Core Viewpoint - The company, Luoyang Xinqianglian Slewing Bearing Co., Ltd., has triggered the conditional redemption clause of its convertible bonds due to its stock price performance, leading to an early redemption of the "Qianglian Convertible Bonds" at a price of 100.99 yuan per bond [2][9]. Summary by Sections Convertible Bond Issuance - The company issued convertible bonds totaling 1.21 billion yuan, approved by the China Securities Regulatory Commission, with the bonds listed on the Shenzhen Stock Exchange since October 27, 2022 [3][4]. Conditional Redemption Clause - The conditional redemption clause allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 out of 30 consecutive trading days. This condition was met between August 14 and September 3, 2025, with the stock price reaching 28.34 yuan, which is 130% of the conversion price of 21.80 yuan [3][9]. Redemption Details - The redemption price is set at 100.99 yuan per bond, which includes accrued interest calculated based on the bond's face value and interest rate [8][9]. - The redemption will be executed for all bondholders registered by the redemption date of September 30, 2025 [10]. Conversion Price Adjustments - The conversion price of the bonds has undergone several adjustments, with the latest being set at 21.80 yuan per share, effective from May 23, 2025 [7][9]. Management's Decision - The company's board has authorized management to proceed with the redemption process to reduce interest expenses and improve capital efficiency [3][6].

回转支承专业制造 | 证券代码：300850 | 证券简称：新强联 | 公告编号：2025-054 | | --- | --- | --- | | 债券代码：123161 | 债券简称：强联转债 | | 洛阳新强联回转支承股份有限公司 关于提前赎回"强联转债"的第二次提示性公告 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、"强联转债"赎回价格：100.99 元/张（含当期应计利息，当期年利率为 1.00%， 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"中国结算"）核准的价格为准。 8、投资者赎回款到账日：2025 年 10 月 16 日 9、赎回类别：全部赎回 10、最后一个交易日可转债简称：Z 联转债 11、根据安排，截至 2025 年 9 月 30 日收市后仍未转股的"强联转债"将被强制赎 回，本次赎回完成后，"强联转债"将在深圳证券交易所（以下简称"深交所"）摘牌， 特别提醒"强联转债"持有人注意在限期内转股。债券持有人持有的"强联转债"如存 在被质押或被冻结的，建议在停止转股日前解除质押或 ...

Core Viewpoint - The renewable energy sector is experiencing significant growth, driven by favorable policies and market dynamics, particularly highlighted by the recent performance of the ChiNext Renewable Energy ETF and its constituent stocks [1][2]. Group 1: Market Performance - On September 5, the renewable energy sector led the market with the ChiNext Renewable Energy ETF (159368) rising over 8%, while stocks like Siengda Intelligent, Tianhua New Energy, and Yunda Co. reached the 20% daily limit [1]. - Other notable performers included Jinlang Technology, Jingsheng Mechanical & Electrical, New Strong Union, Xinwangda, and Sunshine Power, all increasing by over 10% [1]. Group 2: Policy Impact - The "2025-2026 Action Plan for Stable Growth in the Electronic Information Manufacturing Industry" was released on September 4, aiming to optimize industrial layout and improve structure [1]. - The plan emphasizes high-quality development in sectors like photovoltaics, aiming to eliminate "involution" competition and promote orderly development of the photovoltaic and lithium battery industries [1]. Group 3: Investment Recommendations - Zhongyuan Securities suggests focusing on three investment themes for the fourth quarter: 1. Companies that are industry leaders benefiting from the "anti-involution" policies and ongoing initiatives [1]. 2. Firms that prioritize R&D investment and market share growth while maintaining cost advantages [1]. 3. Opportunities related to solid-state battery investments [1]. Group 4: ETF Details - The ChiNext Renewable Energy ETF (159368) is the first ETF in the market tracking the ChiNext Renewable Energy Index, covering various sectors including batteries and photovoltaics, with strong growth potential [2]. - The ETF has a management fee rate of 0.15% and a custody fee rate of 0.05%, totaling 0.2%, making it the lowest fee product in its category, facilitating quick investment access [2].

Group 1 - The wind power equipment sector experienced a strong rally on September 5, with significant gains in various companies [1] - Jixin Technology reached its daily limit increase, indicating strong market interest [1] - Yunda Co. saw an increase of over 15%, reflecting positive investor sentiment [1] Group 2 - Other companies in the sector, such as Haili Wind Power, New Strong Union, Dajin Heavy Industry, and Jinlei Co., also experienced upward movement in their stock prices [1]

Core Viewpoint - The wind power industry experienced significant growth in installed capacity in the first half of 2025, driven by a surge in demand, although profitability varied across different segments of the industry [1][2]. Summary by Sections Industry Performance - In the first half of 2025, the national wind power newly installed capacity reached 51.39 GW, a year-on-year increase of 98.9%, with onshore wind accounting for 48.90 GW and offshore wind for 2.49 GW [1]. - Despite strong revenue growth for many wind power companies, there was a notable divergence in performance across different segments, with wind turbine manufacturers seeing revenue increases but not corresponding profit growth [1][5]. Financial Results of Wind Turbine Manufacturers - Six major wind turbine manufacturers reported total revenues of 716.04 billion yuan, a significant increase, but net profits were only 15.99 billion yuan, indicating a stark performance disparity among companies [2]. - Goldwind Technology, as a leading turbine manufacturer, reported revenues of 285.37 billion yuan, up 41.26%, and net profits of 14.88 billion yuan, up 7.26% [2]. Component Manufacturers' Performance - In contrast to turbine manufacturers, most wind power component companies reported strong performance, benefiting from high demand and price increases [5]. - New Strong Union, a bearing manufacturer, achieved a revenue of 22.10 billion yuan, a year-on-year increase of 108.98%, and a net profit of 4.00 billion yuan, up 496.60% [5]. - Other component manufacturers like Haigang Co., Tongyu Heavy Industry, and Jinlei Co. also saw significant profit increases [5]. Market Trends and Future Outlook - The average bidding price for onshore wind turbines hit a low in early 2024 but began to recover, with the average price for the first half of 2025 at 1,496 yuan/kW, an 8% increase year-on-year [8]. - Companies like Sany Heavy Energy expect a noticeable improvement in profit margins due to rising bidding prices and a strong order backlog [9]. - As of June 30, 2025, Goldwind reported an order backlog of 51.81 GW, a 45.58% increase year-on-year, indicating robust future demand [9][10].

Group 1 - The core point of the announcement is that the company XQY will forcibly redeem the "Qianglian Convertible Bonds" that have not been converted by the close of trading on September 30, 2025, and these bonds will be delisted from the Shenzhen Stock Exchange after the redemption [2] - Bondholders are advised to convert their bonds before the deadline to avoid forced redemption, especially if their bonds are pledged or frozen [2]

回转支承专业制造 | 证券代码：300850 | 证券简称：新强联 | 公告编号：2025-053 | | --- | --- | --- | | 债券代码：123161 | 债券简称：强联转债 | | 洛阳新强联回转支承股份有限公司 关于提前赎回"强联转债"的第一次提示性公告 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、"强联转债"赎回价格：100.99 元/张（含当期应计利息，当期年利率为 1.00%， 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"中国结算"）核准的价格为准。 2、赎回条件满足日：2025 年 9 月 3 日 3、停止交易日：2025 年 9 月 26 日 4、赎回登记日：2025 年 9 月 30 日 5、赎回日：2025 年 10 月 9 日 6、停止转股日：2025 年 10 月 9 日 7、赎回资金到账日（到达中国结算账户）：2025 年 10 月 14 日 8、投资者赎回款到账日：2025 年 10 月 16 日 回转支承专业制造 将按照 100.99 元/张的价格强 ...

Core Viewpoint - New Strong Union's stock has experienced fluctuations, with a notable increase of 80.99% year-to-date, but a recent decline in the last five and twenty trading days [1][2]. Company Overview - New Strong Union, established on August 3, 2005, and listed on July 13, 2020, is located in Luoyang, Henan Province, specializing in the R&D, production, and sales of large slewing bearings and industrial forgings [1]. - The company's main revenue sources include wind power products (75.84%), locking plates (7.26%), and other categories such as forgings (6.05%) and shield machine products (1.49%) [1]. Financial Performance - For the first half of 2025, New Strong Union reported a revenue of 2.21 billion yuan, representing a year-on-year growth of 108.98%, and a net profit attributable to shareholders of 400 million yuan, up 496.60% [2]. - Since its A-share listing, the company has distributed a total of 199 million yuan in dividends, with 104 million yuan distributed in the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 20.33% to 30,900, with an average of 8,660 circulating shares per person, a decrease of 9.40% [2]. - Notable changes in institutional holdings include a reduction in shares held by major shareholders such as Noan Pioneer Mixed A and Hong Kong Central Clearing Limited [3].

Core Viewpoint - The legal opinion from Shanghai Guangfa Law Firm confirms that Luoyang Xinqianglian Rotating Bearing Co., Ltd. has met the conditions for the early redemption of its convertible bonds, and the redemption has been approved by the company's board of directors [1][14]. Group 1: Convertible Bond Issuance and Approval - The issuance of the convertible bonds was approved through multiple board meetings and a shareholders' meeting, with the total amount raised being 1.21 billion yuan, equivalent to 121 million [6][4]. - The convertible bonds were listed on the Shenzhen Stock Exchange on October 27, 2022, under the name "Qianglian Convertible Bonds" with the code "123161" [6][5]. - The bonds have a maturity period from October 11, 2022, to October 10, 2028, with a conversion period from April 17, 2023, to October 10, 2028 [6][5]. Group 2: Redemption Conditions - The company can redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 trading days within any 30-day period, or if the remaining unconverted bonds are less than 30 million yuan [8][7]. - The initial conversion price was set at 86.69 yuan per share, which was subsequently adjusted to 86.59 yuan and then to 40.64 yuan due to various corporate actions [9][10]. Group 3: Board Approval for Redemption - The board of directors has approved the redemption of the convertible bonds, allowing the company to redeem all or part of the unconverted bonds at the face value plus accrued interest [14][14]. - The legal opinion confirms that the redemption process will follow the necessary disclosure and announcement procedures as per regulatory guidelines [14].

Core Viewpoint - The company, Luoyang Xinqianglian Slewing Bearing Co., Ltd., has triggered the conditional redemption clause for its convertible bonds due to the stock price meeting specific criteria, leading to the decision to redeem the bonds early to reduce interest expenses and improve capital efficiency [3][9]. Group 1: Convertible Bond Redemption - The company will redeem the "Qianglian Convertible Bonds" at a price of 100.99 yuan per bond, with a reminder for bondholders to convert their bonds into shares within the specified period to avoid potential losses [2][9]. - The redemption was triggered as the company's stock price met the condition of being at least 130% of the conversion price (28.34 yuan) for 15 out of 30 trading days [3][9]. - The total issuance of the convertible bonds was 121 million yuan, and they were listed on the Shenzhen Stock Exchange on October 27, 2022 [4]. Group 2: Bond Conversion and Price Adjustments - The conversion period for the bonds started on April 17, 2023, and will last until the maturity date of October 10, 2028 [4]. - The conversion price has been adjusted multiple times, with the latest adjustment setting it at 21.80 yuan per share, effective from May 23, 2025 [7][9]. - The company has the right to adjust the conversion price based on specific conditions outlined in the offering prospectus [6][7]. Group 3: Redemption Process and Conditions - The redemption process will involve all bondholders registered with China Securities Depository and Clearing Corporation as of September 30, 2025 [10]. - The company will not withhold taxes on the interest income for bondholders, and the redemption will be processed through the bondholders' brokerage accounts [10][12]. - The company has confirmed that there were no transactions of the convertible bonds by major shareholders or executives in the six months prior to the redemption condition being met [12].