Core Viewpoint - Hengbang Co., Ltd. announced the mandatory redemption of its convertible bonds, "Hengbang Convertible Bonds," if not converted by November 27, 2025, after market close [1] Group 1 - The "Hengbang Convertible Bonds" will be delisted from the Shenzhen Stock Exchange following the completion of the redemption [1] - Bondholders are advised to convert their bonds within the specified period to avoid mandatory redemption [1] - It is recommended that bondholders with pledged or frozen bonds resolve these issues before the trading halt to prevent complications in conversion [1]

| 证券代码：002237 | 证券简称：恒邦股份 | 公告编号：2025-086 | | --- | --- | --- | | 债券代码：127086 | 债券简称：恒邦转债 | | 山东恒邦冶炼股份有限公司 关于提前赎回"恒邦转债"的第八次提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1."恒邦转债"赎回价格：100.28 元/张（含当期应计利息，当期年利率为 0.6%， 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 10 月 17 日 3.停止交易日：2025 年 11 月 25 日 4.赎回登记日：2025 年 11 月 27 日 5.停止转股日：2025 年 11 月 28 日 6.赎回日：2025 年 11 月 28 日 7.赎回资金到账日（到达中登公司账户）：2025 年 12 月 3 日 8.投资者赎回款到账日：2025 年 12 月 5 日 9.赎回类别：全部赎回 10.最后一个交易日可转债简称：Z 邦转债 1 ...

Core Points - Hengbang Co., Ltd. announced that the "Hengbang Convertible Bonds" will be forcibly redeemed if not converted by the close of trading on November 27, 2025 [1] - Following the redemption, the "Hengbang Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [1] - Bondholders are advised to convert their bonds before the deadline and to resolve any pledges or freezes on their bonds to avoid forced redemption [1]

Core Insights - The appreciation of the Renminbi has led to a 0.68% increase in the benefiting sectors compared to the previous trading day, with Zhongshun Jierou leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Summary of Benefiting Stocks - Zhongshun Jierou (002511) closed at 8.81, with a rise of 4.51% and a trading volume of 265,400 shares, amounting to a transaction value of 232 million [1] - Tongling Nonferrous Metals (000630) closed at 5.86, increasing by 2.81% with a trading volume of 3.91 million shares, totaling 2.299 billion [1] - Taiyuan Iron & Steel (000825) closed at 4.16, up 2.72% with a trading volume of 658,600 shares, amounting to 273 million [1] - Baosteel (600000) closed at 7.27, rising by 1.82% with a trading volume of 1.2066 million shares, totaling 877 million [1] - Other notable stocks include Aluminum Wine Food (300892) at 35.03 (+1.24%), Hengbang Co. (002237) at 13.22 (+1.15%), and Air China (601111) at 8.46 (+1.08%) [1] Fund Flow Analysis - The benefiting sector experienced a net outflow of 198 million from institutional investors, while retail investors saw a net inflow of 80.24 million [2] - Notable net inflows from retail investors were observed in stocks like Zhongshun Jierou and Taiyuan Iron & Steel, despite overall outflows from institutional investors [3]

Core Points - The precious metals sector increased by 1.34% on October 27, with Chifeng Jilong Gold Mining leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Summary by Category Stock Performance - Chifeng Jilong Gold Mining (code: 6009888) closed at 29.76, up 3.05% with a trading volume of 699,800 shares and a transaction value of 2.083 billion yuan [1] - Zhongjin Gold (code: 600489) closed at 22.93, up 2.69% with a trading volume of 855,000 shares and a transaction value of 1.941 billion yuan [1] - Other notable performers include: - Xiaocheng Technology (code: 300139) closed at 25.26, up 1.90% [1] - Hunan Gold (code: 002155) closed at 20.42, up 1.44% [1] - Hengbang Shares (code: 002237) closed at 13.22, up 1.15% [1] Capital Flow - The precious metals sector experienced a net outflow of 341 million yuan from institutional investors and 147 million yuan from retail investors, while retail investors saw a net inflow of 489 million yuan [3][4] - Specific stock capital flows include: - Zhongjin Gold had a net outflow of 94.64 million yuan from institutional investors [4] - Hunan Gold saw a net inflow of 57.69 million yuan from institutional investors [4] - Sichuan Gold experienced a net outflow of 34.75 million yuan from institutional investors [4] ETF Information - The gold stock ETF (code: 159562) tracks the CSI Hong Kong-Shenzhen Gold Industry Stock Index and has seen a decline of 6.79% over the past five days [6] - The ETF's current price-to-earnings ratio is 24.06, with a recent reduction in shares by 27 million to a total of 1.31 billion shares, and a net inflow of 9.289 million yuan from institutional investors [6]

| 证券代码：002237 | 证券简称：恒邦股份 | 公告编号：2025-085 | | --- | --- | --- | | 债券代码：127086 | 债券简称：恒邦转债 | | 山东恒邦冶炼股份有限公司 关于提前赎回"恒邦转债"的第七次提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1."恒邦转债"赎回价格：100.28 元/张（含当期应计利息，当期年利率为 0.6%， 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 10 月 17 日 3.停止交易日：2025 年 11 月 25 日 4.赎回登记日：2025 年 11 月 27 日 5.停止转股日：2025 年 11 月 28 日 6.赎回日：2025 年 11 月 28 日 7.赎回资金到账日（到达中登公司账户）：2025 年 12 月 3 日 8.投资者赎回款到账日：2025 年 12 月 5 日 9.赎回类别：全部赎回 10.最后一个交易日可转债简称：Z 邦转债 1 ...

Core Points - The company has decided to exercise its right for early redemption of the "Hengbang Convertible Bonds" based on current market conditions and its own situation [4][12] - The redemption price is set at 100.28 CNY per bond, including accrued interest, with a current annual interest rate of 0.6% [2][14] - The redemption process includes specific dates for trading suspension, redemption registration, and fund transfer to bondholders [3][16][18] Summary by Sections 1. Redemption Announcement - The company will redeem all unconverted "Hengbang Convertible Bonds" at the end of the registration date after the market closes on November 27, 2025 [4][12] - The bonds will be delisted from the Shenzhen Stock Exchange after the redemption is completed [12][18] 2. Redemption Conditions - The redemption conditions were met as the stock price was above 130% of the conversion price for at least 15 trading days within a 30-day period [10][12] - The company has the right to redeem the bonds if the unconverted balance is less than 30 million CNY [10] 3. Bond Details - The "Hengbang Convertible Bonds" were issued on June 12, 2023, with a total of 31.6 million bonds, raising 316 million CNY [5][6] - The bonds have a conversion period from December 18, 2023, to June 11, 2029 [8] 4. Redemption Implementation - The redemption will occur on November 28, 2025, with funds reaching bondholders' accounts by December 5, 2025 [18] - The company will provide daily announcements regarding the redemption until the trading suspension date [16]

| 证券代码：002237 | 证券简称：恒邦股份 | 公告编号：2025-084 | | --- | --- | --- | | 债券代码：127086 | 债券简称：恒邦转债 | | 山东恒邦冶炼股份有限公司 关于提前赎回"恒邦转债"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、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1."恒邦转债"赎回价格：100.28 元/张（含当期应计利息，当期年利率为 0.6%， 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 10 月 17 日 4.赎回登记日：2025 年 11 月 27 日 5.停止转股日：2025 年 11 月 28 日 6.赎回日：2025 年 11 月 28 日 7.赎回资金到账日（到达中登公司账户）：2025 年 12 月 3 日 8.投资者赎回款到账日：2025 年 12 月 5 日 9.赎回类别：全部赎回 10.最后一个交易日可转债简称：Z 邦转债 11.根据安排，截至 2025 年 11 月 27 ...

Core Viewpoint - The announcement details the cumulative conversion of "Hengbang Convertible Bonds" into shares, indicating that 11.04% of the company's total shares have been converted as of October 23, 2025, with a significant portion of the bonds still unconverted [2][6]. Group 1: Convertible Bond Overview - The company issued 31.6 million convertible bonds on June 12, 2023, with a total fundraising amount of 316 million yuan, netting approximately 312.99 million yuan after expenses [3]. - The bonds were listed on the Shenzhen Stock Exchange on July 7, 2023, under the name "Hengbang Convertible Bonds" and code "127086" [3]. - The conversion period for the bonds started on December 18, 2023, and will last until June 11, 2029 [4]. Group 2: Conversion Status - As of October 23, 2025, a total of 126,710,897 shares have been converted from the bonds, representing 11.04% of the total shares issued before the conversion began [2][6]. - There are still 17,420,614 bonds unconverted, which accounts for 55.13% of the total bond issuance [2][6]. Group 3: Conversion Price Adjustments - The conversion price was adjusted from 11.46 yuan per share to 11.33 yuan on June 12, 2024, and further adjusted to 11.19 yuan on June 12, 2025 [5][6].

Core Insights - The precious metals sector experienced a decline of 1.08% on October 24, with Hunan Silver leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Precious Metals Sector Performance - Hunan Silver closed at 6.40, down 2.59%, with a trading volume of 1.35 million shares and a transaction value of 867 million [2] - Other notable declines include: - Shandong Gold down 1.11% to 36.50 with a transaction value of 1.14 billion [2] - Hunan Gold down 0.74% to 20.13 with a transaction value of 917 million [2] - The only gain in the sector was seen in Chifeng Gold, which rose 0.35% to 28.88 with a transaction value of 1.17 billion [2] Capital Flow Analysis - The precious metals sector saw a net outflow of 1.026 billion from institutional investors, while retail investors contributed a net inflow of 1.101 billion [3] - Key stocks with significant capital flow include: - Hunan Silver with a net outflow of 134 million from institutional investors [3] - Shandong Gold with a net outflow of 142 million [3] - Chifeng Gold with a net outflow of 644 million [3]