债券人 . 唯有进行扎实的基本面研究，方能行稳致远。 以下文章来源于债券人 ，作者光大证券固收研究 分转债规模看，大规模转债（债券余额大于20亿元）、中大规模转债（余额在15至20亿元之间）、中规模 转债（余额在10至15亿元之间）、中小规模转债（余额在5至10亿元之间）、小规模转债（余额小于5亿 元）本周涨跌幅分别为-0.41%、-0.88%、+0.83%、+0.10%和+0.32%，中规模转债涨幅最高。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 1、市场行情 本周（2025年11月10日至2025年11月14日，共5个交易日）中证转债指数涨跌幅为+0.52%（上周涨跌幅为 +0.86%），中证全指变动为-0.53%（上周涨跌幅为+0.63%）。2025年以来中证转 ...

Core Insights - Global stocks are outperforming US stocks despite US markets reaching all-time highs, indicating a complex market dynamic [3][4] - The long-term performance of US stocks remains strong, suggesting that short-term underperformance should not deter investors [5][6] - Increased interest from American investors in international stocks is evident, with a significant portion of the population participating in stock investments [6] Global Stock Performance - The Vanguard FTSE All-World Ex-US Index Fund (VEU) serves as a benchmark for global stocks, showing that while US stocks may lag temporarily, they have a strong historical lead [4][5] - International stocks often provide higher dividend yields compared to US firms, with Canadian stocks yielding 2.6% compared to the S&P 500's 1.2% [7] Investment Strategies - Active management is recommended for international stocks to avoid poor-quality companies and those in unstable regions [10] - Three high-yield closed-end funds (CEFs) are highlighted for their performance and ability to provide dividends exceeding 8% [11] Fund Analysis - The Calamos Global Dynamic Income Fund (CHW) offers an 8.1% annualized yield, combining convertible bonds with stock-like upside [12][13] - The LMP Capital & Income Fund (SCD) provides a 9.3% annualized yield, focusing on a mix of income-producing assets and capital-gains stocks [14][15] - The Virtus NFJ Dividend Value Fund (NFJ) generates a 9.3% dividend while blending American and foreign firms, utilizing a covered-call strategy for additional income [16][17] Market Trends - Discounts on these funds have narrowed recently, indicating increased investor interest and potential for share price appreciation [18]

Investment Rating - The investment rating for Bank of Nanjing is maintained at BUY with a target price of RMB 13.29, indicating a potential upside of 17% from the closing price of RMB 11.35 as of 9 June 2025 [1][6]. Core Insights - The conditional redemption clause of the convertible bonds (CBs) has been triggered, which is expected to enhance the capital strength of Bank of Nanjing and support further business expansion [2]. - The unconverted balance of the CBs is approximately RMB 5.2 billion, accounting for about 4% of the company's total market capitalization, suggesting limited share-capital dilution while maintaining a solid dividend profile and growth potential [3]. - Bank of Nanjing has demonstrated steady earnings growth, with a year-on-year increase in revenue and net profit of 6.5% and 7.1% respectively in 1Q25, outperforming peers [4]. Financial Performance - Revenue is projected to grow from RMB 45,160 million in 2023 to RMB 61,209 million by 2027, with a compound annual growth rate (CAGR) of approximately 7.27% [12]. - Net profit attributed to the parent is expected to increase from RMB 18,502 million in 2023 to RMB 26,113 million in 2027, reflecting a steady growth trajectory [12]. - The estimated dividend yield for 2025 is 5.02%, which remains attractive even after accounting for potential dilution from the CB conversion [3][12]. Valuation Metrics - The forecasted earnings per share (EPS) for 2025 is RMB 1.86, with a price-to-earnings (PE) ratio of 6.10x, indicating a favorable valuation compared to peers [10][12]. - The book value per share (BVPS) is estimated at RMB 14.77 for 2025, with a price-to-book (PB) ratio of 0.77x, suggesting that the stock is undervalued relative to its intrinsic value [10][12]. - The core capital adequacy ratio is expected to improve by 0.57 percentage points to 9.46% following the full conversion of the CBs, enhancing the bank's capital position [2].