沪指站稳3500点，转债后市如何看？
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1.《利率|债市调整，近忧还是远虑？》2025-07-132.《流动性｜扰动因素增加，资金后续怎么看？》2025-07-123.《高频｜水泥与螺纹钢背离，弱现实VS强预期？》2025-07-12 核心观点❖❖❖ 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...................................................................................................................................86风格&策略：小额偏债占优...................................................................................................................97一周转债估值表现：转债估值延续高位.............................................................................................108风险提示.................................................................................................................................................12图1. 7月10日上证指数站稳3500点...........................................................................................................4图2.转债ETF份额放量...............................................................................................................................4图3.转债收盘价与平价中枢抬升至历史高位.............................................................................................4图4.不同类型转债的平价中位数.................................................................................................................4图5.不同平价转债的均衡溢价率.................................................................................................................5图6.中低价大额转债成交额.........................................................................................................................5图7. 2022年以来业绩预告披露进展.............................................................................................................5图8. 2022年以来业绩预告类型.....................................................................................................................5图9.转债与权益市场表现.............................................................................................................................6图10.申万行业指数一周涨跌幅...................................................................................................................6图11.转债一周涨跌幅...................................................................................................................................7图12.转债一周成交额...................................................................................................................................7图13.中证转债指数与成交额.......................................................................................................................7图14.转债估值情况.......................................................................................................................................7图15.近一年来转债分评级回测结果...........................................................................................................9图16.高评级相对低评级转债收益率净值曲线...........................................................................................9图17.近一年来转债分余额回测结果...........................................................................................................9图18.大额相对小额转债超额收益净值曲线...............................................................................................9图19.近一年来转债分风格回测结果.........................................................................................................10内容目录图表目录 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.偏股转债相对偏债转债超额收益净值曲线.....................................................................................10图21.分平价溢价率（单位：%）.............................................................................................................10图22.全口径溢价率（单位：%）.............................................................................................................10图23.偏债转债纯债溢价率中位数.............................................................................................................11图24.偏股转债转股溢价率中位数（单位：%）.....................................................................................11图25. YTM大于3、YTM大于0转债个数（单位：只）......................................................................11图26.跌破债底、跌破面值转债个数（单位：只）.................................................................................11图27.银行转债YTM中位数与企业债AAA3年YTM（单位：%）...................................................11图28. AA-至AA+偏债转债YTM中位数与企业债AA3年YTM（单位：%）...................................11图29. AA-至AA+存量转债穿透信用主体发行人属性分布......................................................................12图30. AA-至AA+存量企业债穿透信用主体发行人属性分布....................
