20250831-浙商证券-可转债周度追踪_9月十大转债_9页_830kb

报告摘要

Short-term: Convertible bonds experienced a short-term adjustment, likely entering a consolidation or震荡 phase due to fund flow changes.
Medium-term: The core drivers of equity market trending rise—such as policy expectations, liquidity conditions, and economic recovery—remain intact, supporting convertible bonds, with turn-of-price triggers from short-term fluctuations.
Key recommendation: Focus on high-potential convertible bonds, including Shouhua ZFB, Jingke ZFB, and Up-Bank ZFB.

Fund flow impact: Market adjustment driven by absolute yield funds redeeming from fund products in early August due to accumulated gains and market turning point anticipation.
Data points: Turnover decreased post-adjustment; premium rates forbiased-revenue bonds, balanced, and equity-like bonds all declined, indicating reduced sensitivity to high-elasticity stocks but steadfast equity optimism.
Comparative analysis: Equity and convertible bonds showed differing adjustments post-September; equity adjustments were less severe and featured "quantity management," while convertibles faced direct fund outflows.

Top 10 convertible bonds to watch: Silver Up-Bank ZFB, Shouhua ZFB, Jingke ZFB, Huakang ZFB, Sanyang ZFB, Weigao ZFB, Hua Ya ZFB, Wan Kai ZFB, Hua Mao ZFB, and LüWei ZFB.
Target sectors: Utility, bank, basic chemicals, transportation, and technology for targeted investments.

Economic fundamentals may not improve sufficiently; domestic liquidity could tighten; overseas risks may rise unexpectedly; historical performance does not guarantee future results.

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