债券信用违约的特征与启示-课件

债券信用违约的特征与启示债券信用违约的特征与启示2019年5月债券信用违约的特征与启示2019年5月21债券信用违约三维观察债券信用违约三维观察2债券信用违约的特征债券信用违约的特征3债券信用违约的启示债券信用违约的启示目录CONTENTS1债券信用违约三维观察2债券信用违约的特征3债券信用违约的启1 1债券信用债券信用违约三维观察违约三维观察2 2债券信用债券信用违约的特征违约的特征3 3债券信用违约的启示债券信用违约的启示目录CONTENTS1债券信用违约三维观察2债券信用违约的特征3债券信用违约的启341.1债券信用风险常态化n违违约约风风险险：随随着着债债券券市市场场刚刚性性兑兑付付的的打打破破，债债券券违违约约呈呈现现加加速速和和常常态态化化趋趋势势。从第一单违约出现到2019年一季度末，信用债市场广义违约主体共112家（不含ABS），其中私募债主体40家，可交债主体5家，PPN主体3家，公募债券主体共64家。违约涉及主体存续债金额总计2626亿，目前非金融信用债存量约19.7万亿，累计违约率1.33%。n估估值值风风险险：信信用用债债估估值值波波动动明明显显加加剧剧：（1）机构行为趋于一致；（2）信息不对称情况下投资行为过度依赖舆论；（3）资产管理机构对净值波动高度敏感。2014H22015H12015H22016H12016H22017H12017H22018H12018H22019一季度05001000150020002500300000.0020.0040.0060.0080.010.0120.014累计违约金额,2014H2,1.6累计违约金额,2015H1,62.824285累计违约金额,2015H2,196.92428累计违约金额,2016H1,444.28118累计违约金额,2016H2,677.58118累计违约金额,2017H1,698.58118累计违约金额,2017H2,927.44212累计违约金额,2018H1,1351.3517累计违约金额,2018H2,2339.5003累计违约金额,2019一季度,2626.0623累计违约率,2014H2,0.00%累计违约率,2015H1,0.05%累计违约率,2015H2,0.14%累计违约率,2016H1,0.27%累计违约率,2016H2,0.39%累计违约率,2017H1,0.41%累计违约率,2017H2,0.52%累计违约率,2018H1,0.74%累计违约率,2018H2,1.22%累计违约率,2019一季度,1.33%累计违约金额累计违约率2014H22015H12015H22016H12016H22017H12017H22018H12018H22019一季度0510152025303540020040060080010001200违约主体（个）,2014H2,3违约主体（个）,2015H1,9违约主体（个）,2015H2,15违约主体（个）,2016H1,13违约主体（个）,2016H2,9违约主体（个）,2017H1,2违约主体（个）,2017H2,7违约主体（个）,2018H1,9违约主体（个）,2018H2,34违约主体（个）,2019一季度,10违约金额（亿）,2014H2,1.6违约金额（亿）,2015H1,61.224285违约金额（亿）,2015H2,134.1违约金额（亿）,2016H1,247.3569违约金额（亿）,2016H2,233.3违约金额（亿）,2017H1,21违约金额（亿）,2017H2,228.86093违约金额（亿）,2018H1,423.90957违约金额（亿）,2018H2,988.14862违约金额（亿）,2019一季度,286.56195违约主体（个）违约金额（亿）图1 信用债市场违约主体个数和违约金额统计图2 信用债市场累计违约率和违约金额1.1 债券信用风险常态化违约风险：随着债券市场刚性兑付的打51.2公司属性维度：民企融资环境不容乐观n民民企企违违约约占占比比逐逐年年提提升升。按照违约金额统计，信用债违约主体中民营企业占比77%，地方国企占比13%，央企占比8%，公众企业和中外合资企业占比均为1%。截截至至20192019年年一一季季度度，民民企企累累计计违违约约率率4.94%4.94%，民企除地产外其他行业累计违约率高达，民企除地产外其他行业累计违约率高达6.35%6.35%。n20172017年年以以来来民民企企融融资资环环境境持持续续恶恶化化。债券投资人往往担忧银行抽贷而率先抛售，从而造成债权人的恐慌效应形成负反馈，债券估值易上难下，易形成极端的流动性危机。n在民营企业的信用分析中，公司治理和财务真实性是分析重点。在民营企业的信用分析中，公司治理和财务真实性是分析重点。77%13%8%1%1%民营企业地方国有企业中央国有企业公众企业中外合资企业图3 信用债市场违约主体的公司属性统计图4 民企累计违约率（全口径和除地产口径）2014H22015H12015H22016H12016H22017H12017H22018H12018H22019一季度050010001500200025000%1%2%3%4%5%6%7%民企累计违约金额,2014H2,1.6民企累计违约金额,2015H1,17.824285民企累计违约金额,2015H2,118.92428民企累计违约金额,2016H1,151.58118民企累计违约金额,2016H2,381.88118民企累计违约金额,2017H1,402.88118民企累计违约金额,2017H2,631.74212民企累计违约金额,2018H1,1045.6517民企累计违约金额,2018H2,1782.9703民企累计违约金额,2019一季度,2069.5323民企非地产累计违约金额,2014H2,1.6民企非地产累计违约金额,2015H1,17.824285民企非地产累计违约金额,2015H2,118.92428民企非地产累计违约金额,2016H1,151.58118民企非地产累计违约金额,2016H2,381.88118民企非地产累计违约金额,2017H1,402.88118民企非地产累计违约金额,2017H2,631.74212民企非地产累计违约金额,2018H1,1045.6517民企非地产累计违约金额,2018H2,1738.1127民企非地产累计违约金额,2019一季度,1976.7746民企累计违约率,2014H2,0.01%民企累计违约率,2015H1,0.15%民企累计违约率,2015H2,0.65%民企累计违约率,2016H1,0.64%民企累计违约率,2016H2,1.23%民企累计违约率,2017H1,1.23%民企累计违约率,2017H2,1.64%民企累计违约率,2018H1,2.66%民企累计违约率,2018H2,4.25%民企累计违约率,2019一季度,4.94%民企非地产累计违约率,2014H2,0.02%民企非地产累计违约率,2015H1,0.16%民企非地产累计违约率,2015H2,0.79%民企非地产累计违约率,2016H1,0.88%民企非地产累计违约率,2016H2,1.72%民企非地产累计违约率,2017H1,1.73%民企非地产累计违约率,2017H2,2.20%民企非地产累计违约率,2018H1,3.60%民企非地产累计违约率,2018H2,5.56%民企非地产累计违约率,2019一季度,6.35%民企累计违约金额民企非地产累计违约金额民企累计违约率民企非地产累计违约率1.2 公司属性维度：民企融资环境不容乐观民企违约占比逐年提6商业贸易商业贸易化工化工电气设备电气设备农林牧渔农林牧渔纺织服装纺织服装建筑材料建筑材料轻工制造轻工制造食品饮料食品饮料机械设备机械设备采掘采掘钢铁钢铁电子电子计算机计算机综合综合医药生物医药生物国防军工国防军工有色金属有色金属建筑装饰建筑装饰传媒传媒房地产房地产交通运输交通运输公用事业公用事业休闲服务休闲服务非银金融非银金融01002003004005006000%1%2%3%4%5%6%7%8%9%违约规模,商业贸易,535.53违约规模,化工,178.02违约规模,电气设备,47.30违约规模,农林牧渔,31.88违约规模,纺织服装,26.69违约规模,建筑材料,71.00违约规模,轻工制造,25.44违约规模,食品饮料,72.96违约规模,机械设备,78.77违约规模,采掘,296.57违约规模,钢铁,83.70违约规模,电子,22.00违约规模,计算机,11.91违约规模,综合,364.48违约规模,医药生物,22.49违约规模,国防军工,7.40违约规模,有色金属,32.40违约规模,建筑装饰,343.91违约规模,传媒,4.00违约规模,房地产,120.76违约规模,交通运输,153.98违约规模,公用事业,64.85违约规模,休闲服务,4.22违约规模,非银金融,5.00违约规模/存量规模（右轴）,NaN,8.32%违约规模/存量规模（右轴）,NaN,6.67%违约规模/存量规模（右轴）,NaN,6.60%违约规模/存量规模（右轴）,NaN,5.12%违约规模/存量规模（右轴）,NaN,4.73%违约规模/存量规模（右轴）,NaN,4.69%违约规模/存量规模（右轴）,NaN,4.61%违约规模/存量规模（右轴）,NaN,4.58%违约规模/存量规模（右轴）,NaN,4.51%违约规模/存量规模（右轴）,NaN,2.28%违约规模/存量规模（右轴）,NaN,2.07%违约规模/存量规模（右轴）,NaN,1.73%违约规模/存量规模（右轴）,NaN,1.08%违约规模/存量规模（右轴）,NaN,1.02%违约规模/存量规模（右轴）,NaN,1.01%违约规模/存量规模（右轴）,NaN,0.93%违约规模/存量规模（右轴）,NaN,0.88%违约规模/存量规模（右轴）,NaN,0.81%违约规模/存量规模（右轴）,NaN,0.55%违约规模/存量规模（右轴）,NaN,0.53%违约规模/存量规模（右轴）,NaN,0.50%违约规模/存量规模（右轴）,NaN,0.36%违约规模/存量规模（右轴）,NaN,0.29%违约规模/存量规模（右轴）,NaN,0.01%违约规模违约规模/存量规模（右轴）1.3行业维度：商贸、化工、电气设备、农林牧渔、纺服等行业违约率偏高n从从绝绝对对值值来来看看，商贸、综合、建筑装饰、采掘、化工、交运行业违约涉及债券余额较高，均超过150亿。从从相相对对值值来来看看，商贸、化工、电气设备、农林牧渔行业违约率超过5%，纺织服装、建筑材料、轻工制造、食品饮料、机械设备行业违约率在4%-5%。、n关关注注四四类类行行业业：（1）行业景气度低迷；（2）盈利与现金流依赖政府补贴，技术更新换代较快；（3）高杠杆经营为主，资金密集型；（4）财务核查难度高，存在利润操作空间。图5 信用债市场违约主体的行业统计1.3 行业维度：商贸、化工、电气设备、农林牧渔、纺服等行业71.3行业关注：环保能源和贸易行业面临不确定性n环保行业环保行业：神雾环保、东方园林、蒙草生态。n新能源行业：新能源行业：凯迪生态、光伏行业。n特特征征：企企业业盈盈利利与与现现金金流流脱脱节节，地地方方政政府府去去杠杠杆杆背背景景下补贴及回款节奏放下补贴及回款节奏放缓。缓。p1、行业技术存在不稳定性，盈利依赖政策补贴；p2、行业关联交易较多，下游回款难度大、周期长，收入获现能力差；p3、前期投资支出规模庞大，投资现金流大幅流出，刚性债务带来的财务费用侵蚀利润，短期偿债压力大。n贸易贸易行业行业：亿阳集团、沪华、邹平长城。n特征特征：经营模式以垫资为主，盈利能力偏低：经营模式以垫资为主，盈利能力偏低p1、前期资金占用规模高，对资金周转要求较高，可用（应收账款+预付账款）/收入判断风险敞口。p2、货币资金中受限比例高（开具信用证、票据较多）。p3、下游客户集中于钢铁、煤炭、石油、化工、有色等强周期行业，大宗商品价格波幅较大，整体毛利率偏低。p4、关注通过贸易板块实现资金体外循环。p5、关注通过贸易板块快速扩张、做大收入。2010 2011 2012 2013 2014 2015 2016 2017 201880859095100105110全部A股,2010,104.8291全部A股,2011,104.1696全部A股,2012,105.8477全部A股,2013,104.4380全部A股,2014,104.0003全部A股,2015,104.9322全部A股,2016,105.2204全部A股,2017,104.0627全部A股,2018,107.0040环保概念,2010,107.7178环保概念,2011,98.4358环保概念,2012,96.0167环保概念,2013,97.7607环保概念,2014,90.1241环保概念,2015,87.8435环保概念,2016,85.4250环保概念,2017,82.4460环保概念,2018,89.7873光伏,2010,101.3143光伏,2011,100.2380光伏,2012,101.0368光伏,2013,93.6600光伏,2014,86.9755光伏,2015,86.0892光伏,2016,90.0236光伏,2017,86.2423光伏,2018,96.1598全部A股环保概念光伏图15 环保、光伏与全部A股上市公司收入获现比201020112012201320142015201620172018302520151050-5全部A股,2010,15.0868全部A股,2011,13.5995全部A股,2012,18.5052全部A股,2013,11.2801全部A股,2014,16.8156全部A股,2015,28.8670全部A股,2016,22.9353全部A股,2017,8.3810全部A股,2018,14.4002贸易,2010,-1.8517贸易,2011,-1.4865贸易,2012,3.0364贸易,2013,0.1643贸易,2014,-0.1024贸易,2015,3.0309贸易,2016,1.5746贸易,2017,-0.8408贸易,2018,-1.0595全部A股贸易图15 贸易与全部A股上市公司经营现金流净额/营业收入1.3 行业关注：环保能源和贸易行业面临不确定性环保行业：神81.4区域维度：内蒙、山西、宁夏、东三省等北方区域违约率显著偏高n从从相相对对数数来来看看，海海南南、内内蒙蒙、山山西西、辽辽宁宁、宁宁夏夏、黑黑龙龙江江等等区区域域违违约约率率超超过过2 2%。关关注注个个体体违违约约引引发发的的区区域域性性金金融融风险。风险。p海南仅一家：美兰机场（技术性违约）p内蒙共四家：奈伦集团、奈伦农业、博源控股和亿利资源（技术性违约）p山西共三家：华昱能源、永泰能源、龙跃实业（可交债）p辽宁共五家：东特钢、大连机床、丹东港、金玛商城和同益实业图6 信用债市场违约主体的区域统计违约率5%2%5%1%2%0.5%1%00.5%1.4 区域维度：内蒙、山西、宁夏、东三省等北方区域违约率显91 1债券信用债券信用违约三维观察违约三维观察2 2债券信用债券信用违约的特征违约的特征3 3债券信用违约的启示债券信用违约的启示目录CONTENTS1债券信用违约三维观察2债券信用违约的特征3债券信用违约的启102.1特征一：上市公司成违约重灾区n案案例例：神神雾雾环环保保。控股股东神雾集团业务集中于上市公司，融资对质押方式依赖程度较高，2018年2月质押股票部分已触及平仓线，此时神雾集团对神雾环保和神雾节能的质押比例已超过95%。神雾集团回购及借款逾期后，由于上市公司部分借款是神雾集团提供担保，神雾集团违约后导致上市公司资金链断裂。n股股权权质质押押：上上市市公公司司股股东东融融资资的的重重要要手手段段。2019年一季度末，市场质押占总股本9.6%，质押市值5.54万亿；大股东质押占持股12.2%，未平仓总市值3.1万亿。2015010120150630201601012016063020170101201706302018010120180630201901011009080706050403020100神雾环保,20150101,0神雾环保,20150630,80.115526神雾环保,20160101,88.34262神雾环保,20160630,84.265936神雾环保,20170101,91.950015神雾环保,20170630,91.950015神雾环保,20180101,91.950015神雾环保,20180630,91.950015神雾环保,20190101,91.950015神雾节能,20150101,0神雾节能,20150630,0神雾节能,20160101,0神雾节能,20160630,0神雾节能,20170101,44.646631神雾节能,20170630,54.835221神雾节能,20180101,77.622175神雾节能,20180630,97.218039神雾节能,20190101,97.218039神雾环保神雾节能n质质押押融融资资本本为为中中性性事事件件，但但当当大大股股东东股股权权质质押押比比率率偏偏高高叠叠加加股股市市大大幅幅下下跌跌时：时：n（1）平仓导致控股股东的实际控制权丧失，或与其他股东控股权接近引发公司治理问题n（2）股东对上市公司增信能力大幅降低，导致上市公司融资环境恶化图7 神雾环保和神雾节能的股权质押比例2.1 特征一：上市公司成违约重灾区案例：神雾环保。控股股东112.2特征二：货币类资产成为双刃剑n举举例例：康康得得新新。2018年三季报显示，康得新账上货币资金150.14亿+银行理财17.34亿，货币资金占总资产比重自2015年之后一直高于40%，未显示大额受限，且利息收入远低于利息支出。2019年1月，康得新违约，公告存在大股东康得集团占用资金的情况。n货货币币类类资资产产多多少少才才算算合合理理？过少则不能满足企业生产经营各种开支的需要，影响企业偿债支付能力；过多则会造成资金效率低下，机会成本上升，影响企业盈利能力。需根据行业特性与企业具体情况判断。图10 康得新货币资金比例与股价走势n存存贷贷双双高高：账面显示的货币类资产与有息负债同时处于较高水平。货币类资产包括货币资金中的非受限部分、其他流动资产中的理财产品、应收票据中的承兑汇票等。p1、货币类资产虚增，或大部分货币类资产为时点数p2、货币类资产集中在子公司，而债务集中在集团层面，导致集团合并报表显示存贷双高。p3、货币资金存在未披露的大额受限情况。p4、为关联方提供大额质押、担保，且未披露。2013/12/12014/3/12014/6/12014/9/12014/12/12015/3/12015/6/12015/9/12015/12/12016/3/12016/6/12016/9/12016/12/12017/3/12017/6/12017/9/12017/12/12018/3/12018/6/12018/9/12018/12/12019/3/105101520253000.10.20.30.40.50.60.7股票收盘价,2013/12/1,8.38215股票收盘价,2013/12/2,7.83342股票收盘价,2013/12/3,7.96814股票收盘价,2013/12/4,7.94842股票收盘价,2013/12/5,7.99442股票收盘价,2013/12/6,7.92871股票收盘价,2013/12/7,7.92871股票收盘价,2013/12/8,7.92871股票收盘价,2013/12/9,8.00428股票收盘价,2013/12/10,7.98457股票收盘价,2013/12/11,7.94514股票收盘价,2013/12/12,8.00100股票收盘价,2013/12/13,7.98128股票收盘价,2013/12/14,7.98128股票收盘价,2013/12/15,7.98128股票收盘价,2013/12/16,7.89913股票收盘价,2013/12/17,7.80713股票收盘价,2013/12/18,7.73813股票收盘价,2013/12/19,7.95828股票收盘价,2013/12/20,7.77756股票收盘价,2013/12/21,7.77756股票收盘价,2013/12/22,7.77756股票收盘价,2013/12/23,7.94842股票收盘价,2013/12/24,7.95171股票收盘价,2013/12/25,7.88599股票收盘价,2013/12/26,7.80056股票收盘价,2013/12/27,7.97142股票收盘价,2013/12/28,7.97142股票收盘价,2013/12/29,7.97142股票收盘价,2013/12/30,7.87942股票收盘价,2013/12/31,7.98457股票收盘价,2014/1/1,7.98457股票收盘价,2014/1/2,8.11600股票收盘价,2014/1/3,8.26715股票收盘价,2014/1/4,8.26715股票收盘价,2014/1/5,8.26715股票收盘价,2014/1/6,8.06014股票收盘价,2014/1/7,8.05028股票收盘价,2014/1/8,7.88271股票收盘价,2014/1/9,7.31754股票收盘价,2014/1/10,7.43255股票收盘价,2014/1/11,7.43255股票收盘价,2014/1/12,7.43255股票收盘价,2014/1/13,7.12368股票收盘价,2014/1/14,7.06125股票收盘价,2014/1/15,7.03168股票收盘价,2014/1/16,7.10068股票收盘价,2014/1/17,6.40737股票收盘价,2014/1/18,6.40737股票收盘价,2014/1/19,6.40737股票收盘价,2014/1/20,6.46651股票收盘价,2014/1/21,6.47308股票收盘价,2014/1/22,6.64066股票收盘价,2014/1/23,6.53880股票收盘价,2014/1/24,6.71952股票收盘价,2014/1/25,6.71952股票收盘价,2014/1/26,6.71952股票收盘价,2014/1/27,6.94296股票收盘价,2014/1/28,6.93639股票收盘价,2014/1/29,6.81810股票收盘价,2014/1/30,6.83453股票收盘价,2014/1/31,6.83453股票收盘价,2014/2/1,6.83453股票收盘价,2014/2/2,6.83453股票收盘价,2014/2/3,6.83453股票收盘价,2014/2/4,6.83453股票收盘价,2014/2/5,6.83453股票收盘价,2014/2/6,6.83453股票收盘价,2014/2/7,6.83781股票收盘价,2014/2/8,6.83781股票收盘价,2014/2/9,6.83781股票收盘价,2014/2/10,7.47198股票收盘价,2014/2/11,7.55084股票收盘价,2014/2/12,7.55412股票收盘价,2014/2/13,7.58698股票收盘价,2014/2/14,7.84656股票收盘价,2014/2/15,7.84656股票收盘价,2014/2/16,7.84656股票收盘价,2014/2/17,7.82356股票收盘价,2014/2/18,7.77427股票收盘价,2014/2/19,7.58041股票收盘价,2014/2/20,7.45226股票收盘价,2014/2/21,7.47526股票收盘价,2014/2/22,7.47526股票收盘价,2014/2/23,7.47526股票收盘价,2014/2/24,7.26168股票收盘价,2014/2/25,6.82795股票收盘价,2014/2/26,6.96267股票收盘价,2014/2/27,6.89696股票收盘价,2014/2/28,6.82138股票收盘价,2014/3/1,6.82138股票收盘价,2014/3/2,6.82138股票收盘价,2014/3/3,6.78852股票收盘价,2014/3/4,6.74581股票收盘价,2014/3/5,6.72938股票收盘价,2014/3/6,6.62095股票收盘价,2014/3/7,6.86738股票收盘价,2014/3/8,6.86738股票收盘价,2014/3/9,6.86738股票收盘价,2014/3/10,6.70309股票收盘价,2014/3/11,6.84438股票收盘价,2014/3/12,6.93639股票收盘价,2014/3/13,7.07111股票收盘价,2014/3/14,6.94624股票收盘价,2014/3/15,6.94624股票收盘价,2014/3/16,6.94624股票收盘价,2014/3/17,6.79838股票收盘价,2014/3/18,6.65381股票收盘价,2014/3/19,6.65381股票收盘价,2014/3/20,6.51251股票收盘价,2014/3/21,6.52894股票收盘价,2014/3/22,6.52894股票收盘价,2014/3/23,6.52894股票收盘价,2014/3/24,6.44023股票收盘价,2014/3/25,6.76881股票收盘价,2014/3/26,6.76881股票收盘价,2014/3/27,6.63080股票收盘价,2014/3/28,6.63738股票收盘价,2014/3/29,6.63738股票收盘价,2014/3/30,6.63738股票收盘价,2014/3/31,6.52566股票收盘价,2014/4/1,6.58809股票收盘价,2014/4/2,6.63080股票收盘价,2014/4/3,6.60780股票收盘价,2014/4/4,6.66695股票收盘价,2014/4/5,6.66695股票收盘价,2014/4/6,6.66695股票收盘价,2014/4/7,6.66695股票收盘价,2014/4/8,6.76881股票收盘价,2014/4/9,6.74252股票收盘价,2014/4/10,6.74252股票收盘价,2014/4/11,6.86738股票收盘价,2014/4/12,6.86738股票收盘价,2014/4/13,6.86738股票收盘价,2014/4/14,7.06782股票收盘价,2014/4/15,6.99882股票收盘价,2014/4/16,7.07439股票收盘价,2014/4/17,7.22554股票收盘价,2014/4/18,7.14339股票收盘价,2014/4/19,7.14339股票收盘价,2014/4/20,7.14339股票收盘价,2014/4/21,6.86738股票收盘价,2014/4/22,6.77538股票收盘价,2014/4/23,6.78852股票收盘价,2014/4/24,6.64066股票收盘价,2014/4/25,6.65381股票收盘价,2014/4/26,6.65381股票收盘价,2014/4/27,6.65381股票收盘价,2014/4/28,6.60452股票收盘价,2014/4/29,6.71624股票收盘价,2014/4/30,6.68995股票收盘价,2014/5/1,6.68995股票收盘价,2014/5/2,6.68995股票收盘价,2014/5/3,6.68995股票收盘价,2014/5/4,6.68995股票收盘价,2014/5/5,6.76552股票收盘价,2014/5/6,6.98567股票收盘价,2014/5/7,6.89367股票收盘价,2014/5/8,6.82795股票收盘价,2014/5/9,6.79510股票收盘价,2014/5/10,6.79510股票收盘价,2014/5/11,6.79510股票收盘价,2014/5/12,6.91010股票收盘价,2014/5/13,6.85095股票收盘价,2014/5/14,6.83453股票收盘价,2014/5/15,6.70309股票收盘价,2014/5/16,6.58152股票收盘价,2014/5/17,6.58152股票收盘价,2014/5/18,6.58152股票收盘价,2014/5/19,6.58480股票收盘价,2014/5/20,6.54209股票收盘价,2014/5/21,6.58830股票收盘价,2014/5/22,6.63121股票收盘价,2014/5/23,6.67742股票收盘价,2014/5/24,6.67742股票收盘价,2014/5/25,6.67742股票收盘价,2014/5/26,6.69392股票收盘价,2014/5/27,6.62791股票收盘价,2014/5/28,6.70052股票收盘价,2014/5/29,6.59820股票收盘价,2014/5/30,6.64111股票收盘价,2014/5/31,6.64111股票收盘价,2014/6/1,6.64111股票收盘价,2014/6/2,6.64111股票收盘价,2014/6/3,6.59490股票收盘价,2014/6/4,6.75003股票收盘价,2014/6/5,6.74673股票收盘价,2014/6/6,6.79955股票收盘价,2014/6/7,6.79955股票收盘价,2014/6/8,6.79955股票收盘价,2014/6/9,6.75994股票收盘价,2014/6/10,7.00749股票收盘价,2014/6/11,6.99759股票收盘价,2014/6/12,6.88867股票收盘价,2014/6/13,6.99429股票收盘价,2014/6/14,6.99429股票收盘价,2014/6/15,6.99429股票收盘价,2014/6/16,7.22534股票收盘价,2014/6/17,7.22864股票收盘价,2014/6/18,7.32767股票收盘价,2014/6/19,7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