Group 1 - The company Puyang Refractories announced that the redemption price of the "Puyang Convertible Bonds" may differ significantly from the market price before trading and conversion stops, urging holders to convert within the specified period [2] - Investors who fail to convert in time may face potential losses, highlighting the importance of being aware of investment risks [2]

| 证券代码：002225 | 证券简称：濮耐股份 | 公告编号：2025-054 | | --- | --- | --- | | 债券代码：127035 | 债券简称：濮耐转债 | | 濮阳濮耐高温材料（集团）股份有限公司 关于提前赎回"濮耐转债"的第六次提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： 1、"濮耐转债"赎回价格：100.906 元/张（含当期应计利息，当期年利率为 3.80%，且 当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简 称"中登公司"）核准的价格为准。 2、赎回条件满足日：2025 年 7 月 28 日 3、停止交易日：2025 年 8 月 18 日 4、赎回登记日：2025 年 8 月 20 日 5、赎回日：2025 年 8 月 21 日 6、停止转股日：2025 年 8 月 21 日 7、赎回资金到账日（到达中登公司账户）：2025 年 8 月 26 日 8、投资者赎回款到账日：2025 年 8 月 28 日 9、赎回类别：全部赎回 10、最后一个交易日可转债简称：Z 耐转 ...

Core Viewpoint - The company has announced the early redemption of its convertible bonds, "Puna Convertible Bonds," due to the fulfillment of specific redemption conditions, with a redemption price set at 100.906 yuan per bond, including accrued interest [2][11][12]. Group 1: Redemption Announcement - The company’s board of directors approved the early redemption of "Puna Convertible Bonds" on July 28, 2025, based on current market conditions and the company's situation [21]. - The redemption price is set at 100.906 yuan per bond, which includes accrued interest calculated at an annual interest rate of 3.80% [2][12]. - The redemption process includes a series of key dates: trading will stop on August 18, 2025, with the redemption date on August 21, 2025, and funds reaching investors by August 28, 2025 [3][18]. Group 2: Convertible Bond Details - The "Puna Convertible Bonds" were issued on June 18, 2021, with a total issuance amount of 62.63903 million yuan, and an initial conversion price of 4.43 yuan per share [4]. - The conversion price has been adjusted multiple times due to annual profit distribution, with the latest adjustment reducing it to 4.20 yuan per share effective from July 11, 2025 [5][6]. - The bonds have specific redemption conditions, including a requirement that the company's stock price must be at least 130% of the conversion price for a certain number of trading days [7][10]. Group 3: Redemption Conditions - The redemption conditions were triggered as the company's stock price met the required thresholds during the specified period from July 8 to July 28, 2025 [10]. - The company has the right to redeem the bonds if the remaining balance of unconverted bonds is less than 30 million yuan [8]. Group 4: Redemption Process - The company will provide daily announcements regarding the redemption process leading up to the redemption date [15]. - All bondholders registered by the redemption registration date will be eligible for the redemption [14]. - After the redemption, the bonds will be delisted from the Shenzhen Stock Exchange [18].

| 证券代码：002225 | 证券简称：濮耐股份 | 公告编号：2025-053 | | --- | --- | --- | | 债券代码：127035 | 债券简称：濮耐转债 | | 濮阳濮耐高温材料（集团）股份有限公司 关于提前赎回"濮耐转债"的第五次提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： 1、"濮耐转债"赎回价格：100.906 元/张（含当期应计利息，当期年利率为 3.80%，且 当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简 称"中登公司"）核准的价格为准。 8、投资者赎回款到账日：2025 年 8 月 28 日 9、赎回类别：全部赎回 10、最后一个交易日可转债简称：Z 耐转债 11、根据安排，截至 2025 年 8 月 20 日收市后仍未转股的"濮耐转债"将被强制赎回。 本次赎回完成后，"濮耐转债"将在深圳证券交易所摘牌，特提醒"濮耐转债"债券持有人 注意在限期内转股。债券持有人持有的"濮耐转债"如存在被质押或被冻结的，建议在停止 转股 2 日前解除质押或冻结，以免出现因无法转股 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [3] Core Views - The sentiment of "anti-involution" is cooling down, and attention should be paid to changes in the fundamentals of the construction materials sector [2] - The construction materials sector experienced a decline of 2.30% from July 28 to August 1, 2025, with specific declines in sub-sectors such as cement (1.25%), glass manufacturing (4.55%), and fiberglass manufacturing (4.01%) [1][11] - The report highlights the importance of urban renewal as a key driver for real estate demand, while also emphasizing the need for regulatory compliance to curb disorderly competition among enterprises [2] Summary by Sections Cement Industry Tracking - As of August 1, 2025, the national cement price index is 337.69 yuan/ton, a decrease of 0.76% from the previous week, with a total cement output of 2.754 million tons, up 1.07% week-on-week [15] - The utilization rate of cement clinker production capacity is 58.09%, down 0.01 percentage points from the previous week, and the cement inventory ratio is 62.21%, down 0.39 percentage points [15] - Infrastructure remains the core support for cement demand, with expectations of resilient demand in Q3 due to accelerated issuance of special bonds and the promotion of "dual-use" infrastructure projects [15] Glass Industry Tracking - The average price of float glass this week is 1295.28 yuan/ton, an increase of 4.58% from the previous week, with a total inventory of 51.78 million weight boxes, down 156,000 weight boxes week-on-week [28] - Market sentiment has weakened due to falling futures prices, leading to the release of speculative inventory and a decrease in shipments from float glass manufacturers [28] Fiberglass Industry Tracking - The price of non-alkali fiberglass has decreased, primarily due to previous price adjustments, while demand remains weak during the traditional off-season [6] - The price of G75 electronic yarn remains stable, supported by high-end product demand, while supply is expected to increase in the future [6] Consumer Building Materials - Consumer building materials are benefiting from improved second-hand housing transactions and consumption stimulus policies, with a focus on companies like Beixin Building Materials and Weixing New Materials [2][8] - The report recommends monitoring companies with growth potential in the consumer building materials sector, such as Puyuan Co. and Yilong Co. [4]

| 证券代码：002225 | 证券简称：濮耐股份 | 公告编号：2025-052 | | --- | --- | --- | | 债券代码：127035 | 债券简称：濮耐转债 | | 濮阳濮耐高温材料（集团）股份有限公司 关于提前赎回"濮耐转债"的第四次提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 4、赎回登记日：2025 年 8 月 20 日 5、赎回日：2025 年 8 月 21 日 6、停止转股日：2025 年 8 月 21 日 7、赎回资金到账日（到达中登公司账户）：2025 年 8 月 26 日 8、投资者赎回款到账日：2025 年 8 月 28 日 9、赎回类别：全部赎回 10、最后一个交易日可转债简称：Z 耐转债 特别提示： 1、"濮耐转债"赎回价格：100.906 元/张（含当期应计利息，当期年利率为 3.80%，且 当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简 称"中登公司"）核准的价格为准。 2、赎回条件满足日：2025 年 7 月 28 日 3、停止交易日：2025 年 8 月 18 ...

Core Viewpoint - Puyang Pona High-Temperature Materials (Group) Co., Ltd. has announced the early redemption of its convertible bonds, "Pona Convertible Bonds," due to the fulfillment of specific conditions related to the company's stock performance and the remaining balance of the bonds [3][21]. Summary by Sections 1. Redemption Announcement - The company will redeem "Pona Convertible Bonds" at a price of 100.906 yuan per bond, including accrued interest at an annual rate of 3.80% [2][11]. - The redemption will occur on August 21, 2025, with the last trading day being August 18, 2025 [3][18]. 2. Convertible Bond Details - The company issued 6,263,903 convertible bonds with a total value of 626.39 million yuan, with an initial conversion price of 4.43 yuan per share [4]. - The conversion price has been adjusted multiple times due to annual profit distribution, with the latest adjustment setting it at 4.20 yuan per share as of July 11, 2025 [5][6]. 3. Conditions for Redemption - The redemption conditions were triggered as the company's stock price was above 130% of the conversion price for at least 15 trading days within a 30-day period [10]. - The specific stock prices were calculated based on the adjusted conversion prices during the relevant period [10]. 4. Redemption Process - The redemption will be executed for all holders registered by the redemption registration date of August 20, 2025 [14]. - The funds from the redemption will be credited to the bondholders' accounts by August 28, 2025 [18]. 5. Corporate Governance - The board of directors approved the early redemption on July 28, 2025, and authorized management to handle the related matters [21][22]. - The company has complied with all regulatory requirements and internal governance procedures regarding this redemption [22].

证券代码：002225 证券简称：濮耐股份 公告编号：2025-051 债券代码：127035 债券简称：濮耐转债 濮阳濮耐高温材料（集团）股份有限公司 关于提前赎回"濮耐转债"的第三次提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： "濮耐转债"赎回价格：100.906 元/张（含当期应计利息，当期年利率为 3.80%，且 当期利息含税） ，扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简 称"中登公司"）核准的价格为准。 本次赎回完成后，"濮耐转债"将在深圳证券交易所摘牌，特提醒"濮耐转债"债券持有人 注意在限期内转股。债券持有人持有的"濮耐转债"如存在被质押或被冻结的，建议在停止 转股 2 日前解除质押或冻结，以免出现因无法转股而被赎回的情形。 存在较大差异，特提醒持有人注意在限期内转股。投资者如未及时转股，可能面临损失，敬 请投资者注意投资风险。 濮阳濮耐高温材料（集团）股份有限公司（以下简称"公司"）于 2025 年 7 月 28 日召开第七届董事会第二次会议，审议通过了《关于提前赎回"濮耐转债" 的议案》。结合 ...

（文章来源：证券日报） 证券日报网讯 7月31日晚间，濮耐股份发布公告称，本次"濮耐转债"赎回价格可能与其停止交易和停止 转股前的市场价格存在较大差异，特提醒持有人注意在限期内转股。投资者如未及时转股，可能面临损 失，敬请投资者注意投资风险。 ...

Core Viewpoint - A significant number of convertible bonds are facing mandatory redemption, with over 10 bonds identified, prompting investors to pay attention to the last trading days and conversion details to avoid potential losses [1][2][3]. Group 1: Mandatory Redemption Announcements - Multiple companies, including China Shipbuilding Emergency (300527) and Lian De Equipment (300545), have issued announcements regarding the early redemption of their convertible bonds, indicating a trend of mandatory redemptions [2]. - China Shipbuilding Emergency's convertible bond will be redeemed at a price of 100.77 CNY per bond if not converted by August 27, 2025, highlighting a significant price difference from the current market price [2]. - Lian De Equipment's convertible bond will be redeemed at 101.70 CNY per bond if not converted by August 11, 2025, with a recommendation for holders to resolve any pledges or freezes before the conversion deadline [2]. Group 2: Last Trading and Conversion Dates - Over 10 convertible bonds are confirmed for early mandatory redemption, with specific last trading and conversion dates approaching, including North Lu Convertible Bond, which will stop trading on July 30, 2025, and has a last conversion date of August 4, 2025 [3][4]. - The last trading price of North Lu Convertible Bond was 133 CNY per bond, indicating a potential loss of 23.58% if not converted by the deadline [3]. - Many convertible bonds are priced above 110 CNY per bond, with some exceeding 150 CNY, suggesting that investors may incur significant losses if they do not act in time [4]. Group 3: Non-Redemption Decisions - Some companies, such as Microchip Biotech and Tongguang Cable (300265), have opted not to redeem their convertible bonds early, despite meeting the conditions for conditional redemption [5][6]. - Microchip Biotech's board decided not to exercise the early redemption option for its convertible bonds, while Tongguang Cable also announced it would not redeem its bonds early and plans to redeem them at maturity [6].