债市启明系列：寻找带来超额收益的正股是核心

1、 第 页 HYPERLINK / 请务必阅读正文之后的免责条款部分 资金面市场回顾 HYPERLINK / 请务必阅读正文之后的免责条款部分20198271421天和1个月分别变动了-3.02bps4.77bps11.98bps0.08bp和10.42bps至2.60%2.64%、2.56%、2.45%2.64%。国债到期收益率全面下行，1 年、3 年、5 年、10 年分别变动-1.82bps、-3.22bps、-4.11bps、-5.73bps 至 2.60%、2.86%、2.94%、3.09%。上证综指下跌 1.41%至 2,867.84，深证成指下跌 1.42%至 9,136.46，创业

2、板指下跌 1.09%至1,556.74。上周五央行未开展逆回购操作, 无逆回购到期，实现流动性零投放零回笼。2017 性的“投与收”。增量方面，我们根据逆回购、SLF、MLF 等央行公开市场操作、国库现金2018 3 2016 12 M0 累计4388.8 4473.2 5562.4 亿元，粗算每日流动性减少总量。同时，我们对公开市场操作到期情况进行监控。图 1：2018 年 1 月 1 日至 2019 年 8 月 2 日公开市场操作和到期监控（亿元）资料来源：Wind， HYPERLINK / HYPERLINK / 请务必阅读正文之后的免责条款部分图 2：2017 年 1 月 1 日至 2

3、019 年 8 月 2 日流动性投放和回笼统计（亿元）资料来源：Wind， 图 3：2019 年 8 月 2 日人民币对各币种汇率当前值相对于 2017 年年末值变化百分比资料来源：Wind， 市场回顾及观点可转债市场回顾8 2 91.50 点， 0.35%171 土横盘外，1 支上涨，5 （%（%（%（-%（-%（%）172 支下（%（%（%（-%创维数字（-%、钧达股份（-%）领跌。 HYPERLINK / HYPERLINK / 请务必阅读正文之后的免责条款部分可转债市场周观点上周转债市场受权益市场压制基本收平，但市场溢价率依旧处于近期较高位置。alpha alpha 的目标此时首要因素

4、来自正股从总体策略来看，A是弄清楚哪些标的值得布局哪些标的的长期性价比不足。已经逼近区间上限，未来走向压缩是大概率事件。持作用，对此建议重点关注公用事业板块。高弹性组合建议重点关注参林（百姓）转债、和而（拓邦）转债、绝味转债、高能转债、精测转债、通威转债、洲明转债、光电转债、桐昆转债、天康转债以及金融转债。22、海尔转债和大银行转债。风险因素：市场流动性出现大幅波动，宏观经济不如预期，无风险利率大幅波动，正股股价超预期波动。 HYPERLINK / HYPERLINK / 请务必阅读正文之后的免责条款部分股票市场1：市场概况代码简称收盘价日变化（%）成交额（亿）成交额同比变化（%）000001

5、.SH上证指数2,867.84-1.412163.2726.42399001.SZ深证成指9,136.46-1.422385.8017.60399300.SZ沪深 3003,747.44-1.47399005.SZ中小板指5,669.62-1.69399006.SZ创业板指1,556.74-1.09000016.SH上证 502,843.77-1.53资料来源：Wind， 表 2：行业涨跌幅榜每日涨幅前五板块日涨跌幅（%）每日跌幅前五板块日涨跌幅（%）有色金属0.73通信-2.60农林牧渔0.30非银行金融-2.40餐饮旅游0.02电子元器件-2.26食品饮料-0.78石油石化-2.02医药-

6、0.95综合-1.94每日涨幅前五板块日涨跌幅（%）每日跌幅前五板块日涨跌幅（%每日涨幅前五板块日涨跌幅（%）每日跌幅前五板块日涨跌幅（%）稀土永磁6.00创投-3.02生物育种2.664G-2.93次新股2.44页岩气和煤层气-2.72新材料1.77智能汽车-2.71黄金珠宝0.24油气改革-2.65资料来源：Wind， 转债市场4名称收盘价日变化（%）中证转债指数322.72-0.36平价指数91.50-1.63转债指数110.11-0.35名称简称收盘价（元）涨跌幅（%）成交额（千万）名称简称收盘价（元）涨跌幅（%）成交额（千万）110030.SH格力转债104.58-0.040.381

7、10031.SH航信转债107.34-0.070.08110033.SH国贸转债111.20-0.370.32110034.SH九州转债102.800.340.33 HYPERLINK / HYPERLINK / 请务必阅读正文之后的免责条款部分名称简称收盘价（元）涨跌幅（%）成交额（千万）110038.SH济川转债106.20-0.530.11110040.SH生益转债0.000.000.00110041.SH蒙电转债117.000.172.98110042.SH航电转债117.42-0.073.49110043.SH无锡转债104.22-0.622.48110044.SH广电转债138.6

8、0-5.563.34110045.SH海澜转债101.00-0.490.22113008.SH电气转债114.82-0.312.97113009.SH广汽转债108.710.201.86113011.SH光大转债112.55-0.3725.90113012.SH骆驼转债101.01-0.650.08113013.SH国君转债114.70-0.517.74113014.SH林洋转债97.41-0.540.21113015.SH隆基转债136.02-1.223.29113016.SH小康转债96.03-0.540.30113017.SH吉视转债99.89-0.441.27113019.SH玲珑转债

9、119.600.925.49113502.SH嘉澳转债96.61-0.180.06113503.SH泰晶转债126.75-1.43150.37113504.SH艾华转债108.801.670.13113505.SH杭电转债100.45-0.750.61113507.SH天马转债115.16-0.340.05113508.SH新凤转债103.54-0.471.97113509.SH新泉转债100.150.800.78113510.SH再升转债106.03-0.590.08113511.SH千禾转债118.540.560.84113514.SH威帝转债100.46-0.240.12113515.S

10、H高能转债116.50-0.170.57113516.SH苏农转债108.10-0.180.61113517.SH曙光转债112.00-1.761.45113518.SH顾家转债109.00-0.011.09123001.SZ蓝标转债119.56-1.240.77123002.SZ国祯转债120.870.000.14123003.SZ蓝思转债99.50-0.191.24123004.SZ铁汉转债99.37-0.260.18123007.SZ道氏转债101.90-0.130.44123009.SZ星源转债112.50-0.080.55123010.SZ博世转债106.20-0.280.38123

11、011.SZ德尔转债98.01-0.240.28123012.SZ万顺转债105.77-1.050.11123013.SZ横河转债101.99-0.330.06123014.SZ凯发转债106.760.340.34123015.SZ蓝盾转债107.01-1.240.11127003.SZ海印转债100.760.150.51 HYPERLINK / HYPERLINK / 请务必阅读正文之后的免责条款部分名称简称收盘价（元）涨跌幅（%）成交额（千万）127004.SZ模塑转债92.44-0.230.44127005.SZ长证转债116.80-1.0217.88127006.SZ敖东转债102.0

12、6-0.431.81127007.SZ湖广转债107.73-0.480.14128010.SZ顺昌转债101.00-0.080.07128012.SZ辉丰转债96.94-0.080.55128013.SZ洪涛转债95.56-0.150.60128014.SZ永东转债98.790.050.34128015.SZ久其转债92.25-0.270.38128016.SZ雨虹转债117.80-0.101.78128017.SZ金禾转债111.87-0.830.07128018.SZ时达转债95.00-0.520.11128019.SZ久立转 2109.00-0.550.32128020.SZ水晶转债11

13、1.20-0.723.13128021.SZ兄弟转债106.39-2.142.38128022.SZ众信转债99.200.000.09128023.SZ亚太转债92.810.000.24128024.SZ宁行转债129.53-1.5917.10128025.SZ特一转债107.80-0.200.09128026.SZ众兴转债94.050.270.55128027.SZ崇达转债117.30-1.020.73128028.SZ赣锋转债98.05-0.680.61128029.SZ太阳转债109.99-0.730.03128030.SZ天康转债129.20-3.594.90128032.SZ双环转债

14、93.550.161.19128033.SZ迪龙转债102.28-0.860.31128034.SZ江银转债108.04-0.250.74128035.SZ大族转债97.93-1.0911.59128036.SZ金农转债128.501.1418.74128037.SZ岩土转债95.380.000.10128038.SZ利欧转债107.11-0.830.16128039.SZ三力转债104.17-0.600.10128040.SZ华通转债100.70-0.790.16128041.SZ盛路转债122.23-2.690.29128042.SZ凯中转债99.170.030.14128043.SZ东音

15、转债136.36-1.260.38128044.SZ岭南转债99.81-0.010.27128045.SZ机电转债112.000.180.49128046.SZ利尔转债103.30-0.102.04113520.SH百合转债121.71-1.790.41128048.SZ张行转债108.14-0.581.14113519.SH长久转债107.91-0.360.20123016.SZ洲明转债116.00-2.282.05128047.SZ光电转债127.20-0.303.04 HYPERLINK / HYPERLINK / 请务必阅读正文之后的免责条款部分名称简称收盘价（元）涨跌幅（%）成交额（

16、千万）113521.SH科森转债102.33-1.151.06110047.SH山鹰转债108.10-0.291.26113522.SH旭升转债107.930.560.91113020.SH桐昆转债116.85-0.041.57110046.SH圆通转债120.30-0.5210.24128049.SZ华源转债99.82-0.500.29123017.SZ寒锐转债106.30-1.273.37127008.SZ特发转债184.30-3.601.48113523.SH伟明转债117.46-0.380.21128050.SZ钧达转债99.40-0.800.46110048.SH福能转债115.46

17、3.457.16113524.SH奇精转债100.98-0.590.16128051.SZ光华转债103.89-0.970.07113525.SH台华转债105.07-0.650.03110049.SH海尔转债120.50-0.917.13128052.SZ凯龙转债158.10-3.963.53110050.SH佳都转债121.00-0.410.73123018.SZ溢利转债113.99-0.450.14127010.SZ平银转债121.75-0.8531.28113526.SH联泰转债139.101.0533.06113527.SH维格转债96.41-0.260.72127009.SZ冰轮转

18、债134.00-2.692.94128053.SZ尚荣转债106.35-0.790.73128054.SZ中宠转债101.88-0.700.16113021.SH中信转债106.25-0.3011.35113528.SH长城转债98.98-0.370.12128056.SZ今飞转债99.25-0.650.24123019.SZ中来转债105.17-0.032.48110051.SH中天转债104.54-0.804.17123021.SZ万信转 2103.89-0.040.34113022.SH浙商转债106.26-0.585.47123020.SZ富祥转债108.40-0.632.381100

19、52.SH贵广转债119.50-1.052.36128057.SZ博彦转债103.43-1.160.47128059.SZ视源转债118.50-0.340.97113529.SH绝味转债130.42-0.142.03128055.SZ长青转 2113.34-0.150.39110053.SH苏银转债109.130.1315.91127011.SZ中鼎转 2107.27-0.400.09110055.SH伊力转债113.58-0.380.74128058.SZ拓邦转债114.30-0.621.36123022.SZ长信转债109.74-0.261.77110054.SH通威转债125.80-0.

20、412.23128060.SZ中装转债111.700.041.91 HYPERLINK / HYPERLINK / 请务必阅读正文之后的免责条款部分名称简称收盘价（元）涨跌幅（%）成交额（千万）110056.SH亨通转债98.720.020.99123023.SZ迪森转债99.49-0.320.07123024.SZ岱勒转债105.200.3026.76113530.SH大丰转债98.61-0.030.13123025.SZ精测转债114.47-0.750.50113531.SH百姓转债120.902.721.46113533.SH参林转债135.786.4214.10113532.SH海环转

21、债104.70-0.101.08128063.SZ未来转债104.78-0.060.29128062.SZ亚药转债99.350.271.89128061.SZ启明转债116.660.020.85113024.SH核建转债104.60-0.601.64127012.SZ招路转债107.05-0.335.68110057.SH现代转债106.77-0.061.90113534.SH鼎胜转债97.78-0.260.21113025.SH明泰转债101.500.002.18128064.SZ司尔转债100.87-1.111.12113026.SH核能转债106.20-0.2813.72110058.S

22、H永鼎转债95.13-0.020.55128065.SZ雅化转债95.64-0.151.01128066.SZ亚泰转债99.60-0.430.20127013.SZ创维转债98.91-0.610.93128067.SZ一心转债111.20-0.270.49113535.SH大业转债100.10-0.070.12113536.SH三星转债103.29-0.300.20128068.SZ和而转债111.650.241.10123026.SZ中环转债112.010.492.04123027.SZ蓝晓转债109.75-0.680.35113537.SH文灿转债100.68-0.230.78113028

23、.SH环境转债118.80-0.907.54113027.SH华钰转债101.620.212.58128069.SZ华森转债101.350.050.25123028.SZ清水转债103.88-0.600.89113538.SH安图转债118.300.340.51128070.SZ智能转债99.60-0.410.80113539.SH圣达转债106.66-0.504.45名称简称收盘价（元）涨跌幅（%）名称简称收盘价（元）涨跌幅（%）成交额（亿）600185.SH格力地产4.49-1.970.23600271.SH航天信息22.06-3.203.94600755.SH厦门国贸7.78-3.111

24、.65600998.SH九州通12.390.901.40600566.SH济川药业28.67-1.411.50 HYPERLINK / HYPERLINK / 请务必阅读正文之后的免责条款部分名称简称收盘价（元）涨跌幅（%）成交额（亿）600183.SH生益科技19.10-0.9313.59600863.SH内蒙华电3.141.290.55600372.SH中航电子14.31-3.251.10600908.SH无锡银行5.52-1.430.46600831.SH广电网络9.11-2.981.13600398.SH海澜之家8.83-1.670.64601727.SH上海电气5.19-2.081.

25、01601238.SH广汽集团10.91-1.710.68601818.SH光大银行3.86-1.534.27601311.SH骆驼股份9.79-3.071.12601211.SH国泰君安17.29-3.306.63601222.SH林洋能源4.25-2.300.43601012.SH隆基股份25.37-0.907.36601127.SH小康股份12.52-2.340.22601929.SH吉视传媒2.24-2.610.27601966.SH玲珑轮胎19.453.622.14603822.SH嘉澳环保24.15-1.950.14603738.SH泰晶科技22.62-3.836.52603989

26、.SH艾华集团19.18-0.470.22603618.SH杭电股份5.85-3.150.84603668.SH天马科技8.14-0.120.24603225.SH新凤鸣12.18-1.690.28603179.SH新泉股份13.07-0.760.21603601.SH再升科技7.39-1.340.22603027.SH千禾味业19.981.421.66603023.SH威帝股份4.32-0.920.04603588.SH高能环境9.70-3.390.69603323.SH苏农银行5.33-1.480.65603019.SH中科曙光34.01-3.167.78603816.SH顾家家居30.3

27、2-3.590.88300058.SZ蓝色光标5.09-1.172.16300388.SZ国祯环保9.42-2.380.25300433.SZ蓝思科技7.56-3.572.77300197.SZ铁汉生态3.20-1.230.38300409.SZ道氏技术11.78-1.921.37300568.SZ星源材质25.78-2.500.86300422.SZ博世科11.42-2.890.74300473.SZ德尔股份27.050.110.12300057.SZ万顺新材5.17-4.080.47300539.SZ横河模具7.97-1.850.18300407.SZ凯发电气7.690.390.35300

28、297.SZ蓝盾股份5.50-2.480.61000861.SZ海印股份2.590.390.15000700.SZ模塑科技3.46-2.540.20 HYPERLINK / HYPERLINK / 请务必阅读正文之后的免责条款部分名称简称收盘价（元）涨跌幅（%）成交额（亿）000783.SZ长江证券7.10-4.313.55000623.SZ吉林敖东15.80-2.531.17000665.SZ湖北广电5.17-2.270.31002245.SZ澳洋顺昌3.72-2.870.31002496.SZ辉丰股份2.72-0.730.32002325.SZ洪涛股份2.98-1.320.16002753

29、.SZ永东股份8.940.790.25002279.SZ久其软件6.02-1.150.19002271.SZ东方雨虹22.43-0.621.73002597.SZ金禾实业19.70-2.481.12002527.SZ新时达5.00-0.600.10002318.SZ久立特材7.21-3.870.65002273.SZ水晶光电10.85-4.494.12002562.SZ兄弟科技4.83-3.010.88002707.SZ众信旅游5.59-1.580.22002284.SZ亚太股份4.96-4.060.25002142.SZ宁波银行22.97-1.633.85002728.SZ特一药业15.65

30、0.510.15002772.SZ众兴菌业7.962.050.37002815.SZ崇达技术15.01-1.830.64002460.SZ赣锋锂业22.85-1.476.90002078.SZ太阳纸业7.06-1.401.29002100.SZ天康生物10.21-3.774.09002472.SZ双环传动5.320.950.75002658.SZ雪迪龙7.66-2.050.16002807.SZ江阴银行4.54-1.090.34002008.SZ大族激光26.08-8.8118.53002548.SZ金新农12.054.423.27002542.SZ中化岩土4.00-1.720.2100213

31、1.SZ利欧股份1.73-1.700.80002224.SZ三力士5.37-1.290.41002758.SZ华通医药8.93-2.080.10002446.SZ盛路通信8.37-3.351.14002823.SZ凯中精密10.07-0.790.22002793.SZ东音股份15.15-1.050.29002717.SZ岭南股份4.78-1.040.29002013.SZ中航机电6.71-1.320.80002258.SZ利尔化学12.63-1.480.25603313.SH梦百合17.45-1.250.19002839.SZ张家港行5.55-1.250.59603569.SH长久物流11.1

32、3-1.940.08300232.SZ洲明科技8.32-3.821.32002179.SZ中航光电37.62-0.693.07603626.SH科森科技7.94-3.050.27 HYPERLINK / HYPERLINK / 请务必阅读正文之后的免责条款部分名称简称收盘价（元）涨跌幅（%）成交额（亿）600567.SH山鹰纸业3.21-1.830.60603305.SH旭升股份25.06-2.600.62601233.SH桐昆股份12.66-4.092.16600233.SH圆通速递12.70-0.391.11002787.SZ华源控股6.42-2.730.12300618.SZ寒锐钴业48

33、.60-2.682.60000070.SZ特发信息10.13-3.151.77603568.SH伟明环保19.52-1.610.85002865.SZ钧达股份17.40-5.380.66600483.SH福能股份8.597.241.46603677.SH奇精机械12.02-4.070.30002741.SZ光华科技11.65-1.690.52603055.SH台华新材7.04-2.090.15600690.SH海尔智家16.18-4.157.93002783.SZ凯龙股份10.68-3.170.83600728.SH佳都科技8.83-3.292.42300381.SZ溢多利9.570.000.

34、16000001.SZ平安银行13.74-2.5513.33603797.SH联泰环保0603518.SH锦泓集团8.06-1.590.08000811.SZ冰轮环境7.26-3.331.00002551.SZ尚荣医疗4.79-1.440.16002891.SZ中宠股份17.47-1.850.14601998.SH中信银行5.82-1.521.04603897.SH长城科技19.42-2.020.19002863.SZ今飞凯达5.67-1.390.16300393.SZ中来股份12.35-0.640.48600522.SH中天科技8.65-1.933.04300168.SZ万达信息10.53-2.591.46601878.SH浙商证券8.38-4.012.25300497.SZ富祥股份15.490.001.11600996.SH贵广网络9.37-2.800.69002649.SZ博彦科技7.99-3.500.48002841.SZ视源股份76.10-1.781.29603517.SH绝味食品37.11-1.771.27002391.SZ长青股份7.73-1.780.28600919.SH江苏银行6.901.022.45000887.SZ中鼎股份9.