20230925-财信证券-可转债周报_权益底部进一步夯实_转债中线反弹可期_10页_1023kb

报告摘要

Core Views: The report highlights that the equity market shows signs of bottoming out, potentially opening a medium-term rebound, especially for convertible bonds. However, market recovery remains fragile and depends on policy effectiveness. Key recommendations include focusing on steady-growth sectors, technology, and cyclical industries.
Market Overview:
- Secondary markets: Equity indices rose moderately (e.g., Shanghai Index +0.47%), but convertible bonds rose slightly less (e.g., +0.16% for 上证转债). Sectors like agriculture and media outperformed, while healthcare lagged.
- Valuation: High spread on average (e.g., median conversion premium around 3.882%). Different price levels (below/above 100) show varying risks.
- Primary markets: Two new issuance launches, one with 7.3 billion yuan, in mechanical and electrical equipment industries.
Investment Recommendations: Suggest three main themes: 1) Policy-sensitive sectors (e.g., steel, real estate), 2) Tech-oriented (e.g., robotics, semiconductors), 3) Sector-specific (e.g., healthcare, pharma, paper) with potential reversals.
Risks: Convertible bonds face valuation decline risks, and market volatility could affect short-term performance. Stock market performance is closely monitored due to policy and broader economic factors.