7月保持仓位或为重点，延续哑铃配置
AI智能总结
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联系人李浩时lihs@ctsec.com相关报告1.《 利 率|7月 ， 横 盘 结 束 ？ 》2025-06-292.《 信 用|等 待 短 端 下 行2025-06-293.《期货｜支撑变为压力，关注能否再次突破》2025-06-29 核心观点风险。 》 谨请参阅尾页重要声明及财通证券股票和行业评级标准17月转债市场月报....................................................................................................................................41.17月转债市场展望：还有哪些标的能上仓位？...............................................................................41.27月关注标的&组合............................................................................................................................62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：大额高评级偏股占优.......................................................................................................97一周转债估值表现：偏债YTM续创新低.........................................................................................108风险提示.................................................................................................................................................13图1.兴业转债开始余额下降.........................................................................................................................4图2.青农转债理论定价和实际定价.............................................................................................................4图3.“类银行”转债价格估值表现.............................................................................................................5图4. 6月末光伏转债价格回暖.......................................................................................................................5图5.转债与权益市场表现.............................................................................................................................6图6.申万行业指数一周涨跌幅.....................................................................................................................6图7.转债一周涨跌幅.....................................................................................................................................7图8.转债一周成交额.....................................................................................................................................7图9.中证转债指数与成交额.........................................................................................................................7图10.转债估值情况.......................................................................................................................................7图11.近一年来转债分评级回测结果...........................................................................................................9图12.高评级相对低评级转债收益率净值曲线...........................................................................................9图13.近一年来转债分余额回测结果.........................................................................................................10图14.大额相对小额转债超额收益净值曲线.............................................................................................10图15.近一年来转债分风格回测结果.........................................................................................................10图16.偏股转债相对偏债转债超额收益净值曲线.....................................................................................10图17.分平价溢价率（单位：%）.............................................................................................................11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18.全口径溢价率（单位：%）.............................................................................................................11图19.偏债转债纯债溢价率中位数.............................................................................................................11图20.偏股转债转股溢价率中位数（单位：%）.....................................................................................11图21. YTM大于3、YTM大于0转债个数（单位：只）......................................................................11图22.跌破债底、跌破面值转债个数（单位：只）.................................................................................11图23.银行转债YTM中位数与企业债AAA3年YTM（单位：%）...................................................12图24. AA-至AA+偏债转债YTM中位数与企业债AA3年YTM（单位：%）...................................12图25. AA-至AA+存量转债穿透信用主体发行人属性分布......................................................................12图26. AA-至AA+存量企业债穿透信用主体发行人属性分布..................................................................12图27.调整百元溢价率表现（%）.............................................................................................................12表1.银行转债属性一览（2025.06.27）...............................................................................................
