Doomsday Wheel

StrawberryIce · 2026-03-12T08:14:47+00:00

Recently, the bond market has been underperforming, especially energy-saving bonds and Tianye bonds. Funds are starting to rotate into low-premium small-cap bonds, with Baichuan, Hongbai, Rong23, and others gaining attention due to end-of-life forced redemptions. Jiayuan bonds saw some rebound due to the acquisition of optical modules, while others like Hongbai and Songlin mainly relied on end-of-life surges. Next, investors can focus on small-cap bonds with strong redemption potential, including Lingang convertible bonds, Hongqiang convertible bonds, and other small-cap bonds.

StrawberryIce

2026-03-12 08:14:47

Abstract generation in progress

Recently, the themes lack continuity, and the bond market performance is extremely poor: such as energy-saving bonds, Tianye bonds, etc. Funds are taking turns to trigger the end-of-day low premium small-cap bonds.

Baichuan, Hongbai, Rong 23, Songlin, Huatí, Jiayuan. The common point is end-of-day strong redemption.

Among them, Baichuan belongs to the chemical industry’s early wave, with weaker end-of-day characteristics.
Jiayuan bonds are driven by speculation on optical modules (acquisition of optical module companies) to catch up, with leading company Huagong Technology, and the end-of-day rotation is not the main reason for the large surge.

The other few are mainly end-of-day surges in a wave.

Hongbai, Rong 23, Songlin, Huatí share the common point of small-cap end-of-day surges, with the main stocks being small-cap on the main board, and low trading volume making them easier to control.
Although Songlin’s main stock has over 10 billion yuan, its small volume makes it easy to control.

Based on this idea, the small-cap bonds with potential for rotation and strong redemption might include:

Lingang Convertible Bond
Hongqiang Convertible Bond

Other small caps like Mengsheng, Xinzhì, Fenggong, Zhonghuan, with main stocks on the STAR Market or Sci-Tech Innovation Board, whether they will rotate remains uncertain.

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