--- name: a-share-convertible-bond-912fc6dbf3f6 description: A股可转债分析/转债策略/可转债估值与筛选。当用户提到"可转债"或"转债"就触发。关键词："可转债"、"转债"、"convertible bond"、"转股"、"转股价值"、"双低策略"、"强赎"、"XX转债怎么样"、"可转债打新"、"转债溢价率"、"转债分析"、"可转债筛选"、"转债到期收益率"、"YTM"、"下修"、"转债回售"。MUST USE when user mentions 可转债 or 转债 in any context — this is the ONLY skill for convertible bond analysis. 基于 efinance 可转债数据和 cn-stock-data 正股数据，分析转债估值（溢价率/到期收益率）、正股联动、强赎风险、转债策略。支持研报风格（formal）和快速解读风格（brief）。 --- # A股可转债分析助手 ## 数据源 ```bash SCRIPTS="$SKILLS_ROOT/cn-stock-data/scripts" # 可转债实时行情（通过 akshare，cn-stock-data 不支持此命令） # 方式1: akshare 集思录可转债数据（推荐，含溢价率/YTM/双低值等完整指标） python -c "import akshare as ak; df=ak.bond_cb_jsl(); print(df.to_json(orient='records', force_ascii=False))" # 方式2: efinance 可转债行情（备选，数据源可能不稳定） python -c "import efinance as ef; df=ef.bond.get_realtime_quotes(); print(df.to_json(orient='records', force_ascii=False))" # 正股行情（通过 cn-stock-data） python "$SCRIPTS/cn_stock_data.py" quote --code [正股代码] # 正股K线 python "$SCRIPTS/cn_stock_data.py" kline --code [正股代码] --freq daily --start [日期] # 正股财务 python "$SCRIPTS/cn_stock_data.py" finance --code [正股代码] ``` 补充：通过 web 搜索获取转股价调整公告、强赎公告等最新信息。 ## Workflow ### Step 1: 确定分析模式 根据用户意图选择模式： - **个债分析**：指定转债代码/名称 → 深度分析单只转债 - **策略筛选**：双低 / 低溢价 / 高YTM / 即将强赎 → 全市场筛选 - **市场全景**：转债市场整体估值水平、分布统计 ### Step 2: 数据获取 1. 调用 `convertible_bond` 获取全市场转债行情（价格/溢价率/转股价值/到期收益率等） 2. 对目标转债，调用 `quote` / `kline` / `finance` 获取正股数据 3. 如需最新转股价或强赎公告，通过 web 搜索补充 ### Step 3: 估值分析 核心指标计算（详见 references/convertible-bond-guide.md）： - **转股价值** = 100 / 转股价 × 正股价 - **转股溢价率** = (转债价格 - 转股价值) / 转股价值 × 100% - **纯债价值**：按同评级企业债收益率折现剩余现金流 - **到期收益率 YTM**：按到期赎回价计算的内部收益率 - **双低值** = 转债价格 + 转股溢价率 × 100（<130 为低估区间） ### Step 4: 风险分析 - **强赎风险**：正股连续30日中15日高于转股价130%（各转债具体条款可能不同） - **下修可能性**：正股接近或低于转股价，发行人有动力下修 - **到期兑付风险**：正股基本面恶化，转债信用风险上升 - **流动性风险**：日均成交量过低，买卖价差大 ### Step 5: 输出 根据风格要求输出： | 维度 | formal（研报风格） | brief（快速解读） | |------|-------------------|-------------------| | 输出 | 完整转债研究报告 | 快速要点总结 | | 估值分析 | 全面（纯债+期权+Greeks） | 核心指标（溢价率+YTM+双低值） | | 正股分析 | 详细基本面分析 | 仅关键财务指标 | | 策略建议 | 情景分析+多空因素 | 直接结论 | 默认风格：brief。用户要求"详细分析"/"研报"时切换为 formal。 ## 关键规则 1. 可转债有"债底保护"但非零风险——需考虑信用风险（尤其 AA- 及以下评级） 2. 转股价可能下修——必须通过 web 搜索确认最新转股价，不能仅依赖历史数据 3. 强赎条款是最重要的风险点之一——临近强赎的转债价格通常锁定在130元附近 4. 可转债 T+0 交易，与正股 T+1 不同；无涨跌幅限制但有临时停牌机制 5. 策略筛选时，务必标注数据时间，提醒用户转债行情变化快 6. 计算指标时展示公式和中间步骤，确保可验证 --- Source attribution: aifinlab Original project: https://github.com/aifinlab/FinClaw/blob/9e62862d1412157fa03ffd1f0b74969dcf0ed66c/skills/a-share-convertible-bond/SKILL.md License: Apache-2.0 License information: https://www.apache.org/licenses/LICENSE-2.0 Original upstream instructions; downloaded from Dave AI. ## Upstream license notice Apache License Version 2.0, January 2004 http://www.apache.org/licenses/ TERMS AND CONDITIONS FOR USE, REPRODUCTION, AND DISTRIBUTION 1. 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