银行转债供需矛盾或加剧，大额转债稀缺性增强

请阅读最后一页的重要声明！分析师孙彬彬SAC证书编号：S0160525020001sunbb@ctsec.com分析师隋修平SAC证书编号：S0160525020003suixp@ctsec.com联系人郑惠文zhenghw01@ctsec.com相关报告2025-05-112025-05-112025-05-10 谨请参阅尾页重要声明及财通证券股票和行业评级标准1可转债市场观点.......................................................................................................................................42市场一周走势...........................................................................................................................................63重要股东转债减持情况...........................................................................................................................74转债发行进展...........................................................................................................................................85私募EB项目更新...................................................................................................................................96风格&策略：小额低评级风格延续.......................................................................................................97一周转债估值表现：转债估值下探，但仍处高位.............................................................................108风险提示.................................................................................................................................................12图1.转债交投热度略回暖，估值回调.........................................................................................................4图2.转债ETF份额稳定...............................................................................................................................4图3.上交所转债投资者持有面值环比.........................................................................................................4图4.深交所转债投资者持有市值环比.........................................................................................................5图5.中证转债指数中银行转债权重第一.....................................................................................................5图6.本周银行转债成交量大幅增加.............................................................................................................5图7.大额银行转债稀缺性凸显.....................................................................................................................5图8.转债与权益市场表现.............................................................................................................................6图9.申万行业指数一周涨跌幅.....................................................................................................................6图10.转债一周涨跌幅...................................................................................................................................7图11.转债一周成交额...................................................................................................................................7图12.中证转债指数与成交额.......................................................................................................................7图13.转债估值情况.......................................................................................................................................7图14.近一年来转债分评级回测结果...........................................................................................................9图15.高评级相对低评级转债收益率净值曲线...........................................................................................9图16.近一年来转债分余额回测结果...........................................................................................................9图17.大额相对小额转债超额收益净值曲线...............................................................................................9图18.近一年来转债分风格回测结果.........................................................................................................10图19.偏股转债相对偏债转债超额收益净值曲线.....................................................................................10图表目录内容目录 2 谨请参阅尾页重要声明及财通证券股票和行业评级标准3图20.分平价溢价率（单位：%）.............................................................................................................10图21.全口径溢价率（单位：%）.............................................................................................................10图22.偏债转债纯债溢价率中位数.............................................................................................................11图23.偏股转债转股溢价率中位数（单位：%）.....................................................................................11图24. YTM大于3、YTM大于0转债个数（单位：只）......................................................................11图25.跌破债底、跌破面值转债个数（单位：只）.................................................................................11图26.银行转债YTM中位数与企业债AAA3年YTM（单位：%）...................................................11图27. AA-至AA+偏债转债YTM中位数与企业债AA3年YTM（单位：%）...................................11图28. AA-至AA+存量转债穿透信用主体发行人属性分布......................................................................12图29. AA-至AA+存量企业债穿透信用主体发行人属性分布..................................................................12图30.调整百元溢价率表现（%）.............................................................................................................12表1.大股东转债持有比例较高的发行人.......................................................