投资时间网、标点财经研究员 田文会 股价随银行板块节节攀升的杭州银行股份有限公司（下称杭州银行，600926.SH）近日突然领到一张大额罚单，原因主要是旗下一家重要分行贷款等业务违规。该行近几年贷款增速高出行业较 据国家金融监督管理总局官网7月4日公告，上海金融监管局决定对杭州银行上海分行罚款380万元，主要因流动资金贷款贷前调查严重违反审慎经营规则等七大违规，其中，以贷款业务违规居多 今年一季度末，杭州银行贷款总额较上年末增长6.15%，略高于同期商业贷款增速。2021年—2024年，该行贷款总额同比呈现持续较高增长，且高出商业银行贷款同比增速较多。 这也给该行资本充足带来持续压力。 近一年多来，随着股价上涨，杭州银行2021发行的150亿元可转债绝大部分完成转股，该行资本充足率得到提升。不过，该行仍不敢对资本补充掉以轻心。近日的股东大会不仅将不超过80亿元 除了需要加强贷款等业务合规管理，继续补充资本，杭州银行还需尽快找到合适的新行长。 今年4月2日，杭州银行公告，虞利明因个人原因辞去该行副董事长、行长等职务。此前，有报道称虞利明疑似失联。 投资时间网、标点财经研究员就上述监管处罚、资本补充等问题向杭州银 ...

Core Viewpoint - The recent strong performance of bank stocks has led to multiple convertible bonds triggering mandatory redemption clauses, which can alleviate repayment pressure and enhance core tier 1 capital for banks [1][2][3]. Group 1: Mandatory Redemption of Convertible Bonds - Qilu Bank has decided to exercise its early redemption rights for its convertible bonds due to a significant increase in its stock price, which has risen nearly 70% since the beginning of 2024 [1]. - Other banks, such as Hangzhou Bank and Nanjing Bank, have also seen their convertible bonds trigger mandatory redemption clauses due to their stock prices exceeding the required thresholds for consecutive trading days [2]. - The mandatory redemption of convertible bonds is becoming a trend among banks, with several already completing this process in 2024 [2][3]. Group 2: Impact on Capital Structure - The triggering of mandatory redemption clauses is expected to facilitate the conversion of bonds into equity, thereby effectively supplementing banks' core tier 1 capital [1][4]. - The unique property of convertible bonds allows banks to optimize their capital structure, making them an increasingly important option for capital supplementation [4][5]. - The redemption process sends a positive signal to the market regarding the financial health and stability of banks, potentially attracting more investors [5]. Group 3: Market Dynamics and Future Outlook - The banking sector has shown strong performance in the secondary market, with the Shenwan Primary Bank Industry Index rising over 17.77% year-to-date, ranking second among 31 primary industry indices [3]. - A decrease in the issuance of new convertible bonds has led to a rapid decline in the market's existing convertible bond scale, creating favorable conditions for mandatory redemptions [3]. - Analysts predict that the ongoing trend of mandatory redemptions will further highlight the supply-demand imbalance in the convertible bond market, providing support for their valuations [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 - The A-share market is witnessing a rapid decline in the convertible bond "water reservoir" due to several small and medium-sized listed banks exercising strong redemption of their convertible bonds, creating a significant investment opportunity despite new bond issuances accelerating [1][2]. Group 1: Market Dynamics - Several banks, including Qilu Bank and Hangzhou Bank, have triggered strong redemption clauses for their convertible bonds, with a total issuance amount of 48 billion yuan involved [1][2]. - The overall market for bank convertible bonds is expected to face a shortfall of over 100 billion yuan, as the supply of convertible bonds is decreasing while demand remains high [4][5]. - The banking sector's strong performance, with a 16.02% increase in the A-share banking sector in Q2, has facilitated the successful conversion of convertible bonds into equity [2][3]. Group 2: Investment Strategies - Institutional investors are adjusting their strategies in response to the shrinking supply of bank convertible bonds, with a potential shift towards high-rated convertible bonds and promising growth bonds in emerging industries [4][6]. - The current market environment is prompting funds to seek out assets with strong equity characteristics and stable debt foundations, particularly in sectors like banking and energy [6][7]. - There is a growing interest in new convertible bonds, with companies like China General Nuclear Power Corporation planning to issue 4.9 billion yuan in convertible bonds, although the overall issuance pace is still lagging behind the redemption of existing bank bonds [7][8]. Group 3: Future Outlook - The reduction in bank convertible bond supply is expected to impact both private and public fund investment strategies, necessitating a reevaluation of portfolio allocations [4][5]. - The market anticipates that banks may return to issuing new convertible bonds in favorable market conditions, particularly when stock prices rise, indicating a potential for future capital replenishment [9].

中国证券报记者从多家公募基金、信托、保险资管和理财公司调研了解到，作为机构底仓资产一股新兴 力量，可转债近年来成为资管产品"固收+"策略增强收益的标配。未来在可转债供给端规模缩量和需求 端热度不减的情况下，可转债估值或易上难下，机构资产配置也面临新的选择题，在增配可转债之外， 寻觅更加多元的收益增厚型底仓资产。 年初以来银行板块持续飘红，整体涨幅在各大行业中亮眼。正股走强，也让一些银行转债加速转股。下 半年，多只银行转债已经或即将完成"谢幕"，如杭银转债7月7日摘牌，南银转债将于7月18日摘牌。据 测算，加上到期退场的可转债，今年银行转债"缩编"规模可达千亿元。 银行转债大面积退出市场，加剧整个可转债市场存续规模下降的压力，会否对资管机构的资产配置带来 考验？ 多只银行转债退场 7月7日，杭州银行发行的150亿元可转债完成市场化转股和摘牌。7月18日，南银转债也将在上交所摘 牌。银行转债的强赎机制，与正股价格表现密切相关。近期，相关银行股价持续走强，是触发上述可转 债强赎的关键因素。 ● 本报记者 薛瑾 通常，在一定时间区间内，正股股价15个交易日的收盘价不低于可转债当期转股价格的130%，就会触 发有条件赎 ...

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].

Summary of Key Points Core Viewpoint - The announcement details the early redemption of "Hangyin Convertible Bonds" by Hangzhou Bank, which is triggered by the stock price exceeding a specified threshold, leading to a total redemption amount of RMB 5,941,151.92, including interest [1][5]. Group 1: Redemption Details - Redemption amount: RMB 5,912,000 (59,120 bonds) [1] - Total redemption payment: RMB 5,941,151.92 (including current interest) [1][5] - Redemption payment date: July 7, 2025 [1] - Convertible bond delisting date: July 7, 2025 [1] Group 2: Conditions and Calculations - The redemption was triggered as the stock price was above 130% of the conversion price for 15 trading days [1]. - The redemption price includes the face value of the bonds plus accrued interest calculated as follows: IA = B × i × t / 365, where IA is the accrued interest, B is the total face value of the bonds, i is the annual coupon rate of 1.8%, and t is the number of days [2][3]. Group 3: Impact on Company - As of July 4, 2025, the remaining balance of "Hangyin Convertible Bonds" is RMB 5,912,000, accounting for 0.04% of the total issuance [4]. - Total converted amount of "Hangyin Convertible Bonds" is RMB 14,994,088,000, resulting in 1,318,802,116 shares, which is 22.24% of the total shares before conversion [4]. - Post-redemption, the total share capital will increase to 7,249,002,548 shares, which may dilute earnings per share in the short term but strengthens the company's capital base for sustainable development [5].

银行转债圈再度"减员"，杭银转债今日正式摘牌，银行转债目前仅剩9只，且这一情况仍在持续。银行 股价的连续上涨，把齐鲁银行的转债也送上了强赎的舞台。7月5日，齐鲁银行发布公告称，"齐鲁转 债"已触发有条件赎回条款，将行使提前赎回权。这是继苏行转债、杭银转债、南银转债之后，第四只 触及强赎的银行转债。此外中信转债今年3月到期，已经实施兑付摘牌，浦发银行的浦发转债也将在今 年10月到期，也就是说今年至少有6只转债会退出市场，届时，银行可转债市场存量规模或进一步缩 小。 除此之外， 根据南京银行公告称，2025年7月14日为"南银转债"最后一个交易日，7月17日为 "南银转 债"最后一个转股日，7月18日起"南银转债"将在上交所摘牌。 今年首只触及强赎的银行转债为苏行转债，已经于今年3月17日摘牌。 银行转债接连触发强赎的根基在于正股股价的持续向好态势。今年以来中证银行指数上涨17.7%，板块 内42只个股全部收红，先后有18只银行创出历史新高，成绩斐然。 板块内有5家银行涨幅超过三成，分 别是浙江银行、江苏银行、青岛银行、兴业银行和浦发银行，其中浦发银行的表现最好，年内涨幅达到 41.69%，也是目前板块内唯一一只 ...

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 ...