可轉(zhuǎn)債策略思考：漸入佳境

證券研究報(bào)告請務(wù)必閱讀正文之后第證券研究報(bào)告請務(wù)必閱讀正文之后第16頁起的免責(zé)條款和聲明漸入佳境可轉(zhuǎn)債策略思考｜2022.12.5中信證券研究部 核心觀點(diǎn)明明FICC首席分析師S1010517100001余經(jīng)緯大類資產(chǎn)配置首席分析師S1010517070005

上周轉(zhuǎn)債市場估值水平轉(zhuǎn)入抬升通道，再次印證了這一指標(biāo)在今年的前瞻拐點(diǎn)提示作用?？紤]到當(dāng)前估值重新進(jìn)入了合理區(qū)間，我們認(rèn)為轉(zhuǎn)債市場的底部加倉窗口期已經(jīng)關(guān)閉，這一輪的左側(cè)機(jī)會(huì)或已遠(yuǎn)去，接下來的時(shí)間段則應(yīng)在右側(cè)尋找機(jī)會(huì)。雖然最低點(diǎn)已過，但市場已漸入佳境，投資者情緒回暖帶來交投活躍度的提升，估值合理提供了諸多效率上佳的標(biāo)的，進(jìn)一步考慮到新券的持續(xù)上市以及定價(jià)的相對合理，轉(zhuǎn)債市場當(dāng)前值得重點(diǎn)關(guān)注。在這一階段，我們建議向持倉效率傾斜，重點(diǎn)從兩方面尋找機(jī)會(huì)：一是關(guān)注高彈性標(biāo)的，低溢價(jià)率標(biāo)的往往具備高彈性但往往也有高價(jià)格，勿忘前兩個(gè)月高價(jià)標(biāo)的回撤之痛，對于高彈性標(biāo)的依舊重點(diǎn)擇券，以高端制造、新材料、自主可控、醫(yī)藥為主要挑選方向；二是關(guān)注正股爆發(fā)力，正股市場波動(dòng)正在放大，部分板塊還具有困境反轉(zhuǎn)邏輯，即使轉(zhuǎn)債溢價(jià)率稍高，但正股空間可以彌補(bǔ)這一缺憾，主要關(guān)注地產(chǎn)后周期、大消費(fèi)、金融幾大方向。▍轉(zhuǎn)債市場小幅上漲。上周中證轉(zhuǎn)債指數(shù)收于406.56點(diǎn)，周上漲1.47%；可轉(zhuǎn)債指數(shù)收于1734.59點(diǎn)，周上漲2.74%；可轉(zhuǎn)債預(yù)案指數(shù)收于1473.04點(diǎn)，周上漲3.02%。轉(zhuǎn)債市場上周日均交易額826.39億元，日均環(huán)比上漲14.50%；最后一個(gè)交易日平均轉(zhuǎn)債價(jià)格為134.13元，周上漲2.46%；最后一個(gè)交易日平均平價(jià)為98.36元，周上漲2.58%。▍漸入佳境。中證轉(zhuǎn)債指數(shù)上周持續(xù)放量反彈，交投熱度活躍無論是中小市值標(biāo)的亦或是大盤藍(lán)籌皆有所表現(xiàn)，市場呈現(xiàn)出較好的賺錢效應(yīng)。▍上周轉(zhuǎn)債市場估值水平轉(zhuǎn)入抬升通道，再次印證了這一指標(biāo)在今年的前瞻拐點(diǎn)提示作用?？紤]到當(dāng)前估值重新進(jìn)入了合理區(qū)間，我們認(rèn)為轉(zhuǎn)債市場的底部加倉窗口期已經(jīng)關(guān)閉，這一輪的左側(cè)機(jī)會(huì)或已遠(yuǎn)去，接下來的時(shí)間段則應(yīng)在右側(cè)尋找機(jī)會(huì)。雖然最低點(diǎn)已過，但市場已漸入佳境，投資者情緒回暖帶來交投活躍度的提升，估值合理提供了諸多效率上佳的標(biāo)的，進(jìn)一步考慮到新券的持續(xù)上市以及定價(jià)的相對合理，轉(zhuǎn)債市場當(dāng)前值得重點(diǎn)關(guān)注。在這一階段，我們建議向持倉效率傾斜，重點(diǎn)從兩方面尋找機(jī)會(huì)：一是關(guān)注高彈性標(biāo)的，低溢價(jià)率標(biāo)的往往具備高彈性但往往也有高價(jià)格，勿忘前兩個(gè)月高價(jià)標(biāo)的回撤之痛，對于高彈性標(biāo)的依舊重點(diǎn)擇券，以高端制造、新材料、自主可控、醫(yī)藥為主要挑選方向；二是關(guān)注正股爆發(fā)力，正股市場波動(dòng)正在放大，部分板塊還具有困境反轉(zhuǎn)邏輯，即使轉(zhuǎn)債溢價(jià)率稍高，但正股空間可以彌補(bǔ)這一缺憾，主要關(guān)注地產(chǎn)后周期、大消費(fèi)、金融幾大方向。▍我們再次強(qiáng)調(diào)，轉(zhuǎn)債市場近一年來波動(dòng)持續(xù)放大，當(dāng)機(jī)會(huì)出現(xiàn)時(shí)，效率尤為重要，特別在當(dāng)前主題投資起勢的時(shí)候，轉(zhuǎn)債具有快速兌現(xiàn)效率的特征。▍高彈性組合建議重點(diǎn)關(guān)注斯萊轉(zhuǎn)債、再22轉(zhuǎn)債、法蘭轉(zhuǎn)債、博匯轉(zhuǎn)債、伯特轉(zhuǎn)債、朗新轉(zhuǎn)債、金誠轉(zhuǎn)債、豐山（元力）轉(zhuǎn)債、一品轉(zhuǎn)債、龍凈轉(zhuǎn)債。▍穩(wěn)健彈性組合建議關(guān)注浙22轉(zhuǎn)債、愛迪轉(zhuǎn)債、珀萊轉(zhuǎn)債、百川轉(zhuǎn)2、麥米轉(zhuǎn)2、萬孚轉(zhuǎn)債、蘇銀轉(zhuǎn)債、歐22轉(zhuǎn)債、溫氏轉(zhuǎn)債、盛泰轉(zhuǎn)債。▍風(fēng)險(xiǎn)因素：市場流動(dòng)性大幅波動(dòng)，宏觀經(jīng)濟(jì)增速不如預(yù)期，無風(fēng)險(xiǎn)利率大幅波動(dòng)，正股股價(jià)超預(yù)期波動(dòng)。PAGE15請務(wù)必閱讀正文之后的免責(zé)條款和聲明PAGE15請務(wù)必閱讀正文之后的免責(zé)條款和聲明▍市場回顧轉(zhuǎn)債市場小幅上漲406.561.47%1734.59點(diǎn)，周1473.043.02%826.39億元，日均環(huán)比上漲14.50%；最后一個(gè)交易日平均轉(zhuǎn)債價(jià)格為134.13元，周上漲2.46%；最后一個(gè)交易日平均平價(jià)為98.36元，周上漲2.58%。上周在458支可交易轉(zhuǎn)債中，417支上漲，0支平盤，41支下跌，其中沿浦轉(zhuǎn)債（4%（%（0%（-%（-5.84%）（-5.61%）（623.45億億）和尚榮轉(zhuǎn)債（156.88億）居前。表1：可轉(zhuǎn)債市場相關(guān)指數(shù)表現(xiàn)指數(shù)收盤點(diǎn)位周變化（%）YTD(%)上證綜合3156.141.76-13.29深證成指11219.792.89-24.48滬深3003870.952.52-21.65中小板指7489.802.47-25.00創(chuàng)業(yè)板指2383.323.20-28.27道瓊斯工業(yè)指數(shù)34395.010.14-5.35標(biāo)準(zhǔn)普爾指數(shù)4076.571.25-14.47納斯達(dá)克指數(shù)11482.452.28-26.61中證轉(zhuǎn)債指數(shù)406.561.47-6.83可轉(zhuǎn)債指數(shù)1734.592.74-8.74可轉(zhuǎn)債預(yù)案指數(shù)1473.043.02-5.36資料來源：Wind，中信證券研究部圖1：中證轉(zhuǎn)指數(shù)等權(quán)轉(zhuǎn)指數(shù)與轉(zhuǎn)債案指數(shù) 圖2：轉(zhuǎn)債市總成額（億/日）

中證轉(zhuǎn)債 可轉(zhuǎn)債數(shù) 可轉(zhuǎn)債案指數(shù)2,0001,8001,6001,4001,2001,0008002017-012017-072017-012017-072018-012018-072019-012019-072020-012020-072021-012021-072022-012022-07

2017-012017-072017-012017-072018-012018-072019-012019-072020-012020-072021-012021-072022-012022-07資料來：Wind，中信證研究部 資料來：Wind，中信證研究部轉(zhuǎn)債正股小幅上漲3156.141.76%點(diǎn)，周上漲9165.5213.00%30個(gè)一級行業(yè)中9個(gè)上漲1（%（%（%）領(lǐng)漲，煤炭（-0.92%）領(lǐng)跌。上周在451支可交易正股中，345支上漲，6支平盤，100支下跌，其中泰林生物（2%、萬孚生物（%）和法本信息（4%）領(lǐng)漲，T科華（-7%英聯(lián)股份（-8.77%）和華森制藥（-7.02%）領(lǐng)跌。圖3：中信證券一級行業(yè)走勢（%）121086420房地產(chǎn)通信綜合金融基礎(chǔ)化工交通運(yùn)輸家電有色金屬煤炭重要信息備忘表2：擬發(fā)行轉(zhuǎn)債公司列表公司代碼 公司名稱方案進(jìn)度 預(yù)案公告日發(fā)行規(guī)模(億元)發(fā)行期限(年)贖回回售300948.SZ 冠中生態(tài)董事會(huì)案 2022-12-034.006(15/30,130)688217.SH 睿昂基因董事會(huì)案 2022-12-014.506(15/30,130)301127.SZ 天源環(huán)保董事會(huì)案 2022-11-2910.006(15/30,130)002105.SZ 信隆健康董事會(huì)案 2022-11-234.006(15/30,130)002335.SZ 科華數(shù)據(jù)董事會(huì)案 2022-11-1814.926(15/30,130)688076.SH 諾泰生物股東大通過 2022-11-175.346(15/30,130)601139.SH 深圳燃?xì)夤蓶|大通過 2022-11-1730.006(15/30,130)301008.SZ 宏昌科技股東大通過 2022-11-123.806(15/30,130)300926.SZ 博俊科技股東大通過 2022-11-115.006(15/30,130)688103.SH 國力股份股東大通過 2022-11-104.806(15/30,130)301022.SZ 海泰科股東大通過 2022-11-054.476(15/30,130)300272.SZ 開能健康股東大通過 2022-10-312.506(15/30,130)600308.SH 華泰股份股東大通過 2022-10-2915.006(15/30,130)600853.SH 龍建股份股東大通過 2022-10-2910.006(15/30,130)605196.SH 華通線纜股東大通過 2022-10-298.006(15/30,130)公司代碼公司名稱方案進(jìn)度預(yù)案公告日發(fā)行規(guī)模(億元)發(fā)行期限(年)贖回回售000877.SZ天山股份股東大會(huì)通過2022-10-29100.006(15/30,130)(30/30,70)688550.SH瑞聯(lián)新材股東大會(huì)通過2022-10-2810.006(15/30,130)(30/30,70)603077.SH和邦生物股東大會(huì)通過2022-10-2846.006(15/30,130)(30/30,70)688633.SH星球石墨股東大會(huì)通過2022-10-286.206(15/30,130)(30/30,70)605337.SH李子園股東大會(huì)通過2022-10-286.006(15/30,130)(30/30,70)603109.SH神馳機(jī)電股東大會(huì)通過2022-10-286.006(15/30,130)(30/30,70)301155.SZ海力風(fēng)電股東大會(huì)通過2022-10-2828.006(15/30,130)(30/30,70)002937.SZ興瑞科技股東大會(huì)通過2022-10-274.716(15/30,130)(30/30,70)300121.SZ陽谷華泰股東大會(huì)通過2022-10-276.506(15/30,130)(30/30,70)601899.SH紫金礦業(yè)董事會(huì)預(yù)案2022-10-22100.006(15/30,125)(30/30,70)301321.SZ翰博高新股東大會(huì)通過2022-10-197.506(15/30,130)(30/30,70)688678.SH福立旺股東大會(huì)通過2022-10-187.006(15/30,130)(30/30,70)301188.SZ力諾特玻股東大會(huì)通過2022-10-185.006(15/30,130)(30/30,70)600481.SH雙良節(jié)能股東大會(huì)通過2022-10-1426.006(15/30,130)(30/30,70)301099.SZ雅創(chuàng)電子股東大會(huì)通過2022-10-124.006(15/30,130)(30/30,70)300878.SZ維康藥業(yè)股東大會(huì)通過2022-10-126.806(15/30,130)(30/30,70)603300.SH華鐵應(yīng)急股東大會(huì)通過2022-10-1118.006(15/30,130)(30/30,70)605228.SH神通科技股東大會(huì)通過2022-09-295.776(15/30,130)(30/30,70)603568.SH偉明環(huán)保股東大會(huì)通過2022-09-2823.506(15/30,130)(30/30,70)688711.SH宏微科技股東大會(huì)通過2022-09-274.506(15/30,130)(30/30,70)301268.SZ銘利達(dá)股東大會(huì)通過2022-09-279.806(15/30,130)(30/30,70)605368.SH藍(lán)天燃?xì)夤蓶|大會(huì)通過2022-09-228.706(15/30,130)(30/30,70)688106.SH金宏氣體股東大會(huì)通過2022-09-2210.166(15/30,130)(30/30,70)688622.SH禾信儀器股東大會(huì)通過2022-09-212.686(15/30,130)(30/30,70)603179.SH新泉股份股東大會(huì)通過2022-09-1311.606(15/30,130)(30/30,70)000032.SZ深桑達(dá)A股東大會(huì)通過2022-09-1021.506(15/30,130)(30/30,70)300856.SZ科思股份股東大會(huì)通過2022-09-107.256(15/30,130)(30/30,70)300785.SZ值得買股東大會(huì)通過2022-09-075.506(15/30,130)(30/30,70)605077.SH華康股份股東大會(huì)通過2022-09-069.906(15/30,130)(30/30,70)603937.SH麗島新材股東大會(huì)通過2022-09-033.006(15/30,130)(30/30,70)688311.SH盟升電子股東大會(huì)通過2022-09-033.006(15/30,130)(30/30,70)605166.SH聚合順股東大會(huì)通過2022-09-014.106(15/30,130)(30/30,70)600556.SH天下秀股東大會(huì)通過2022-09-0114.006(15/30,130)(30/30,70)605033.SH美邦股份股東大會(huì)通過2022-08-304.106(15/30,130)(30/30,70)301186.SZ超達(dá)裝備股東大會(huì)通過2022-08-305.506(15/30,130)(30/30,70)603277.SH銀都股份股東大會(huì)通過2022-08-309.706(15/30,130)(30/30,70)301098.SZ金埔園林股東大會(huì)通過2022-08-305.206(15/30,130)(30/30,70)603906.SH龍?bào)纯萍脊蓶|大會(huì)通過2022-08-3021.006(15/30,130)(30/30,70)688799.SH華納藥廠股東大會(huì)通過2022-08-307.006(15/30,130)(30/30,70)603707.SH健友股份董事會(huì)預(yù)案2022-08-309.406(15/30,130)(30/30,70)300893.SZ松原股份股東大會(huì)通過2022-08-303.976(15/30,130)(30/30,70)688690.SH納微科技股東大會(huì)通過2022-08-296.706(15/30,130)(30/30,70)公司代碼公司名稱方案進(jìn)度預(yù)案公告日發(fā)行規(guī)模(億元)發(fā)行期限(年)贖回回售300980.SZ祥源新材股東大會(huì)通過2022-08-294.606(15/30,130)(30/30,70)603165.SH榮晟環(huán)保股東大會(huì)通過2022-08-278.006(15/30,130)(30/30,70)002459.SZ晶澳科技股東大會(huì)通過2022-08-26100.006(15/30,130)(30/30,70)601137.SH博威合金股東大會(huì)通過2022-08-2317.006(15/30,130)(30/30,70)000628.SZ高新發(fā)展股東大會(huì)通過2022-08-167.306(15/30,130)(30/30,70)002015.SZ協(xié)鑫能科股東大會(huì)通過2022-08-1645.006(15/30,130)(30/30,70)002135.SZ東南網(wǎng)架股東大會(huì)通過2022-08-1320.006(15/30,130)(30/30,70)603730.SH岱美股份股東大會(huì)通過2022-08-1214.986(15/30,130)(30/30,70)300142.SZ沃森生物股東大會(huì)通過2022-08-1112.356(15/30,130)(30/30,70)688533.SH上聲電子股東大會(huì)通過2022-08-115.206(15/30,130)(30/30,70)603939.SH益豐藥房股東大會(huì)通過2022-08-1125.476(15/30,130)(30/30,70)688589.SH力合微股東大會(huì)通過2022-08-103.806(15/30,130)(30/30,70)300644.SZ南京聚隆股東大會(huì)通過2022-08-062.406(15/30,130)(30/30,70)300040.SZ九洲集團(tuán)股東大會(huì)通過2022-08-066.006(15/30,130)(30/30,70)603051.SH鹿山新材股東大會(huì)通過2022-08-035.246(15/30,130)(30/30,70)300428.SZ立中集團(tuán)股東大會(huì)通過2022-08-0115.806(15/30,130)(30/30,70)300487.SZ藍(lán)曉科技股東大會(huì)通過2022-07-305.906(15/30,130)(30/30,70)603018.SH華設(shè)集團(tuán)股東大會(huì)通過2022-07-304.006(15/30,130)(30/30,70)300918.SZ南山智尚股東大會(huì)通過2022-07-297.006(15/30,130)(30/30,70)688223.SH晶科能源股東大會(huì)通過2022-07-29100.006(15/30,120)(30/30,70)300829.SZ金丹科技股東大會(huì)通過2022-07-267.006(15/30,130)(30/30,70)002237.SZ恒邦股份股東大會(huì)通過2022-07-2331.606(15/30,130)(30/30,70)002860.SZ星帥爾發(fā)審委通過2022-07-224.636(15/30,130)(30/30,70)000906.SZ浙商中拓股東大會(huì)通過2022-07-2210.386(15/30,130)(30/30,70)300986.SZ志特新材股東大會(huì)通過2022-07-196.146(15/30,130)(30/30,70)600888.SH新疆眾和股東大會(huì)通過2022-07-1513.806(15/30,130)(30/30,70)300452.SZ山河藥輔股東大會(huì)通過2022-07-133.206(15/30,130)(30/30,70)603529.SH愛瑪科技發(fā)審委通過2022-07-1220.006(15/30,130)(30/30,70)001212.SZ中旗新材股東大會(huì)通過2022-07-085.406(15/30,130)(30/30,70)603060.SH國檢集團(tuán)股東大會(huì)通過2022-06-308.006(15/30,130)(30/30,70)301038.SZ深水規(guī)院股東大會(huì)通過2022-06-294.106(15/30,130)(30/30,70)603228.SH景旺電子發(fā)審委通過2022-06-2811.546(15/30,130)(30/30,70)688599.SH天合光能發(fā)審委通過2022-06-2588.656(15/30,130)(30/30,70)000012.SZ南玻A股東大會(huì)通過2022-06-2328.006(15/30,130)(30/30,70)300790.SZ宇瞳光學(xué)股東大會(huì)通過2022-06-216.006(15/30,130)(30/30,70)300401.SZ花園生物發(fā)審委通過2022-06-1712.006(15/30,130)(30/30,70)603336.SH宏輝果蔬股東大會(huì)通過2022-06-172.316(15/30,130)(30/30,70)301049.SZ超越科技股東大會(huì)通過2022-06-174.406(15/30,130)(30/30,70)002998.SZ優(yōu)彩資源證監(jiān)會(huì)核準(zhǔn)2022-06-136.006(15/30,130)(30/30,70)300793.SZ佳禾智能股東大會(huì)通過2022-06-1010.046(15/30,130)(30/30,70)300973.SZ立高食品發(fā)審委通過2022-06-109.506(15/30,130)(30/30,70)601577.SH長沙銀行股東大會(huì)通過2022-06-09110.006(15/30,130)(30/30,70)公司代碼公司名稱方案進(jìn)度預(yù)案公告日發(fā)行規(guī)模(億元)發(fā)行期限(年)贖回回售603180.SH金牌廚柜發(fā)審委通過2022-06-097.706(15/30,130)(30/30,70)601666.SH平煤股份股東大會(huì)通過2022-06-0829.006(15/30,130)(30/30,70)605088.SH冠盛股份證監(jiān)會(huì)核準(zhǔn)2022-06-066.026(15/30,130)(30/30,70)002701.SZ奧瑞金股東大會(huì)通過2022-06-039.706(15/30,130)(30/30,70)300705.SZ九典制藥股東大會(huì)通過2022-06-023.606(15/30,130)(30/30,70)605177.SH東亞藥業(yè)股東大會(huì)通過2022-06-017.006(15/30,130)(30/30,70)601609.SH金田股份股東大會(huì)通過2022-05-3114.506(15/30,130)(30/30,70)600761.SH安徽合力證監(jiān)會(huì)核準(zhǔn)2022-05-2820.486(15/30,130)(30/30,70)603220.SH中貝通信股東大會(huì)通過2022-05-287.076(15/30,130)(30/30,70)300900.SZ廣聯(lián)航空發(fā)審委通過2022-05-277.006(15/30,130)(30/30,70)300645.SZ正元智慧發(fā)審委通過2022-05-273.516(15/30,130)(30/30,70)603176.SH匯通集團(tuán)證監(jiān)會(huì)核準(zhǔn)2022-05-263.606(15/30,130)(30/30,70)300879.SZ大葉股份發(fā)審委通過2022-05-244.996(15/30,130)(30/30,70)688357.SH建龍微納發(fā)審委通過2022-05-247.006(15/30,130)(30/30,70)300826.SZ測繪股份發(fā)審委通過2022-05-214.076(15/30,130)(30/30,70)301046.SZ能輝科技股東大會(huì)通過2022-05-203.486(15/30,130)(30/30,70)301085.SZ亞康股份發(fā)審委通過2022-05-182.616(15/30,130)(30/30,70)601015.SH陜西黑貓股東大會(huì)通過2022-05-1727.006(15/30,130)(30/30,70)600984.SH建設(shè)機(jī)械股東大會(huì)通過2022-05-1419.006(15/30,130)(30/30,70)300872.SZ天陽科技發(fā)審委通過2022-05-139.756(15/30,130)(30/30,70)601187.SH廈門銀行股東大會(huì)通過2022-05-1250.006(15/30,130)(30/30,70)600531.SH豫光金鉛股東大會(huì)通過2022-05-1114.706(15/30,130)(30/30,70)300693.SZ盛弘股份股東大會(huì)通過2022-05-114.026(15/30,130)(30/30,70)688398.SH賽特新材證監(jiān)會(huì)核準(zhǔn)2022-05-104.426(15/30,130)(30/30,70)301017.SZ漱玉平民證監(jiān)會(huì)核準(zhǔn)2022-04-308.006(15/30,130)(30/30,70)300942.SZ易瑞生物股東大會(huì)通過2022-04-304.606(15/30,130)(30/30,70)688268.SH華特氣體發(fā)審委通過2022-04-296.466(15/30,130)(30/30,70)603306.SH華懋科技股東大會(huì)通過2022-04-2910.506(15/30,130)(30/30,70)000528.SZ柳工股東大會(huì)通過2022-04-2930.006(15/30,130)(30/30,70)605488.SH福萊新材證監(jiān)會(huì)核準(zhǔn)2022-04-294.296(15/30,130)(30/30,70)002540.SZ亞太科技股東大會(huì)通過2022-04-2911.596(15/30,130)(30/30,70)301078.SZ孩子王股東大會(huì)通過2022-04-2810.396(15/30,130)(30/30,70)300740.SZ水羊股份股東大會(huì)通過2022-04-286.956(15/30,130)(30/30,70)300737.SZ科順股份股東大會(huì)通過2022-04-2821.986(15/30,130)(30/30,70)300567.SZ精測電子發(fā)審委通過2022-04-2612.766(15/30,130)(30/30,70)301066.SZ萬事利股東大會(huì)通過2022-04-263.206(15/30,130)(30/30,70)002810.SZ山東赫達(dá)股東大會(huì)通過2022-04-266.006(15/30,130)(30/30,70)300837.SZ浙礦股份股東大會(huì)通過2022-04-253.206(15/30,130)(30/30,70)003043.SZ華亞智能證監(jiān)會(huì)核準(zhǔn)2022-04-193.406(15/30,130)(30/30,70)300409.SZ道氏技術(shù)股東大會(huì)通過2022-04-1626.006(15/30,130)(30/30,70)600810.SH神馬股份股東大會(huì)通過2022-04-0230.006(15/30,130)(30/30,70)601528.SH瑞豐銀行股東大會(huì)通過2022-03-3150.006(15/30,130)(30/30,70)公司代碼公司名稱方案進(jìn)度預(yù)案公告日發(fā)行規(guī)模(億元)發(fā)行期限(年)贖回回售600370.SH三房巷證監(jiān)會(huì)核準(zhǔn)2022-03-2925.006(15/30,130)(30/30,70)300501.SZ海順新材發(fā)審委通過2022-03-286.336(15/30,130)(30/30,70)603897.SH長城科技股東大會(huì)通過2022-03-0310.006(15/30,130)(30/30,70)300258.SZ精鍛科技發(fā)審委通過2022-02-189.806(15/30,130)(30/30,70)300709.SZ精研科技證監(jiān)會(huì)核準(zhǔn)2022-02-175.946(15/30,130)(30/30,70)688002.SH睿創(chuàng)微納證監(jiān)會(huì)核準(zhǔn)2022-02-1415.656(15/30,130)(30/30,70)603327.SH福蓉科技股東大會(huì)通過2022-01-136.406(15/30,130)(30/30,70)003036.SZ泰坦股份證監(jiān)會(huì)核準(zhǔn)2022-01-132.966(15/30,130)(30/30,70)003004.SZ聲迅股份證監(jiān)會(huì)核準(zhǔn)2022-01-102.806(15/30,130)(30/30,70)301015.SZ百洋醫(yī)藥股東大會(huì)通過2022-01-088.606(15/30,130)(30/30,70)002757.SZ南興股份股東大會(huì)通過2022-01-067.976(15/30,130)(30/30,70)300480.SZ光力科技證監(jiān)會(huì)核準(zhǔn)2021-12-274.006(15/30,130)(30/30,70)301011.SZ華立科技股東大會(huì)通過2021-12-253.506(15/30,130)(30/30,70)600113.SH浙江東日董事會(huì)預(yù)案2021-12-236.006(15/30,130)(30/30,70)300614.SZ百川暢銀證監(jiān)會(huì)核準(zhǔn)2021-12-214.206(15/30,130)(30/30,70)002531.SZ天順風(fēng)能股東大會(huì)通過2021-12-1129.226(15/30,130)(30/30,70)603890.SH春秋電子證監(jiān)會(huì)核準(zhǔn)2021-12-105.706(15/30,130)(30/30,70)605162.SH新中港發(fā)審委通過2021-12-103.696(15/30,130)(30/30,70)002605.SZ姚記科技董事會(huì)預(yù)案2021-12-085.836(15/30,130)(30/30,70)300967.SZ曉鳴股份發(fā)審委通過2021-12-023.296(15/30,130)(30/30,70)300605.SZ恒鋒信息證監(jiān)會(huì)核準(zhǔn)2021-10-142.426(15/30,130)(30/30,70)300454.SZ深信服股東大會(huì)通過2021-09-3012.156(15/30,130)(30/30,70)688350.SH富淼科技證監(jiān)會(huì)核準(zhǔn)2021-09-174.506(15/30,130)(30/30,70)600348.SH華陽股份股東大會(huì)通過2021-08-2850.006(15/30,130)(30/30,70)603690.SH至純科技股東大會(huì)通過2021-08-2511.006(15/30,130)(30/30,70)603878.SH武進(jìn)不銹股東大會(huì)通過2021-07-303.106(15/30,130)(30/30,70)000498.SZ山東路橋發(fā)審委通過2021-07-0748.366(15/30,130)(30/30,70)600251.SH冠農(nóng)股份股東大會(huì)通過2021-06-2211.006(15/30,130)(30/30,70)300787.SZ海能實(shí)業(yè)發(fā)審委通過2021-05-246.006(15/30,130)(30/30,70)002120.SZ韻達(dá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zhuǎn)2002822.SZ中裝建設(shè)123013.SZ橫河轉(zhuǎn)債300539.SZ橫河精密127032.SZ蘇行轉(zhuǎn)債002966.SZ蘇州銀行123012.SZ萬順轉(zhuǎn)債300057.SZ萬順新材110080.SH東湖轉(zhuǎn)債600133.SH東湖高新123011.SZ德爾轉(zhuǎn)債300473.SZ德爾股份113047.SH旗濱轉(zhuǎn)債601636.SH旗濱集團(tuán)128041.SZ盛路轉(zhuǎn)債002446.SZ盛路通信123112.SZ萬訊轉(zhuǎn)債300112.SZ萬訊自控110045.SH海瀾轉(zhuǎn)債600398.SH海瀾之家113623.SH鳳21轉(zhuǎn)債603225.SH新鳳鳴123010.SZ博世轉(zhuǎn)債300422.SZ博世科123110.SZ九典轉(zhuǎn)債300705.SZ九典制藥127007.SZ湖廣轉(zhuǎn)債000665.SZ湖北廣電123109.SZ昌紅轉(zhuǎn)債300151.SZ昌紅科技110044.SH廣電轉(zhuǎn)債600831.SH廣電網(wǎng)絡(luò)123108.SZ樂普轉(zhuǎn)2300003.SZ樂普醫(yī)療128040.SZ華通轉(zhuǎn)債002758.SZ浙農(nóng)股份110079.SH杭銀轉(zhuǎn)債600926.SH杭州銀行128039.SZ三力轉(zhuǎn)債002224.SZ三力士123107.SZ溫氏轉(zhuǎn)債300498.SZ溫氏股份128037.SZ巖土轉(zhuǎn)債002542.SZ中化巖土127031.SZ洋豐轉(zhuǎn)債000902.SZ新洋豐127006.SZ敖東轉(zhuǎn)債000623.SZ吉林敖東113622.SH杭叉轉(zhuǎn)債603298.SH杭叉集團(tuán)127005.SZ長證轉(zhuǎn)債000783.SZ長江證券123106.SZ正丹轉(zhuǎn)債300641.SZ正丹股份128036.SZ金農(nóng)轉(zhuǎn)債002548.SZ金新農(nóng)轉(zhuǎn)債代碼轉(zhuǎn)債簡稱正股代碼正股簡稱轉(zhuǎn)債代碼轉(zhuǎn)債簡稱正股代碼正股簡稱127030.SZ盛虹轉(zhuǎn)債000301.SZ東方盛虹113505.SH杭電轉(zhuǎn)債603618.SH杭電股份128145.SZ日豐轉(zhuǎn)債002953.SZ日豐股份113504.SH艾華轉(zhuǎn)債603989.SH艾華集團(tuán)113046.SH金田轉(zhuǎn)債601609.SH金田股份128035.SZ大族轉(zhuǎn)債002008.SZ大族激光123105.SZ拓爾轉(zhuǎn)債300229.SZ拓爾思110043.SH無錫轉(zhuǎn)債600908.SH無錫銀行127029.SZ中鋼轉(zhuǎn)債000928.SZ中鋼國際128034.SZ江銀轉(zhuǎn)債002807.SZ江陰銀行123104.SZ衛(wèi)寧轉(zhuǎn)債300253.SZ衛(wèi)寧健康128033.SZ迪龍轉(zhuǎn)債002658.SZ雪迪龍123103.SZ震安轉(zhuǎn)債300767.SZ震安科技113017.SH吉視轉(zhuǎn)債601929.SH吉視傳媒123101.SZ拓斯轉(zhuǎn)債300607.SZ拓斯達(dá)128030.SZ天康轉(zhuǎn)債002100.SZ天康生物113045.SH環(huán)旭轉(zhuǎn)債601231.SH環(huán)旭電子128029.SZ太陽轉(zhuǎn)債002078.SZ太陽紙業(yè)128144.SZ利民轉(zhuǎn)債002734.SZ利民股份123004.SZ鐵漢轉(zhuǎn)債300197.SZ節(jié)能鐵漢118000.SH嘉元轉(zhuǎn)債688388.SH嘉元科技128026.SZ眾興轉(zhuǎn)債002772.SZ眾興菌業(yè)123100.SZ朗科轉(zhuǎn)債300543.SZ朗科智能128025.SZ特一轉(zhuǎn)債002728.SZ特一藥業(yè)123099.SZ普利轉(zhuǎn)債300630.SZ普利制藥128023.SZ亞太轉(zhuǎn)債002284.SZ亞太股份123098.SZ一品轉(zhuǎn)債300723.SZ一品紅128022.SZ眾信轉(zhuǎn)債002707.SZ眾信旅游123096.SZ思創(chuàng)轉(zhuǎn)債300078.SZ思創(chuàng)醫(yī)惠128021.SZ兄弟轉(zhuǎn)債002562.SZ兄弟科技113621.SH彤程轉(zhuǎn)債603650.SH彤程新材123002.SZ國禎轉(zhuǎn)債300388.SZ節(jié)能國禎113042.SH上銀轉(zhuǎn)債601229.SH上海銀行113016.SH小康轉(zhuǎn)債601127.SH賽力斯113619.SH世運(yùn)轉(zhuǎn)債603920.SH世運(yùn)電路128017.SZ金禾轉(zhuǎn)債002597.SZ金禾實(shí)業(yè)123093.SZ金陵轉(zhuǎn)債300651.SZ金陵體育113013.SH國君轉(zhuǎn)債601211.SH國泰君安113618.SH美諾轉(zhuǎn)債603538.SH美諾華128015.SZ久其轉(zhuǎn)債002279.SZ久其軟件128143.SZ鋒龍轉(zhuǎn)債002931.SZ鋒龍股份127004.SZ模塑轉(zhuǎn)債000700.SZ模塑科技113011.SH光大轉(zhuǎn)債601818.SH光大銀行128014.SZ永東轉(zhuǎn)債002753.SZ永東股份資料來源：Wind，中信證券研究部▍附錄圖表圖4：純債溢價(jià)率vs轉(zhuǎn)股溢價(jià)率純債溢價(jià)率（%純債溢價(jià)率（%）0-20-20 0 20 40 60 80 100轉(zhuǎn)股溢價(jià)率（%）資料來源：Wind，中信證券研究部圖5：不同閾值股性估