Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core View The report analyzes the situation of bank convertible bonds shrinking in the convertible bond market and explores possible bottom - position allocation ideas for convertible bond funds and other types of funds after the reduction of bank convertible bonds as large - cap bottom - position varieties. It provides suggestions for investors on how to choose bottom - position varieties based on the characteristics of convertible bond bottom - position varieties and market conditions [13]. Summary by Relevant Catalogs 1. Convertible Bond Bottom - Position Variety Overview - Pan - fixed - income + funds have a certain demand for convertible bonds. Convertible bond funds have an average convertible bond position of about 78%, and the convertible bond positions of first/second - level bond funds, balanced hybrid, and partial - debt hybrid funds are mostly maintained above 10% [1][15]. - At the industry level, public funds generally use convertible bonds from industries such as banks and power equipment as bottom - position varieties. Bank convertible bonds account for a large proportion in the convertible bond bottom - position varieties of public funds at all times, but the bottom - position varieties change with factors such as bond balance and market conditions [19][21]. 2. Overview of Bank Convertible Bonds - the "Major Holders" of Convertible Bond Bottom - Positions - **Purpose of Issuance**: Issuing convertible bonds is an important way for commercial banks to supplement core tier - 1 capital, and they need to achieve this through continuous conversion. Some bank convertible bonds have seen large shareholders convert at a premium to seize the opportunity to supplement core tier - 1 capital [2][28]. - **Characteristics**: Bank convertible bonds have high safety, can be pledged, and have high dividend yields of underlying stocks, almost no default risk, and strong anti - risk ability. They are also an important income - enhancement channel for stable accounts [2][33]. - **Scale Trend**: In recent years, there have been few bank convertible bond issuances, but the delisting rhythm has accelerated significantly. There are currently no new bank convertible bond issuances in the short term, and there are no new bank convertible bond pre - plans after the refinancing regulations [40][43]. 3. How to Allocate Subsequent Bottom - Position Varieties? - **Characteristics of Convertible Bond Bottom - Position Varieties**: Most bottom - position varieties have high ratings (AA and above), large market values (nearly 90% have a convertible bond balance of over 2 billion), and good anti - decline performance [3][46]. - **Analysis of "Possible Bottom - Position Varieties"**: - **Substituting with Other High - Rating Large - Cap Varieties**: Such as photovoltaic convertible bonds. Although there are relatively limited eligible targets, and photovoltaic convertible bonds have been increasingly favored by funds in recent quarters, whether each high - rating large - cap bond can be used as a bottom - position still needs comprehensive consideration [52][56]. - **Comparing with Public Fund Benchmarks**: Considering currently under - allocated varieties. However, in practice, most public funds' performance benchmarks do not contain convertible bond - related indices, and the conversion premium rate may be a significant interference factor [57][62]. - **Idea for Bottom - Position Selection**: - **For Convertible Bond Funds**: Consider individual bonds with a positive YTM and good credit quality of underlying stocks. Also, construct a convertible bond portfolio with low or negative correlations among some individual bonds [66][67]. - **For Non - Convertible Bond Funds**: When it is difficult to find suitable bottom - position varieties in the convertible bond market, consider switching to other types of bonds [71][72].

Group 1 - Banqiao Qiancheng signed a significant contract with Mango Film and Television for a total amount of 372 million yuan, accounting for 50.65% of the company's audited main business income for 2024 [1] - The contract allows Mango Film and Television to use the new media and traditional media broadcasting rights for related film and television works globally, positively impacting Banqiao Qiancheng's financial status and operating performance in 2025 and beyond [1] - Jingwei Huikai plans to sell its wholly-owned subsidiary Changsha Yushun for 112 million yuan, which will no longer be included in the consolidated financial statements after the transaction [1] Group 2 - Minsheng Health's subsidiary received a patent for a strain of lactic acid bacteria that significantly improves sarcopenic obesity, although it has not yet been applied to the company's products [2] - Dafu Technology intends to transfer 27% of its subsidiary Shenzhen Peitian Intelligent Manufacturing Equipment Co., Ltd. for 192 million yuan, maintaining a controlling stake post-transaction [3] - Feilong Co. received orders for high-power electronic water pumps for data centers from a well-known global power electronics provider [4] Group 3 - Yatai Co. was selected as a supplier for a foreign brand's EPB project, with a total sales amount of approximately 680 million yuan over a five-year lifecycle [5] - Gansu Energy's 1 million kilowatt wind-solar integrated project has received approval, representing over 10% of the company's installed capacity by the end of 2024 [6] - Jilin Aodong's subsidiary received approval for a drug supplement application for "Tang Le Capsule," used to treat symptoms related to diabetes [7] Group 4 - Shanshui Technology plans to invest 6 billion yuan in a new chemical materials project, expected to generate an annual output value of 8 billion yuan upon completion [8] - Dazhu CNC's H-share issuance application has been accepted by the China Securities Regulatory Commission [9] - Zhujiang Beer announced the resignation of its chairman due to retirement age, with a new chairman elected on the same day [10] Group 5 - Longkun Technology won a bid for a waste collection service project worth 21.57 million yuan, with a service period of one year [11] - Zhongnan Culture plans to provide financial support of up to 20 million yuan to its subsidiary for daily operational needs [12] - Shangfeng Cement's investment in a company applying for an IPO on the Sci-Tech Innovation Board has been accepted [13] Group 6 - Chuanheng Co. received a patent for a system and method for harmless treatment of phosphorus tailings [14] - Toukeng Life's seven medical device registration applications have been accepted, covering various diagnostic fields [15] - Xingqi Eye Medicine's clinical trial for a new eye gel has commenced with the first subject enrolled [16] Group 7 - Jiebang Technology plans to provide financial support of up to 60 million yuan to its subsidiary for operational needs [17] - Shenzhen Airport reported a passenger throughput of 5.54 million in May, a year-on-year increase of 15.67% [18] - Wan'an Technology received a cash dividend of 30 million yuan from its wholly-owned subsidiary [19] Group 8 - Jiuchuan Bio received a medical device registration certificate for a cystatin C assay kit [20] - Hongqiang Co. obtained a safety production license for its subsidiary, marking the official production of a new project [21] - Xiangtan Electric plans to issue convertible bonds totaling 487 million yuan [22] Group 9 - Guangwei Composite signed a supplementary material procurement contract worth 658 million yuan [23] - Jichuan Pharmaceutical announced a comprehensive tender offer starting June 18, with a price of 26.93 yuan per share [24] - Aerospace Rainbow plans to distribute cash dividends of 0.60 yuan per share [25] Group 10 - Industrial Bank plans to distribute cash dividends of 1.06 yuan per share, totaling 22.433 billion yuan [26] - China Automotive Research will repurchase and cancel 230,800 restricted shares due to the retirement of original incentive objects [27] - Annie Co. announced abnormal stock trading fluctuations but confirmed no significant changes in its operations [28] Group 11 - Giant Network confirmed no undisclosed significant matters following abnormal stock trading fluctuations [29]

Core Insights - The core viewpoint of the articles emphasizes the efforts of Industrial Bank's Jinan branch to enhance financial services for enterprises through the innovative "Treasury Cloud Platform," addressing the challenges of multi-bank account management and facilitating digital transformation for businesses [1][2]. Group 1: Challenges Faced by Enterprises - Many enterprises struggle with managing multiple bank accounts, leading to low efficiency in fund collection, complicated reconciliation processes, and significant operational risks [1]. - A specific case highlighted a manufacturing leader's finance team, which faced difficulties in cross-bank transfers, likening the process to a "game of overcoming obstacles" due to the cumbersome management of various bank accounts [1]. Group 2: Solutions Offered by Industrial Bank - In response to client needs, Industrial Bank's Jinan branch formed an expert team to leverage the bank's financial technology advantages, recommending the "Treasury Cloud Platform" as a comprehensive solution for enterprise financial management [2]. - The Treasury Cloud Platform integrates advanced technologies such as cloud computing, blockchain, and artificial intelligence, providing enterprises with a digital management solution that covers "all accounts, all processes, and all scenarios" [2]. - The platform enables real-time queries of cross-bank accounts, transaction detail downloads, and balance monitoring, significantly enhancing the visibility of funds [2]. - It supports various payment channels and seamlessly integrates with enterprise ERP systems, automating payment instructions and electronic approval flows, thereby greatly improving payment efficiency [2]. Group 3: Strategic Vision - The Jinan branch aims to position itself not just as a financial service provider but as a strategic partner in the growth journey of enterprises, embodying a customer-centric service philosophy [2]. - The bank plans to continue leveraging technology to collaborate with clients in exploring broader opportunities in the future [2].

Group 1 - Recent scams such as "cashback for likes" and "order brushing cashback" pose significant threats to financial consumers' property safety [1][2] - A case involving a customer, Ms. Wang, highlights the tactics used by scammers, including the use of fake financial apps and misleading promises of high returns [1][2] - The bank's staff successfully intervened by educating the customer about the risks and involving local police to prevent potential financial loss [2] Group 2 - The police reported that in 2024, the total amount involved in order brushing scams exceeded 100 billion, with middle-aged and elderly groups being the primary victims [3] - Such scams not only lead to substantial economic losses but also severely damage public trust in digital finance [3] - The bank emphasizes a consumer-centric service philosophy and encourages consumers to enhance their risk awareness and report suspicious activities [3]

Group 1 - The core viewpoint of the news is that the China Securities State-Owned Enterprises Dividend Index (000824) has shown a slight increase, indicating a positive trend in state-owned enterprises' stock performance, particularly in dividend-paying stocks [1][2] - The top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index account for 15.83% of the index, highlighting the concentration of investment in a few key companies [2] - The report from Xinda Securities suggests that if significant monetary and fiscal policies are implemented, there could be improvements in M2 and M1-M2 differential, which may positively impact market conditions [1] Group 2 - The China Securities State-Owned Enterprises Dividend ETF (159515) closely tracks the performance of the China Securities State-Owned Enterprises Dividend Index, which includes 100 listed companies with high and stable cash dividend yields [2] - As of May 30, 2025, the top weighted stocks include COSCO Shipping Holdings (601919), Jizhong Energy (000937), and Chengdu Bank (601838), among others, indicating a diverse portfolio within the index [2][4] - The report indicates that the absolute and relative price-to-earnings (PE) ratios are high, but the trading volume has decreased since early April, suggesting a potential for future market adjustments [1]

Summary of Key Points Core Viewpoint - The announcement details the dividend distribution plan for the preferred shares of Industrial Bank Co., Ltd. for the year 2024, including specific dividend rates and payment dates for each series of preferred shares [1][2]. Dividend Distribution Plan - For the preferred share series 兴业优 1 (code: 360005), the annual dividend rate is 5.55% from January 1 to December 7, 2024, and 4.23% from December 8 to December 31, 2024, with a total dividend payout of approximately 710.25 million RMB [2]. - For the preferred share series 兴业优 2 (code: 360012), the annual dividend rate is 4.63% for the entire year 2024, resulting in a dividend payout of 630 million RMB [2]. - For the preferred share series 兴业优 3 (code: 360032), the annual dividend rate is 4.90% from January 1 to April 9, 2024, and 4.05% from April 10 to December 31, 2024, leading to a total dividend payout of approximately 1.28467 billion RMB [2]. Implementation Dates - The last trading day for the preferred shares is June 18, 2025, with the record date for shareholders being June 19, 2025. The ex-dividend date is also June 19, 2025, and the dividend payment date is set for June 20, 2025 [3].

Key Points - The announcement pertains to the adjustment of the conversion price for the company's convertible bonds due to the 2024 annual profit distribution plan [1][2] - The conversion price for "Xingye Convertible Bonds" will be adjusted from RMB 22.25 per share to RMB 21.19 per share, effective from June 20, 2025 [1][2] - The adjustment is based on the distribution of cash dividends of RMB 10.60 per 10 shares to all ordinary shareholders, with the record date for the dividend being June 19, 2025 [1][2] Suspension and Resumption of Trading - The trading of "Xingye Convertible Bonds" will be suspended from June 13, 2025, until the record date of the profit distribution on June 19, 2025, and will resume on June 20, 2025 [1][2] - The suspension is in accordance with the company's profit distribution announcement [1][2] Adjustment Formula - The adjustment of the conversion price follows the formula: P1 = P0 - D, where P0 is the previous conversion price, D is the cash dividend per share, and P1 is the adjusted conversion price [2]

证券停复牌情况：适用 证券代码：601166 证券简称：兴业银行 公告编号：临 2025-033 优先股代码：360005、360012、360032 优先股简称：兴业优1、兴业优2、兴业优3 可转债代码：113052 可转债简称：兴业转债 兴业银行股份有限公司 关于根据 2024 年度利润分配方案 调整 A 股可转换公司债券转股价格的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： "兴业转债"调整前的转股价格：22.25 元/股 "兴业转债"调整后的转股价格：21.19 元/股 "兴业转债"本次转股价格调整实施日期：2025 年 6 月 20 日 配预案》，决定以实施利润分配股权登记日普通股总股本为基数，向全体普通股股 东每 10 股派发现金股利人民币 10.60 元（含税）。本次利润分配的股权登记日为 2025 年 6 月 19 日，除息日为 2025 年 6 月 20 日，具体实施情况详见同日发布于上 海证券交易所网站（www.sse.com.cn）的本公司《2024 年年度 A 股权益分派实施 公 ...

优先股代码：360005、360012、360032 优先股简称：兴业优1、兴业优2、兴业优3 可转债代码：113052 可转债简称：兴业转债 兴业银行股份有限公司 2024 年度优先股股息派发实施公告 公告编号：临2025-031 A股代码：601166 A股简称：兴业银行 优先股股东实际派发股息按照持股面值、计息期间及年股息率计算。 一、 通过优先股股息派发方案的股东会届次和日期 兴业银行股份有限公司(以下简称本公司)2024 年度利润分配方案经 2025 年 5 月 29 日召开的 2024 年年度股东会审议通过。 二、2024 年度优先股股息派发方案 1.发放年度：2024 年度 2.发放金额：本公司已发行三期优先股共计 5.60 亿股（兴业优 1、兴业优 2 和兴业优 3），每股面值 100 元，采用每会计年度付息一次的付息方式，以现金形式 ● 兴业优 1（优先股代码：360005）2024 年 1 月 1 日至 12 月 7 日期间年股息 率 5.55%，2024 年 12 月 8 日至 12 月 31 日期间年股息率 4.23%，每股优先股派发股 息人民币 5.4634 元(四舍五入后、含税)； ...

证券代码：601166 证券简称：兴业银行 公告编号：临 2025-032 优先股代码：360005、360012、360032 优先股简称：兴业优1、兴业优2、兴业优3 可转债代码：113052 可转债简称：兴业转债 兴业银行股份有限公司 重要内容提示： 每股分配比例 2024年年度A 股权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 A 股每股现金红利1.06元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/19 | － | 2025/6/20 | 2025/6/20 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 29 日的2024年年度股东会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海 ...