可转债投资手册之五(24年4月)：可转债产业链梳理

固定收益研究可转债专题报告2024年2024年4月18日

证券研究报告投资要点：——可转债投资手册之五（24年4月）投资要点：2024415540只，我们对其进行17个产业链，包括新基建、传统基建、风电光伏、TMT半导体、汽车、医药生物、采掘与初加工、化工材料与产品、机械设备、环保&公用、军工、交运、农林牧渔、消费、轻工制造、金融产业链。风险提示：基本面变化、股市波动、政策不达预期、价格和溢价率调整风险、信用风险请务必阅读正文之后的信息披露和法律声明表目录表1.新基建相关转债基本情况 4表2.传统基建相关转债基本情况 5表3.风电光伏相关转债基本情况 6表4.TMT相关转债基本情况（上） 7表5.TMT相关转债基本情况（下） 8表6.半导体相关转债基本情况 9表7.汽车相关转债基本情况（上） 10表8.汽车相关转债基本情况（下） 11表9.新能源汽车相关转债基本情况 12表10.医药生物相关转债基本情况（上） 13表11.医药生物相关转债基本情况（下） 14表12.采掘与初加工相关转债基本情况 15表13.化工材料与产品相关转债基本情况 16表14.机械设备相关转债基本情况 表15.环保&公用事业相关转债基本情况 18表16.军工相关转债基本情况 19表17.交通运输相关转债基本情况 20表18.农林牧渔相关转债基本情况 20表19.消费相关转债基本情况 21表20.轻工制造相关转债基本情况 22表21.金融相关转债基本情况 231.可转债产业链梳理202441554017TMT生物、采掘与初加工、化工材料与产品、机械设备、环保&公用、军工、交运、农林牧渔、消费、轻工制造、金融产业链。图1新基建产业链资料来源：，HTI，截至4月15日表1.新基建相关转债基本情况转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）盛路转债128041.SZ盛路通信244.55159.950.52通光转债123034.SZ通光线缆237.88195.500.78思特转债123054.SZ思特奇146.4033.201.67飞鹿转债123052.SZ飞鹿股份131.0041.581.50奥飞转债123131.SZ奥飞数据125.3621.505.21神码转债127100.SZ神州数码124.1045.3913.39兴森转债128122.SZ兴森科技122.3449.912.68红相转债123044.SZ*ST红相119.003.364.62佳力转债113597.SH佳力图118.8082.862.98测绘转债123177.SZ测绘股份118.6838.012.44永鼎转债110058.SH永鼎股份118.5839.962.60科数转债127091.SZ科华数据118.2744.8414.92中贝转债113678.SH中贝通信118.1437.805.17烽火转债110062.SH烽火通信116.7355.6630.88纵横转债113573.SH纵横通信115.9677.172.70景20转债113602.SH景旺电子114.9436.1117.80起帆转债111000.SH起帆电缆114.6138.199.99道通转债118013.SH道通科技113.5065.1812.80白电转债113549.SH白云电器113.2432.888.04明电转02123203.SZ明阳电路113.1538.274.48明电转债123087.SZ明阳电路112.9945.754.19景23转债113669.SH景旺电子112.4045.3911.54新北转债128083.SZ新北洋112.3829.518.77华体转债113574.SH华体科技112.34206.652.08建工转债110064.SH重庆建工111.0089.3812.65九洲转2123089.SZ九洲集团110.4745.463.06科达转债113569.SH苏州科达110.3652.545.14拓斯转债123101.SZ拓斯达108.72134.286.70信服转债123210.SZ深信服108.10115.1412.15崇达转2128131.SZ崇达技术108.00133.8414.00煜邦转债118039.SH煜邦电力106.3038.634.11资料来源：，HTI，截至4月15日图2传统基建产业链资料来源：，HTI，截至4月15日表2.传统基建相关转债基本情况转债简称转债代码正股名称价格（元）转股溢价率（%）转债余额（亿元）中旗转债127081.SZ中旗新材189.0099.655.40北方转债127014.SZ北方国际158.003.295.32鼎胜转债113534.SH鼎胜新材143.396.063.33海波转债123080.SZ海波重科136.40122.501.49飞鹿转债123052.SZ飞鹿股份131.0041.581.50法兰转债113598.SH法兰泰克127.2323.212.75豪美转债127053.SZ豪美新材122.3823.764.82本钢转债127018.SZ本钢板材120.7735.9056.31华设转债113674.SH华设集团119.6132.644.00友发转债113058.SH友发集团116.8914.8820.00交建转债128132.SZ新疆交建116.2634.708.49风语转债113643.SH风语筑114.9553.165.00大禹转债123063.SZ大禹节水114.8840.716.35天路转债110060.SH西藏天路114.2535.745.65万青转债127017.SZ万年青111.94140.5710.00设研转债123130.SZ设研院111.1450.873.75建工转债110064.SH重庆建工111.0089.3812.65浙建转债127102.SZ浙江建投110.8034.8010.00沪工转债113593.SH上海沪工110.7683.294.00濮耐转债127035.SZ濮耐股份110.6944.476.26冠中转债123207.SZ冠中生态110.0621.134.00凌钢转债110070.SH凌钢股份110.0462.862.17旗滨转债113047.SH旗滨集团109.9068.9414.99长海转债123091.SZ长海股份109.8668.585.50亚泰转债128066.SZ郑中设计109.7560.694.61精装转债127055.SZ中天精装109.3134.825.77鸿路转债128134.SZ鸿路钢构108.9792.4915.73艾迪转债113644.SH艾迪精密108.0859.7710.00山玻转债111001.SH山东玻纤108.04115.316.00华阳转债128125.SZ华阳国际107.39141.374.50核建转债113024.SH中国核建106.8232.9929.95山路转债127083.SZ山东路桥106.6545.7848.36震安转债123103.SZ震安科技105.93388.822.49垒知转债127062.SZ垒知集团104.70101.023.96博22转债113650.SH苏博特103.52201.698.00东南转债127103.SZ东南网架102.8834.2820.00红墙转债127094.SZ红墙股份102.8044.083.16冀东转债127025.SZ冀东水泥102.30160.9217.76科顺转债123216.SZ科顺股份100.00154.5921.98文科转债128127.SZ文科股份100.0089.219.49蒙娜转债127044.SZ蒙娜丽莎99.57160.8911.69绿茵转债127034.SZ绿茵生态98.0089.097.12汇通转债113665.SH汇通集团96.8384.463.60岭南转债128044.SZ岭南股份94.0144.056.56城地转债113596.SH城地香江93.70337.4511.98精工转债110086.SH精工钢构93.5464.3620.00金埔转债123198.SZ金埔园林91.8050.455.20志特转债123186.SZ志特新材91.00237.466.14帝欧转债127047.SZ帝欧家居70.89152.8515.00中装转2127033.SZST中装66.2067.6211.59资料来源：，HTI，截至4月15日图3风电光伏产业链资料来源：，HTI，截至4月15日表3.风电光伏相关转债基本情况转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）通光转债123034.SZ通光线缆237.88195.500.78福能转债110048.SH福能股份191.990.4111.38金盘转债118019.SH金盘科技136.89-0.498.76博23转债113069.SH博威合金127.8318.7917.00嘉泽转债113039.SH嘉泽新能126.4517.492.88欧晶转债127098.SZ欧晶科技119.5029.034.70永鼎转债110058.SH永鼎股份118.5839.962.60科数转债127091.SZ科华数据118.2744.8414.92奥维转债118042.SH奥特维115.9535.3711.40节能转债113051.SH节能风电115.8531.1229.99盛虹转债127030.SZ东方盛虹114.8447.8249.98起帆转债111000.SH起帆电缆114.6138.199.99通裕转债123149.SZ通裕重工111.1230.1214.84天能转债123071.SZ天能重工110.8068.106.94宇邦转债123224.SZ宇邦新材110.5055.515.00九洲转2123089.SZ九洲集团110.4745.463.06福莱转债113059.SH福莱特109.9072.4940.00旗滨转债113047.SH旗滨集团109.9068.9414.99长海转债123091.SZ长海股份109.8668.585.50帝尔转债123121.SZ帝尔激光109.1295.538.31宏发转债110082.SH宏发股份109.08105.4220.00山玻转债111001.SH山东玻纤108.04115.316.00通22转债110085.SH通威股份107.9462.58119.84中辰转债123147.SZ中辰股份107.3040.305.70福22转债113661.SH福斯特106.9191.1030.30强联转债123161.SZ新强联106.7287.9212.10晶科转债113048.SH晶科科技105.2778.8622.96中能转债123234.SZ中能电气104.9346.124.00晶澳转债127089.SZ晶澳科技103.85152.0289.60晶能转债118034.SH晶科能源103.8586.22100.00芯能转债113679.SH芯能科技103.0654.658.80双良转债110095.SH双良节能102.4466.9526.00能辉转债123185.SZ能辉科技102.2968.173.48高测转债118014.SH高测股份102.16101.814.83隆22转债113053.SH隆基绿能101.39217.0869.95天23转债118031.SH天合光能100.83216.3488.65裕兴转债123144.SZ裕兴股份100.7095.166.00海优转债118008.SH海优新材97.35452.306.94中陆转债123155.SZ中环海陆96.60170.783.60资料来源：，HTI，截至4月15日图4TMT产业链（上）资料来源：，HTI，截至4月15日表4.TMT相关转债基本情况（上）转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）盛路转债128041.SZ盛路通信244.55159.950.52广电转债110044.SH广电网络194.87246.990.71新致转债118021.SH新致软件150.2110.642.50声迅转债127080.SZ声迅股份149.20109.122.80思特转债123054.SZ思特奇146.4033.201.67姚记转债127104.SZ姚记科技131.9033.585.83奥飞转债123131.SZ奥飞数据125.3621.505.21神码转债127100.SZ神州数码124.1045.3913.39宇瞳转债123219.SZ宇瞳光学122.4116.366.00兴森转债128122.SZ兴森科技122.3449.912.68中富转债123226.SZ中富电路121.9969.665.20丝路转债123138.SZ丝路视觉121.1865.482.40银信转债123059.SZ银信科技119.3536.543.91世运转债113619.SH世运电路119.2431.2310.00永鼎转债110058.SH永鼎股份118.5839.962.60中贝转债113678.SH中贝通信118.1437.805.17烽火转债110062.SH烽火通信116.7355.6630.88纵横转债113573.SH纵横通信115.9677.172.70贵广转债110052.SH贵广网络115.6435.232.64景20转债113602.SH景旺电子114.9436.1117.80天阳转债123184.SZ天阳科技114.9024.319.75游族转债128074.SZ游族网络113.70113.446.82兴瑞转债127090.SZ兴瑞科技113.1850.374.62明电转02123203.SZ明阳电路113.1538.274.48明电转债123087.SZ明阳电路112.9945.754.19金现转债123232.SZ金现代112.5987.132.03景23转债113669.SH景旺电子112.4045.3911.54恒锋转债123173.SZ恒锋信息112.3668.842.42湖广转债127007.SZ湖北广电108.1059.163.67崇达转2128131.SZ崇达技术108.00133.8414.00朗科转债123100.SZ朗科智能106.9073.513.80富仕转债123217.SZ四会富仕105.5054.945.70科蓝转债123157.SZ科蓝软件105.4070.624.94华正转债113639.SH华正新材105.1592.465.70山石转债118007.SH山石网科103.12125.972.67正元转02123196.SZ正元智慧102.7070.063.51城地转债113596.SH城地香江93.70337.4511.98宏图转债118027.SH航天宏图92.76169.2210.09资料来源：，HTI，截至4月15日图5TMT产业链（下）资料来源：，HTI，截至4月15日表5.TMT相关转债基本情况（下）转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）联得转债123038.SZ联得装备139.0040.291.47福蓉转债113672.SH福蓉科技135.717.536.38聚飞转债123050.SZ聚飞光电120.7225.883.75春秋转债113577.SH春秋电子120.2554.111.78火炬转债113582.SH火炬电子119.6240.724.17晨丰转债113628.SH晨丰科技118.0813.774.15春23转债113667.SH春秋电子115.8043.535.70利德转债123035.SZ利亚德115.2734.037.99长信转债123022.SZ长信科技113.6934.692.56胜蓝转债123143.SZ胜蓝股份113.6744.623.29洁美转债128137.SZ洁美科技113.6750.975.99新北转债128083.SZ新北洋112.3829.518.77科达转债113569.SH苏州科达110.3652.545.14环旭转债113045.SH环旭电子109.9152.4734.50联创转债128101.SZ联创电子109.21109.102.99立讯转债128136.SZ立讯精密108.80123.3829.99瀛通转债128118.SZ瀛通通讯107.40153.653.00福立转债118043.SH福立旺107.1767.247.00豪鹏转债127101.SZ豪鹏科技106.9554.3811.00冠宇转债118024.SH珠海冠宇106.92104.3930.89超声转债127026.SZ超声电子106.0170.607.00崧盛转债123159.SZ崧盛股份104.1388.302.94闻泰转债110081.SH闻泰科技103.06184.0685.98海能转债123193.SZ海能实业101.7088.976.00佳禾转债123237.SZ佳禾智能100.9674.6910.04英力转债123153.SZ英力股份97.4074.813.40资料来源：，HTI，截至4月15日图6半导体产业链资料来源：，HTI，截至4月15日表6.半导体相关转债基本情况转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）晶瑞转债123031.SZ晶瑞电材315.3260.290.53联得转债123038.SZ联得装备139.0040.291.47精测转债123025.SZ精测电子138.8512.673.08精测转2123176.SZ精测电子132.0941.7812.76兴森转债128122.SZ兴森科技122.3449.912.68彤程转债113621.SH彤程新材117.4750.075.36华兴转债118003.SH华兴源创117.4341.418.00南电转债123170.SZ南大光电113.5558.429.00国微转债127038.SZ紫光国微112.5782.5914.92金宏转债118038.SH金宏气体111.8367.8410.16飞凯转债123078.SZ飞凯材料111.6660.076.18隆华转债123120.SZ隆华科技111.5547.207.98韦尔转债113616.SH韦尔股份111.1487.9124.33力合转债118036.SH力合微110.2965.483.80强力转债123076.SZ强力新材108.90115.978.50芯海转债118015.SH芯海科技108.10119.874.10立昂转债111010.SH立昂微107.20137.1933.90博杰转债127051.SZ博杰股份106.81122.645.26捷捷转债123115.SZ捷捷微电106.4096.4211.94富瀚转债123122.SZ富瀚微106.00197.605.80宏微转债118040.SH宏微科技105.7864.194.30华懋转债113677.SH华懋科技105.3079.8010.50华特转债118033.SH华特气体104.6497.776.46银微转债118011.SH银河微电104.2584.275.00闻泰转债110081.SH闻泰科技103.06184.0685.98晶瑞转2123124.SZ晶瑞电材100.03141.865.23资料来源：，HTI，截至4月15日图7汽车产业链（上）资料来源：，HTI，截至4月15日表7.汽车相关转债基本情况（上）转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）锋龙转债128143.SZ锋龙股份132.9929.201.73德尔转债123011.SZ德尔股份112.7823.262.50今飞转债128056.SZ今飞凯达118.2225.801.72正裕转债113561.SH正裕工业132.2149.461.38凯中转债128042.SZ凯中精密113.3218.754.02联诚转债128120.SZ联诚精密123.0023.632.59威唐转债123088.SZ威唐工业111.71101.403.01拓普转债113061.SH拓普集团118.0051.3325.00汽模转2128090.SZ天汽模118.4130.773.08文灿转债113537.SH文灿股份167.3428.851.23泉峰转债113629.SH泉峰汽车92.43115.256.19永鼎转债110058.SH永鼎股份118.5839.962.60宏发转债110082.SH宏发股份109.08105.4220.00爱迪转债110090.SH爱柯迪124.4024.7315.70沿浦转债111008.SH上海沿浦120.6028.183.84豪能转债113662.SH豪能股份111.9048.535.00冠盛转债111011.SH冠盛股份136.47-0.164.04联创转债128101.SZ联创电子109.21109.102.99富瀚转债123122.SZ富瀚微106.00197.605.80长信转债123022.SZ长信科技113.6934.692.56韦尔转债113616.SH韦尔股份111.1487.9124.33广汇转债110072.SH广汇汽车93.00156.7133.66长汽转债113049.SH长城汽车107.9767.8834.95精锻转债123174.SZ精锻科技111.5657.449.80亚科转债127082.SZ亚太科技122.1719.8011.59纽泰转债123201.SZ纽泰格123.0019.713.50上声转债118037.SH上声电子106.12110.445.20神通转债111016.SH神通科技114.9038.795.77立中转债123212.SZ立中集团114.7054.009.00博俊转债123222.SZ博俊科技133.3513.195.00华懋转债113677.SH华懋科技105.3079.8010.50雅创转债123227.SZ雅创电子113.1980.713.63卡倍转02123238.SZ卡倍亿129.9741.375.29湘泵转债113684.SH湘油泵100.001.015.77资料来源：，HTI，截至4月15日图8汽车产业链（下）资料来源：，HTI，截至4月15日表8.汽车相关转债基本情况（下）转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）东时转债113575.SH东方时尚148.15506.070.98冠盛转债111011.SH冠盛股份136.47-0.164.04麒麟转债127050.SZ森麒麟130.8714.6721.99金钟转债123230.SZ金钟股份124.9078.783.50信测转债123231.SZ信测标准124.1839.035.45海泰转债123200.SZ海泰科119.0026.593.70岱美转债113673.SH岱美股份118.7544.089.08彤程转债113621.SH彤程新材117.4750.075.36超达转债123187.SZ超达装备116.7721.234.53新23转债113675.SH新泉股份116.1642.6911.60道通转债118013.SH道通科技113.5065.1812.80永东转2127059.SZ永东股份106.7852.063.79永安转债113609.SH永安行106.5557.057.34明新转债111004.SH明新旭腾106.2979.436.73资料来源：，HTI，截至4月15日图9新能源汽车产业链资料来源：，HTI，截至4月15日表9.新能源汽车相关转债基本情况转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）晶瑞转债123031.SZ晶瑞电材315.3260.290.53银轮转债127037.SZ银轮股份175.464.475.07鼎胜转债113534.SH鼎胜新材143.396.063.33精达转债110074.SH精达股份132.654.085.08万顺转债123012.SZ万顺新材131.8965.771.22震裕转债123228.SZ震裕科技126.933.4911.95翔丰转债123225.SZ翔丰华126.806.638.00川恒转债127043.SZ川恒股份122.3025.2210.44拓普转债113061.SH拓普集团118.0051.3325.00金铜转债113068.SH金田股份116.9921.6814.50天赐转债127073.SZ天赐材料116.9839.3134.10宙邦转债123158.SZ新宙邦115.9340.1319.69海亮转债128081.SZ海亮股份115.9013.0627.02国泰转债127040.SZ江苏国泰115.4123.8439.87斯莱转债123067.SZ斯莱克114.0558.072.39恩捷转债128095.SZ恩捷股份113.8567.424.53正海转债123169.SZ正海磁材112.1031.5914.00科利转债127066.SZ科达利110.2082.3115.34宏发转债110082.SH宏发股份109.08105.4220.00万顺转2123085.SZ万顺新材108.8043.225.70金田转债113046.SH金田股份107.3174.4415.00华友转债113641.SH华友钴业105.4857.7475.99嘉元转债118000.SH嘉元科技105.32260.959.78国力转债118035.SH国力股份104.40109.234.80天奈转债118005.SH天奈科技102.07304.518.30晶瑞转2123124.SZ晶瑞电材100.03141.865.23锂科转债118022.SH长远锂科98.76182.9832.50道氏转02123190.SZ道氏技术96.0947.4826.00芳源转债118020.SH芳源股份90.49280.556.42资料来源：，HTI，截至4月15日图10医药生物产业链（上）资料来源：，HTI，截至4月15日表10.医药生物相关转债基本情况（上）转债简称转债代码正股名称价格（元）转股溢价率(%)转债余额（亿元）溢利转债123018.SZ溢多利276.80361.330.54九典转02123223.SZ九典制药171.805.273.60新天转债128091.SZ新天药业151.747.951.52诺泰转债118046.SH诺泰生物133.2910.054.34百洋转债123194.SZ百洋医药131.196.838.46东亚转债111015.SH东亚药业127.506.426.89山河转债123199.SZ山河药辅126.9084.243.20益丰转债113682.SH益丰药房126.3115.1817.97奕瑞转债118025.SH奕瑞科技123.4035.7014.22英特转债127028.SZ英特集团122.6717.834.06奇正转债128133.SZ奇正藏药121.5015.687.99柳药转债113563.SH柳药集团120.3633.748.02普利转债123099.SZ普利制药118.0039.295.31博瑞转债118004.SH博瑞医药117.4756.724.65楚天转债123240.SZ楚天科技114.0031.7910.00卫宁转债123104.SZ卫宁健康113.95209.519.70微芯转债118012.SH微芯生物112.9044.385.00漱玉转债123172.SZ漱玉平民112.7038.578.00尚荣转债128053.SZ尚荣医疗112.3397.181.90寿22转债113660.SH寿仙谷111.3771.923.98健友转债113579.SH健友股份109.80106.155.03昌红转债123109.SZ昌红科技109.06106.444.60华海转债110076.SH华海药业108.24146.2518.42亚药转债128062.SZ亚太药业108.2344.196.57健帆转债123117.SZ健帆生物108.2087.3510.00大参转债113605.SH大参林107.87131.2014.05花园转债123178.SZ花园生物107.0759.5012.00美诺转债113618.SH美诺华106.66118.034.77乐普转2123108.SZ乐普医疗105.81121.5316.38药石转债123145.SZ药石科技103.92166.3011.49康医转债123151.SZ康泰医学102.5682.297.00东宝转债123214.SZ东宝生物102.3940.524.55蓝帆转债128108.SZ蓝帆医疗100.92239.0615.21灵康转债113610.SH灵康药业100.17133.564.58共同转债123171.SZ共同药业97.0075.973.80塞力转债113601.SH塞力医疗95.59145.195.42思创转债123096.SZ思创医惠95.0519.405.24资料来源：，HTI，截至4月15日图11医药生物产业链（下）资料来源：，HTI，截至4月15日表11.医药生物相关转债基本情况（下）转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）润达转债113588.SH润达医疗157.5414.022.97九强转债123150.SZ九强生物124.0123.4511.21力诺转债123221.SZ力诺特玻121.3016.684.99康泰转2123119.SZ康泰生物116.0937.8319.99宝莱转债123065.SZ宝莱特112.24312.862.19三诺转债123090.SZ三诺生物111.9681.444.98万孚转债123064.SZ万孚生物108.78129.705.98正川转债113624.SH正川股份107.59252.964.05北陆转债123082.SZ北陆药业106.89104.364.99科华转债128124.SZ科华生物99.21190.047.37易瑞转债123220.SZ易瑞生物95.0171.013.28资料来源：，HTI，截至4月15日图12采掘与初加工产业链资料来源：，HTI，截至4月15日表12.采掘与初加工相关转债基本情况转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）金诚转债113615.SH金诚信453.060.205.70平煤转债113066.SH平煤股份160.011.6614.28鼎胜转债113534.SH鼎胜新材143.396.063.33华钰转债113027.SH华钰矿业132.2810.132.38博23转债113069.SH博威合金127.8318.7917.00众和转债110094.SH新疆众和126.926.8811.85武进转债113671.SH武进不锈125.2720.213.10中金转债127020.SZ中金岭南124.9011.8130.23恒邦转债127086.SZ恒邦股份124.0216.8831.60能化转债127027.SZ甘肃能化123.4013.5119.46丽岛转债113680.SH丽岛新材123.3573.303.00华锋转债128082.SZ华锋股份123.1030.841.95豪美转债127053.SZ豪美新材122.3823.764.82本钢转债127018.SZ本钢板材120.7735.9056.31金铜转债113068.SH金田股份116.9921.6814.50友发转债113058.SH友发集团116.8914.8820.00楚江转债128109.SZ楚江新材116.7119.3218.23海亮转债128081.SZ海亮股份115.9013.0627.02大中转债127070.SZ大中矿业115.5125.2515.19翔鹭转债128072.SZ翔鹭钨业112.00166.623.02凌钢转债110070.SH凌钢股份110.0462.862.17甬金转债113636.SH甬金股份109.1189.1510.00新星转债113600.SH深圳新星108.6270.604.53中特转债127056.SZ中信特钢108.5065.7850.00金能转债113545.SH金能科技108.1455.879.86金田转债113046.SH金田股份107.3174.4415.00华友转债113641.SH华友钴业105.4857.7475.99国城转债127019.SZ国城矿业102.9452.728.49顺博转债127068.SZ顺博合金95.8966.298.30美锦转债127061.SZ美锦能源95.2294.4935.63广大转债118023.SH广大特材86.65130.3515.50资料来源：，HTI，截至4月15日图13化工材料与产品产业链资料来源：，HTI，截至4月15日表13.化工材料与产品相关转债基本情况转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）横河转债123013.SZ横河精密343.80284.020.38飞鹿转债123052.SZ飞鹿股份131.0041.581.50麒麟转债127050.SZ森麒麟130.8714.6721.99福新转债111012.SH福莱新材129.2014.002.69国光转债128123.SZ国光股份129.107.533.13双箭转债127054.SZ双箭股份127.0014.505.14正丹转债123106.SZ正丹股份126.086.753.20永和转债111007.SH永和股份125.4120.267.86川恒转债127043.SZ川恒股份122.3025.2210.44蓝晓转02123195.SZ蓝晓科技119.6046.665.46锦鸡转债123129.SZ锦鸡股份119.2341.061.94齐翔转2128128.SZ齐翔腾达119.0026.556.79凤21转债113623.SH新凤鸣118.6627.1925.00聚合转债111003.SH聚合顺118.0057.742.04彤程转债113621.SH彤程新材117.4750.075.36赫达转债127088.SZ山东赫达117.3038.486.00聚隆转债123209.SZ南京聚隆116.9939.512.18赛特转债118044.SH赛特新材116.3138.254.42凯盛转债123233.SZ凯盛新材115.8735.706.50金丹转债123204.SZ金丹科技115.2914.307.00新化转债113663.SH新化股份115.0140.986.50优彩转债127078.SZ优彩资源114.0021.786.00神马转债110093.SH神马股份113.9926.0630.00恩捷转债128095.SZ恩捷股份113.8567.424.53东材转债113064.SH东材科技113.7755.0214.00镇洋转债113681.SH镇洋发展113.5741.396.60祥源转债123202.SZ祥源新材112.8727.974.60会通转债118028.SH会通股份112.6629.498.30华康转债111018.SH华康股份112.3932.0313.03道恩转债128117.SZ道恩股份112.18187.243.58丰山转债113649.SH丰山集团112.0244.414.59阳谷转债123211.SZ阳谷华泰111.9432.796.50飞凯转债123078.SZ飞凯材料111.6660.076.18瑞丰转债123126.SZ瑞丰高材111.59101.823.4019蓝星EB132020.SH安迪苏110.6029.4335.06洋丰转债127031.SZ新洋丰110.2771.8710.00兴发转债110089.SH兴发集团109.5557.2428.00阿拉转债118006.SH阿拉丁107.40102.423.87永东转2127059.SZ永东股份106.7852.063.79惠云转债123168.SZ惠云钛业106.3043.424.90三力转债128039.SZ三力士106.0324.352.02震安转债123103.SZ震安科技105.93388.822.49回天转债123165.SZ回天新材104.9584.478.50利民转债128144.SZ利民股份104.9369.729.79华特转债118033.SH华特气体104.6497.776.46苏利转债113640.SH苏利股份104.1572.339.57永22转债113653.SH永冠新材103.9289.927.70东南转债127103.SZ东南网架102.8834.2820.00建龙转债118032.SH建龙微纳102.47155.837.00龙星转债127105.SZ龙星化工102.3836.437.55天业转债110087.SH新疆天业102.2965.6130.00天奈转债118005.SH天奈科技102.07304.518.30恒逸转2127067.SZ恒逸石化101.9655.6130.00恒逸转债127022.SZ恒逸石化101.9462.9920.00再22转债113657.SH再升科技101.4097.545.10蒙泰转债123166.SZ蒙泰高新101.1855.643.00裕兴转债123144.SZ裕兴股份100.7095.166.00博汇转债123156.SZ博汇股份100.3035.893.97鹿山转债113668.SH鹿山新材97.66146.165.24富淼转债118029.SH富淼科技97.5162.464.50洁特转债118010.SH洁特生物94.04345.144.40瑞科转债118018.SH瑞华泰93.72139.604.30三房转债110092.SH三房巷90.2048.0525.00百川转2127075.SZ百川股份87.3135.369.78资料来源：，HTI，截至4月15日图14机械设备产业链资料来源：，HTI，截至4月15日表14.机械设备相关转债基本情况转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）合力转债110091.SH安徽合力164.98-0.8314.87耐普转债123127.SZ耐普矿机163.54-0.422.92泰坦转债127096.SZ泰坦股份156.80141.142.96锋工转债123239.SZ恒锋工具147.2068.866.20柳工转2127084.SZ柳工139.61-1.2029.23运机转债127092.SZ运机集团137.2510.547.30杭氧转债127064.SZ杭氧股份136.7022.0311.37锋龙转债128143.SZ锋龙股份132.9929.201.73法兰转债113598.SH法兰泰克127.2323.212.75泰林转债123135.SZ泰林生物126.0031.582.08博实转债127072.SZ博实股份125.5331.274.50智能转债128070.SZ智能自控123.7644.852.29大叶转债123205.SZ大叶股份123.5013.184.76迪贝转债113546.SH迪贝电气122.3019.712.30万讯转债123112.SZ万讯自控121.1038.072.26金轮转债128076.SZ物产金轮120.0038.522.13大元转债113664.SH大元泵业119.4121.094.50佳力转债113597.SH佳力图118.8082.862.98华翔转债113637.SH华翔股份118.1326.058.00弘亚转债127041.SZ弘亚数控117.2541.916.00宏丰转债123141.SZ温州宏丰117.1526.583.21章鼓转债127093.SZ山东章鼓116.9249.392.43大丰转债113530.SH大丰实业115.5854.596.30斯莱转债123067.SZ斯莱克114.0558.072.39光力转债123197.SZ光力科技114.0155.424.00星球转债118041.SH星球石墨112.9160.936.20华锐转债118009.SH华锐精密112.8074.984.00麦米转2127074.SZ麦格米特111.6460.9612.20隆华转债123120.SZ隆华科技111.5547.207.98沪工转债113593.SH上海沪工110.7683.294.00华亚转债127079.SZ华亚智能109.1173.963.40铭利转债123215.SZ铭利达109.0693.7910.00昌红转债123109.SZ昌红科技109.06106.444.60拓斯转债123101.SZ拓斯达108.72134.286.70泰福转债123160.SZ泰福泵业108.4131.583.35华宏转债127077.SZ华宏科技108.2448.005.15艾迪转债113644.SH艾迪精密108.0859.7710.00博杰转债127051.SZ博杰股份106.81122.645.26威派转债113608.SH威派格106.00176.704.20永02转债113654.SH永创智能105.5087.106.10金沃转债123163.SZ金沃股份105.3041.513.10浙矿转债123180.SZ浙矿股份104.10112.553.20利元转债118026.SH利元亨98.3248.829.50东杰转债123162.SZ东杰智能96.4067.245.62资料来源：，HTI，截至4月15日图15环保&公用事业产业链资料来源：，HTI，截至4月15日表15.环保&公用事业相关转债基本情况转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）惠城转债123118.SZ惠城环保300.930.971.25洪城转债110077.SH洪城环境180.01-0.159.72龙净转债110068.SH龙净环保146.069.9018.76蓝天转债111017.SH蓝天燃气141.582.748.70天壕转债123092.SZ天壕能源133.108.553.99皖天转债113631.SH皖天然气126.627.929.30燃23转债113067.SH深圳燃气124.8623.4230.00G三峡EB2132026.SH长江电力123.1713.99100.00侨银转债128138.SZ侨银股份117.83200.924.20贵燃转债110084.SH贵州燃气116.6816.039.15大禹转债123063.SZ大禹节水114.8840.716.35新港转债111013.SH新中港114.4243.503.69旺能转债128141.SZ旺能环境114.3924.2712.70海环转债113532.SH海峡环保111.9216.694.58天源转债123213.SZ天源环保110.1030.2010.00博世转债123010.SZ博世科107.5955.444.30盈峰转债127024.SZ盈峰环境107.2364.5514.76联泰转债113526.SH联泰环保105.7539.701.93伟22转债113652.SH伟明环保105.5676.6214.77绿动转债113054.SH绿色动力105.3148.4623.60西子转债127052.SZ西子洁能105.0098.3311.10长集转债128105.SZ长青集团103.9857.187.99中环转2123146.SZ中环环保101.3051.248.64伟24转债113683.SH伟明环保100.00-6.062.85维尔转债123049.SZ维尔利99.0299.009.17富淼转债118029.SH富淼科技97.5162.464.50岭南转债128044.SZ岭南股份94.0144.056.56百畅转债123175.SZ百川畅银91.2076.684.20京源转债118016.SH京源环保90.8168.053.32首华转债123128.SZ首华燃气88.3988.4013.79资料来源：，HTI，截至4月15日图16军工产业链资料来源：，HTI，截至4月15日表16.军工相关转债基本情况转债简称转债代码正股名称价格（元）转股溢价率(%)转债余额（亿元）广泰转债127095.SZ威海广泰125.5519.077.00火炬转债113582.SH火炬电子119.6240.724.17盟升转债118045.SH盟升电子119.60115.583.00红相转债123044.SZ*ST红相119.003.364.62楚江转债128109.SZ楚江新材116.7119.3218.23航新转债123061.SZ航新科技114.9971.562.50广联转债123182.SZ广联航空114.7151.657.00三角转债123114.SZ三角防务114.6054.759.00天箭转债127071.SZ中天火箭113.2142.274.95国微转债127038.SZ紫光国微112.5782.5914.92睿创转债118030.SH睿创微纳111.5247.4615.65应急转债123048.SZ中船应急110.5049.243.79宏图转债118027.SH航天宏图92.76169.2210.09资料来源：，HTI，截至4月15日图17交通运输产业链资料来源：，HTI，截至4月15日表17.交通运输相关转债基本情况转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）三羊转债127097.SZ三羊马175.38139.252.10北港转债127039.SZ北部湾港123.5019.1817.63大秦转债113044.SH大秦铁路121.72-0.25148.52南航转债110075.SH南方航空120.3634.0458.96盛航转债127099.SZ盛航股份116.5630.697.40长久转债113519.SH长久物流115.7442.602.20密卫转债113658.SH密尔克卫113.11185.938.72宏川转债128121.SZ宏川智慧110.6441.706.70嘉诚转债113656.SH嘉诚国际108.0066.218.00韵达转债127085.SZ韵达股份105.9683.1624.50资料来源：，HTI，截至4月15日图18农林牧渔产业链资料来源：，HTI，截至4月15日表18.农林牧渔相关转债基本情况资料来源：，HTI，截至4月15日图19消费产业链资料来源：，HTI，截至4月15日表19.消费相关转债基本情况转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）华统转债128106.SZ华统股份243.01-0.032.44科思转债123192.SZ科思股份170.853.977.24水羊转债123188.SZ水羊股份141.504.426.95伊力转债110055.SH伊力特140.7810.022.43巨星转债113648.SH巨星农牧139.264.059.01珀莱转债113634.SH珀莱雅128.0122.857.51家联转债123236.SZ家联科技126.0627.287.50松霖转债113651.SH松霖科技125.9216.806.10小熊转债127069.SZ小熊电器125.3021.425.04维格转债113527.SH锦泓集团122.7016.312.86乐歌转债123072.SZ乐歌股份122.50127.371.42力诺转债123221.SZ力诺特玻121.3016.684.99孚日转债128087.SZ孚日股份120.794.906.44开能转债123206.SZ开能健康117.9236.922.50未来转债128063.SZ德尔未来116.5333.666.29金陵转债123093.SZ金陵体育115.46331.292.50润禾转债123152.SZ润禾材料113.8049.042.92爱玛转债113666.SH爱玛科技113.7835.0720.00洽洽转债128135.SZ洽洽食品113.6894.7013.40宏昌转债123218.SZ宏昌科技113.5020.023.80奇精转债113524.SH奇精机械113.3924.933.30开润转债123039.SZ开润股份113.0096.582.22孩王转债123208.SZ孩子王112.3033.2810.39太平转债113627.SH太平鸟112.0046.628.00亿田转债123235.SZ亿田智能112.0055.715.20莱克转债113659.SH莱克电气111.6049.8712.00台21转债113638.SH台华新材110.7280.016.00荣泰转债113606.SH荣泰健康110.4075.816.00鲁泰转债127016.SZ鲁泰A109.7552.5814.00江山转债113625.SH江山欧派109.53133.665.83富春转债111005.SH富春染织108.2843.255.70仙乐转债123113.SZ仙乐健康108.2768.1110.25李子转债111014.SH李子园108.1968.656.00好客转债113542.SH好莱客108.0496.086.03奥佳转债128097.SZ奥佳华107.8049.724.58百润转债127046.SZ百润股份107.72139.8011.28新乳转债128142.SZ新乳业107.2094.937.18利群转债113033.SH利群股份106.7048.3818.00星帅转2127087.SZ星帅尔106.7053.284.63家悦转债113584.SH家家悦106.45258.386.45金23转债113670.SH金牌厨柜105.90101.197.70欧22转债113655.SH欧派家居105.77128.8720.00龙大转债128119.SZ龙大美食105.4037.099.46智尚转债123191.SZ南山智尚105.2244.207.00科沃转债113633.SH科沃斯103.98445.1910.40火星转债123154.SZ火星人102.22145.615.29盛泰转债111009.SH盛泰集团102.0056.807.01立高转债123179.SZ立高食品100.30223.569.50天创转债113589.SH天创时尚99.47143.045.99起步转债113576.SHST起步99.2974.421.50资料来源：，HTI，截至4月15日图20轻工制造产业链资料来源：，HTI，截至4月15日表20.轻工制造相关转债基本情况转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）永吉转债113646.SH永吉股份145.9327.961.38万顺转债123012.SZ万顺新材131.8965.771.22特纸转债111002.SH五洲特纸124.0722.146.62东风转债113030.SH东峰集团120.8523.292.95荣23转债113676.SH荣晟环保116.7929.455.76华源转债128049.SZ华源控股116.7520.682.01鹤21转债113632.SH仙鹤股份116.6634.6420.50艾录转债123229.SZ上海艾录116.3017.695.00海顺转债123183.SZ海顺新材113.0074.106.33嘉美转债127042.SZ嘉美包装109.4036.977.50万顺转2123085.SZ万顺新材108.8043.225.70山鹰转债110047.SH山鹰国际108.8042.4622.46景兴转债128130.SZ景兴纸业108.6033.789.99合兴转债128071.SZ合兴包装107.8061.293.00鹰19转债110063.SH山鹰国际101.1332.4218.44资料来源：，HTI，截至4月15日图21金融产业链资料来源：，HTI，截至4月15日表21.金融相关转债基本情况转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）苏租转债110083.SH江苏金租157.921.1743.87浙22转债113060.SH浙商证券122.5823.1970.00苏行转债127032.SZ苏州银行122.2915.8049.99成银转债113055.SH成都银行120.5613.8051.97常银转债113062.SH常熟银行116.6221.7560.00中信转债113021.SH中信银行116.335.76134.06南银转债113050.SH南京银行115.4913.99166.17杭银转债110079.SH杭州银行113.9021.23149.99上银转债113042.SH上海银行111.6559.75199.98华安转债110067.SH华安证券111.0145.2827.99财通转债113043.SH财通证券110.2871.7838.00苏农转债113516.SH苏农银行109.5916.2812.89浦发转债110059.SH浦发银行109.4598.50499.99张行转债128048.SZ张家港行108.7716.2924.97齐鲁转债113065.SH齐鲁银行108.4930.9066.05紫银转债113037.SH紫金银行108.3360.4045.00国投转债110073.SH国投资本108.1667.7179.99瑞达转债128116.SZ瑞达期货106.50166.476.49重银转债113056.SH重庆银行105.6950.37129.99兴业转债113052.SH兴业银行105.0855.19499.97青农转债128129.SZ青农商行105.0863.6350.00资料来源：，HTI，截至4月15日风险提示：基本面变化、股市波动、政策不达预期、价格和溢价率调整风险、信用风险。附录APPENDIX重要信息披露本研究报告由海通国际分销，海通国际是由海通国际研究有限公司(HTIRL)，HaitongSecuritiesIndiaPrivateLimited(HSIPL)，HaitongInternationalJapanK.K.(HTIJKK)和海通国际证券有限公司(HTISCL)的证券研究团队所组成的全球品牌，海通国际证券集团(HTISG)各成员分别在其许可的司法管辖区内从事证券活动。IMPORTANTDISCLOSURESThisresearchreportisdistributedbyHaitongInternational,aglobalbrandnamefortheequityresearchteamsofHaitongInternationalResearchLimited(“HTIRL”),HaitongSecuritiesIndiaPrivateLimited(“HSIPL”),HaitongInternationalJapanK.K.(“HTIJKK”),HaitongInternationalSecuritiesCompanyLimited(“HTISCL”),andanyothermemberswithintheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”),eachauthorizedtoengageinsecuritiesactivitiesinitsrespectivejurisdiction.HTIRL分析师认证AnalystCertification:我，郑子勋，在此保证（i）（ii）（包括我们的家属）（我已经告知他们）3I,ZixunZheng,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchand(ii)nopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.利益冲突披露ConflictofInterestDisclosures/（ERDDisclosure@htiseccom）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asfarasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@htisec.comiftimelyandcomprehensiveinformationisneeded).评级定义（从2020年7月1日开始执行）：（“HTI）HTI的评级定义。并且HTI基于各自情况（）分析师股票评级优于大市12-1810%下中性，未来12-18FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。弱于大市12-1810%TOPIX,KOSPI,TAIEX,Nifty100,美–SP500;其他所有中国概念股MSCIChina.RatingsDefinitions(from1Jul2020):HaitongInternationalusesarelativeratingsystemusingOutperform,Neutral,orUnderperformforrecommendingthestockswecovertoinvestors.InvestorsshouldcarefullyreadthedefinitionsofallratingsusedinHaitongInternationalResearch.Inaddition,sinceHaitongInternationalResearchcontainsmorecompleteinformationconcerningtheanalyst'sviews,investorsshouldcarefullyreadHaitongInternationalResearch,initsentirety,andnotinferthecontentsfromtheratingalone.Inanycase,ratings(orresearch)shouldnotbeusedorrelieduponasinvestmentadvice.Aninvestor'sdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestor'sexistingholdings)andotherconsiderations.AnalystStockRatingsOutperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.

评级分布RatingDistributionNeutral:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.Underperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’slistedareasfollows:Japan–TOPIX,Korea–Taiwan–TAIEX,–Nifty100,US–SP500;forallotherChina-conceptstocks–MSCIChina.截至2024年3月31日海通国际股票研究评级分布优于大市 中性 弱于大市(持有)海通国际股票研究覆盖率 90.4% 8.8% 0.8%投资银行客户* 3.3% 4.9% 0.0%*在每个评级类别里投资银行客户所占的百分比。上述分布中的买入，中性和卖出分别对应我们当前优于大市，中性和落后大市评级。只有根据FINRA/NYSE此前的评级系统定义（直至2020年6月30日）：买入，未来1218个月内预期相对基准指数涨幅在10%中性，未来1