固收定期策略：转债估值持续修复

目 录1、转债市场：市场调整，信息技术领涨 32、正股市场：股指涨多跌少，中小盘成长表现占优 53、转债发行与条款跟踪 94、风险提示 12图表目录图1：转债涨幅低于正股，日均成交额有所下降 3图2：个券跌多涨少，小盘中低价转债占优 3图3：信息技术行业领涨，能源行业领跌幅居前 4图4：转债价格上升 4图5：转股溢价率下降 4图6：转债平价上升 5图7：转债YTM均值上升，中位数下降 5图8：转债隐含波动率下降 5图9：偏债型转债YTM上升，偏股型溢价率下降 5图10：股指涨多跌少，中小盘成长表现占优 6图主要股指PE估值处于历史低位 6图12：主要股指PB估值处于历史低位 6图13：A股日均成交额上升 6图14：A股换手率有所上升 6图15：北向资金净流入增加 7图16：融资交易占比上升 7图17：计算机、电子、通信领涨，银行、交通运输、公用事业跌幅居前 7图18：国防军工、食品饮料、电力设备的PE处于其历史分位数的低位 7图19：社会服务、医药生物、建筑建材、房地产等的PB处于其历史分位数的低位 8图20：A股、原油、黄金表现较好，港股、美元表现较差 8图21：风险溢价有所下降 8图22：股债相对回报率有所上升 8图23：注册制下转债后续供给数量和规模较大 9表1：福蓉转债、精测转债、中旗转债领涨，中装转2、金钟转债、泰坦转债跌幅居前(剔除新上市个券) 4表2：转债发行速度加快 9表3：关注转债赎回风险 9表4：关注近期可能触发下修的转债 101、转债市场：市场调整，信息技术领涨（2.26-3.1）546231112.660.39202119.10%48.85.pc20219710图1：转债涨幅低于正股，日均成交额有所下降数据来源：、研究所（注：后续所有图表标题所示，除另外说明，均为本周、周环比口径）图2：个券跌多涨少，小盘中低价转债占优数据来源：、研究所图3：信息技术行业领涨，能源行业领跌幅居前数据来源：、研究所涨幅排名前十可转债 跌幅排名前十可转债表1：福蓉转债、精测转债、中旗转债领涨，中装转2、金钟转债、泰坦转债跌幅居前(剔除新上市个券)涨幅排名前十可转债 跌幅排名前十可转债(%)(%)（(%)(%)（%）(%)(%)（%）113672.SH 福蓉转债28.6223.7551.72127033.SZ中装转2 -15.5454.41123025.SZ 精测转债13.0220.209.26123230.SZ金钟转债 8.4560.66127081.SZ 中旗转债12.244.7297.18127096.SZ泰坦转债 -8.042.42174.02127097.SZ 三羊转债10.201.02238.89127047.SZ帝欧转债 -6.17-1.15130.53123044.SZ 红相转债10.0215.690.74111007.SH永和转债 -4.51-3.53-0.41127058.SZ 科伦转债7.417.64-0.03123118.SZ惠城转债 -4.36-4.55-0.27123203.SZ 026.7733.3321.79110077.SH洪城转债 -4.02-5.541.04127038.SZ 国微转债6.6329.1451.12113615.SH金诚转债 -4.00-3.73-0.39123087.SZ 明电转债6.2433.3325.65123128.SZ首华转债 -4.000.57108.37123207.SZ 冠中转债6.14-0.1016.12113651.SH松霖转债 -3.44-5.8721.07

转债涨跌幅

正股涨跌幅

转股溢价率

转债代码 转债简

转债涨跌幅

正股涨跌幅

转股溢价率数据来源：、研究所图转债价格上升 图转股溢价率下降数据来源：、研究所 数据来源：、研究所图转债平价上升 图转债YTM均值上升，位数下降数据来源：、研究所 数据来源：、研究所图转债隐含波动率下降 图偏债型转债YTM上升，偏股型溢价率下降数据来源：、研究所 数据来源：、研究所2、正股市场：中小盘成长表现占优AA3月1APE为16.5X13.3%（2015）PE处PB图10：股指涨多跌少，中小盘成长表现占优数据来源：、研究所图11：主要股指PE估值处于史低位 图12：主要股指PB估值处于史低位 数据来源：、研究所 数据来源：、研究所图13：A股日均成交额上升 图14：A股换手率有所上升 数据来源：、研究所 数据来源：、研究所图15：北向资金净流入增加 图16：融资交易占比上升 数据来源：、研究所 数据来源：、研究所图17：计算机、电子、通信领涨，银行、交通运输、公用事业跌幅居前数据来源：、研究所图18：国防军工、食品饮料、电力设备的PE处于其历史分位数的低位数据来源：、研究所图19：社会服务、医药生物、建筑建材、房地产等的PB处于其历史分位数的低位数据来源：、研究所图20：A股、原油、黄金表现较好，港股、美元表现较差数据来源：、研究所（截至2024/2/23）图21：风险溢价有所下降 图22：股债相对回报率有上升 数据来源：、研究所 数据来源：、研究所3、转债发行与条款跟踪（2.26-32（证）332.56表2：转债发行速度加快转股价格 上市首日涨转债名称 发行日期 上市日期 规模（亿） 债项评级（元）跌幅（%）龙星转债2024-02-012024-03-067.55AA-6.13楚天转债2024-01-312024-02-2910.00AA10.0014.70姚记转债2024-01-252024-02-265.83A+21.5332.88益丰转债2024-03-0417.97AA39.85数据来源：、研究所图23：注册制下转债后续供给数量和规模较大数据来源：、研究所3120表3：关注转债赎回风险剩余期限转股价触发价正股价转债名称现价（元）平价溢价率（%招路转债 134.20 0.02）评级剩余规模(亿元)AAA 15.57（年）1.05（元）7.87（元）10.23（元）10.56强赎天计数14/15|30,130%大秦转债119.630.01AAA159.392.786.227.467.4413/15|30,120%平煤转债155.84-0.01AAA14.395.049.0611.7814.1212/15|30,130%海澜转债139.14-0.73AA+10.490.376.107.938.5512/15|30,130%淮22转债135.64-0.04AAA22.684.5414.1218.3619.1611/15|30,130%惠城转债238.90-0.27A+1.373.3515.9320.7138.1610/15|30,130%科伦转债171.20-0.03AA+10.744.0416.0420.8527.4710/15|30,130%瑞鹄转债157.050.20A+1.874.3117.0622.1826.7410/15|30,130%永和转债130.35-0.41AA-7.874.6123.8330.9831.199/15|30,130%贵轮转债131.690.07AA15.474.144.405.725.796/15|30,130%翔港转债132.268.60A+1.611.9910.7412.8913.086/15|30,120%淳中转债136.623.93A+2.992.3917.9323.3123.573/15|30,130%科思转债141.409.44AA-7.245.1152.0367.6467.223/15|30,130%水羊转债131.4611.47A+6.955.0913.6117.6916.053/15|30,130%华锋转债127.0433.78A1.951.769.1311.878.673/15|30,130%伊力转债141.379.54AA2.431.0415.5920.2720.121/15|30,130%商络转债124.5620.04A+3.944.716.918.987.171/15|30,130%丰山转债108.6545.11AA-4.594.3213.7317.8510.281/15|30,130%数据来源：、研究所）平价溢价（亿转股价触发价）平价溢价（亿转股价触发价正股价转债简称世运转债现价（元120.30率（%）27.59评级AA元）10.00剩余期限（年）（元）2.89 18.72（元）15.91（元）17.65下修天计数审议中大叶转债112.3895.54A+4.765.3720.0117.0111.50审议中卡倍转02125.3156.11A+5.295.8649.0141.6639.34审议中海顺转债113.2976.80AA-6.335.0618.1515.4311.63审议中漱玉转债116.9873.46AA-8.004.7921.1617.9914.27审议中万顺转2113.4556.67AA-5.702.786.675.344.83审议中联诚转债120.0075.57A2.592.3717.4414.8211.92审议中中贝转债131.2624.95A+5.175.6332.8827.9534.54审议中盛路转债255.80149.94A+0.520.376.836.156.99审议中华兴转债122.5136.96AA8.003.7430.4325.8727.22审议中金丹转债114.4457.45AA-7.005.3620.9417.8015.22审议中泰林转债123.2086.87A+2.083.8225.3021.5116.68审议中宏昌转债114.4256.03A+3.805.4429.6225.1821.72审议中翔丰转债114.8057.13AA-8.005.6133.6328.5924.57审议中维尔转债101.17120.98A+9.172.117.236.153.31审议中岩土转债107.8433.04AA6.020.042.642.242.14审议中震裕转债111.7048.86AA-11.955.6361.5752.3346.20审议中迪贝转债119.2846.12A+2.301.6413.7212.3511.20审议中岱美转债120.5641.43AA9.085.3815.7213.3613.40审议中长集转债108.72102.34AA-7.992.107.916.724.25审议中国城转债98.50110.72AA8.492.3721.2018.029.9116/15|30,85%美锦转债98.0967.99AA-35.634.1312.9310.997.5514/15|30,85%富春转债113.9938.23AA-5.704.3115.8513.4713.0714/15|30,85%芯海转债110.8784.57A+4.104.3955.6747.3233.4414/15|30,85%未来转债118.6451.13AA-6.291.096.004.804.7114/15|30,80%广大转债96.51116.08AA-15.504.6133.0728.1114.7714/15|30,85%高测转债104.9698.11A+4.834.3858.5149.7331.0014/15|30,85%智能转债129.1039.40A+2.291.339.348.418.6514/15|30,90%亚科转债116.7034.19AA11.595.026.065.455.2714/15|30,90%海优转债103.08346.00AA-6.944.31217.30184.7150.2214/15|30,85%海环转债110.4432.92AA+4.581.086.155.235.1114/15|30,85%金宏转债115.4054.70AA-10.165.3727.4823.3620.5014/15|30,85%火炬转债120.0633.99AA4.172.2324.1520.5321.6414/15|30,85%博22转债104.57181.69AA-8.004.3323.1418.518.5914/15|30,80%华锋转债127.0433.78A1.951.769.138.228.678/10|30,90%万顺转债137.7768.86AA-1.220.395.924.744.8313/15|30,80%飞鹿转债128.8347.56A+1.502.267.096.386.1913/15|30,90%立昂转债105.0593.26AA33.904.7044.9635.9724.4413/15|30,80%楚江转债112.2933.36AA18.232.268.236.586.9313/15|30,80%优彩转债114.0035.44A+6.004.787.206.126.0613/15|30,85%鹤21转债113.1243.22AA20.503.7119.8415.8715.6713/15|30,80%赛特转债115.6536.51A+4.425.5335.4130.1030.0013/15|30,85%希望转2100.2120.03AAA81.443.6710.608.488.8512/15|30,80%华亚转债112.2851.04A+3.404.7955.6947.3441.4012/15|30,85%中辰转债118.5029.48AA-5.704.257.786.617.1212/15|30,85%华特转债111.8084.14AA-6.465.0583.7571.1950.8512/15|30,85%银信转债124.0329.51AA-3.912.379.458.519.0512/15|30,90%希望转债103.9124.45AAA9.491.8410.608.488.8512/15|30,80%贵广转债126.6817.50AA+2.641.017.947.158.567/10|20,90%华康转债112.6630.52AA-13.035.8122.6619.2619.5612/15|30,85%中富转债127.5052.33AA-5.205.6236.4430.9730.5011/15|30,85%交建转债117.9929.73AA8.492.5413.1511.1811.966/10|30,85%长信转债121.5630.40AA2.561.045.905.025.5011/15|30,85%东材转债121.0330.68AA14.004.7111.659.9010.7911/15|30,85%强联转债109.7076.68AA12.104.6140.3634.3125.0611/15|30,85%祥源转债114.7722.50A+4.605.3419.4916.5718.2611/15|30,85%永吉转债127.5948.02AA-1.384.128.267.027.1211/15|30,85%山石转债108.9992.12A+2.674.0524.5220.8413.9111/15|30,85%能辉转债107.5061.15A+3.485.0832.8027.8821.8811/15|30,85%凯中转债114.2020.68AA-4.020.4110.058.549.516/10|30,85%奥飞转债122.9031.78A+6.353.7510.098.589.4111/15|30,85%运机转债120.0024.15AA-7.305.5517.6715.0217.0810/15|30,85%合兴转债108.4759.26AA3.001.463.923.532.6710/15|30,90%拓斯转债110.88115.67AA6.703.0226.1622.2413.4510/15|30,85%金轮转债119.1937.12AA-2.131.6213.7611.7011.9610/15|30,85%正裕转债122.5236.