创造历史！ 历史上第一只价值超过3000元的可转换债券在一年内被猛烈拉动了30倍于可转换债券。 _东方财富网

原标题：突破3000元！ “茅台欠债”着火了。 它在6天之内上涨了千元，是一年中的30倍，并且可转换债务也被归类到一起了？

概要

[Makehistory!Thefirstconvertiblebondwithavalueofover3000yuaninhistoryhasbeenviolentlypulled30timestheconvertiblebondinoneyear】Thefirstconvertiblebondover3000yuanhasappeared!UndertheturmoilofAsharesinadditiontoleadingstockstherearealsoleadingconvertiblebondscloselyrelatedtothestockmarketNoduetotherecentpricesurgeonJanuary13thefirstconvertiblebondofmorethan3000yuaninthehistoryofthetwocitiesappeared(SecuritiesTimes)

The first one over 3000 yuanConvertible bondAppeared!

Under the agitation of A shares, in addition to leading stocks, there are also leading convertible bonds closely related to the stock market.

This is not because recentlypriceCyclonus, on January 13, the first convertible bond of more than 3,000 yuan in the history of the two cities appeared.

This is the Intech Convertible Bond (123029.SZ).

Just a few days ago, the convertible bond was still around 2,000 yuan, and in just a few days, it rose by more than 1,000 yuan.

　　01

　　Make history!The first convertible bond of over 3,000 yuan in history appeared

Market data shows that on January 13, Intech convertible bonds continued to rise, and the intraday price reached 3015 yuan. This was the first convertible bond with a price of more than 3,000 yuan in the history of the two cities. As of today’s close, the convertible bond’s gains have narrowed to 2,920 yuan.

Intech convertible bonds have risen sharply in recent trading days. On January 5, the price of Intech convertible bonds fell below 2,000 yuan to 1910.106 yuan. In just a few days, Intech convertible bonds rose more than 1,000 yuan, the largest increase was close to 60%.

According to the data, the Intech convertible debt isStart a businessBoard listingthe companyIntech Medical(300677.SZ) convertible bonds, which were listed on September 10, 2019, with an issue price (face value) of 100 yuan and an issue scale of 470 million yuan.

This means that in just over a year, Intech’s convertible bonds have risen nearly 30 times from the issue price!This increase exceeds the increase of all A shares in the same period (includingNew crotch)。

The data shows that in the more than one year from September 10, 2019 to the present, A sharesmarketThe two stocks with the biggest gains areWantai BiowithIntech MedicalTwo stocks, but their gains were both in the early 20s, which was significantly lower than the gains of Intech convertible bonds during the same period.

One aspect of the huge increase in Intech’s convertible bonds is due to its underlying sharesIntech MedicalThe continuous rise. An important factor that promotes the continued rise of the underlying Intech Medical is that under the new crown epidemic, the company is standing at the “wind mouth” of the demand for protective equipment.PerformanceSoaring.

According to data, in the first three quarters of 2020, Intech Medical achieved 8.945 billion yuan in revenue.YoYAn increase of 486.44%; to be attributable to listed companiesshareholderofNet profit4.373 billion yuan, a year-on-year increase of more than 30 times.

In addition, the company has repeatedlyannouncementFailure to redeem convertible bonds in advance may also be another important factor driving the rise of Intech’s convertible bonds.

For example, in an announcement issued on the evening of January 11, 2020, Ingram Medical stated that the company’s stock has triggered the redemption clause of “Ingram Convertible Bonds” from December 17, 2020 to January 8, 2021. . The company does not exercise the early redemption right of the “Intech Convertible Bonds” this time, and does not redeem the “Intech Convertible Bonds” in advance.

In the announcement, Intech Medical stated that before February 3, 2021, if the company triggers the redemption clause of the “Intech Convertible Bond”, it will not exercise the early redemption right of the “Intech Convertible Bond”.

However, the risks involved are not without, and there is no shortage of people in history who promised not to redeem early, and later announced early redemption.Case。

Such as 2020Taijing TechnologyThere have been multiple announcements not to redeem the Taijing convertible bonds in advance, and the Taijing convertible bonds have also risen sharply.

However, on the evening of May 6, 2020,Taijing TechnologyThe announcement also stated that it was decided to exercise the right of early redemption and redeem all the “Taijing Convertible Bonds” registered on the “Redemption Registration Date” in advance.

Affected by related news, Taijing Convertible BondsCliff plunge47.68%, and thereafter continued to fall further.

　　02

　　The convertible bond market is restless again, but the differentiation is prominent

With the recent rise in the A-share market, the convertible bond market has also been catalyzed.

Market data shows that the China Securities Convertible Bond Index restarted its upward trend after a long period of consolidation, and the overall rise was slightly.

However, unlike the hot situation a few months ago, the current convertible bond market is highly differentiated.

While INTCO’s convertible bonds and other bonds continue to advance, a large number of convertible bonds continue to adjust.

Statistics show that as of today’s close, more than 100 convertible bonds have been issued in the two cities. In comparison, only about 10 convertible bonds were issued in the two cities three months ago.

　　China Merchants SecuritiesIt is believed that there is also a “grouping” phenomenon in the convertible bond market.

　　China Merchants SecuritiesIt is pointed out that similar to the stock market, the phenomenon of “grouping” among the current convertible bond market institutions is also more pronounced.ConversionPremium rateSignificant uplift, convertible debtDealConcentration continues to rise, and turnDebt baseJin significantly outperformed the convertible bond index.

　　China Merchants SecuritiesIt is believed that, from the perspective of the market outlook, there are still large-scale new issuances at the capital level in the first quarter.fundSupporting stock market valuations, in the fourth quarter, there was also a 20 billion new issuance scale of secondary debt base to support the valuation of convertible bonds, but authoritative media and the market showed a high degree of attention to institutional groups. However, the current price of Baotuan convertible bonds is not low, and it is entering the moment of testing the trading ability. If the subsequent Baotuan collapses, there will be a greater risk of retracement, which may trigger a double killing of valuation and parity. Therefore, you should appropriately shift your attention to non-hot spots Plates and high-quality varieties with relatively low prices, but double-low varieties are still to be avoided.

According to the research point of Bohai Securities, the overall differentiation of the convertible bond market has intensified.consumptionThe sector adjusted slightly. Although the cyclical sector has intensified internal differentiation and increased disturbances and differences, it still maintains a good upward trend. In the future, it is necessary to pay more attention to the rhythm of holding such securities. Driven by the correction of equity valuation and the upward trend of equity, this is a good opportunity for the layout of the first quarter. In the medium and long term, we are optimistic about the consumer industry, technology industry and photovoltaic theme convertible bonds; in terms of style, high-quality white horse bonds deserve continuous attention. In the selection of individual bonds, consideration should be given to convertible bonds with performance support and higher cost performance.forMake new, You need to pay attention to market sentiment, if the sentiment is too cold or short-termsupplyToo much requires caution.

(Source: Securities Times Net)

(Editor in charge: DF537)