Tianfeng Securities said that in the near future, it is recommended to focus on the equity perspective, focus on the inherent attributes of debt conversion, and seize equity opportunities. The current bond conversion market is recovering rapidly, the number of partial equity swaps is increasing, and overall there is good flexibility. The bond conversion beta is expected to increase further. In an environment where the affordability structure is improving, the diversity of debt conversion strategies has increased. It is recommended to focus on the three directions of terms, partial shares, and finance: As far as equity conversion bonds are concerned, the current proposal focuses on low stock conversion premium rates, and there are certain game-like targets with strong redemption clauses. Also, the disclosure of the third quarterly report is imminent, so it is recommended to focus on targets with a certain boom performance in the third and fourth quarters. As far as debt conversion is concerned, the current proposal is to focus on the downward revision clause for this part of the debt conversion. For some long-term debt transfers that expect to reduce financial costs or reduce debt ratios, now is a good time to promote stock conversion. From an industry perspective, we have continued to be optimistic about the investment value of bank debt conversions recently. On the one hand, the fundamentals of banks have some support. Also, from the perspective of debt conversion, current bank debt conversion parity is generally well repaired. Most banks are more likely to convert debt to equity, but bank debt conversion valuations are still relatively low, and institutions judge that they may be quite convex.

Tianfeng Securities said that in the near future, it is recommended to focus on the equity perspective, focus on the inherent attributes of debt conversion, and seize equity opportunities. The current bond conversion market is recovering rapidly, the number of partial equity swaps is increasing, and overall there is good flexibility. The bond conversion beta is expected to increase further. In an environment where the affordability structure is improving, the diversity of debt conversion strategies has increased. It is recommended to focus on the three directions of terms, partial shares, and finance: As far as equity conversion bonds are concerned, the current proposal focuses on low stock conversion premium rates, and there are certain game-like targets with strong redemption clauses. Also, the disclosure of the third quarterly report is imminent, so it is recommended to focus on targets with a certain boom performance in the third and fourth quarters. As far as debt conversion is concerned, the current proposal is to focus on the downward revision clause for this part of the debt conversion. For some long-term debt transfers that expect to reduce financial costs or reduce debt ratios, now is a good time to promote stock conversion. From an industry perspective, we have continued to be optimistic about the investment value of bank debt conversions recently. On the one hand, the fundamentals of banks have some support. Also, from the perspective of debt conversion, current bank debt conversion parity is generally well repaired. Most banks are more likely to convert debt to equity, but bank debt conversion valuations are still relatively low, and institutions judge that they may be quite convex.