Review of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin

2024/05/1918:56:33 finance 1982

Investment points

A brief review of convertible bonds in the first half of the year and current concerns

  • A review of convertible bonds in the first half of the year: the trend is V-shaped , the adjustment range is similar to 2018, but the time is shorter, and the rebound since the end of April has recovered most of the losses , the valuation was restored to the level at the beginning of the year. has experienced: 1) a relative reverse trend in the valuation of convertible bonds from January 4 to February 10; 2) from February 14 to April 26: recession and repeated policy expectations, and equity assets fell more than expected; 3) April 27-June 30: Risk appetite is restored + asset shortage continues, and premium rate is restored.

  • Effective strategies in the first half of the year: includes 1) timing with flexible convertible bonds; 2) layout of low-priced high-quality convertible bonds on the left; 3) follow-up strategy for sub-new receipts; 4) opportunities to participate after downward revisions.

  • Recent focus: Review of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNews) In July, the phenomenon of raising valuations at the beginning of the year and the first half of the year may be repeated, and there has been a rush to raise funds for convertible bonds recently; 3) Pay attention to the interpretation of credit risk, and whether the Hongtao convertible bonds will mature smoothly.

Market strategy: During the performance "assessment" period, consumption "high-end manufacturing" dominates

  • This round of repairs is mainly focused on valuation reversal (little performance impact, high prosperity) and performance reversal direction.

  • Sectors and convertible bonds with opportunities in the second half of the year: High prosperity opportunities, flexible trading opportunities, and economic recovery direction of benefits:

  1. High prosperity opportunities: high-end manufacturing sectors with sustainable prosperity, and penetration / The logic of increasing market share and the direction of limited supply pressure. It is recommended to pay attention to Dier convertible bonds, Long 22 convertible bonds, Shenghong convertible bonds, Haiyou convertible bonds, Hengtong convertible bonds, Tongcheng convertible bonds, Jiangfeng convertible bonds, Huaxing convertible bonds, Huayou convertible bonds, Sichuan convertible bonds Heng convertible bonds, Tiannai convertible bonds, Guowei convertible bonds and other varieties.

  2. Flexible trading opportunities: including construction and building materials, securities dealers, auto parts, agriculture and animal husbandry, etc. Pay attention to Aonong convertible bonds, Wen's convertible bonds, Zhejiang 22 convertible bonds, Bank of China convertible bonds, Beis convertible bonds, Great Wall convertible bonds, Sheng 21 convertible bonds and other types.

  3. Benefit direction of economic recovery: including food and beverage, beauty, home appliances, etc. It is recommended to pay attention to Yili convertible bonds, Zhongxin convertible bonds, Perai convertible bonds, Sanhua convertible bonds, Feng 21 convertible bonds, etc.

Portfolio recommendation

Continue to build white horse portfolios and quantitative portfolios based on different account needs; considering the decline in the absolute price level of convertible bonds, re-launch high YTM portfolios and low-price fundamental portfolios in a timely manner.

Risk warning: Increased overseas volatility, unexpected changes in fundamentals, unexpected changes in liquidity, and unexpected regulatory policies.

Report text

Review of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNews

Analyst statement

Review of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNews

Risk warning: Increased overseas volatility, unexpected changes in fundamentals, unexpected changes in liquidity, and unexpected regulatory policies.

Review of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNewsReview of convertible bonds in the first half of the year: The trend was V-shaped. The adjustment range was similar to that in 2018, but the time was shorter. The rebound since the end of April recovered most of the losses, and the valuation was restored to the level at the begin - DayDayNews

Analyst statement

Note: The report in this article is based on a publicly released research report by the Industrial Securities Institute of Economics and Finance. Please see the full report for specific report content and related risk warnings.

Securities Research Report: "[Industrial Securities Fixed Income] Risk Appetite Repair and Allocation Demand Resonance - Outlook for the Convertible Bond Market in July"

Publication date: July 3, 2022

Report publishing agency: Industrial Securities Co., Ltd. The company (has obtained the securities investment consulting business qualification licensed by China Securities Regulatory Commission )

Analysts for this report:

Huang Weiping SAC Practice Certificate Number: S0190514080003

Zuo Dayong SAC Practice Certificate Number: S0190516070005

Cai Kun SAC Practice Certificate Number: S0190520080005

Chang Yue SAC Practice certificate number: S0190521050001

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