March 14, 2026 Convertible Bond Subscription Rights Topic Review: Yuehe Tian, Benchuan Intelligent, Jinyang Precision

Core Strategy Logic

This time, all three targets employ a “three-layer position building + bond allocation for profit-taking” tactic. The core logic is to bet on the market’s expectation of stable stock prices driven by the issuance of convertible bonds by listed companies, rather than simply holding bonds.

Buying Discipline: Purchase in three stages, with reserved space for additional purchases.
Selling Discipline: Take profits and exit when gains reach 300-400 yuan;
Defense Discipline: If the stock price drops sharply, complete three layers of additional purchases, then implement an ultimate stop-loss. If the price falls to a low level and still results in a loss, choose to allocate bonds at the low point, sharing risks with institutions to increase win probability.

1. In-depth Analysis of Targets

2. Yuhetian (Stable Case)

Basic Market Data: Issuance scale of 1.5 billion, 16.44% equity value per 100 yuan, conversion value of 93.
Theoretical: Buying 10 convertible bonds requires 266 shares.
Practical Strategy:
Position Planning: To control risk, do not buy in whole lots of 266 shares (which would require buying 300 shares, too risky). Instead, buy in units of 200 shares initially.
Entry Point: Current price around 24 yuan, initial investment about 4,600 yuan. Conservative valuation suggests a profit of about 500 yuan for 10 bonds after listing, with an expected profit of approximately 370-400 yuan for 200 shares.
Replenishment Pace: When the price drops by 4 yuan (loss of about 400 yuan in market value), add 200 shares.
Second Purchase Point: 21 yuan × 200 shares = 4,200 yuan;
Third Purchase Point: 20 yuan × 200 shares = 4,000 yuan.
Total Capital: Three purchases totaling approximately 12,800 yuan.
Risk Reminder: The greatest risk comes from individual stock or systemic market declines. If after three replenishments the price breaks below support, stop-loss and exit; if losses occur at low levels, consider directly allocating bonds and holding through the downturn, sharing risk with institutions.

2. Benchuan Intelligent (High Elasticity Small Cap)

Basic Market Data: Issuance scale of 469 million (small-cap bond), expected profit of 600 yuan for 10 bonds after listing.
Practical Strategy:
Position Planning: Buy in units of 100 shares.
Entry Point: Current price around 63 yuan, initial investment about 6,300 yuan.
Replenishment Pace: When the price drops by 4 yuan, add 100 shares.
Second Purchase Point: 59 yuan × 100 shares = 5,900 yuan;
Third Purchase Point: 55 yuan × 100 shares = 5,500 yuan.
Total Capital: Approximately 17,700 yuan for three purchases.

3. Jinyang Precision (High Equity Content)

Basic Market Data: Issuance scale of 980 million, 21.17% equity value per 100 yuan, expected profit of 600 yuan for 10 bonds after listing.
Practical Strategy:
Position Planning: Buy in units of 100 shares, with a more aggressive style.
Entry Point: Current price around 40 yuan, initial investment about 4,000 yuan.
Replenishment Pace: When the price drops by 4 yuan, add 100 shares.
Second Purchase Point: 36 yuan × 100 shares = 3,600 yuan;
Third Purchase Point: 32 yuan × 100 shares = 3,200 yuan.
Total Capital: About 10,800 yuan for three purchases.

2. Operation Mindset Summary

3. Mindset Positioning: Focus on grabbing rights, which are rights, and gamble on price. We leverage the support expectation from bond issuance demand to set up positions.

4. Proper Entry and Exit:
   Uptrend: Do not chase highs; when profits reach 300-400 yuan, decisively realize gains and exit.
   Downtrend: Strictly follow the three-layer replenishment discipline; do not add positions after reaching the stop-loss line.
   Ultimate Strategy: Only when at a low level with losses, choose to “lie flat” and allocate bonds, as institutional costs are higher than yours, increasing win probability.