[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-JP2025032316060668480":3,"related-JP2025032316060668480":34},{"pageSize":4,"id":5,"productLine":6,"status":7,"articleCode":8,"articleType":9,"showStyle":7,"mediaType":10,"fileInputUrl":11,"articleTitle":12,"coverImage":13,"listImage":14,"introduction":15,"description":16,"nonVipDescription":17,"postTime":18,"viewTime":19,"sortNumber":20,"isFree":21,"isShowList":7,"isRecommend":21,"linkType":7,"isOriginal":6,"hasMiniUrl":21,"miniUrl":11,"miniScheme":11,"miniImage":11,"itemTag":11,"createBy":22,"updateBy":22,"createTime":23,"visitCount":24,"isLiked":21,"realSearch":25,"isRead":21,"productId":26,"isCollected":21,"collectCount":27,"vipExclusive":21,"allowComment":7,"style":28,"likeCount":29,"duration":21,"playStyle":7,"seoKeywords":11,"articleModuleVoList":30,"extendContentList":31,"noteCount":7,"categoryList":32,"dailyKeywordList":33},10,6817,"1",1,"JP2025032316060668480","1041018",3,"","转债买卖新思路，1手多赚200+","https:\u002F\u002Fimage.jane7.com\u002F3375725c-d389-414b-8026-187a459f2892.png","https:\u002F\u002Fjane7-prod.oss-cn-hangzhou.aliyuncs.com\u002Fmanager\u002Farticle_default_img.png","避开2个坑","\u003Csection>\n \u003Csection>\n  \u003Cp style=\"margin: 16px 16px 0px;outline: 0px;max-width: 100%;color: #222222;letter-spacing: 0.544px;white-space: normal;background-color: #ffffff;visibility: visible;box-sizing: border-box !important;overflow-wrap: break-word !important;font-family:system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">晚上好呀~\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: #222222;font-size: 16px;letter-spacing: 1px;caret-color: #333333;font-family:Optima-Regular, PingFangTC-light;\">先来问个问题，今年以来，你中了几签新债呢？\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">估计大多数小伙伴都是「零」入账吧。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">别急，这是正常的， 我翻了翻数据，发现中签可太难了——\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002F73a78d0f-708f-4acd-a82c-496c06425b3e.jpg\">\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"text-align:center;margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"letter-spacing: 1px;caret-color: #333333;font-size: 14px;color: #888888;font-family:Optima-Regular, PingFangTC-light;\">图源：集思录\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">最近几个债，\u003Cstrong>平均100个账户才有几率中1-2签。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">所以呢，有不少小伙伴从「打新党」转投「摊大饼党」，开始买转债，寻思换个方式赚多点。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">不过，\u003Cstrong>买转债的难度显然更高，不是所有的转债都适合买。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: #222222;font-size: 16px;letter-spacing: 1px;caret-color: #333333;font-family:Optima-Regular, PingFangTC-light;\">今天，咱们就来仔细聊聊，\u003Cstrong>买转债有哪些坑要避，又有什么小技巧能让大饼摊得更高效~\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-size: 14px;color: rgb(255, 104, 39);background-color: rgb(255, 254, 213);font-family:Optima-Regular, PingFangTC-light;\">*风险提示：本文所提及的转债\u002F股票仅为参考，不作任何投资推荐。请务必将投资决策权，牢牢把握在自己手中~\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cstrong>\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fa2452ff6-f6ad-469a-bf0d-815a152aec03.jpg\">\u003C\u002Fstrong>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Ch3 style=\"font-size: 17px; white-space: normal; clear: both; min-height: 1em; text-align: center; outline: 0px; max-width: 100%; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); line-height: 2em; margin-bottom: 16px; margin-left: 16px; margin-right: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important;;margin-left:15px;margin-right:15px;font-family:-apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);font-family:Optima-Regular, PingFangTC-light;\">01 避坑一：公告强赎的转债不要买\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fh3>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">买\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">转债，首先避开的要数\u003Cstrong>已经公告「强赎」的转债：\u003C\u002Fstrong>\u003C\u002Fspan> \u003Cbr>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"background-color: rgb(255, 218, 169);\">\u003Cstrong>\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">它们可能让你亏掉20%，甚至更多。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">估计还有朋友不熟悉这个概念，咱们从转债的规则说起——\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">理论上，可转债是一种「保本」的产品：它是上市公司向投资者\u003Cstrong>借钱的凭据\u003C\u002Fstrong>，每张面值100元。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">我们持有可转债，只要公司不倒闭，债券到期的时候，公司就要按照100元面值，给我们还本付息。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">但对于上市公司来说，这相当于未来很长一段时间还要背负不小的债务，他们自然更希望你转换成股票——\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cstrong>\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">这样，你就成了公司的股东之一，就会和公司共同承担市场中的风险，公司就不用还你钱了。\u003C\u002Fspan>\u003C\u002Fstrong> \u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">所以可转债的世界有一个「强制赎回」的触发条件：\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">可转债背后的上市公司，往往在股价连续大涨、满足一定条件*后，\u003Cstrong>会强行用很低的价格强行从你手里把可转债买回来。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">*一般来说，强制赎回条款触发条件为：正股在任何连续30个交易日中，至少15个交易日的收盘价格，不低于当期转股价的130%。\u003Cstrong>这样的条件下，可转债的价格往往也大于130元。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">这就会让大部分可转债持有者，选择「转股」。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">拿即将强制赎回的\u003Cstrong>杭叉转债\u003C\u002Fstrong>举个例子——\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fb3f7a601-6e29-4d13-ba47-c6419ecf5238.jpg\">\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003Cspan style=\"color: rgb(136, 136, 136);font-size: 14px;letter-spacing: 1px;text-align: center;caret-color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);font-family:Optima-Regular, PingFangTC-light;\">图源：\u003C\u002Fspan>\u003Cspan style=\"color: rgb(136, 136, 136);font-size: 14px;letter-spacing: 1px;text-align: center;caret-color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);font-family:Optima-Regular, PingFangTC-light;\">集思录\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">如果你想卖出转债，\u003Cstrong>最后交易日\u003C\u002Fstrong>是3月20日；\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003Cbr>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">之后的3天是\u003Cstrong>转股日\u003C\u002Fstrong>，转债无法交易，可以进行转股的操作；\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003Cbr>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">如果过了3月23日，你没有转股的话，公司有权\u003Cstrong>用100.399元购买你手中的转债。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">假设杭叉转债能一直维持现价，而你没有及时操作，\u003Cstrong>潜在的亏损将达到20%。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">*亏损率=赎回价\u002F现价-1=100.399\u002F125.387-1=-20%\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">对咱们摊大饼选手来说，\u003Cstrong>手里有转债宣布强赎了，记得\u003C\u002Fstrong>\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);background-color: rgb(255, 218, 169);font-family:Optima-Regular, PingFangTC-light;\">\u003Cstrong>卖出或转股\u003C\u002Fstrong>\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">，不然可得损失一笔巨款呐。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">至于\u003Cstrong>买转债呢，可以多留意一下，看看它有没有强赎的计划，\u003C\u002Fstrong>\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);background-color: rgb(255, 218, 169);font-family:Optima-Regular, PingFangTC-light;\">\u003Cstrong>避免买入\u003C\u002Fstrong>\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">，省得还得操心卖出。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">那么，该怎样查询转债的强赎进展呢？\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">你可以借助集思录平台，在转债数据的界面，有三种颜色感叹号，我们\u003Cstrong>避开红色和黄色的转债\u003C\u002Fstrong>就行。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cimg class=\"rich_pages wxw-img js_insertlocalimg\" src=\"https:\u002F\u002Fimage.jane7.com\u002F69155d98-0ab6-4fe5-a20a-ea4bf5c1f1be.jpg\">\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"letter-spacing: 1px;text-align: center;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;background-color: rgb(255, 255, 255);font-family:Optima-Regular, PingFangTC-light;\">图源：\u003C\u002Fspan> \u003Cspan style=\"letter-spacing: 1px;text-align: center;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;background-color: rgb(255, 255, 255);font-family:Optima-Regular, PingFangTC-light;\">集思录\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\u003C\u002Fsection>\n \u003Cblockquote style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\n  \u003Csection>\n   \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(255, 104, 39);\">\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">红色\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>  \u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">感叹号：转债已公布强赎计划（包括价格和最后交易日期）；\u003C\u002Fspan> \u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(255, 218, 81);\">\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">黄色\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>  \u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">感叹号：转债宣布强赎，最终交易日尚未确定；\u003C\u002Fspan> \u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">灰色\u003C\u002Fspan>\u003C\u002Fstrong>  \u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">感叹号：公司暂时没有提前赎回转债的打算。\u003C\u002Fspan> \u003C\u002Fp>\n  \u003C\u002Fsection>\n \u003C\u002Fblockquote>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">3月份，杭叉、盘龙、百达转债都有强赎时间表、或公告要强赎，大家可以排查下自己摊的大饼，记得调整~\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002F446c3992-9e86-4f36-866a-aa4e7cbf8046.jpg\">\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Ch3 style=\"margin-bottom: 16px; font-size: 17px; white-space: normal; clear: both; min-height: 1em; text-align: center; outline: 0px; max-width: 100%; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); line-height: 2em; margin-left: 16px; margin-right: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important;;margin-left:15px;margin-right:15px;font-family:-apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);font-family:Optima-Regular, PingFangTC-light;\">02 避坑二：大规模转债不划算\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cstrong style=\"letter-spacing: 0.544px;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);font-family:Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fh3>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">另\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">一类需要避坑的，是剩余规模太大的转债，比如50亿以上。\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">准确来说，这类转债并不算坑，就是\u003Cstrong>性价比特别低。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">拿下周就要退市的「光大转债」*来说——\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">*3月13日（周一）为光大转债最后一个交易日，之后三天可转股，3月17日摘牌\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">它在上市首日的收盘价是\u003Cstrong>103元\u003C\u002Fstrong>，接下来的六年间，正股都没有涨到强制赎回的小目标。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cimg class=\"rich_pages wxw-img js_insertlocalimg\" src=\"https:\u002F\u002Fimage.jane7.com\u002F0dd419c2-04cc-4850-9c36-807440adbab2.jpg\"> \u003Cstrong style=\"color: rgb(214, 168, 65);background-color: rgb(255, 255, 255);letter-spacing: 0.544px;text-align: justify;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">按照合同约定，六年存续期到了之后，公司就要\u003Cstrong>按照105元*的价格赎回债券。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">*105元为税前价格，\u003Cstrong>个人投资者赎回债券\u003C\u002Fstrong>\u003Cstrong>要扣20%利息税\u003C\u002Fstrong>（税后到手104元），机构投资者不用扣税，你可以考虑在二级市场卖出转债或转股，多赚一点。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">简单算算，加上年化1%的利息，光大转债这六年的回报率大概是每年1.3%左右，\u003Cstrong>都没跑赢货币基金。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">为什么光大转债涨不动呢？\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">一方面，发行规模太大，达到300亿。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">和小规模转债比，推动上涨需要的资金更多，很难吸引投资者的注意。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">事实上，大规模转债一直是「鄙视链」的底端。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">从市场给出的定价，也能看出它们的不受待见——\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cimg class=\"rich_pages wxw-img js_insertlocalimg\" src=\"https:\u002F\u002Fimage.jane7.com\u002F7bd4167c-8f70-45c6-bbf2-0c3e1bcb0ab6.jpg\">\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cstrong>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);font-family:Optima-Regular, PingFangTC-light;\">另一方面，光大银行正股波动小。\u003C\u002Fspan>\u003C\u002Fstrong> \u003Cbr>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">光大银行的经营虽然很稳健，但由于银行业务同质化，成长性不高。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">所以很难引起投资者的兴趣，过去六年来股价不愠不火，几乎没涨过。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">不单是光大银行，整体银行行业的估值一直在下降。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">我翻了翻历史上到期赎回的转债，大体上也有\u003Cstrong>规模大+传统行业\u003C\u002Fstrong>的双重属性。\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002F73d094d0-5e06-4350-89d7-65420631f315.jpg\">\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">为了收益能提高点，咱们最好还是避一避转债中的大块头。\u003C\u002Fspan> \u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"color: rgb(214, 168, 65);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002F17fb8508-77df-4a8c-a772-697dc47b01d2.jpg\">\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Ch3 style=\"margin-bottom: 16px; font-size: 17px; white-space: normal; clear: both; min-height: 1em; text-align: center; outline: 0px; max-width: 100%; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); line-height: 2em; margin-left: 16px; margin-right: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important;;margin-left:15px;margin-right:15px;font-family:-apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);font-family:Optima-Regular, PingFangTC-light;\">03 把握买和卖，大饼摊得更高效\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fh3>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">说完怎么避坑，再来说说\u003Cstrong>转债的买和卖\u003C\u002Fstrong>有哪些讲究。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(0, 0, 0);background-color: rgb(255, 218, 169);\">\u003Cstrong>\u003Cspan style=\"background-color: rgb(255, 218, 169);color: rgb(0, 0, 0);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">买入：注重「安全边际」\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">你可以关注\u003Cstrong>四个方面——\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"color: rgb(214, 168, 65);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">一是到期收益率>0%。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cimg class=\"rich_pages wxw-img js_insertlocalimg\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fef7e0e50-c7ba-4bb7-a8c1-115830f81e06.jpg\">\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(136, 136, 136);font-size: 14px;\">图源：集思录\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-align: justify;font-family:Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">到期收益率，就是买入债券后，可以获得的年化收益率。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">选择收益率>0%的债券，就意味着持有到期，「借条」是可以收回本金，并拿到债券利息的。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">只要公司信用好，能还钱，不管买入后的价格如何变化，都会有「债底」的保护。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"color: rgb(214, 168, 65);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">二是高信用评级。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">信用评级，是专业机构对公司还钱能力的评价。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">评级从高到低，依次是AAA、AA+、AA、AA-、A+以此类推。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">你会看到，按到期收益率排序，有的转债能达到5%以上。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cimg class=\"rich_pages wxw-img js_insertlocalimg\" src=\"https:\u002F\u002Fimage.jane7.com\u002F4f401134-91ad-4bba-9ced-c93dc91f5260.jpg\">\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003Cspan style=\"color: rgb(136, 136, 136);font-size: 14px;text-align: center;\">图源：\u003C\u002Fspan>\u003Cspan style=\"color: rgb(136, 136, 136);font-size: 14px;text-align: center;\">集思录\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">但再瞄一眼评级，普遍在B级和C级，说明市场对他们的还钱能力并不看好。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">虽然转债历史上还没有公司赖账，但咱们还是尽量挑高评级，比如\u003Cstrong>A级以上的\u003C\u002Fstrong>\u003C\u002Fspan> \u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">（越高越好~）\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">，\u003Cstrong>更安心。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"color: rgb(214, 168, 65);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">三是考虑小规模转债。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">由于小规模转债更容易受到市场欢迎，你也可以用「规模指标」进行筛选。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cimg class=\"rich_pages wxw-img js_insertlocalimg\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fcb8eb560-3ffb-414c-ad9c-2d0b005b7fea.jpg\">\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003Cspan style=\"letter-spacing: 1px;text-align: center;caret-color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">图源：\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px;text-align: center;caret-color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">集思录\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">比如设置小于3亿、5亿的门槛。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"color: rgb(214, 168, 65);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">四是买多几只转债，尽量分散、均匀。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">这样一方面，能避免单一转债的「踩雷」风险；\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">另一方面，大饼摊得均匀一些，总会有惊喜。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cbr>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"background-color: rgb(255, 218, 169);color: rgb(0, 0, 0);\">\u003Cstrong>\u003Cspan style=\"color: rgb(0, 0, 0);background-color: rgb(255, 218, 169);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">卖出：寻找「优势价格」\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">如果你按买入的步骤筛选一遍，会发现转债的价格差不多集中在110-120之间。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">决定我们收益的另一大关键，是\u003Cstrong>卖出价格定多少合适。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">比如我经常130元卖出转债，结果眼睁睁地看到它涨到200元；\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">又或者，转债150元没卖，它又跌回到120。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">那么，转债价格有没有\u003Cstrong>合适的卖点\u003C\u002Fstrong>呢？\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003Cbr>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">带着这个疑问，我扒了扒数据，找到了两种更「划算\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);font-family:Optima-Regular, PingFangTC-light;\">」\u003C\u002Fspan>的卖出方式——\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003Cbr>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">（1）涨到150元就卖\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cbr>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">参考所有退市转债的\u003Cstrong>历史最高价\u003C\u002Fstrong>，我有几个重要发现——\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cbr>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">98.5%的转债最高价>130元；\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cstrong>\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">85%的转债最高价>150元；\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">49%的转债最高价>180元；\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">37%的转债最高价>200元；\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">从数据看，\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);background-color: rgb(255, 218, 169);font-family:Optima-Regular, PingFangTC-light;\">\u003Cstrong>转债的一生到达150元还是有挺大概率的，再往上就要碰运气了。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">我们可以借助软件，设置相应价格的条件单，随时「止盈」。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002F2a5d9ea9-cef0-48c3-84f0-0129e3d05f4c.jpg\">\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);font-family:Optima-Regular, PingFangTC-light;\">\u003Cstrong>（2）持有到退市，均价170元\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cbr>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">如果买入后，一直持有到退市，结果会怎样呢？\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003Cbr>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">数据显示，退市转债最后一天的平均价格是\u003Cstrong>170元左右\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003Cbr>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">每年总有几个冒尖的转债，能涨到500+、900+，把均值拔高许多。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003Cbr>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">和之前130元的卖出价相比，\u003C\u002Fspan> \u003Cspan style=\"background-color: rgb(255, 218, 169);\">\u003Cstrong>\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">这两种方式，能让我1手\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">（10张）\u003C\u002Fspan>\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">转债利润能高出200-400元。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003Cbr>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">比起之前的随意定价，我现在会把转债的卖出价格定得更高，心里也更有底气了。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003Cbr>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">相对来说，我更偏好第一种方法，可以反复买入、卖出，更有参与感。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003Cbr>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">当然，你可以选择适合自己的方法~\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fc283a5d1-8b1c-4632-8150-82540049134a.jpg\">\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Ch3 style=\"margin-bottom: 16px; font-size: 17px; white-space: normal; clear: both; min-height: 1em; text-align: center; outline: 0px; max-width: 100%; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); line-height: 2em; margin-left: 16px; margin-right: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important;;margin-left:15px;margin-right:15px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);font-family:Optima-Regular, PingFangTC-light;\">04\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fh3>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">总得来说，可转债「下有保底，上不封顶」的特性挺适合普通投资人投资的。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">当然和打新相比，买卖的风险相对大一些。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">除了摊大饼，我们之前还介绍过\u003Cstrong>低价+低溢价\u003C\u002Fstrong>的\u003C\u002Fspan> \u003Ca target=\"_blank\" href=\"http:\u002F\u002Fmp.weixin.qq.com\u002Fs?__biz=MjM5MzA3MjI2NQ==&mid=2650659936&idx=1&sn=523e6f0cf0022123c4dbcbcf24c80f22&chksm=be95e98689e26090f0a991b829e067e23d4d49bd93e34d1e9c0373c0eee93782006dcf93ca0a&scene=21#wechat_redirect\" style=\"color:#409eff\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 82, 255);font-family:Optima-Regular, PingFangTC-light;\">「双低策略」\u003C\u002Fspan>\u003C\u002Fa> \u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">，感兴趣不妨了解一下~\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">最后，附上总结图——\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002F08517291-f6b3-45b4-9680-1577b1029274.jpg\">\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cspan style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">对了，如果你还不认识可转债，想入门的话，可以领取我们的\u003Cstrong>免费课程\u003C\u002Fstrong>——\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002Ff092e47d-dba0-4b80-8248-d48af1df13ac.jpg\">\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp style=\"margin-left:15px;margin-right:15px\">\u003Cbr>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Csection>\n   \u003Cbr> \n  \u003C\u002Fsection>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cbr>\n \u003C\u002Fsection>\n\u003C\u002Fsection>","\u003Csection>\u003Cp style=\"margin: 16px 16px 0px; outline: 0px; max-width: 100%; color: rgb(34, 34, 34); letter-spacing: 0.544px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255); visibility: visible; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">晚上好呀~\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Cp>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">先来问个问题，今年以来，你中了几签新债呢？\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">估计大多数小伙伴都是「零」入账吧。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">别急，这是正常的， 我翻了翻数据，发现中签可太难了——\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fmmbiz.qpic.cn\u002Fmmbiz_png\u002FAm8Qfs8miaLE2j3Q2QXXRJQWonHQ5Fl4ibteWYz4SroeVeNWLoa69MWXUz0t7wiaCZ9VvV2FQ0roSfdchtytNPEhw\u002F640?wx_fmt=png\"\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px; text-align: center;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-size: 14px; color: rgb(136, 136, 136); font-family: Optima-Regular, PingFangTC-light;\">图源：集思录\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">最近几个债，\u003Cstrong>平均100个账户才有几率中1-2签。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">所以呢，有不少小伙伴从「打新党」转投「摊大饼党」，开始买转债，寻思换个方式赚多点。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">不过，\u003Cstrong>买转债的难度显然更高，不是所有的转债都适合买。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">今天，咱们就来仔细聊聊，\u003Cstrong>买转债有哪些坑要避，又有什么小技巧能让大饼摊得更高效~\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-size: 14px; color: rgb(255, 104, 39); background-color: rgb(255, 254, 213); font-family: Optima-Regular, PingFangTC-light;\">*风险提示：本文所提及的转债\u002F股票仅为参考，不作任何投资推荐。请务必将投资决策权，牢牢把握在自己手中~\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cstrong>\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fmmbiz.qpic.cn\u002Fmmbiz_png\u002FAm8Qfs8miaLFP0y47k36rNGDhCM5HeemPTZzibYyT7q97SZBc8cEmoSejpfbhoCxlYgIzj9PyTM3oAzzaCIWbM5w\u002F640?wx_fmt=png\"\u002F>\u003C\u002Fstrong>\u003C\u002Fp>\u003C\u002Fsection>\u003C\u002Fp>\u003Ch3 style=\"font-size: 17px; text-wrap-mode: wrap; clear: both; min-height: 1em; text-align: center; outline: 0px; max-width: 100%; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); line-height: 2em; margin-bottom: 16px; margin-left: 15px; margin-right: 15px; font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cstrong>\u003Cspan style=\"font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(214, 168, 65); font-family: Optima-Regular, PingFangTC-light;\">01 避坑一：公告强赎的转债不要买\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fh3>\u003Cp>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">买\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">转债，首先避开的要数\u003Cstrong>已经公告「强赎」的转债：\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cbr\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"background-color: rgb(255, 218, 169);\">\u003Cstrong>\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">它们可能让你亏掉20%，甚至更多。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">估计还有朋友不熟悉这个概念，咱们从转债的规则说起——\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">理论上，可转债是一种「保本」的产品：它是上市公司向投资者\u003Cstrong>借钱的凭据\u003C\u002Fstrong>，每张面值100元。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">我们持有可转债，只要公司不倒闭，债券到期的时候，公司就要按照100元面值，给我们还本付息。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">但对于上市公司来说，这相当于未来很长一段时间还要背负不小的债务，他们自然更希望你转换成股票——\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cstrong>\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">这样，你就成了公司的股东之一，就会和公司共同承担市场中的风险，公司就不用还你钱了。\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">所以可转债的世界有一个「强制赎回」的触发条件：\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">可转债背后的上市公司，往往在股价连续大涨、满足一定条件*后，\u003Cstrong>会强行用很低的价格强行从你手里把可转债买回来。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">*一般来说，强制赎回条款触发条件为：正股在任何连续30个交易日中，至少15个交易日的收盘价格，不低于当期转股价的130%。\u003Cstrong>这样的条件下，可转债的价格往往也大于130元。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">这就会让大部分可转债持有者，选择「转股」。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">拿即将强制赎回的\u003Cstrong>杭叉转债\u003C\u002Fstrong>举个例子——\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fmmbiz.qpic.cn\u002Fmmbiz_png\u002FAm8Qfs8miaLE2j3Q2QXXRJQWonHQ5Fl4ibWxpjXN7hKBeJUHGDc1iciaSXVicgNjCCpK1LdarLXF82It9AFGWibAgBYA\u002F640?wx_fmt=png\"\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003Cspan style=\"color: rgb(136, 136, 136); font-size: 14px; text-align: center; background-color: rgb(255, 255, 255);\">图源：\u003C\u002Fspan>\u003Cspan style=\"color: rgb(136, 136, 136); font-size: 14px; text-align: center; background-color: rgb(255, 255, 255);\">集思录\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">如果你想卖出转债，\u003Cstrong>最后交易日\u003C\u002Fstrong>是3月20日；\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003Cbr\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">之后的3天是\u003Cstrong>转股日\u003C\u002Fstrong>，转债无法交易，可以进行转股的操作；\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003Cbr\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">如果过了3月23日，你没有转股的话，公司有权\u003Cstrong>用100.399元购买你手中的转债。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">假设杭叉转债能一直维持现价，而你没有及时操作，\u003Cstrong>潜在的亏损将达到20%。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">*亏损率=赎回价\u002F现价-1=100.399\u002F125.387-1=-20%\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">对咱们摊大饼选手来说，\u003Cstrong>手里有转债宣布强赎了，记得\u003C\u002Fstrong>\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); background-color: rgb(255, 218, 169); font-family: Optima-Regular, PingFangTC-light;\">\u003Cstrong>卖出或转股\u003C\u002Fstrong>\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">，不然可得损失一笔巨款呐。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">至于\u003Cstrong>买转债呢，可以多留意一下，看看它有没有强赎的计划，\u003C\u002Fstrong>\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); background-color: rgb(255, 218, 169); font-family: Optima-Regular, PingFangTC-light;\">\u003Cstrong>避免买入\u003C\u002Fstrong>\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">，省得还得操心卖出。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">那么，该怎样查询转债的强赎进展呢？\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">你可以借助集思录平台，在转债数据的界面，有三种颜色感叹号，我们\u003Cstrong>避开红色和黄色的转债\u003C\u002Fstrong>就行。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cimg class=\"rich_pages wxw-img js_insertlocalimg\" src=\"https:\u002F\u002Fmmbiz.qpic.cn\u002Fmmbiz_png\u002FAm8Qfs8miaLE2j3Q2QXXRJQWonHQ5Fl4ibbZvNoAAuNPp2cicIpibK4ic9dO3300riaiaA3t62qzuycicNw8wAUmXbgcUQ\u002F640?wx_fmt=png\"\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"letter-spacing: 1px; text-align: center; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; background-color: rgb(255, 255, 255); font-family: Optima-Regular, PingFangTC-light;\">图源：\u003C\u002Fspan> \u003Cspan style=\"letter-spacing: 1px; text-align: center; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; background-color: rgb(255, 255, 255); font-family: Optima-Regular, PingFangTC-light;\">集思录\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003C\u002Fsection>\u003C\u002Fp>\u003Cblockquote style=\"margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; text-wrap-mode: wrap; color: rgb(51, 51, 51); font-size: 17px; text-align: justify; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(255, 104, 39);\">\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">红色\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>  \u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">感叹号：转债已公布强赎计划（包括价格和最后交易日期）；\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(255, 218, 81);\">\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">黄色\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>  \u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">感叹号：转债宣布强赎，最终交易日尚未确定；\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">灰色\u003C\u002Fspan>\u003C\u002Fstrong>  \u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">感叹号：公司暂时没有提前赎回转债的打算。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003C\u002Fblockquote>\u003Cp>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">3月份，杭叉、盘龙、百达转债都有强赎时间表、或公告要强赎，大家可以排查下自己摊的大饼，记得调整~\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fmmbiz.qpic.cn\u002Fmmbiz_png\u002FAm8Qfs8miaLFP0y47k36rNGDhCM5HeemPTZzibYyT7q97SZBc8cEmoSejpfbhoCxlYgIzj9PyTM3oAzzaCIWbM5w\u002F640?wx_fmt=png\"\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003C\u002Fp>\u003Ch3 style=\"margin-bottom: 16px; font-size: 17px; text-wrap-mode: wrap; clear: both; min-height: 1em; text-align: center; outline: 0px; max-width: 100%; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); line-height: 2em; margin-left: 15px; margin-right: 15px; font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cstrong>\u003Cspan style=\"font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(214, 168, 65); font-family: Optima-Regular, PingFangTC-light;\">02 避坑二：大规模转债不划算\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cstrong style=\"letter-spacing: 0.544px;\">\u003Cspan style=\"font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(214, 168, 65); font-family: Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fh3>\u003Cp>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">另\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">一类需要避坑的，是剩余规模太大的转债，比如50亿以上。\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">准确来说，这类转债并不算坑，就是\u003Cstrong>性价比特别低。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">拿下周就要退市的「光大转债」*来说——\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">*3月13日（周一）为光大转债最后一个交易日，之后三天可转股，3月17日摘牌\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">它在上市首日的收盘价是\u003Cstrong>103元\u003C\u002Fstrong>，接下来的六年间，正股都没有涨到强制赎回的小目标。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cimg class=\"rich_pages wxw-img js_insertlocalimg\" src=\"https:\u002F\u002Fmmbiz.qpic.cn\u002Fmmbiz_png\u002FAm8Qfs8miaLE2j3Q2QXXRJQWonHQ5Fl4ibP1qmuTT0tecGjBicvAxP31W0A3LQ4SeJKXcl1aNQcJxAzUbHxta6v8A\u002F640?wx_fmt=png\"\u002F>\u003Cstrong style=\"color: rgb(214, 168, 65); background-color: rgb(255, 255, 255); letter-spacing: 0.544px; text-align: justify; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">按照合同约定，六年存续期到了之后，公司就要\u003Cstrong>按照105元*的价格赎回债券。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">*105元为税前价格，\u003Cstrong>个人投资者赎回债券\u003C\u002Fstrong>\u003Cstrong>要扣20%利息税\u003C\u002Fstrong>（税后到手104元），机构投资者不用扣税，你可以考虑在二级市场卖出转债或转股，多赚一点。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">简单算算，加上年化1%的利息，光大转债这六年的回报率大概是每年1.3%左右，\u003Cstrong>都没跑赢货币基金。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">为什么光大转债涨不动呢？\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">一方面，发行规模太大，达到300亿。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">和小规模转债比，推动上涨需要的资金更多，很难吸引投资者的注意。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">事实上，大规模转债一直是「鄙视链」的底端。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">从市场给出的定价，也能看出它们的不受待见——\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cimg class=\"rich_pages wxw-img js_insertlocalimg\" src=\"https:\u002F\u002Fmmbiz.qpic.cn\u002Fmmbiz_png\u002FAm8Qfs8miaLE2j3Q2QXXRJQWonHQ5Fl4ibLeXQ1LISoibBW1M3gmt80mhXZsXx4k98ico6PIRTT4hAOKPR08HEzWiaA\u002F640?wx_fmt=png\"\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(214, 168, 65); font-family: Optima-Regular, PingFangTC-light;\">另一方面，光大银行正股波动小。\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cbr\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">光大银行的经营虽然很稳健，但由于银行业务同质化，成长性不高。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">所以很难引起投资者的兴趣，过去六年来股价不愠不火，几乎没涨过。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">不单是光大银行，整体银行行业的估值一直在下降。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">我翻了翻历史上到期赎回的转债，大体上也有\u003Cstrong>规模大+传统行业\u003C\u002Fstrong>的双重属性。\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fmmbiz.qpic.cn\u002Fmmbiz_png\u002FAm8Qfs8miaLE2j3Q2QXXRJQWonHQ5Fl4ibaTaqQVKf07GMtqichE5JS685aUvbsial837iceCxFAfMPyOOYn25EQI5w\u002F640?wx_fmt=png\"\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">为了收益能提高点，咱们最好还是避一避转债中的大块头。\u003C\u002Fspan>\u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fmmbiz.qpic.cn\u002Fmmbiz_png\u002FAm8Qfs8miaLFP0y47k36rNGDhCM5HeemPTZzibYyT7q97SZBc8cEmoSejpfbhoCxlYgIzj9PyTM3oAzzaCIWbM5w\u002F640?wx_fmt=png\"\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003C\u002Fp>\u003Ch3 style=\"margin-bottom: 16px; font-size: 17px; text-wrap-mode: wrap; clear: both; min-height: 1em; text-align: center; outline: 0px; max-width: 100%; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); line-height: 2em; margin-left: 15px; margin-right: 15px; font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cstrong>\u003Cspan style=\"font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(214, 168, 65); font-family: Optima-Regular, PingFangTC-light;\">03 把握买和卖，大饼摊得更高效\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fh3>\u003Cp>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">说完怎么避坑，再来说说\u003Cstrong>转债的买和卖\u003C\u002Fstrong>有哪些讲究。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"background-color: rgb(255, 218, 169);\">\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">买入：注重「安全边际」\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">你可以关注\u003Cstrong>四个方面——\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">一是到期收益率>0%。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cimg class=\"rich_pages wxw-img js_insertlocalimg\" src=\"https:\u002F\u002Fmmbiz.qpic.cn\u002Fmmbiz_png\u002FAm8Qfs8miaLE2j3Q2QXXRJQWonHQ5Fl4ibAn9JqYkToMYMehWW7vMZYHZx48pibrvDiajic9dDXUGVOOpia3iazHFX9ww\u002F640?wx_fmt=png\"\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(136, 136, 136); font-size: 14px;\">图源：集思录\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); background-color: rgb(255, 255, 255); text-align: justify; font-family: Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">到期收益率，就是买入债券后，可以获得的年化收益率。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">选择收益率>0%的债券，就意味着持有到期，「借条」是可以收回本金，并拿到债券利息的。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">只要公司信用好，能还钱，不管买入后的价格如何变化，都会有「债底」的保护。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">二是高信用评级。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">信用评级，是专业机构对公司还钱能力的评价。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">评级从高到低，依次是AAA、AA+、AA、AA-、A+以此类推。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">你会看到，按到期收益率排序，有的转债能达到5%以上。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cimg class=\"rich_pages wxw-img js_insertlocalimg\" src=\"https:\u002F\u002Fmmbiz.qpic.cn\u002Fmmbiz_png\u002FAm8Qfs8miaLE2j3Q2QXXRJQWonHQ5Fl4ibEtNyHs1VZWVSBuWqIFUSj5ic6uh9DuBAaILIlt9iaLJIMyEzaTlWUtOQ\u002F640?wx_fmt=png\"\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003Cspan style=\"color: rgb(136, 136, 136); font-size: 14px; text-align: center;\">图源：\u003C\u002Fspan>\u003Cspan style=\"color: rgb(136, 136, 136); font-size: 14px; text-align: center;\">集思录\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">但再瞄一眼评级，普遍在B级和C级，说明市场对他们的还钱能力并不看好。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">虽然转债历史上还没有公司赖账，但咱们还是尽量挑高评级，比如\u003Cstrong>A级以上的\u003C\u002Fstrong>\u003C\u002Fspan> \u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">（越高越好~）\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">，\u003Cstrong>更安心。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">三是考虑小规模转债。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">由于小规模转债更容易受到市场欢迎，你也可以用「规模指标」进行筛选。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cimg class=\"rich_pages wxw-img js_insertlocalimg\" src=\"https:\u002F\u002Fmmbiz.qpic.cn\u002Fmmbiz_png\u002FAm8Qfs8miaLE2j3Q2QXXRJQWonHQ5Fl4ibyRwiay6rOMwGr5Eg1tgFNJADQQWOOvRBmvAXaQAhE5WJCWJ4VMyx8ag\u002F640?wx_fmt=png\"\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003Cspan style=\"text-align: center; background-color: rgb(255, 255, 255); color: rgb(136, 136, 136); font-size: 14px;\">图源：\u003C\u002Fspan>\u003Cspan style=\"text-align: center; background-color: rgb(255, 255, 255); color: rgb(136, 136, 136); font-size: 14px;\">集思录\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">比如设置小于3亿、5亿的门槛。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">四是买多几只转债，尽量分散、均匀。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">这样一方面，能避免单一转债的「踩雷」风险；\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">另一方面，大饼摊得均匀一些，总会有惊喜。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cbr\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"background-color: rgb(255, 218, 169);\">\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">卖出：寻找「优势价格」\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">如果你按买入的步骤筛选一遍，会发现转债的价格差不多集中在110-120之间。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">决定我们收益的另一大关键，是\u003Cstrong>卖出价格定多少合适。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">比如我经常130元卖出转债，结果眼睁睁地看到它涨到200元；\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">又或者，转债150元没卖，它又跌回到120。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">那么，转债价格有没有\u003Cstrong>合适的卖点\u003C\u002Fstrong>呢？\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003Cbr\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">带着这个疑问，我扒了扒数据，找到了两种更「划算\u003Cspan style=\"background-color: rgb(255, 255, 255);\">」\u003C\u002Fspan>的卖出方式——\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003Cbr\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">（1）涨到150元就卖\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cbr\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">参考所有退市转债的\u003Cstrong>历史最高价\u003C\u002Fstrong>，我有几个重要发现——\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cbr\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">98.5%的转债最高价>130元；\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cstrong>\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">85%的转债最高价>150元；\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">49%的转债最高价>180元；\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">37%的转债最高价>200元；\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">从数据看，\u003C\u002Fspan> \u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); background-color: rgb(255, 218, 169); font-family: Optima-Regular, PingFangTC-light;\">\u003Cstrong>转债的一生到达150元还是有挺大概率的，再往上就要碰运气了。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">我们可以借助软件，设置相应价格的条件单，随时「止盈」。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fmmbiz.qpic.cn\u002Fmmbiz_png\u002FAm8Qfs8miaLE2j3Q2QXXRJQWonHQ5Fl4ibnpAPeVjwINzfN1AiaK8ibpWfHS0zC6lQf42X8vxQzwsA9JJoaVIzmG6Q\u002F640?wx_fmt=png\"\u002F>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(214, 168, 65); font-family: Optima-Regular, PingFangTC-light;\">\u003Cstrong>（2）持有到退市，均价170元\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cbr\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">如果买入后，一直持有到退市，结果会怎样呢？\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003Cbr\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">数据显示，退市转债最后一天的平均价格是\u003Cstrong>170元左右\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003Cbr\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">每年总有几个冒尖的转债，能涨到500+、900+，把均值拔高许多。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003Cbr\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">和之前130元的卖出价相比，\u003C\u002Fspan> \u003Cspan style=\"background-color: rgb(255, 218, 169);\">\u003Cstrong>\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">这两种方式，能让我1手\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">（10张）\u003C\u002Fspan>\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">转债利润能高出200-400元。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003Cbr\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">比起之前的随意定价，我现在会把转债的卖出价格定得更高，心里也更有底气了。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003Cbr\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">相对来说，我更偏好第一种方法，可以反复买入、卖出，更有参与感。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003Cbr\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">当然，你可以选择适合自己的方法~\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fmmbiz.qpic.cn\u002Fmmbiz_png\u002FAm8Qfs8miaLFP0y47k36rNGDhCM5HeemPTZzibYyT7q97SZBc8cEmoSejpfbhoCxlYgIzj9PyTM3oAzzaCIWbM5w\u002F640?wx_fmt=png\"\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003C\u002Fp>\u003Ch3 style=\"margin-bottom: 16px; font-size: 17px; text-wrap-mode: wrap; clear: both; min-height: 1em; text-align: center; outline: 0px; max-width: 100%; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); line-height: 2em; margin-left: 15px; margin-right: 15px; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cstrong>\u003Cspan style=\"font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(214, 168, 65); font-family: Optima-Regular, PingFangTC-light;\">04\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fh3>\u003Cp>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">总得来说，可转债「下有保底，上不封顶」的特性挺适合普通投资人投资的。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">当然和打新相比，买卖的风险相对大一些。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">除了摊大饼，我们之前还介绍过\u003Cstrong>低价+低溢价\u003C\u002Fstrong>的\u003C\u002Fspan> \u003Ca target=\"_blank\" href=\"http:\u002F\u002Fmp.weixin.qq.com\u002Fs?__biz=MjM5MzA3MjI2NQ==&mid=2650659936&idx=1&sn=523e6f0cf0022123c4dbcbcf24c80f22&chksm=be95e98689e26090f0a991b829e067e23d4d49bd93e34d1e9c0373c0eee93782006dcf93ca0a&scene=21#wechat_redirect\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(0, 82, 255); font-family: Optima-Regular, PingFangTC-light;\">「双低策略」\u003C\u002Fspan>\u003C\u002Fa> \u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">，感兴趣不妨了解一下~\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">最后，附上总结图——\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fmmbiz.qpic.cn\u002Fmmbiz_png\u002FAm8Qfs8miaLE2j3Q2QXXRJQWonHQ5Fl4ibZMPbTJtByBibBTgwPfGMKic7RlbWT9GO6Rq7mS09Oe5PTPN0bia1jBKbg\u002F640?wx_fmt=png\"\u002F>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cspan style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">对了，如果你还不认识可转债，想入门的话，可以领取我们的\u003Cstrong>免费课程\u003C\u002Fstrong>——\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fmmbiz.qpic.cn\u002Fmmbiz_jpg\u002FAm8Qfs8miaLE2j3Q2QXXRJQWonHQ5Fl4ib9Ad92YBdiak9w8a0XWa00B6Pcdu1hNPSficwQyr0RyNjQre6rb2icb3gA\u002F640?wx_fmt=jpeg\"\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Cp style=\"margin-right: 15px; margin-left: 15px;\">\u003Cbr\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003C\u002Fsection>\u003Csection>\u003Cbr\u002F>\u003C\u002Fsection>\u003C\u002Fp>\u003Cp>\u003Cbr\u002F>\u003C\u002Fp>","2025-03-24 06:25:00","2025-03-23 16:06:02",100,0,"liuweixin@jane7.com","2025-03-23 16:06:06",228,false,16874,12,"1038002",6,[],[],[],[],[]]