This article was originally sent yesterday evening.
direction
On May 13, affected by poor social finance data and the adjustment of overseas Chinese concept stocks, the market finally ushered in a major adjustment after the technical bull market; The Shanghai Composite Index opened low and bottomed out and rebounded slightly by 0.21%, and the CSI All-Share Index fell slightly by 0.56%, both closing between the 5-day moving average and the 10-day moving average, indicating that the 5-day moving average poses short-term pressure, and the 10-day moving average forms support in the short term.
Judging from the bullish trend of Hong Kong stocks, it is likely to drive A-shares to break through the 5-day moving average resistance and continue to be bullish.
On the disk, a few sectors such as transportation equipment, water affairs, transportation services, household appliances, electricity, shipping, gas and heating, and ships rose; DRG-dip, spatio-temporal big data, aquatic products, electronic ID cards, military informatization, Web3 concepts, digital currency, satellite navigation and other sectors fell.
The performance of the convertible bond market was relatively resistant, with the CSI convertible bond falling by 0.13%, with a turnover of 58.2 billion yuan; The average underlying stock fell by 1.47%, the Ningyuan Convertible Bond Equal Weight Index fell by 0.35%, the overall pure debt premium rate fell to 21.2%, the low-risk pure debt premium rate fell to 11.3%, and the median premium rate fell to 23.5%.
Note: For the calculation method of Ningyuan Convertible Bond Equal Weight Index, please refer to "How Much Can Ordinary Retail Investors Earn on Convertible Bonds?" 》。
Overcap convertible bonds rose 0.1%, and high-risk convertible bonds rose 0.8%, the highest gains.
Demon debts Yokogawa convertible bonds and Tongguang convertible bonds skyrocketed first. It is worth mentioning that Yokogawa's convertible bonds are only 2.4 months away from maturity, and as is customary, the maturity redemption announcement is issued one month in advance. After the announcement of the redemption at maturity, the price of the convertible bonds will plummet from 300 yuan to 110 yuan at maturity, and it is extremely risky to participate in the speculation of expiring demon bonds.
Double happiness is coming
Zhongchen's downward revision proposal was passed. The company announced that the transfer price was revised down to 6.5 yuan, slightly higher than the minimum revision price of 6.4 yuan, which was basically revised down to the end. After the downward revision, the value of the convertible bonds will rise to 97 yuan, and the reasonable pricing of the convertible bonds is expected to be about 123 yuan based on the approximate size, rating and conversion value. A win-win situation for both the company and the holders, and everyone is happy!
The downward revision proposal of Yubang convertible bonds was passed. The company announced that the transfer price was revised down to 37.21 yuan, which was consistent with the forecast in yesterday's article, and it was revised down to the end. After the downward revision, the value of the convertible bonds will rise to 97 yuan, and the reasonable pricing of the convertible bonds is expected to be about 123 yuan based on the approximate size, rating and conversion value. A win-win situation for both the company and the holders, and everyone is happy!
For the views and principles of this article, please refer to "Value Convertible Bond Investment Strategy" (authors: Ning Yuanjun, Tang Bin).
"It's Reviewed", "6 Convertible Bonds Will Not Be Revised Downward, 4 Convertible Bonds and Other Decisions", "1 Convertible Bonds Added to the Redemption List", "China Meat Sign Hongbai Convertible Bond Listing" has been posted simultaneously on the WeChat public account, welcome to pay attention!
The relevant securities mentioned in this article do not constitute any investment advice, only for personal investment records and to share investment ideas, if netizens buy and sell according to the securities mentioned in the article, please bear your own risk!
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