债市启明系列：如何看待三支箭的政策效果

证券研究报告请务必阅读正文之后第证券研究报告请务必阅读正文之后第33页起的免责条款和声明如何看待三支箭的政策效果？债市启明系列｜2022.12.9中信证券研究部 核心观点明明FICC首席分析师S1010517100001彭阳FICC分析师S1010521070001章立聪资管与利率债首席分析师S1010514110002周成华FICC分析师S1010519100001

2022▍第一支箭：信贷支持。今年以来信贷支持政策由局部到全局逐步加码。上半年多数救市城市政策围绕放松限购限贷、降低住房贷款利率、降低首付比例等，宽松政策由三四线等中低能级城市向二线等中高能级城市扩散。年中开始出现自上而下的政策支持，下半年房贷利率水平降至历史低位。随着年底金融支持16步加码。但是，在交付担忧、疫情冲击和提前还贷等因素的影响下，政策对于地产销售的刺激效果尚未显现。展望明年，上述因素都在发生积极的变化。如果这些因素在明年渐次缓和，那么与地产相关信贷融资的边际改善也将出现。▍第二支箭：民企债券融资支持工具。民企债券融资支持工具可以追溯到2018年第二支箭主要应对民营企业，特别是中小微企业融资难、融资贵问题。今年除担保增信、创设信用风险缓释凭证等支持民营企业发债融资外，新增了“直接购买债券”。从增信发债融资主体来看，此次面向的主体更加开放，除此前优质房企外，一些其他稳健经营的民企和混合所有制房企也被纳入融资“白名单”，已有八家房企完成储架式注册发行。（3）政策落地有望提振市场信心：2018年年底的民营企业座谈会和民企债券融资支持工具推出后，企业融资在2019次推出“第二支箭”和金融稳地产“十六条”等一系列政策一定程度上拓宽了融资主体，助力政策支持的稳健运营房企补充流动性，对于扭转了房地产市场预期，对房地产市场救助具有标志性意义。▍第三支箭：民企股权融资支持工具。28日，证监会宣布调整优化五项措IPO的房地产企业并购重组并进行配套融资，恢复了上市房企的再融资，体现出了国家稳地产的决心。第三支箭与前两支箭最大的不同在于前两支是债券融资，可以补充企业的流动性、缓解资金压力，降低杠杆。权益类融资还可以引入战▍结论：从2022年政策底到2023年市场底，信用环境也将逐步改善。2022年10年来政策在地产领域鲜有的放松和激励。政策趋势非常明确，房企融资和居民购房的监管约束、市场化的土地价格和利率水平对于房地产企业而言均较为有利，房地产基本面已然具备复苏的前置条件。显然，这一轮房地产的复苏比之前都要困难，从政策底到市场底的时滞也被拉长，市场底最为重要的观察点将回到商品房销售。在需求侧和供给侧政策的共同推动下，我们认为商品房销售有望在明年二季度显著复苏，对应居民信贷修复、社融回暖和宽信用落地。房地产企业也将逐步恢复拿地和开工的信心，地产投资的收缩幅度或较今年有所下降。对于债市而言，中期维度运10是今年年底到明年一季度债券市场的方向。PAGE32请务必阅读正文之后的免责条款和声明PAGE32请务必阅读正文之后的免责条款和声明▍第一支箭：信贷支持信贷支持政策由局部到全局逐步加码。今年以来，在因城施策的鼓励和支持下，地方松绑政策不断推进。一方面，措施力度不断加大，年初多数救市城市政策围绕公积金、落户展开，而后逐步转向放松限购限贷、降低住房贷款利率、降低首付比例等；另一方面，315日央行下调首套个人按揭贷款利率下限为LR减s9月9年年底前阶段性放宽首套个人按揭贷款利率下限。4360最新发布的房贷利率4.17%4.95%，2021140bps90bps4%5年来最高水平。供给端信贷政策从“保交楼”到“保交楼、保主体”逐步加码。728日，中央首200023日，央行和银保监会正式发布《关于做好当前金融支持房地产市场款集中度过渡期方面，表明了央行从“保交楼”到“保交楼、保主体”并驱的意愿转变，126日，已有2070320182018定的民营企业和国央企，优质房企的信用修复将更加高效。图1：住房贷利率经降至历低位（%） 首套平房贷率 全国二房贷均利率7.57.06.56.05.55.04.54.02014 2015 2016 2017 2018 2019 2020 2021 2022资料来源：Wind，中信证券研究部住房销售面积呈现出高度负相关性，住房需求的利率弹性较高。在2011Q4-2012Q4和2014Q3-2016Q3140bps和增速始终在低位徘徊，市场修复缓慢，不及预期。图2：个人住房贷款利率和商品房销售的关系（%，%）个人住贷款权平利率 商品房销额:季度同（右）88776655420092010201120122013201420152016201720182019202020212022

120100806040200-20-40资料来源：Wind，中信证券研究部70，如果这些因素在明年渐次缓和，那么与地产相关的融资的边际改善也将逐步出现。图3：三季度人住贷款增为0（亿元） 个人住房贷款季度净增规模2014-032014-062014-032014-062014-092014-122015-032015-062015-092015-122016-032016-062016-092016-122017-032017-062017-092017-122018-032018-062018-092018-122019-032019-062019-092019-122020-032020-062020-092020-122021-032021-062021-092021-122022-032022-062022-09资料来源：Wind，中信证券研究部▍第二支箭：民企债券融资支持工具8二支箭”延期并扩容支持民营企业债券融资再加力》，其中提到：交易商协会继续推进并扩大民营企业债券融资支持工具（“第二支箭”），由人民银行再贷款提供资金支持，亿元民营企业债券融资，后续可视情况进一步扩容”。民企债券融资支持工具可以追溯到2018年，与当前有相似也有不同：经济下行期为民营企业拓宽融资渠道：2018内源融资减少；民企地产违约频发，行业信用风险上升。支持方式和发债主体都有所拓展，但资质要求并未明显放松：有近百家房企提127121020亿元、1512亿元中债增进2.99%4%动性不足、优质资产已进行过融资的情况下，满足相应抵押或反担保要求的房企范围较为有限。表1：已有八家房企完成储架式注册发行发债企业债券类型总规模（亿元）企业性质龙湖集团储架式注册发行200民企美的置业储架式中期票据注册发行150民企发债企业债券类型总规模（亿元）企业性质新城控股储架式注册发行150民企万科储架式注册发行280混合所有制金地集团储架式注册发行150混合所有制旭辉控股储架式注册发行150民企绿城中国储架式中期票据注册发行110混合所有制金辉控股储架式注册发行20民企资料来源：银行间交易商协会，中信证券研究部年年底的民营企业座谈会和民企债券融资支20199日29%2105”、“21MTN003”、“21碧地02”和“2001”等房企债券均涨30%。14MLF。▍第三支箭：民企股权融资支持工具202228日，证监会宣布调整优化五项措施，房地产第三支箭正式射出，意资、以及私募股权基金的限制，几乎为房地产企业打开了所有的股权融资通道。股权融资：被关闭的渠道房企股权融资的大门长期关闭。2010年，国务院为了遏制部分城市房价过快上涨，AIPOIPO趋于相同的监管要求，导致房企通过重组上市进行融资的通道也被关闭。2013年曾出现短暂的政（通过重组上市的方式进行融资，20102022年的十二年间，AIPO上市、重组上市以及再融资均被暂停。2020年底，恒大借由深深房重组上市的计划历时四年，最终也未能实现。此次五项措施除了IPO暂未放开外，全面打开了股权融资的通道。新措施允许符合要求的房地产企业并购重组并进行配套融资，恢复了上市房企的再融资，体现出了国家稳地产的决心。同时也可以看到，政策中对于融资主体的提法为“涉房上市公司”，范围相对较宽，对于整个房地产行业的资源整合具有重要意义。第三支箭助力房企信用修复，多板块股债上涨并辅以配套资金的募集，可以补充企业的流动性、缓解资金压力，降低杠杆。不仅如此，、私募基金间接为行业注入活力。第三支箭发出后，房企积极行动。第三支箭公布仅一周时间，已经有多家上市房企发出公告，准备进行定增融资，包括北新路桥、福星股份、新湖中宝、世茂股份、万科、华10权融资的开放对于各房企的重要性。股债市场均对第三支箭做出较强反应。新政发布次日，A股房地产开发板块涨幅达到7.07%403.04%1.84%。同时值29日，102.88%，10年期国债期货主力合约30%左右或以上。图4：权益市地产银行块所上行 图5：10年期国收益（%） 65006000550050004500

中信行业指数:房地产中信行业指数:银行（右轴）

900085008000750070002022-012022-022022-012022-022022-032022-042022-052022-062022-072022-082022-092022-102022-112022-12

2.952.902.852.802.752.702.652.602.552.50资料来：Wind，中信证研究部 资料来：Wind，中信证研究部▍结论从2022年政策底到2023年市场底，信用环境也将逐步改善。2022年确认了地产的10103.0%是今年年底到明年一季度债券市场的方向。▍资金面市场回顾2022128日银存间质押式回购加权利率涨跌互现，隔夜、7天、14天、21天15.79bps、2.46bps、10.36bps、1.71bps和-2.24bps1.0712%、1.6609%1.646%1.5463%2.1817%35年、100.5bps1.26bps0.77bps1.03bps1.7706%2.2802%2.4918%2.7278%128日上证综指下跌-0.4%3199.62,0.17%11418.76,0.87%2414.04。央行公告称，为维护银行体系流动性合理充裕，20221208日人民银行以利率20207时有100亿元逆回购到期，实现流动性净回笼80亿元。【流动性动态监测】我们对市场流动性情况进行跟踪，观测2017年开年来至今流动SLFMLF202012201612M016010.669868.66情况，计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6：2020年12月8日至2022年12月8日公开市场操作和到期监控（亿元）资料来源：Wind，中信证券研究部图7：2017年1月1日至2022年12月8日流动性投放和回笼统计（亿元）资料来源：Wind，中信证券研究部图8：2022年12月8日人民币对各币种汇率当前值相对于前一日值变化百分比2.50%2.00%1.50%1.00%0.50%0.00%-0.50% 资料来源：Wind，中信证券研究部▍市场回顾及观点可转债市场回顾128404.620.33%，可转债指数收于1733.351461.58135.8297.384613支上涨，2（3.52%）领涨，禾丰转债（-4.68%）、华统转债（-4.10%)和万顺转债（-4.02%）领跌。454支可031（6%（%)（-5.21%）领跌。可转债市场周观点中证转债指数上周持续放量反弹，交投热度活跃无论是中小市值标的亦或是大盘蓝筹皆有所表现，市场呈现出较好的赚钱效应。在这一阶段，我们建议向持仓效率倾斜，重点从两方面寻找机会：一是关注高弹性标的，率稍高，但正股空间可以弥补这一缺憾，主要关注地产后周期、大消费、金融几大方向。我们再次强调，转债市场近一年来波动持续放大，当机会出现时，效率尤为重要，特别在当前主题投资起势的时候，转债具有快速兑现效率的特征。高弹性组合建议重点关注斯莱转债、再22转债、法兰转债、博汇转债、伯特转债、朗新转债、金诚转债、丰山（元力）转债、一品转债、龙净转债。222222转债、温氏转债、盛泰转债。风险因素市场流动性大幅波动，宏观经济增速不如预期，无风险利率大幅波动，正股股价超预期波动。▍股票市场表2：市场概况代码简称收盘价日变化（%）成交额（亿）000001.SH上证指数3,197.35-0.073,649.36399001.SZ深证成指11,389.79-0.255,049.32399300.SZ沪深3003,959.180.021,980.38399005.SZ中小板指7,610.60-0.41654.64399006.SZ创业板指2,411.81-0.091,627.39000016.SH上证502,672.900.08512.41资料来源：Wind，中信证券研究部表3：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（%）房地产(中信)1.61农林牧渔(中信)-2.59商贸零售(中信)0.96计算机(中信)-1.61银行(中信)0.79综合金融(中信)-1.44综合(中信)0.59国防军工(中信)-1.41消费者服务(中信)0.47电子(中信)-1.20名称日涨跌幅（%）名称日涨跌幅（名称日涨跌幅（%）名称日涨跌幅（%）大盘价值0.42大盘成长0.10中盘价值0.09中盘成长-0.25小盘价值0.20小盘成长-0.71资料来源：Wind，中信证券研究部▍转债市场表5：可转债市场名称收盘价日变化（%）中证转债指数404.62-0.33等权可转债指数1,733.35-0.34可转债预案指数1,461.58-0.30资料来源：Wind，中信证券研究部表6：可转债个券涨跌幅情况（百万）128022.SZ众信转债171.227.23（百万）128022.SZ众信转债171.227.235,665.83123148.SZ上能转债198.004.822,471.83127043.SZ川恒转债147.703.522,486.35113615.SH金诚转债223.852.931,020.62123156.SZ博汇转债148.372.68226.32128145.SZ日丰转债139.892.52710.50113567.SH君禾转债139.342.24198.54128053.SZ尚荣转债177.962.232,995.32123072.SZ乐歌转债129.502.03799.10123013.SZ横河转债510.501.751,887.91113582.SH火炬转债192.251.45317.53123135.SZ泰林转债196.001.292,865.91113626.SH伯特转债239.611.18387.27128041.SZ盛路转债286.501.16732.68127044.SZ蒙娜转债116.501.0333.39127028.SZ英特转债136.401.021,461.83123143.SZ胜蓝转债141.300.991,160.89113653.SH永22转债125.080.9511.17127069.SZ小熊转债140.400.90558.31110089.SH兴发转债118.770.82103.56127032.SZ苏行转债122.190.7488.96123096.SZ思创转债104.730.6428.85110053.SH苏银转债126.970.58247.72127040.SZN国泰转120.370.5737.67113048.SH晶科转债124.220.5758.97110084.SH贵燃转债124.620.56185.18128127.SZ文科转债112.500.55226.61127039.SZ北港转债121.280.5190.19127064.SZ杭氧转债170.270.51135.91123159.SZ崧盛转债126.740.47143.91111004.SH明新转债135.700.4688.63113585.SH寿仙转债201.960.46382.62111000.SH起帆转债144.460.4675.46

成交额成交额（百万）涨跌幅（%）名称简称成交额（百万）涨跌幅（%）名称简称收盘价（元）128122.SZ兴森转债125.600.4613.51128074.SZ游族转债111.510.4526.40113062.SH常银转债115.040.4581.92123154.SZ火星转债121.540.458.69128117.SZ道恩转债119.490.4135.93127062.SZ垒知转债121.900.41840.86110052.SH贵广转债145.620.39361.68127059.SZ永东转2131.500.389.63127055.SZ精装转债117.600.38875.47128070.SZ智能转债124.450.3656.54128030.SZ天康转债250.300.3326.77128021.SZ兄弟转债127.440.3224.02113656.SH嘉诚转债117.210.3281.72123158.SZ宙邦转债127.500.3131.39113601.SH塞力转债118.880.31290.52113627.SH太平转债107.600.316.35118008.SH海优转债123.240.3058.79123166.SZ蒙泰转债138.300.2958.55123098.SZ一品转债147.500.27193.10118024.SH冠宇转债124.640.2580.17113045.SH环旭转债116.950.2520.60110085.SH通22转债126.360.24165.92113597.SH佳力转债119.280.2310.63128134.SZ鸿路转债125.690.2314.86113643.SH风语转债120.600.228.43113011.SH光大转债105.280.22205.40123065.SZ宝莱转债118.050.2174.71113025.SH明泰转债239.500.19220.55123119.SZ康泰转2128.570.1630.37127075.SZ百川转2123.800.1632.21113039.SH嘉泽转债135.130.1617.73113625.SH江山转债119.340.1628.71128133.SZ奇正转债125.170.1343.56123122.SZ富瀚转债115.770.113.93110075.SH南航转债138.290.10277.79110059.SH浦发转债104.930.10337.57128125.SZ华阳转债108.050.094.17123064.SZ万孚转债129.000.09737.72118022.SH锂科转债125.130.0974.14113021.SH中信转债110.630.0858.46123115.SZ捷捷转债120.090.0827.20127027.SZ靖远转债126.200.0820.89123127.SZ耐普转债118.550.047.05113042.SH上银转债105.240.03282.03123093.SZ金陵转债120.310.0322.36113575.SH东时转债138.570.0327.14123075.SZ贝斯转债119.500.033.44123128.SZ首华转债104.130.0112.57128123.SZ国光转债113.430.005.88128015.SZ久其转债120.500.000.00123029.SZ英科转债1,376.600.000.00123139.SZ铂科转债114.010.000.00123134.SZ卡倍转债145.900.00141.55127030.SZ盛虹转债135.300.0072.34113616.SH韦尔转债113.500.0041.30113037.SH紫银转债102.44-0.0150.00113050.SH南银转债119.50-0.0189.55111007.SH永和转债146.90-0.02123.39128142.SZ新乳转债115.50-0.0325.65113057.SH中银转债121.57-0.0456.50123142.SZ申昊转债113.95-0.042.85128129.SZ青农转债100.42-0.0634.55113654.SH永02转债134.53-0.0716.67110063.SH鹰19转债119.25-0.074.52113631.SH皖天转债122.85-0.0866.45123054.SZ思特转债125.30-0.086.12111003.SH聚合转债126.70-0.0811.80113053.SH隆22转122.25-0.0870.18128119.SZ龙大转债120.50-0.0816.72123091.SZ长海转债125.99-0.0910.83127047.SZ帝欧转债99.50-0.109.61110070.SH凌钢转债116.93-0.1113.35123010.SZ博世转债111.88-0.112.44113628.SHN晨丰转110.95-0.125.62123004.SZ铁汉转债109.26-0.125.39113052.SH兴业转债104.72-0.12148.99128087.SZ孚日转债130.84-0.13405.33128062.SZ亚药转债106.80-0.1320.39128014.SZ永东转债119.99-0.135.20123014.SZ凯发转债135.42-0.1310.35123113.SZN仙乐转108.40-0.147.69127072.SZ博实转债129.32-0.143.61113056.SH重银转债98.43-0.1496.98113524.SH奇精转债120.63-0.142.41123101.SZ拓斯转债114.40-0.153.96127053.SZ豪美转债115.22-0.1515.14113600.SH新星转债120.13-0.154.45127073.SZ天赐转债128.80-0.1692.39110079.SH杭银转债119.81-0.16146.61113058.SH友发转债111.85-0.1613.87128108.SZ蓝帆转债101.77-0.1724.49113526.SH联泰转债130.02-0.1717.13110081.SH闻泰转债111.78-0.1741.35127018.SZ本钢转债113.00-0.1833.11127024.SZ盈峰转债105.50-0.181.84111009.SH盛泰转债130.85-0.1852.75113054.SH绿动转债105.71-0.1910.25110076.SH华海转债114.80-0.195.91128121.SZ宏川转债126.66-0.198.74128138.SZ侨银转债117.10-0.192.25123044.SZ红相转债123.16-0.1914.28128034.SZ江银转债115.52-0.1922.04118012.SH微芯转债125.12-0.195.47127016.SZ鲁泰转债118.79-0.1936.94111001.SH山玻转债117.12-0.202.06113606.SH荣泰转债110.31-0.201.56113537.SH文灿转债369.69-0.21236.36128071.SZ合兴转债113.64-0.225.71127041.SZN弘亚转108.30-0.226.13118003.SH华兴转债126.50-0.2212.50113574.SH华体转债114.57-0.221.70127046.SZN百润转123.11-0.2214.64123100.SZ朗科转债115.56-0.221.37128037.SZ岩土转债119.99-0.2225.55128063.SZ未来转债118.58-0.221.77113060.SH浙22转债126.24-0.2353.83110073.SH国投转债105.70-0.2347.10113595.SH花王转债116.30-0.2324.49113639.SH华正转债108.41-0.234.17110061.SH川投转债132.55-0.2354.96128135.SZ洽洽转债122.54-0.2417.82127035.SZ濮耐转债120.41-0.2417.70127034.SZ绿茵转债105.39-0.2414.93127074.SZ麦米转2121.80-0.2515.51123061.SZ航新转债122.97-0.259.65128097.SZ奥佳转债116.55-0.2512.06113542.SH好客转债113.05-0.257.17113530.SH大丰转债118.50-0.255.66127051.SZ博杰转债110.12-0.252.14123039.SZ开润转债116.80-0.269.62123049.SZ维尔转债107.23-0.264.20128039.SZ三力转债118.20-0.264.23113577.SH春秋转债129.60-0.265.43128085.SZ鸿达转债114.01-0.2710.40113633.SH科沃转债109.70-0.2715.56123152.SZ润禾转债127.46-0.2812.87123067.SZ斯莱转债210.42-0.28234.26113619.SH世运转债119.28-0.283.10123076.SZ强力转债104.86-0.283.13118018.SH瑞科转债120.49-0.298.02127067.SZ恒逸转2110.65-0.291.70128075.SZ远东转债119.85-0.2918.12128130.SZ景兴转债118.72-0.298.48128105.SZ长集转债105.50-0.307.02113573.SH纵横转债115.82-0.306.68113658.SH密卫转债124.83-0.3011.74118023.SH广大转债121.33-0.3010.55128132.SZ交建转债111.96-0.3012.42113589.SH天创转债97.56-0.312.53113584.SH家悦转债104.33-0.3117.47128114.SZ正邦转债102.85-0.3133.59123002.SZ国祯转债115.45-0.313.95123150.SZ九强转债127.27-0.3127.24113644.SH艾迪转债110.79-0.313.02128049.SZ华源转债115.12-0.3114.20113519.SH长久转债121.29-0.3188.71128072.SZ翔鹭转债111.28-0.323.24110080.SH东湖转债116.65-0.3221.53128076.SZ金轮转债122.40-0.3310.42113063.SH赛轮转债127.61-0.3345.61128035.SZ大族转债106.80-0.3312.39113588.SH润达转债117.78-0.3411.22113061.SH拓普转债134.05-0.3414.57113535.SH大业转债111.92-0.344.78123106.SZ正丹转债113.70-0.343.48127019.SZ国城转债118.59-0.3412.93123082.SZ北陆转债114.72-0.359.66110062.SH烽火转债105.63-0.3523.65118010.SH洁特转债115.35-0.353.92127022.SZ恒逸转债108.20-0.355.29128111.SZ中矿转债735.40-0.35337.72123038.SZ联得转债130.91-0.358.48123132.SZ回盛转债116.98-0.3517.45118026.SH利元转债121.23-0.366.34123046.SZ天铁转债363.76-0.3648.73113546.SH迪贝转债122.45-0.364.43118020.SH芳源转债123.94-0.3620.12128136.SZ立讯转债111.30-0.3714.64113055.SH成银转债122.90-0.3755.91113637.SH华翔转债124.24-0.3710.05110047.SH山鹰转债118.34-0.387.71127017.SZ万青转债113.97-0.384.83113596.SH城地转债96.95-0.3817.17113027.SH华钰转债143.75-0.3823.75123138.SZ丝路转债121.95-0.3910.93113566.SH翔港转债119.79-0.393.58128048.SZ张行转债119.23-0.4024.25127071.SZ天箭转债118.72-0.4011.37113516.SH苏农转债114.90-0.4112.83110072.SH广汇转债95.65-0.4122.59123056.SZ雪榕转债109.20-0.411.68118011.SH银微转债118.90-0.412.51113578.SH全筑转债103.82-0.415.91118019.SH金盘转债145.50-0.41156.87123103.SZ震安转债132.80-0.4232.90123048.SZ应急转债118.50-0.4211.01123109.SZ昌红转债118.40-0.424.39127012.SZ招路转债116.90-0.4247.46110088.SH淮22转债124.96-0.4212.55123141.SZ宏丰转债122.53-0.437.85128056.SZ今飞转债126.21-0.437.77113017.SH吉视转债113.22-0.4316.22123116.SZ万兴转债116.14-0.4411.28113033.SH利群转债108.13-0.4418.32113561.SH正裕转债124.04-0.445.16128109.SZ楚江转债122.68-0.4427.63123059.SZ银信转债118.81-0.451.89113602.SH景20转债115.83-0.454.59113598.SH法兰转债148.63-0.4572.72127037.SZ银轮转债152.00-0.4555.67128118.SZ瀛通转债110.44-0.462.26123050.SZ聚飞转债120.02-0.462.13113659.SH莱克转债121.88-0.4610.04110064.SH建工转债114.25-0.4614.46128023.SZ亚太转债115.30-0.466.99123126.SZ瑞丰转债112.18-0.468.10123140.SZ天地转债136.28-0.4727.75123147.SZ中辰转债125.02-0.476.78113569.SH科达转债105.02-0.473.10113608.SH威派转债107.91-0.472.88113604.SH多伦转债107.18-0.482.95128131.SZ崇达转2109.63-0.481.98113505.SH杭电转债113.50-0.486.49127061.SZ美锦转债110.50-0.4917.02110044.SH广电转债194.25-0.4921.11123129.SZ锦鸡转债112.05-0.492.06113593.SH沪工转债113.36-0.491.13123108.SZ乐普转2121.25-0.4927.93123117.SZ健帆转债109.68-0.502.69123160.SZ泰福转债119.80-0.503.80110058.SH永鼎转债113.65-0.5012.19113565.SH宏辉转债120.56-0.509.03113532.SH海环转债113.92-0.505.26111005.SH富春转债123.99-0.515.71113624.SH正川转债108.03-0.512.25123011.SZ德尔转债115.09-0.512.84127031.SZ洋丰转债115.80-0.5225.65123136.SZ城市转债119.38-0.5257.71127036.SZ三花转债133.01-0.5228.72128116.SZ瑞达转债106.59-0.525.38110043.SH无锡转债115.45-0.5225.08113024.SH核建转债115.49-0.5323.49123144.SZ裕兴转债121.00-0.5343.27111006.SH嵘泰转债130.78-0.548.05123124.SZ晶瑞转2110.40-0.543.41127025.SZ冀东转债110.00-0.544.02127033.SZ中装转2109.60-0.5435.31118007.SH山石转债126.40-0.558.91113640.SH苏利转债119.64-0.557.46118009.SH华锐转债142.13-0.5597.99123063.SZ大禹转债122.62-0.5515.74110083.SH苏租转债124.25-0.5629.01113047.SH旗滨转债125.10-0.5717.48113610.SH灵康转债113.49-0.573.94123092.SZ天壕转债258.90-0.5733.79128141.SZ旺能转债130.89-0.5731.76128083.SZ新北转债124.38-0.5816.45123035.SZ利德转债120.80-0.587.46123155.SZ中陆转债114.20-0.583.21118025.SH奕瑞转债125.67-0.5832.23110068.SH龙净转债147.16-0.59116.28123153.SZ英力转债118.11-0.593.35123052.SZ飞鹿转债137.56-0.609.36110045.SH海澜转债111.70-0.6145.07127020.SZ中金转债115.90-0.6120.83128026.SZ众兴转债113.46-0.6112.46118016.SH京源转债119.82-0.628.84127006.SZ敖东转债124.00-0.6325.46113046.SH金田转债108.62-0.632.22128033.SZ迪龙转债123.05-0.6321.05113618.SH美诺转债132.82-0.64136.62113044.SH大秦转债110.88-0.64189.48113059.SH福莱转债123.71-0.6440.33118000.SH嘉元转债116.67-0.655.29118004.SH博瑞转债112.03-0.655.95118017.SH深科转债123.91-0.661.22113030.SH东风转债124.48-0.6611.67113049.SH长汽转债121.25-0.6625.45113013.SH国君转债106.76-0.66171.76113652.SH伟22转债116.67-0.667.39123088.SZ威唐转债121.79-0.677.52113657.SH再22转债120.01-0.677.82123071.SZ天能转债138.06-0.6857.19110090.SH爱迪转债134.35-0.6813.21123087.SZ明电转债119.71-0.692.59127054.SZ双箭转债114.36-0.692.78113609.SH永安转债112.84-0.709.62110087.SH天业转债115.78-0.7022.43123146.SZ中环转2116.33-0.707.59128140.SZ润建转债161.80-0.7049.86111010.SH立昂转债127.12-0.70720.36113591.SH胜达转债122.12-0.7026.02123104.SZ卫宁转债117.35-0.7135.82110074.SH精达转债138.00-0.7131.97110060.SH天路转债116.45-0.722.97123164.SZ法本转债139.00-0.72165.19113623.SHN凤21转110.85-0.7317.14128144.SZ利民转债119.77-0.733.36113579.SH健友转债117.29-0.731.87123162.SZ东杰转债126.40-0.749.32127052.SZ杭锅转债120.90-0.7410.71128081.SZ海亮转债128.54-0.74106.10113549.SH白电转债117.36-0.7412.35113043.SH财通转债107.18-0.7521.50113632.SH鹤21转债127.60-0.7541.67113051.SH节能转债130.06-0.7627.50123121.SZ帝尔转债138.40-0.76112.21123078.SZ飞凯转债140.89-0.7724.91128042.SZ凯中转债122.52-0.775.51123034.SZ通光转债233.18-0.7758.72113527.SH维格转债116.88-0.787.70128066.SZ亚泰转债115.30-0.7815.26128143.SZ锋龙转债122.04-0.7814.48123099.SZ普利转债113.19-0.7811.30113646.SH永吉转债139.51-0.7930.95123149.SZ通裕转债122.00-0.8010.58123151.SZ康医转债123.97-0.8032.17127042.SZ嘉美转债111.91-0.805.28127066.SZ科利转债118.74-0.8031.14123130.SZ设研转债127.00-0.8027.01118021.SH新致转债126.12-0.808.59113655.SH欧22转债129.73-0.8111.38127063.SZ贵轮转债126.29-0.8116.17110082.SH宏发转债113.72-0.8212.86123161.SZ强联转债120.50-0.829.69110057.SH现代转债119.27-0.8334.11113576.SH起步转债108.69-0.839.44123163.SZ金沃转债125.10-0.833.83128095.SZ恩捷转债238.00-0.83268.91128029.SZ太阳转债133.25-0.8541.23128090.SZ汽模转2124.70-0.8612.31110067.SH华安转债111.48-0.8625.66127050.SZ麒麟转债127.80-0.8635.88123133.SZ佩蒂转债125.29-0.8614.60128044.SZ岭南转债114.78-0.8729.61123089.SZ九洲转2127.80-0.8714.22127005.SZ长证转债112.00-0.8841.75128101.SZ联创转债133.00-0.8912.28113641.SH华友转债118.89-0.9075.25110077.SH洪城转债126.21-0.9317.68113605.SH大参转债121.99-0.9313.82113636.SH甬金转债121.97-0.947.87127056.SZ中特转债110.83-0.9624.75118014.SH高测转债130.13-0.9746.44110086.SH精工转债115.51-0.9729.03113504.SH艾华转债141.23-0.9934.36113622.SH杭叉转债130.29-1.0150.68128036.SZ金农转债132.63-1.029.20118015.SH芯海转债1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