With the optimized implementation of the new refinancing regulations in 2026, combined with the market supply gap formed by the centralized withdrawal of stock convertible bonds, the A-share convertible bond market ushered in an intensive issuance window period, and the supply pace in the primary market accelerated markedly. According to the data, based on the date of the issuance announcement, as of August 2, 48 convertible bonds had been publicly issued since 2026, with a cumulative fund-raising scale of 57.332 billion yuan, a significant increase over the previous year. Liu Xiangdong, chief analyst at Dongyuan Investment, judged that the issuance of convertible bonds in the second half of the year may show the following characteristics: First, the total volume will remain high. 47 were issued in the first half of the year, raised more than 50 billion yuan, and reserve projects are sufficient, and the annual issuance scale is expected to exceed 100 billion yuan. Second, in terms of the pace of distribution, the third quarter may welcome intensive listing, and the fourth quarter naturally declined with the start of the annual report audit. Third, the distribution structure is skewed towards science and innovation, and the share of science and technology innovation boards and specialized new enterprises has increased, in line with the targeted support direction of scientific and technological innovation under the new refinancing regulations.

With the optimized implementation of the new refinancing regulations in 2026, combined with the market supply gap formed by the centralized withdrawal of stock convertible bonds, the A-share convertible bond market ushered in an intensive issuance window period, and the supply pace in the primary market accelerated markedly. According to the data, based on the date of the issuance announcement, as of August 2, 48 convertible bonds had been publicly issued since 2026, with a cumulative fund-raising scale of 57.332 billion yuan, a significant increase over the previous year. Liu Xiangdong, chief analyst at Dongyuan Investment, judged that the issuance of convertible bonds in the second half of the year may show the following characteristics: First, the total volume will remain high. 47 were issued in the first half of the year, raised more than 50 billion yuan, and reserve projects are sufficient, and the annual issuance scale is expected to exceed 100 billion yuan. Second, in terms of the pace of distribution, the third quarter may welcome intensive listing, and the fourth quarter naturally declined with the start of the annual report audit. Third, the distribution structure is skewed towards science and innovation, and the share of science and technology innovation boards and specialized new enterprises has increased, in line with the targeted support direction of scientific and technological innovation under the new refinancing regulations.