（文章来源：每日经济新闻） 每经AI快讯，12月25日，中证转债指数午盘上涨0.43%，报492.48点。其中，嘉美转债、广联转债、再 22转债、天箭转债、瑞可转债涨幅居前，分别上涨17.43%、11.67%、11.51%、9.63%、7.78%。华辰转 债、路维转债、瑞达转债、亿田转债、华懋转债跌幅居前，分别下跌3.76%、2.04%、1.76%、1.75%、 1.61%。 ...

转债周策略 20251213 股性转债溢价率博弈策略的构建思路 glmszqdatemark 股性转债溢价率博弈策略的构建思路 股性转债价格涨跌主要由正股涨跌驱动，但部分股性转债转股溢价率的明显上升也为 投资者贡献额外的超额收益。下文我们从股性转债溢价率博弈的角度出发，筛选了今 年股性转债溢价率明显上升的标的，拆解归纳不同影响溢价率上升的动因，为投资者 后续择券提供参考。 我们认为构建股性转债溢价率博弈策略应主要着重于筛选哪些转债溢价率"易上难 下"，其中溢价率"难下"的主要择券标准可以设定为哪些转债溢价率低于 2%：由于 转债转股套利的存在，转债溢价率一般难以低于 0%，并且部分转债计入正股未来上 涨的预期，因此若只筛选溢价率在 0%附近的转债样本量过小。 我们筛选了今年以来，股性转债溢价率低于 2%，后面溢价率回升至 10%（回升至 10% 以上时，转债为股性转债，转换价值在 130 元以上）以上的转债标的作为样本，复盘 归纳哪些因素可能使得股性转债溢价率回升： 总体来看，我们认为构建股性转债溢价率博弈策略主要应该先初筛溢价率已经处于较 低水平的股性转债；然后判断转债的强赎概率和基本面，若后续转债披露"不 ...

Market Overview - The bond market experienced a "strong then weak" trend on December 12, with yields initially declining after the release of important meeting content, but later weakening as the day progressed [1] - The sentiment in the bond market showed a brief recovery in the morning, but momentum weakened by noon, leading to a decline in bond prices in the afternoon [1] - The central bank conducted a net withdrawal of 19.3 billion yuan in the open market, with most funding rates rising [1] Interest Rates and Yields - The main contracts for government bond futures closed down across the board, with the 30-year contract falling by 0.71% to 112.47, and the 10-year contract down by 0.13% to 107.985 [2] - The yields on major interbank bonds rose by approximately 2 basis points, with the 7-year active bond yield at 1.72% and the 10-year active bond yield at 1.835% [2] - The central government's 2-year and 10-year bond weighted average bidding yields were 1.36% and 1.8090%, respectively, with bid-to-cover ratios of 2.69 and 3.58 [5] Global Bond Market - In North America, U.S. Treasury yields varied, with the 10-year yield rising by 0.78 basis points to 4.155% [3] - In Asia, Japanese bond yields mostly continued to rise, with the 10-year yield increasing by 2.2 basis points to 1.952% [4] - In the Eurozone, yields on 10-year bonds in France, Germany, Italy, and Spain all decreased, with the French yield at 3.551% [4] Monetary Policy and Economic Outlook - The Central Economic Work Conference emphasized the continuation of a more proactive fiscal policy and a moderately loose monetary policy, with a focus on addressing local fiscal difficulties [7][8] - The meeting outlined eight key tasks, including promoting investment stabilization and expanding the scale of central budget investments [7] - Institutions predict that the timing for potential rate cuts may occur sooner than market expectations, possibly by the end of this year or the first quarter of next year [1][9]

Core Viewpoint - The China Convertible Bond Index rose by 0.43% on December 12, reaching 483.36 points, indicating a positive trend in the convertible bond market [1] Summary by Category Market Performance - The China Convertible Bond Index increased by 0.43% to 483.36 points [1] - Notable gainers included: - Ruike Convertible Bond: +30.00% - Jingzhuang Convertible Bond: +11.31% - Jingda Convertible Bond: +7.24% - Huicheng Convertible Bond: +6.28% - Zhenhua Convertible Bond: +5.10% [1] - Significant decliners included: - Longda Convertible Bond: -3.25% - Huarui Convertible Bond: -3.24% - Furong Convertible Bond: -3.01% - Chaosheng Convertible Bond: -2.51% - Yong02 Convertible Bond: -2.28% [1]

Group 1 - The convertible bond market is experiencing a surge in new issuances, with five new bonds set to be offered for online subscription, indicating a strong demand despite a shrinking market size [1][4] - The newly listed Maolai Convertible Bond saw a significant increase of nearly 70% in its first two days of trading, highlighting the market's enthusiasm for new offerings [1][2] - The overall market for convertible bonds has contracted significantly, with a reduction of over 170 billion yuan since 2025, leading to a current market size of 560.6 billion yuan, down from 733.7 billion yuan at the beginning of the year [7][8] Group 2 - The Maolai Convertible Bond, issued by Maolai Optics, has a total issuance size of 562.5 million yuan and is part of the Sci-Tech Innovation Board, which has attracted considerable market interest [3][6] - Upcoming convertible bonds include those from Pulin, Shenyu, Aohong, Tianzhun, and Dingjie, with a focus on technology and digital solutions [5][6] - The scarcity of new convertible bonds is evident, with only three companies currently approved for issuance by the China Securities Regulatory Commission, indicating a tight supply in the market [7][8]

Group 1 - Company Jiutian Pharmaceutical plans to invest no more than 400 million yuan to acquire the patent and technology for the small molecule analgesic drug YJ2301 from Suzhou Yuanju [1] - The last trading day for Jian Gong Convertible Bond is set for December 16, 2025 [1] - The proportion of convertible bonds held by Youmeili Investment Management in Wanfu Convertible Bond has reached 20%, with a total of 1,230,467 bonds held as of December 11, 2025, accounting for 20.51% of the total issuance [1] Group 2 - Shengxun Convertible Bond will not undergo a downward adjustment [2] - New stocks from Xihua Technology and Tianmo Measurement are available for subscription [2] - The listing of Ruike Convertible Bond has been confirmed [2] Group 3 - Various convertible bonds are listed with their current prices, redemption prices, last trading days, last conversion days, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [5][7]

Group 1: New Stock Offerings - 荃银高科 (300087) has a tender offer period from December 4, 2025, to January 5, 2026[1] - 天普股份 (605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] Group 2: Delisting and Trading Alerts - *ST广道 (920680) has 14 trading days remaining until the last trading day[1] - 退市苏吴 (600200) has 12 trading days remaining until the last trading day[1] Group 3: Stock Performance Alerts - 赛微电子 (300456) reported severe abnormal fluctuations[1] - 梦天家居 (603216) has an announcement dated December 3, 2025, regarding stock performance[1] Group 4: Other Notable Stocks - 海欣食品 (002702) has an announcement dated December 10, 2025[1] - 海王生物 (000078) has an announcement dated December 8, 2025[1]

Core Viewpoint - Suzhou Ruikeda Connection System Co., Ltd. is issuing convertible bonds totaling 1 billion yuan, with a focus on expanding its market presence in the fields of new energy, communication, and industrial applications [5][24][32]. Overview - The convertible bonds will be listed on December 12, 2025, with a maturity period of six years from November 14, 2025, to November 13, 2031 [2][3]. - The total issuance amount is 1 billion yuan, with 10 million bonds issued at a face value of 100 yuan each [5][24]. - The bonds will be rated AA- by China Chengxin International Credit Rating Co., Ltd., with a stable outlook [4][34]. Company Background - The company specializes in the research, production, and sales of connection system products, and has developed a complete product chain including connectors, components, and modules [12][13]. - It has established itself as a key supplier in the new energy vehicle sector, providing comprehensive connection system solutions [15][20]. - The company aims to become a leader in the global connector industry, focusing on customer value and innovation [18][19]. Business Strategy - The company plans to deepen its focus on the communication and new energy sectors, enhancing its market share and product offerings [19][20]. - It will continue to invest in product research and development, targeting new business areas such as AI, data centers, and 6G communication [19][20]. - The company is also pursuing international expansion to provide products and services globally [19][20]. Financial Details - The bonds will have a tiered interest rate structure, starting at 0.20% in the first year and increasing to 2.00% by the sixth year [34]. - The initial conversion price for the bonds is set at 73.85 yuan per share [44]. - The total estimated issuance costs are approximately 11.15 million yuan [28].

Report Industry Investment Rating No relevant content was found in the provided documents. Core Viewpoints of the Report - The equity market is currently in the process of brewing the main investment themes for the next year, with significant style adjustments and accelerated sector rotation. The AI - related industrial chain and sectors mentioned in the 14th Five - Year Plan are worthy of attention [1][8][9]. - In the convertible bond market, mid - low - priced convertible bonds have performed well recently, and historically, defensive varieties have shown good excess returns at the end of the year. The large - cap convertible bond index also has a better cost - performance ratio at the end of the year [1][17][22]. Summary According to the Directory 1. End - of - year Main Theme Brewing Period: Focus on Mid - low - priced and Large - cap Convertible Bonds - The equity market has shown significant style adjustments since October. The trading congestion of TMT sectors has declined, while the trading in some non - ferrous, new/old energy sectors has become active. The sector rotation speed usually accelerates in the last 1 - 2 months of the year, and the trends of strong sectors may change [1][8][9]. - Mid - low - priced convertible bonds have performed well since mid - October, while high - priced equity - biased convertible bonds have fluctuated. Historically, except for 2019 - 2021, low - priced convertible bonds have had more obvious relative returns at the end of the year. The large - cap convertible bond index also has a better cost - performance ratio at the end of the year [1][17][22]. 2. Market Review: Convertible Bonds Rose Slightly Weekly, and Valuations Increased Slightly (1) Weekly Market Conditions: The Convertible Bond Market Rose Slightly, and Half of the Sectors Rose - Last week, the Shanghai Composite Index decreased by 0.18%, the Shenzhen Component Index decreased by 1.40%, the ChiNext Index decreased by 3.01%, the SSE 50 Index remained unchanged, the CSI 1000 Index decreased by 0.52%, and the CSI Convertible Bond Index increased by 0.52%. There are 405 issued and unexpired convertible bonds, with a balance of 552.048 billion yuan [23]. - In the equity market, more than half of the industries in the Shenwan Primary Industry Index rose. In the convertible bond market, the iron and steel, petroleum and petrochemical, non - ferrous metals, food and beverage, and agriculture, forestry, animal husbandry and fishery sectors rose, while the media, electronics, building materials, communications, and national defense and military industries declined [28]. - Most of the popular concepts rose last week, with the cross - strait integration, SPD, antibiotics, and other concepts leading the increase, while the optical communication, photolithography factory, and other concepts led the decline [30]. (2) Valuation Performance: The Premium Rates of Convertible Bonds with Different Ratings and Sizes Changed Differently - The weighted average closing price of convertible bonds was 134.95 yuan, an increase of 0.48% from the previous Friday. The closing prices of equity - biased, debt - biased, and balanced convertible bonds all increased. The proportion of the 110 - 120 (inclusive) price range decreased significantly. The median price increased by 0.55%. The convertible bond market's 100 - yuan par - value fitted conversion premium rate increased by 0.11 percentage points [32]. - The premium rates of convertible bonds with different ratings and sizes changed differently. The A+ rating decreased by 0.46 percentage points, and the size of less than 3 billion yuan (inclusive) decreased by 1.5 percentage points. The conversion premium rate of convertible bonds in the par - value range of less than 80 yuan (inclusive) decreased by 2.37 percentage points [32]. 3. Terms and Supply: 3 Convertible Bonds Announced Early Redemption, and the Total Pending Issuance Scale is Approximately 11 Billion Yuan (1) Terms: Last week, 3 Convertible Bonds Announced Early Redemption, and No Convertible Bond's Board of Directors Proposed a Downward Revision - As of November 14, Yuguang, Cehui, and Tianci announced early redemption; Dazhong, Weice, and Saili convertible bonds announced no early redemption; Chutian, Lizhong, Youcai, Huicheng, Haoyuan, Guocheng, Aofei, Mingdianzhuan 02, Hongfa, and Shenma convertible bonds announced that they were expected to meet the early redemption conditions [2][53]. - Last week, no convertible bond's board of directors proposed a downward revision. Dongshi convertible bond announced the downward revision result; 7 convertible bonds announced no downward revision, and 9 convertible bonds announced that they were expected to trigger a downward revision [2][53]. (2) Primary Market: Last week, Ruike Convertible Bonds were Issued, and the Total Pending Issuance Scale is Approximately 11 Billion Yuan - Last week, Ruike Convertible Bonds were issued with a scale of 1 billion yuan, and there were no newly listed convertible bonds [3][56]. - Last week, 1 company added a board of directors' plan, 3 companies passed the shareholders' meeting, 1 company passed the issuance review committee's approval, and 1 company was approved by the CSRC, with year - on - year changes of +1, +3, - 1, and +1 respectively. As of November 14, 5 listed companies obtained convertible bond issuance approvals, with a proposed issuance scale of 3.762 billion yuan; 7 companies passed the issuance review committee, with a total scale of 6.473 billion yuan. Laite Optoelectronics added a board of directors' plan last week, with a scale of 766 million yuan [3][57][63].

Core Viewpoint - Suzhou Ruikeda Connection System Co., Ltd. has conducted an online lottery for its convertible bonds, ensuring a transparent and fair process under the supervision of relevant representatives [1]. Group 1 - The issuer of the convertible bonds is Suzhou Ruikeda Connection System Co., Ltd. [1][3] - The main underwriter for this issuance is Dongwu Securities Co., Ltd. [1][3] - The online lottery for the convertible bonds took place on November 17, 2025, with a total of 228,935 winning numbers announced [1]. Group 2 - Each winning number allows the investor to subscribe to one unit (1,000 yuan) of the convertible bonds [1]. - The lottery results were notarized by the Shanghai Oriental Notary Office, ensuring the integrity of the process [1]. - The announcement emphasizes the commitment of the company's board and directors to the accuracy and completeness of the information provided [1].