1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - Last week (December 8 - December 12), the A - share market was volatile. Two important meetings boosted market risk appetite, and trading volume increased. AI hardware and commercial aerospace led the gains, while coal and petroleum and petrochemical sectors lagged. The bond market slightly recovered, with the 10 - year Treasury bond yield at 1.84% on Friday, down 0.84bp from the previous week. The convertible bond market had most individual bonds closing lower, with the CSI Convertible Bond Index up 0.20% for the week, the median price up 0.10%, and the calculated arithmetic average parity down 0.35%. The overall conversion premium rate increased by 2.20% compared to the previous week [1][6][7]. - Some issuers showed a strong willingness to convert. The convertible bond market followed the stock market's volatility last week. Despite the significant adjustment of the micro - cap stock index, the CSI Convertible Bond Index closed slightly higher, showing strong resilience and improved trading volume. Several issuers of near - maturing convertible bonds proposed downward revisions, and the pricing after the proposed downward revisions varied based on the remaining term and industry fundamentals [2][15]. - Looking ahead, with the end - of - year important meetings and the Fed's rate cut settled, the market will enter a policy vacuum period. Relative return investors are advised to make small - position balanced allocations of non - redeemable and appropriately - priced equity - biased convertible bonds in sectors such as power, storage, semiconductor equipment and materials for domestic substitution, commercial aerospace, and humanoid robots. Absolute return investors should focus on high - volatility stocks under 130 yuan or industry leaders with historically low valuations in sectors like two - wheeled vehicles, cosmetics, and breeding [2][15]. 3. Summaries by Related Catalogs Market Focus (December 8 - December 12) Stock Market - A - shares were volatile. The trading volume exceeded 2 trillion on Monday and Friday. The Shanghai Composite Index rose 0.54% on Monday, fell 0.37% on Tuesday, fell 0.23% on Wednesday, fell 0.7% on Thursday, and rose 0.41% on Friday. The Shenzhen Component Index rose 1.39% on Monday, fell 0.39% on Tuesday, rose 0.29% on Wednesday, fell 1.27% on Thursday, and rose 0.84% on Friday. The ChiNext Index rose 2.6% on Monday, rose 0.61% on Tuesday, fell 0.02% on Wednesday, fell 1.41% on Thursday, and rose 0.97% on Friday [1][6]. - Most Shenwan primary industries closed lower. Communication (6.27%), national defense and military industry (2.80%), electronics (2.63%), machinery and equipment (1.38%), and power equipment (1.19%) led the gains, while coal (-3.64%), petroleum and petrochemical (-3.52%), steel (-2.89%), and real estate (-2.62%) lagged [7]. Bond Market - After the Politburo meeting and the Central Economic Work Conference, the moderately loose monetary policy remained unchanged, and inflation data showed a continued price improvement trend. The bond market slightly recovered, with the 10 - year Treasury bond yield at 1.84% on Friday, down 0.84bp from the previous week [1][7]. Convertible Bond Market - Most individual convertible bonds closed lower. The CSI Convertible Bond Index rose 0.20% for the week, the median price rose 0.10%, and the arithmetic average parity fell 0.35%. The overall conversion premium rate increased by 2.20%. The arithmetic average conversion premium rates of convertible bonds with parities in [90,100), [100,110), and [110,120) changed by +2.09%, -1.73%, and +0.20%, respectively, and were at the 94%, 96%, and 89% quantiles since 2023 [1][7]. - Most convertible bond industries closed lower. Building materials (+6.14%), national defense and military industry (+4.27%), power equipment (+1.25%), and beauty care (+0.94%) led the gains, while social services (-2.32%), coal (-2.12%), commercial and retail (-1.52%), and basic chemicals (-1.31%) lagged [8]. - The top - rising individual convertible bonds were Zai 22 (commercial aerospace), Huamao (computing power), Weidao (semiconductor equipment), Jize (green alcohol), and Hangyu (commercial aerospace). The top - falling individual convertible bonds were Yingbo (low - altitude economy & announced strong redemption), Hongtu (satellite application), Huarui (CNC cutting tools), Sanfang (polyester chips), and Yake (automobile aluminum) [1][10]. - The total trading volume of the convertible bond market last week was 285.692 billion yuan, with an average daily trading volume of 57.138 billion yuan, an increase from the previous week [13]. Valuation - As of December 12, 2025, for equity - biased convertible bonds, the average conversion premium rates for parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 45.18%, 34.97%, 27.88%, 20.1%, 10.88%, and 13.62%, respectively, at the 94%/90%, 94%/95%, 94%/95%, 91%/90%, 70%/53%, and 97%/98% quantiles since 2010/2021. - For debt - biased convertible bonds, the average YTM for parities below 70 yuan was -3.48%, at the 2%/6% quantiles since 2010/2021. - The average implied volatility of all convertible bonds was 43.46%, at the 88%/91% quantiles since 2010/2021. The difference between the convertible bond's implied volatility and the stock's long - term actual volatility was 2.31%, at the 84%/85% quantiles since 2010/2021 [16]. Primary Market Tracking New Issuance and Listing - Last week (December 8 - December 12), Aohong, Shenyu, Tianzhun, and Dingjie convertible bonds announced issuance, while Maolai and Ruike convertible bonds were listed. - Aohong Convertible Bond (111024.SH): The underlying stock is Aohong Electronics (605058.SH), in the electronics industry. The issuance scale is 580 million yuan, with a credit rating of AA -. The funds will be used for the construction of a production base in Thailand [23]. - Shenyu Convertible Bond (123262.SZ): The underlying stock is Shenyu Co., Ltd. (300563.SZ), in the communication industry. The issuance scale is 500 million yuan, with a credit rating of AA -. The funds will be used for the construction of data lines in the intelligent field [24]. - Tianzhun Convertible Bond (118062.SH): The underlying stock is Tianzhun Technology (688003.SH), in the machinery and equipment industry. The issuance scale is 872 million yuan, with a credit rating of AA -. The funds will be used for R & D and industrialization projects in industrial vision equipment, semiconductor metrology equipment, and intelligent driving and embodied intelligent controllers [25][26]. - Dingjie Convertible Bond (123263.SZ): The underlying stock is Dingjie Digital Intelligence (300378.SZ), in the computer industry. The issuance scale is 828 million yuan, with a credit rating of AA. The funds will be used for the Dingjie Digital Intelligence Ecological Empowerment Platform project and to supplement working capital [27]. - Maolai Convertible Bond (118061.SH): The underlying stock is Maolai Optics (688502.SH), in the electronics industry. The issuance scale is 563 million yuan, with a credit rating of A+. The funds will be used for ultra - precision optical production and processing projects, ultra - precision optical technology R & D centers, and to supplement working capital [28]. - Ruike Convertible Bond (118060.SH): The underlying stock is Ruike Da (688800.SH), in the electronics industry. The issuance scale is 1 billion yuan, with a credit rating of AA -. The funds will be used for the renovation and upgrade of high - frequency and high - speed connection systems, intelligent energy connection systems, and to supplement working capital [29]. Future Issuance and Listing - As of December 12, there were no announcements of convertible bond issuances or listings for the next week (December 15 - December 19). - Last week, one company (Shuangle Co., Ltd.) was approved for registration, two companies (Tonglian Precision and Xianghe Industry) passed the listing committee review, three companies (Suzhou Tianmai, Baoti Co., Ltd., and Zhongqi Co., Ltd.) were accepted by the exchange, and two companies (Hubei Yihua and Zhaomin Technology) passed the shareholders' meeting. There were no new board - proposed enterprises. - As of now, there are 92 convertible bonds waiting to be issued, with a total scale of 146.43 billion yuan, including 3 approved for registration with a total scale of 2.5 billion yuan and 9 that have passed the listing committee review with a total scale of 9.99 billion yuan [30].

保荐人（主承销商）：兴业证券股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确和 证券代码：300378 证券简称：鼎捷数智 公告编号：2025-12158 鼎捷数智股份有限公司 向不特定对象发行可转换公司债券发行提示性公告 完整，没有虚假记载、误导性陈述或重大遗漏。 1 定。 本次向不特定对象发行可转换公司债券在发行流程、申购和缴款、投资者 弃购处理等环节的重点提示如下： 1、本次可转债发行原股东优先配售日与网上申购日同为 2025 年 12 月 15 日（T 日），网上申购时间为 T 日 9:15-11:30，13:00-15:00。原股东参与优 先配售的部分，应当在 2025 年 12 月 15 日（T 日）优先配售申购时在其优先配 售额度之内根据其优先配售认购的可转债数量足额缴付资金。原股东及社会公 众投资者参与优先配售后余额部分的网上申购时无需缴付申购资金。 2、投资者应结合行业监管要求及相应的资产规模或资金规模，合理确定 申购金额，不得超资产规模或资金规模申购。保荐人（主承销商）发现投资者 不遵守行业监管要求，超过相应资产规模或资金规模申购的，保荐人（主承销 商）有权认定该投资者的申 ...

截至发稿，鼎捷数智市值为114亿元。 每经头条（nbdtoutiao）——实施城乡居民增收计划、降准降息等工具灵活高效运用、增加普通高中学 位……深度解读中央经济工作会议 每经AI快讯，鼎捷数智（SZ 300378，收盘价：42.09元）发布公告称，2025年12月12日15:30-16:30，鼎 捷数智接受参与公司A股可转债发行网上路演的投资者调研，公司董事长兼总裁叶子祯等人参与接待， 并回答了投资者提出的问题。 2025年1至6月份，鼎捷数智的营业收入构成为：制造业占比100.0%。 （记者 曾健辉） ...

Funding and Investment Projects - The company plans to invest ¥68,766.42 million in the "Dingjie Intelligent Ecosystem Empowerment Platform Project," which includes the establishment of a research and training base and platform project development [2] - An additional ¥14,000 million will be allocated to supplement working capital to support daily operations and business development [2] Relationship with Existing Business - The platform project development is an upgrade based on the company's existing platform research, enhancing product functionality and application areas [3] - The training base will serve as a research facility and a center for client training and demonstrations, aiding in customer maintenance and expansion [3] Industry Development and Policy Support - The industrial sector is experiencing strong policy support for AI applications, as highlighted by the Ministry of Industry and Information Technology's initiative to implement "Artificial Intelligence + Manufacturing" actions [3] - This initiative aims to enhance industrial production efficiency, optimize processes, and promote the integration of industrial software with AI [3] Management Efficiency Measures - The company is enhancing internal management by leveraging AI technology to optimize operations, research, delivery, and marketing processes, thereby improving overall operational efficiency [3] Future Development Strategy - The company will adhere to the "Intelligent +" strategy, focusing on innovating productivity through data and intelligent technology [3] - Plans include transitioning to a platform ecosystem model, further developing the Dingjie Athena platform and new applications to provide high-value tools and environments for ISV partners and clients [3]

长江商报消息●长江商报记者 张璐 国内工业软件领军企业鼎捷数智（300378.SZ）加速扩产步伐。 12月10日，鼎捷数智发布公告称，公司可转债发行方案已获得证监会同意注册。本次发行规模达8.28亿 元，其中6.88亿元用于"鼎捷数智化生态赋能平台项目"，占到总募资额的八成。 作为深耕工业软件领域四十余年的龙头企业，鼎捷数智经营基本面持续向好。2025年前三季度，公司实 现营收16.14亿元，同比增长2.63%；归母净利润5109万元，同比增长2.40%。 长江商报记者注意到，随着业务加速发展，其总资产也在不断增加。2025年前三季度，鼎捷数智总资产 同比增长15.68%至35.56亿元，为公司数智化生态布局提供了坚实的资本支撑。 此外，公司还在资本市场表现亮眼。截至2025年12月11日收盘，鼎捷数智股价报收41.85元/股，总市值 达113.6亿元，公司年内股价累计涨幅近62%。 根据公告，鼎捷数智化生态赋能平台项目运营期年均营收为7.01亿元，净利润为1.95亿元，所得税后内 部收益率为12.57%，项目所得税后投资回收期为8.64年（含建设期4年），运营期年均营业收入项目经 济效益良好。 鼎捷数智表示 ...

Core Viewpoint - Dingjie Intelligent Co., Ltd. plans to issue convertible bonds to raise up to 828 million yuan for investment in its digital empowerment platform and to supplement working capital [2] Group 1: Fundraising and Investment - The total amount to be raised through the issuance of convertible bonds is not more than 828 million yuan [2] - The net proceeds from the fundraising will be allocated to the Dingjie Intelligent Ecological Empowerment Platform project and to supplement working capital, with total project investment amounting to 1.151 billion yuan [2] - The planned investment from the raised funds is 688 million yuan for the platform project and 140 million yuan for working capital [2] Group 2: Company Overview and Financial Performance - Dingjie Intelligent is a data and intelligent solution provider, focusing on innovation in productivity through data and intelligent technology [2] - The company offers comprehensive digital solutions across four major industrial software categories: R&D design, digital management, production control, and AIoT [2] - For the first three quarters of 2025, Dingjie Intelligent reported revenue of 1.614 billion yuan, a year-on-year increase of 2.63%, and a net profit attributable to shareholders of 51.088 million yuan, up 2.40% year-on-year [2]

Group 1 - Tian Nai Technology's shareholders plan to reduce their holdings by no more than 2.5% of the company's shares [1] - Yu Xing Co., Ltd. shareholders intend to reduce their holdings by no more than 1% of the company's shares [1] - The controlling shareholder of Blue Sky Gas, Blue Sky Group, has had 4.33% of the company's shares judicially frozen [1] Group 2 - Jinlang's convertible bond proposal is to adjust downwards [1] - Several convertible bonds including Yinwei, Dier, and Qixiang will not be adjusted [1][2] - Dingjie convertible bond will be available for subscription on December 15 [1] Group 3 - Various convertible bonds have been listed with their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [4][6]

Group 1 - The core point of the article is that Dingjie Zhizhi (SZ 300378) announced a board meeting to discuss the issuance of convertible bonds [1] - The meeting took place on December 10, 2025, and reviewed the proposal for issuing convertible bonds to unspecified investors [1] - As of the report, Dingjie Zhizhi's market capitalization is 11.8 billion yuan [1] Group 2 - For the first half of 2025, Dingjie Zhizhi's revenue composition is entirely from the manufacturing sector, accounting for 100.0% [1]

证券代码：300378 证券简称：鼎捷数智 公告编码：2025-12149 鼎捷数智股份有限公司 第五届董事会第二十一次会议决议公告 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。 鼎捷数智股份有限公司（以下简称"公司"）第五届董事会第二十一次会议 通知已于 2025 年 12 月 4 日以邮件、电话确认方式发出。会议于 2025 年 12 月 10 日 15 时 30 分以通讯方式在公司会议室举行。会议应出席董事 9 名，实际出 席董事 9 名。本次董事会会议由公司董事长叶子祯先生召集并主持，公司高级管 理人员列席了本次会议。会议的召开符合有关法律、行政法规、部门规章、规范 性文件和《鼎捷数智股份有限公司章程》的规定。经与会董事认真审议，做出如 下决议： 一、逐项审议通过《关于进一步明确公司向不特定对象发行可转换公司债 券方案的议案》 公司已取得中国证券监督管理委员会（以下简称"中国证监会"）出具的《关 于同意鼎捷数智股份有限公司向不特定对象发行可转换公司债券注册的批复》 （证监许可〔2025〕2297 号），同意公司向不特定对象发行可转换公司债券（以 下简 ...

鼎捷数智公告称，公司第五届董事会第二十一次会议明确向不特定对象发行可转债方案。本次发行规模 8.28亿元，期限6年（2025年12月15日至2031年12月14日），票面利率1%-2%，初始转股价格43.54元/ 股。原股东优先配售日和网上申购日为12月15日，原股东最多可优先认购约827.66万张，占发行总额 99.9989%。此外，董事会将申请可转债在深交所上市，还将开设专项账户并签监管协议。 ...