Convertible Bonds Pre-Market Watch on March 13 (Index Expected to Warm Up Tomorrow)

StrawberryIce · 2026-03-12T13:32:02+00:00

March 12, 2026, the Shanghai and Shenzhen stock markets experienced widespread declines, with the convertible bond market also affected. Individual stock analysis shows that some companies' underlying stocks performed strongly, with changes in convertible bond premiums; attention should be paid to stock-bond linkage. Special mention was made of convertible bond situations for individual stocks such as Baichuan, Hebang, and Jingneng, with recommendations to monitor the subsequent performance of Dongshi, Outong, and Yitian.

StrawberryIce

2026-03-12 13:32:02

Abstract generation in progress

On Thursday, March 12, 2026, the Shanghai Composite Index was down 0.10%, the Shenzhen Component Index fell 0.63%, and the ChiNext Index declined 0.96%. The convertible bond index dropped 1.45%, with a trading volume of approximately 63.22 billion. The market’s poor performance today was caused by two consecutive days of general gains combined with unfavorable external factors. [Taogu Ba]

Baichuan: Announcing redemption yesterday actually led to a rally; today, the main stocks opened sharply higher, and convertible bonds took the opportunity to kill premiums. By the close, some bonds broke their limits, and premiums turned negative. Tomorrow, focus on the conversion situation and the trend of the underlying stocks.

Hebang, Jingneng: The underlying stocks are strong, and the bonds’ creditworthiness is average, so they decisively cut premiums. Continue to follow the trend of the underlying stocks tomorrow. Jingneng has no more premiums, and the creditworthiness is gradually improving.

Huatian: Low premium, small market cap, continue to monitor the linkage between stocks and bonds.

Wankai: Such a large market cap outperformed the underlying stocks—are they aiming not to redeem? Continue to watch the stock-bond linkage.

Songlin: End of the low premium cycle, continue to monitor the linkage between stocks and bonds.

Resource-related: Tianhao, Hengyi Natural Gas, and oil-related bonds all opened high and then declined. Continue to observe energy-related factors for judgment.

Lianrui: Caused some trouble yesterday; today, the underlying stock performed poorly and was mostly underwater all day. Continue to follow the trend of the underlying stock tomorrow.

Yitian, Hangyu, Seli, Outong: Bonds with good creditworthiness, focus on the recovery brought by the stabilization of the underlying stocks.

Dongshi: Originally, after a high open yesterday, there wouldn’t be a good performance today, but after the index collapsed, some opportunities emerged.

Tomorrow, I will mainly focus on (Dongshi, Outong, Yitian).

Wishing everyone smooth trading. If my manual review helps you, please give some encouragement with likes, support, or tips. If you have questions, follow first and then leave a comment. Thank you!

$Dongshi Convertible Bond (sh113575)$ $Outong Convertible Bond (sz123241)$ $Yitian Convertible Bond (sz123235)$

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