1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The A-share market is currently experiencing a valuation recovery. Measures such as large-scale equipment upgrades and consumer goods trade-ins are expected to boost domestic demand, while export growth may decline. A weak resonance between the domestic economic fundamentals and capital flows is expected to gradually emerge [30]. - Considering the impact of refinancing policies, the subsequent issuance pressure of convertible bonds is not expected to be high. As the stock market recovers, the inflow of incremental funds into convertible bonds has driven the valuation to a relatively high level in history. Attention should be paid to the risk of valuation correction. In terms of terms and conditions, it is recommended to continue to focus on the space for lower revision games, be vigilant against the risk of early redemption, and appropriately pay attention to short-term game opportunities for near-maturity convertible bonds [31]. - Industries worthy of attention include popular themes such as AI computing power, humanoid robots, intelligent driving, low-altitude economy, data elements, and satellite Internet of Things; repair opportunities in low-position science and technology growth sectors such as semiconductors and innovative drugs; pro-cyclical and domestic demand sectors such as real estate, chemicals, and consumer electronics whose prosperity is gradually recovering; industries with both export advantages and domestic demand growth potential such as automobiles, home appliances, and engineering machinery; central state-owned enterprises represented by "China-headquartered" companies, the "Belt and Road" theme, and high-dividend sectors such as public utilities, petrochemicals, and precious metals under the Chinese characteristic valuation system; and the military industry driven by the resonance of hedging demand and industrial demand cycles [31]. 3. Summary by Relevant Catalogs 3.1. Convertible Bond Weekly Special and Outlook 3.1.1. The "Diverse States" of Near-Maturity Convertible Bonds - As of August 22, 2025, 82 convertible bonds have been delisted this year, including 20 that have reached maturity. Among the matured and delisted convertible bonds, 6 have an actual maturity payment ratio of less than 1%, 3 have a payment ratio of over 90% (Nuclear Construction Convertible Bond, Haoke Convertible Bond, and Intelligent Convertible Bond), and the rest have a maturity payment ratio concentrated between 20% - 60% [10]. - The paths of promoting conversion and maturity payment of convertible bonds that have reached maturity this year vary. For example, the issuance amount of CITIC Convertible Bond is 40 billion yuan, but the final payment ratio is less than 1%. Its methods of promoting conversion are diverse, including the controlling shareholder's premium conversion and conversion during periods of negative premium rate due to the positive stock's "abnormal movement." Since December 2024, with the continuous rise of bank stocks, the conversion value of CITIC Convertible Bond has been significantly higher than the maturity value, accelerating the conversion process [13][14]. - In contrast, the Nuclear Construction Convertible Bond, a large central enterprise convertible bond, has a maturity payment ratio as high as 99.27%. The company's main business has a stable profit margin, and it has a relatively weak willingness to promote conversion, resulting in a smooth maturity payment [19]. - Most private enterprise convertible bonds (11 out of 18) have proposed to lower the conversion price during their tenure. However, due to factors such as weak performance and poor stock price performance of the underlying stocks, large-scale conversion has not been achieved. For example, Dafeng Convertible Bond achieved a large-scale conversion through a high negative premium rate before maturity, alleviating the payment pressure to some extent [21]. - As of August 22, there are still 14 convertible bonds approaching maturity this year. Some companies have a strong willingness to promote conversion, such as Jinneng Convertible Bond, which recently lowered its conversion price. It is recommended to analyze the company's willingness to promote conversion based on factors such as company attributes, debt repayment pressure, and research and communication, and pay attention to negative premium rate conversion and lower revision games during the conversion promotion process [28]. 3.1.2. Weekly Review and Market Outlook - This week, the A-share market showed an overall upward trend with active trading, and technology sectors led the market. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all rose to varying degrees, with the ChiNext Index performing particularly well. Sectors such as communication, comprehensive, and computer led the gains, while real estate and petrochemical sectors declined slightly [29]. - In the convertible bond market, considering the impact of refinancing policies, the subsequent issuance pressure is not expected to be high. As the stock market recovers, the inflow of incremental funds has driven the valuation to a relatively high level in history. Attention should be paid to the risk of valuation correction. It is recommended to continue to focus on the space for lower revision games, be vigilant against the risk of early redemption, and appropriately pay attention to short-term game opportunities for near-maturity convertible bonds [31]. 3.2. Weekly Tracking of the Convertible Bond Market 3.2.1. The Equity Market Rose, with Communication, Electronics, and Comprehensive Sectors Leading - This week, major equity market indices rose. The Wind All A Index rose 3.87%, the Shanghai Composite Index rose 3.49%, the Shenzhen Component Index rose 4.57%, and the ChiNext Index rose 5.85%. The market style was more inclined towards large-cap growth stocks. Among small-cap indices, the CSI 1000 Index rose 3.45%, and the STAR 50 Index rose 13.31% [35]. - All 31 Shenwan industry indices rose this week, with communication, electronics, and comprehensive sectors leading the market with increases of 10.84%, 8.95%, and 8.25% respectively [38]. 3.2.2. The Convertible Bond Market Rose Significantly, and the Median of the 100-yuan Premium Rate Increased - This week, the convertible bond market rose. The CSI Convertible Bond Index rose 2.83%, the Shanghai Convertible Bond Index rose 2.77%, the Shenzhen Convertible Bond Index rose 2.96%, the Wind Convertible Bond Equal-Weighted Index rose 3.20%, and the Wind Convertible Bond Weighted Index rose 2.86%. The average daily trading volume of convertible bonds increased, with an average daily trading volume of 94.06 billion yuan, an increase of 0.975 billion yuan compared to last week, and a total weekly trading volume of 470.3 billion yuan [40]. - At the industry level of convertible bonds, 29 industries rose, with the social services, beauty care, and computer industries ranking among the top three in terms of gains, with increases of 9.16%, 7.01%, and 5.28% respectively. At the corresponding underlying stock level, 26 industries rose, and 3 industries fell. The computer, electronics, and food and beverage industries led the gains, with increases of 10.14%, 8.92%, and 7.29% respectively [43]. - Most individual convertible bonds rose this week (414 out of 450). After excluding the closing data of newly listed convertible bonds, the top five convertible bonds in terms of weekly gains were Dongshi Convertible Bond (social services, 90.12%), Jintong Convertible Bond (non-ferrous metals, 22.92%), Huayi Convertible Bond (pharmaceutical biology, 19.84%), Weice Convertible Bond (electronics, 18.48%), and Dongjie Convertible Bond (machinery and equipment, 17.05%). The top five in terms of weekly trading volume were Outong Convertible Bond (power equipment, 23.791 billion yuan), Dayuan Convertible Bond (machinery and equipment, 23.686 billion yuan), Saili Convertible Bond (pharmaceutical biology, 12.55 billion yuan), Dongjie Convertible Bond (machinery and equipment, 12.492 billion yuan), and Huahong Convertible Bond (environmental protection, 11.35 billion yuan) [45]. - In terms of price, the number of absolute low-price convertible bonds decreased, and the median price of convertible bonds increased significantly. The number of convertible bonds with an absolute price of less than 110 yuan decreased by 3 compared to last week, the number in the 110 - 130 yuan range decreased by 40, the number in the 130 - 150 yuan range increased by 17, the number in the 150 - 200 yuan range increased by 14, and the number of those with a price greater than 200 yuan increased by 6. As of this Friday, the median price of the entire market's convertible bonds closed at 135.19 yuan, an increase of 3.03 yuan compared to last weekend [47]. - This week, the weighted conversion value of the entire market increased, and the premium rate decreased. The weighted average conversion value of the entire market based on the remaining bond balance was 102.18 yuan, an increase of 3.03 yuan compared to last weekend. The weighted conversion premium rate of the entire market was 40.64%, a decrease of 1.05 percentage points compared to last weekend. The 100-yuan parity premium rate (weighted average) was 29.42%, an increase of 4.92 percentage points compared to last weekend, and the median was 33.05%, an increase of 2.50 percentage points compared to last weekend. Currently, the 100-yuan parity premium rate is above the 50th percentile since 2017. The median implied volatility of the entire market was 41.78%, an increase of 3.91 percentage points compared to last weekend, and the pure bond premium rate of debt-biased convertible bonds was 14.50%, an increase of 3.55 percentage points compared to last weekend [51]. 3.2.3. High-Frequency Tracking of Different Types of Convertible Bonds 3.2.3.1. Classification Valuation Changes - This week, the valuation of balanced convertible bonds slightly declined, while that of equity-biased convertible bonds increased significantly. The valuation of convertible bonds with a parity of 110 - 120 yuan decreased, while the valuation of other parity convertible bonds increased, with those in the 0 - 80 yuan and 100 - 110 yuan ranges increasing more significantly. The valuation of AAA, A+, and A and below convertible bonds increased, while that of AA+, AA, and AA- convertible bonds decreased. The valuation of small-cap and small - medium-cap convertible bonds increased, while that of medium-cap and large-cap convertible bonds decreased [59]. - Since the beginning of 2024, the conversion premium rates of equity-biased and balanced convertible bonds have both rebounded from their lows. As of this Friday, the conversion premium rate of equity-biased convertible bonds is above the 35th percentile since 2017, and that of balanced convertible bonds is below the 50th percentile since 2017 [59]. 3.2.3.2. Market Index Performance - This week, all convertible bonds of different ratings rose. AAA convertible bonds rose 1.77%, AA+ convertible bonds rose 3.57%, AA convertible bonds rose 3.67%, AA- convertible bonds rose 2.69%, A+ convertible bonds rose 3.67%, and A and below convertible bonds rose 2.55%. Since 2023, AAA convertible bonds have recorded a 22.35% return, AA+ convertible bonds 15.24%, AA convertible bonds 21.33%, AA- convertible bonds 29.60%, A+ convertible bonds 32.92%, and A and below convertible bonds 34.83%. Historically, high-rated AAA convertible bonds have shown stable performance, while low-rated convertible bonds have shown weaker downside resistance and greater rebound strength [74]. - This week, all convertible bonds of different scales rose. Small-cap convertible bonds rose 2.84%, small - medium-cap convertible bonds rose 2.66%, medium-cap convertible bonds rose 3.86%, and large-cap convertible bonds rose 2.29%. Since 2023, small-cap convertible bonds have recorded a 34.82% return, small - medium-cap convertible bonds 29.29%, medium-cap convertible bonds 26.30%, and large-cap convertible bonds 19.79% [74]. 3.3. Tracking of Convertible Bond Supply and Terms 3.3.1. This Week's Primary Market Issuance Plans - This week, there were no newly listed convertible bonds, and there were 3 convertible bonds that had been issued but not yet listed. Among the convertible bonds to be listed, Weidao Convertible Bond and Jinwei Convertible Bond both have a scale of over 1 billion yuan. This week, there were 12 primary approvals (from August 18 to August 23, 2025), with no convertible bonds approved for registration by the CSRC. Three convertible bonds, including Dingjie Shuzhi (828 million yuan), Lianrui Xincai (720 million yuan), and Jinpan Technology (1.672 billion yuan), were accepted by the exchange [80]. - From the beginning of 2023 to August 22, 2025, the total number of planned convertible bonds was 93, with a total scale of 150.36 billion yuan. Among them, the number of convertible bonds approved by the board of directors was 19, with a total scale of 28.493 billion yuan; the number approved by the general meeting of shareholders was 36, with a total scale of 64.672 billion yuan; the number accepted by the exchange was 30, with a total scale of 41.847 billion yuan; the number approved by the listing committee was 4, with a total scale of 8.979 billion yuan; and the number approved for registration by the CSRC was 4, with a total scale of 6.37 billion yuan [81]. 3.3.2. Lower Revision and Redemption Clauses - This week, 8 convertible bonds announced that they were expected to trigger a lower revision, 4 convertible bonds announced that they would not be revised downward, and Qifan Convertible Bond proposed a lower revision, with no convertible bonds announcing the result of the lower revision [84][87]. - This week, 12 convertible bonds announced that they were expected to trigger early redemption, 7 convertible bonds announced that they would not be redeemed early, and 6 convertible bonds, including Chongda Zhuan 2, Dayuan Convertible Bond, Haitai Convertible Bond, Sheyan Convertible Bond, Dongjie Convertible Bond, and Rongtai Convertible Bond, announced early redemption [86][88][89]. - As of the end of this week, there was 1 convertible bond still in the put option declaration period and 9 convertible bonds still in the company's capital reduction and settlement declaration period. Attention should be paid to the price changes of convertible bonds and the marginal changes in the company's tendency for lower revision [91].

证券代码：002228 证券简称：合兴包装 公告编号：2025-088 号 一、股东股份解除质押的基本情况 | 股东名称 | 是否为控股股东 或第一大股东及 | | 本次解除质押 股份数量 | 占其所持 股份比例 | 占公司总 股本比例 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 其一致行动人 | | （股） | （%） | （%） | | | | | 新疆兴汇聚股 权投资管理有 限合伙企业 | | 是 | 9,050,000 | 2.28 | 0.75 | 2024-10-15 | 2025-8-15 | 中信银行股份 有限公司厦门 分行 | | | | | 15,400,000 | 3.88 | 1.27 | 2024-11-4 | 2025-8-18 | 中国银河证券 股份有限公司 | | 合计 | | -- | 24,450,000 | 6.16 | 2.02 | -- | -- | -- | 1、本次解除质押基本情况 2、股东股份累计质押情况 截至公告披露日，新疆兴汇聚及其一致行动人 ...

证券代码：002228 证券简称：合兴包装 公告编号：2025-087 号 厦门合兴包装印刷股份有限公司 关于"合兴转债"到期兑付结果及股本变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、"合兴转债"到期兑付数量：1,752,248 张 2、"合兴转债"到期兑付总金额：192,747,280 元（含税及最后一期利息） 3、"合兴转债"到期兑付资金发放日：2025 年 8 月 18 日 4、"合兴转债"摘牌日：2025 年 8 月 18 日 一、"合兴转债"基本情况 （一）发行情况 经中国证券监督管理委员会《关于核准厦门合兴包装印刷股份有限公司公开 发行可转换公司债券的批复》（证监许可[2019]974 号）核准，公司于 2019 年 8 月 16 日公开发行了 595.75 万张可转换公司债券，每张面值 100 元，发行总额 59,575.00 万元。 （二）上市情况 经深圳证券交易所"深证上[2019]547 号"文同意，公司 59,575 万元可转换公 司债券于 2019 年 9 月 16 日起在深圳证券交易所挂牌交易，债券中文 ...

Group 1 - The announcement details the passive dilution of shareholding percentage for major shareholder Xia Ping and his concerted actors due to the conversion of convertible bonds, without any change in the number of shares held [1][2]. - The company issued 5,957,500 convertible bonds on August 16, 2019, with a total issuance amount of 595.75 million yuan, and these bonds began trading on September 16, 2019 [1]. - The initial conversion price of the bonds was 4.38 yuan per share, which has now been adjusted to 3.10 yuan per share, resulting in a total of 30,812,235 shares being converted [1][4]. Group 2 - The total share capital of the company increased from 1,195,539,886 shares to 1,204,002,181 shares due to the conversion of bonds, leading to a decrease in Xia Ping's shareholding percentage from 9.0447% to 8.9812% [1][2]. - The equity change occurred between April 1, 2025, and August 12, 2025, and does not involve any change in the number of shares held by Xia Ping and his concerted actors [2][4]. - The announcement confirms that this equity change will not lead to a change in the company's control or affect its governance structure and ongoing operations [4][5].

| 证券代码：002228 | 证券简称：合兴包装 | 公告编号：2025-086 | 号 | | --- | --- | --- | --- | | 债券代码：128071 | 债券简称：合兴转债 | | | 厦门合兴包装印刷股份有限公司 关于持股 5%以上股东及其一致行动人因可转债转股持股比例 2025 年 4 月 1 日至 2025 年 8 月 12 日期间，"合兴转债"累计有 955,850 张 发生转股，转股数量为 30,812,235 股，其中 22,349,940 股来源于公司第四期回购 股份，新增股份 8,462,295 股，总股本由 1,195,539,886 股增加至 1,204,002,181 股。 在持有公司股份数量不变的情况下，公司持股 5%以上股东夏平先生及其一致行动 人持股比例由 9.0447%被动稀释为 8.9812%，权益变动触及 1%整数倍。 1 被动稀释触及 1%整数倍的权益变动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次权益变动属于厦门合兴包装印刷股份有限公司（以下简称"公司"） 持股 5% ...

| 证券代码：002228 | 证券简称：合兴包装 公告编号：2025-085 号 | | --- | --- | | 债券代码：128071 | 债券简称：合兴转债 | 厦门合兴包装印刷股份有限公司 关于控股股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 厦门合兴包装印刷股份有限公司（以下简称"公司"或"本公司"）于近日 收到本公司控股股东新疆兴汇聚股权投资管理有限合伙企业（以下简称"新疆兴 汇聚"）关于将其持有的本公司部分股份办理了解除质押的通知，具体事项如下： 一、股东股份解除质押的基本情况 | | | 持股 | 累计质押股 | 占其所 | 占公司 | 已质押股份情况 已质押股 | 占已质 | 未质押股份情况 未质押股 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 持股数量 | | | 持股份 | 总股本 | | | | 占未质 | | 股东名称 | （股） | 比例 | 份数量 | 比例 | 比例 | 份限售和 | 押股份 | 份限 ...

Group 1 - The company announced its fifth share repurchase plan, which was initiated on August 12, 2025 [1] - The company repurchased 1,200,000 shares through a centralized bidding method, representing 0.10% of its total share capital [1]

Group 1 - The company, Hexing Packaging, announced a share repurchase plan on August 12, 2025, involving the buyback of 1.2 million shares, which represents 0.1% of its total share capital [2] - The maximum transaction price for the repurchase was set at 3.42 CNY per share, while the minimum price was 3.41 CNY per share, with a total transaction amount of approximately 4.09 million CNY [2] - For the year 2024, the company's revenue composition is entirely from the packaging manufacturing industry, accounting for 100.0% [2]

Core Viewpoint - The announcement details the passive dilution of the shareholding percentage of the controlling shareholder, Xinjiang Xinghui Investment Management Partnership, due to the conversion of convertible bonds, without any change in the number of shares held [1][2]. Group 1: Equity Change Details - The controlling shareholder's stake decreased from 44.1052% to 43.9776%, triggering a change that touches the 1% integer threshold [1][2]. - The total share capital of the company increased from 1,195,539,886 shares to 1,199,007,327 shares due to the conversion of 25,817,381 shares from the convertible bonds [1][2]. - The initial conversion price of the bonds was RMB 4.38 per share, which has now been adjusted to RMB 3.10 per share [1]. Group 2: Shareholder Information - Xinjiang Xinghui holds 397,173,280 shares, representing 33.1252% of the total share capital after the change [4]. - Hongli Investment holds 124,703,040 shares, representing 10.4005% of the total share capital after the change [4]. - Xu Xiaoguang holds 5,418,560 shares, representing 0.4519% of the total share capital after the change [4]. Group 3: Impact on Company Control - The equity change will not affect the stability of the company's control or its production and operation [2][4]. - The company will continue to monitor shareholder equity changes and fulfill its information disclosure obligations as required by relevant laws and regulations [4].

厦门合兴包装印刷股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 厦门合兴包装印刷股份有限公司（以下简称"公司"）于2025年5月16日召开 第七届董事会第五次会议，审议通过了《关于回购公司股份方案的议案》（以下 简称"第五期回购计划"），同意公司使用自有资金和/或自筹资金（含银行回购 专项贷款等）以集中竞价方式回购公司股份，回购的公司股份将用于实施员工持 股计划或股权激励计划。本次回购股份价格不超过人民币4.67元/股，回购资金总 额不低于人民币5,000万元（含）且不超过人民币10,000万元（含），回购股份期 限自董事会审议通过本次回购股份方案之日起12个月内。因公司实施2024年年度 权益分派，公司回购股份价格上限由4.67元/股（含）调整为4.50元/股（含）。具 体内容详见公司于2025年5月20日、2025年5月22日、2025年7月23日在《证券时报》 《证券日报》和巨潮资讯网（www.cninfo.com.cn）上披露的相关公告。 一、首次回购股份的具体情况 根据《深圳证券交易所上市公司自律监管指引第9号——回购股份》等相关规 定 ...