been listed for less than 6 months; fourth, pay attention to convertible bonds that can replace underlying stocks [4]. - **Targets in August**: Low - volatility convertible bonds include Lvdong Convertible Bond, Hengyi Convertible Bond 2, etc.; stable convertible bonds include Bo 25 Convertible Bond, Guanghe Convertible Bond, etc.; high - volatility convertible bonds include Daotong Convertible Bond, Jiahe Convertible Bond, etc. [4]
转债市场周报:价格中枢再抬升,关注绩优品种-20250727
Guoxin Securities· 2025-07-27 12:28
Report Industry Investment Rating - Not mentioned in the report Core Views - Last week, the equity market continued to rise, with sectors such as infrastructure, building materials, and coal performing well, while the banking sector adjusted. The bond market declined rapidly, and the convertible bond market saw most individual bonds close higher. The CSI Convertible Bond Index rose 2.14% for the week, the median price increased 1.66%, and the calculated arithmetic average parity rose 2.54%. The overall market conversion premium rate decreased 1.33% compared to the previous week [1][8]. - Catalyzed by the continuous implementation of the "anti - involution" policy and the official start of the Yarlung Zangbo River downstream hydropower project, market sentiment remained high. The convertible bond market also rose with increased trading volume, and the median market price approached 130 yuan. Although many convertible bonds triggered the call provisions, the premium rates of high - priced convertible bonds did not significantly compress. The current cost - effectiveness of convertible bonds is not high, and structural opportunities may still be dominant. It is recommended to focus on sectors such as technology growth, self - controllability, and those related to "anti - involution" [2][18]. Summary by Related Catalogs Market Trends (July 21 - 25, 2025) Stock Market - The equity market continued to rise. Driven by the Yarlung Zangbo River downstream hydropower project and the "anti - involution" policy, sectors like infrastructure, building materials, and coal performed well, while the previously high - rising banking sector adjusted. Most Shenwan primary industries closed higher, with building materials (+8.20%), coal (+7.98%), and steel (+7.67%) leading the gains, and banking (-2.87%), communication (-0.77%), and public utilities (-0.27%) lagging [7][8]. Bond Market - The bond market declined rapidly. Due to the hydropower project, the "anti - involution" policy, and the change in open - market operations from net injection to net withdrawal, bond market sentiment was weak. The 10 - year Treasury bond yield closed at 1.73% on Friday, up 6.72bp from the previous week [1][8]. Convertible Bond Market - Most convertible bond individual bonds closed higher. The CSI Convertible Bond Index rose 2.14% for the week, the median price increased 1.66%, and the arithmetic average parity rose 2.54%. The overall market conversion premium rate decreased 1.33% compared to the previous week. In terms of industries, building materials (+10.68%), coal (+6.01%), and agriculture, forestry, animal husbandry, and fishery (+4.74%) led the gains, while banking (-0.41%), social services (+0.57%), and environmental protection (+0.59%) lagged. Tianlu, Saili, Dayu, Songlin, and Punan convertible bonds had the highest gains, while Hongfeng, Huicheng, Bohui, Mingdian, and Limin convertible bonds had the largest losses. The total trading volume of the convertible bond market last week was 403.371 billion yuan, with an average daily trading volume of 80.674 billion yuan, a significant increase from the previous week [1][8][11] Valuation Overview - As of July 25, 2025, for equity - biased convertible bonds, the average conversion premium rates for par values in different ranges were at relatively high percentile levels. For bond - biased convertible bonds, the average YTM for par values below 70 yuan was -2.26%, at the 1%/0% percentile since 2010/2021. The average implied volatility of all convertible bonds was 37.04%, at the 70%/53% percentile since 2010/2021, and the difference between the convertible bond implied volatility and the long - term actual volatility of the underlying stocks was -10.2%, at the 41%/39% percentile since 2010/2021 [19]. Primary Market Tracking - Last week (July 21 - 25, 2025), no convertible bonds were announced for issuance, but Libo and Guanghe convertible bonds were listed. Libo Convertible Bond had a scale of 750 million yuan, and Guanghe Convertible Bond had a scale of 4.9 billion yuan. In the coming week (July 28 - August 1, 2025), no convertible bonds are announced for issuance, and Bo 25 Convertible Bond will be listed, with a scale of 2.802 billion yuan. As of now, there are 71 convertible bonds waiting to be issued, with a total scale of 113.9 billion yuan, including 4 approved for registration with a total scale of 4.28 billion yuan and 3 approved by the listing committee with a total scale of 3.95 billion yuan [28][29][30]
利柏转债盘中上涨3.06%报132.94元/张,成交额2.64亿元,转股溢价率45.07%
Jin Rong Jie· 2025-07-24 06:36
资料显示,江苏利柏特股份有限公司总部位于上海市大虹桥国际商务中心,成员公司包括江苏利柏特股 份有限公司、上海利柏特工程技术有限公司、上海利柏特建设有限公司、上海里卜特工业设备有限公 司、湛江利柏特模块制造有限公司。公司采用高效的数据化管理和先进的生产工艺以控制产品的质量和 进度来满足客户的需求,得到了客户的好评、同行的尊重、社会的认可。公司各项规章制度健全,基础管 理细致,专业技术全面,经验丰富,实力雄厚,积累了丰富行业经验,在业界享有较高声誉。业务范围涵盖工 业模块设计和制造、工程服务(工程总承包工程设计、工程采购、工程施工、工程维保等)。 根据最新一期财务数据,2025年1月-3月,利柏特实现营业收入6.68亿元,同比增加1.45%;归属净利润 3586.66万元,同比下跌8.07%;扣非净利润3323.12万元,同比增加5.71%。 7月24日,利柏转债盘中上涨3.06%报132.94元/张,成交额2.64亿元,转股溢价率45.07%。 资料显示,利柏转债信用级别为"AA",债券期限6年(第一年0.10%、第二年0.30%、第三年0.60%、第 四年1.20%、第五年1.80%、第六年2.00%),对应 ...
22日投资提示:百洋医药控股股东拟减持不超3%股份
集思录· 2025-07-21 14:19
Group 1 - The controlling shareholder of Baiyang Pharmaceutical plans to reduce its stake by no more than 3% [1] - The shareholder of Tianchuang Fashion intends to reduce its stake by no more than 1% [1] - The following convertible bonds: Mars Convertible Bond, Wanqing Convertible Bond, Jidong Convertible Bond, Xingrui Convertible Bond, and Jingke Convertible Bond will not undergo adjustments [1] Group 2 - The emergency convertible bond will be forcibly redeemed [1] - The Libo Convertible Bond has been listed [1] - Dingjia Precision is a new stock available for subscription on the Beijing Stock Exchange [1]
新股发行及今日交易提示-20250718
HWABAO SECURITIES· 2025-07-18 06:45
New Stock Issuance - ST凯利 (300326) is undergoing a tender offer from July 17, 2025, to August 15, 2025[1] - 中程退 (300208) has its last trading day on July 18, 2025[1] - 退市锦港 (600190) and 退市锦B (900952) also have their last trading day on July 18, 2025[1] Market Alerts - 广生堂 (300436) is experiencing severe abnormal fluctuations as of July 17, 2025[1] - 华银电力 (600744) has a market alert issued on July 15, 2025[1] - 扬电科技 (301012) and 新易盛 (300502) have announcements made on July 17, 2025[1] Other Notable Stocks - 皇氏集团 (002329) and 浙江黎明 (603048) have announcements on July 18, 2025[1] - ST立方 (300344) and 国晟科技 (603778) also have announcements on July 18, 2025[1] - 英利汽车 (601279) and 天宸股份 (600620) have announcements on July 18, 2025[1]
18日投资提示:ST声迅股东拟合计减持不超5.08%股份
集思录· 2025-07-17 14:00
Group 1 - The chairman of Diou Home has announced plans to increase his stake in the company after the stock price rose from around 3 to over 6 [1] - Shareholders of Fumiao Technology plan to transfer 5% of their shares to Shanghai Gengrui and have signed a strategic cooperation agreement with Xinhu Maofang [2] - Red Wall Co.'s controlling shareholder intends to reduce their stake by no more than 3% [2] - ST Shengxun's shareholders plan to collectively reduce their stake by no more than 5.08% [2] - Li Bo Convertible Bond will be listed on July 22, and there will be no adjustment to the Lian Ang Convertible Bond [2]
利柏特: 向不特定对象发行可转换公司债券网上中签结果公告
Zheng Quan Zhi Xing· 2025-07-06 16:14
Group 1 - The core point of the announcement is the results of the online lottery for the issuance of convertible bonds by Jiangsu Libat Co., Ltd. [1] - The issuance was conducted under the supervision of relevant representatives to ensure transparency and fairness [1] - A total of 143,362 winning numbers were announced, with each winning number eligible to subscribe for one hand (1,000 yuan) of Libat convertible bonds [2]