1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - This week, the overall credit spread of AAA - rated entities slightly widened, while the spreads of AA+ electronic and AA pharmaceutical and biological industries significantly compressed, and the credit spreads of bonds in other industries and ratings fluctuated slightly. [2][3][24] - For urban investment bonds, the overall credit spread fluctuated slightly this week, with most regional spreads slightly widening, and the spreads of AA - rated urban investment entities in regions such as Guizhou and Yunnan slightly compressing. [2][27][28] - Regarding industrial bonds, the credit spread showed a pattern of widening at the short - end and slight fluctuation at the long - end this week. [2][31] - For bank capital bonds, the overall credit spread fluctuated slightly this week, and the 5 - year second - tier and perpetual bonds remained strong. [2][35] - It is recommended to continue to focus on the opportunities of 3 - 5 - year industrial bonds with good liquidity and yields above 2% and high - coupon bank second - tier and perpetual bonds this week. [2][41] 3. Summary by Relevant Catalogs 3.1 Primary Market 3.1.1 Net Financing Scale - The net financing of traditional credit bonds (excluding asset - backed securities) was 170 billion yuan this week, a decrease of 72.4 billion yuan compared with last week. The total issuance was 282.8 billion yuan, a decrease of 178 billion yuan, and the total repayment was 112.8 billion yuan, a decrease of 105.6 billion yuan. The net financing of asset - backed securities was 10.4 billion yuan, an increase of 30.3 billion yuan compared with last week. [6] - By product type, the net financing of urban investment bonds was 32.7 billion yuan, an increase of 6.8 billion yuan; that of industrial bonds was 121.4 billion yuan, an increase of 42.9 billion yuan; and that of financial bonds was 15.8 billion yuan, a decrease of 122.1 billion yuan. [6] 3.1.2 Issuance Cost - The issuance interest rates of AA+ and AAA - rated financial bonds decreased significantly this week, while that of AA - rated industrial bonds increased significantly. The changes in the issuance interest rates of other bonds and ratings did not exceed 7BP. [3][13] - Specifically, the issuance interest rate of AA+ - rated financial bonds decreased by 20BP compared with last week, mainly due to the issuance of "25 Great Wall Guorui CP002". The issuance interest rate of AAA - rated financial bonds decreased by 13BP, mainly due to the issuance of "25 Huishang Bank 01". The issuance interest rate of AA - rated industrial bonds increased by 23BP, mainly due to the high - coupon issuance of bonds such as "25 Honghe 03". [13] 3.2 Secondary Market 3.2.1 Trading Volume and Turnover - The trading volume of credit bonds (excluding asset - backed securities) decreased by 269.6 billion yuan compared with last week. The trading volume of urban investment bonds was 181.8 billion yuan, a decrease of 39.5 billion yuan; that of industrial bonds was 258 billion yuan, a decrease of 80.6 billion yuan; and that of financial bonds was 311.4 billion yuan, a decrease of 149.5 billion yuan. The trading volume of asset - backed securities was 1.25 billion yuan, a decrease of 1.21 billion yuan. [14] - The overall turnover rate of credit bonds decreased compared with last week. The turnover rate of urban investment bonds was 1.17%, a decrease of 0.26 percentage points; that of industrial bonds was 1.52%, a decrease of 0.48 percentage points; that of financial bonds was 2.18%, a decrease of 1.04 percentage points; and that of asset - backed securities was 0.36%, a decrease of 0.35 percentage points. [15] 3.2.2 Yield - Except for the significant increase in the yield of AA - rated credit bonds over 10 years, the yield fluctuations of credit bonds with different terms and ratings did not exceed 2BP. The yield of AA - rated credit bonds over 10 years increased by 9BP, reaching 3.59%. [19][20] - Taking AA+ - rated 5 - year bonds of each type as an example, the yields of different types of bonds decreased to varying degrees this week. For industrial bonds, the yields of privately - issued and perpetual industrial bonds decreased by 4BP and 3BP respectively. For urban investment bonds, the yield of AA+ - rated 5 - year bonds decreased by less than 1BP. For financial bonds, the yield of commercial bank ordinary bonds increased by less than 1BP, and that of secondary capital bonds increased by 2BP. For asset - backed securities, the yield of AA+ - rated 5 - year securities decreased by 3BP. [20] 3.2.3 Credit Spread - Overall, the credit spread of AAA - rated entities slightly widened this week, while the spreads of AA and AA+ - rated entities in some industries significantly compressed. The spreads of AA+ electronic and AA pharmaceutical and biological industries compressed by 28BP and 25BP respectively, and the credit spread of AA+ leisure services widened by 9BP. The fluctuations of credit spreads of bonds in other industries and ratings did not exceed 5BP. [24] - For urban investment bonds, the overall credit spread fluctuated slightly. The spreads of 0.5 - 1Y, 1 - 3Y, 3 - 5Y, and 5 - 10Y bonds widened by 2BP, 2BP, 1BP, and 2BP respectively, and the spread of bonds over 10 years compressed by less than 1BP. Regionally, most regional spreads slightly widened, and the spreads of AA - rated urban investment entities in Guizhou and Yunnan compressed by 1BP and 4BP respectively. [27][28] - For industrial bonds, the credit spread showed a pattern of widening at the short - end and slight fluctuation at the long - end. The spreads of private and perpetual industrial bonds within 1 year widened by 2 - 5BP, the spreads of 5 - year AA+ private and perpetual industrial bonds compressed by 2BP and 1BP respectively, and the spreads of 10 - year industrial bonds fluctuated slightly. [31] - For bank capital bonds, the overall credit spread fluctuated slightly, showing a pattern of slight widening at the short - end and slight compression at the long - end. For bank secondary capital bonds, the spreads of 1 - year AAA -, AA+, and AA - rated bonds widened by 1BP, 2BP, and 2BP respectively, and the spreads of 10 - year AAA - and AA - rated bonds compressed by 1BP and 1BP respectively. For bank perpetual bonds, the spreads of 1 - year AAA -, AA+, and AA - rated bonds widened by 2BP, 2BP, and 2BP respectively, and the spreads of 10 - year AAA -, AA+, and AA - rated bonds compressed by 1BP, 2BP, and 2BP respectively. The 5 - year second - tier and perpetual bonds remained strong. [35] 3.3 This Week's Bond Market News - The issuer, Guangdong Mengtai High - tech Fiber Co., Ltd., had its entity rating and the rating of its "Mengtai Convertible Bond" downgraded. [2][40]

Group 1 - Weijie Chuangxin plans to reduce its shareholding by up to 3%, amounting to no more than 12.91 million shares, due to personal funding needs [1] - Lier Chemical's major shareholder intends to reduce its stake by up to 3%, equivalent to no more than 24.01 million shares, for investment returns [1] - Helin Micro-Nano's controlling shareholder plans to reduce its shareholding by up to 1.5%, which is no more than 1.75 million shares, due to personal funding needs [2] Group 2 - Yifan Pharmaceutical received drug registration certificates for two products, indicating a focus on oncology and leukemia treatments [3] - *ST Jinbi is planning a change in control, leading to a temporary suspension of its stock trading [4] - Kexing Pharmaceutical's shareholder plans to reduce its stake by up to 3%, amounting to no more than 5.90 million shares, to optimize the equity structure [7] Group 3 - Li New Energy plans to invest approximately 1.25 billion yuan in three independent energy storage projects [7] - Kingsoft Office intends to acquire the remaining 31.98% stake in its subsidiary for 254 million yuan, aiming for full ownership [8] - Northeast Pharmaceutical received a CEP certificate from the European Medicines Agency for an antibiotic raw material, enhancing its product credibility [9] Group 4 - Tai'er Co. announced the lifting of a detention order on its controlling shareholder, changing it to a notice of supervision [10] - Runjian Co. won a bid for a solar power project worth approximately 83.92 million yuan, highlighting its role in the energy sector [11] - Jiuan Medical plans to register and issue medium-term notes and short-term financing bonds, with a total scale of up to 35 billion yuan and 5 billion yuan respectively [12] Group 5 - Wanma Co.'s chairman resigned due to work adjustments, but will remain as a board member [13] - Changhua Chemical plans to transfer 1% of its shares through an inquiry transfer method due to personal funding needs [14] - Jinkai Biotechnology's two shareholders plan to reduce their combined stake by up to 4%, totaling 481.6 thousand shares [15] Group 6 - Aeston plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy [16] - Maiwei Biotechnology's chairman proposed a share buyback plan with a total amount between 25 million and 50 million yuan [17] - Montai High-tech's specific shareholders and executives plan to reduce their stake by up to 3.03%, citing personal funding needs [18] Group 7 - *ST Dongjing's stock will resume trading after a change in control, with a new actual controller [20] - Tongdahai's major shareholders plan to reduce their combined stake by up to 3.57%, totaling 345.24 thousand shares [23]

| 证券代码：300876 | 证券简称：蒙泰高新 公告编号：2025-029 | | --- | --- | | 转债代码：123166 | 转债简称：蒙泰转债 | 广东蒙泰高新纤维股份有限公司 关于公司特定股东及部分高级管理人员 减持股份的预披露公告 特定股东揭阳市自在投资管理合伙企业（有限合伙）及公司高级管理人员朱 少芬女士、郑小毅先生保证向本公司提供的信息内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 1、持有广东蒙泰高新纤维股份有限公司（以下简称"公司"）股份 3,600,000 股（截至本公告披露日，占剔除本公司回购专用证券账户中的股份数量后总股本 比例 3.7769%）的特定股东揭阳市自在投资管理合伙企业（有限合伙）（以下简称 "自在投资"）计划自本公告披露之日起十五个交易日后的三个月内（法律法规、 规范性文件规定不得减持的时间除外），通过集中竞价交易、大宗交易方式减持 公司股份，减持数量不超过 2,859,490 股（截至本公告披露日，占剔除本公司回 购专用证券账户中的股份数量后总股本比例 3.00% ...

| 证券代码：300876 | 证券简称：蒙泰高新 公告编号：2025-030 | | --- | --- | | 转债代码：123166 | 转债简称：蒙泰转债 | 郭鸿江先生分别与浙江汇蔚、前海融启于2024年12月17日签署了《广东蒙泰 高新纤维股份有限公司股份转让协议》（以下简称"原协议"），将其持有的合计 9,600,400股公司无限售流通股分别转让给浙江汇蔚、前海融启。本次权益变动 后，受让方浙江汇蔚和前海融启分别持有公司股份4,800,200股，分别占剔除本 公司回购专用证券账户中的股份数量后总股本的5.04%，均成为公司持有5%以上 股 份 的 大 股 东 。 具 体 内 容 详 见 公 司 于 2024 年 12 月 18 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）上披露的《关于控股股东、实际控制人之一致行动人拟 协议转让公司股份暨权益变动的提示性的公告》及同日披露的相关信息披露义务 人出具的权益变动报告书。 二、本次协议转让终止情况 广东蒙泰高新纤维股份有限公司 关于控股股东、实际控制人之一致行动人终止协议 转让部分公司股份的公告 广东蒙泰高新纤维股份有限公司（以下 ...

蒙泰高新（300876）公告，持有公司3.7769%股份的特定股东揭阳市自在投资管理合伙企业计划减持不 超过3.00%股份，其中通过集中竞价交易减持不超过1.00%股份，通过大宗交易减持不超过2.00%股份。 公司董事会秘书朱少芬女士计划减持不超过0.0131%股份，副总经理郑小毅先生计划减持不超过 0.0131%股份。减持期间为2025年6月26日至2025年9月25日。减持价格将根据市场价格确定，自在投资 减持价格不低于发行价。 ...

蒙泰高新（300876）公告，公司控股股东、实际控制人郭清海的一致行动人郭鸿江与浙江汇蔚私募基金 管理有限公司和深圳市前海融启基金管理有限公司终止协议转让公司部分股份。郭鸿江原计划将其持有 的960万股公司无限售流通股分别转让给上述两家公司，但因客观条件变化，双方决定终止股份转让协 议。 ...

Group 1 - The company held its 21st meeting of the third board of directors on May 30, 2025, where several resolutions were passed [2][3][4] - The board approved the cancellation of 391,700 restricted stocks due to unmet performance targets and the departure of an incentive object [3][19][29] - The board also approved the revision of the internal control system for forward foreign exchange transactions [6][7][8] Group 2 - The company plans to conduct foreign exchange hedging business with a maximum transaction amount of 79 million RMB or equivalent foreign currency within twelve months [10][21][36] - The board approved the adjustment of the company's organizational structure to enhance operational efficiency [10][48] - The company appointed Zheng Xiaoyi as the vice general manager and Chen Lihong as the financial director, effective immediately [12][52][53]

| 证券代码：300876 | 证券简称：蒙泰高新 | 公告编号：2025-026 | | --- | --- | --- | | 转债代码：123166 | 转债简称：蒙泰转债 | | 广东蒙泰高新纤维股份有限公司 关于开展远期外汇套期保值业务的公告 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。 1.投资目的及种类、金额：广东蒙泰高新纤维股份有限公司（以下简称"公 司"）及子公司生产经营中的进出口业务主要采用美元、欧元等外币进行结算， 为控制汇率风险，降低汇率波动对公司经营业绩造成的不利影响，公司及子公司 拟使用自有资金开展自本次董事会审批通过之日起十二个月内任一时点的交易 金额（含前述交易的收益进行再交易的相关金额）不超过人民币 7,900 万元或等 值外币的套期保值业务，包括远期结售汇，外汇掉期，货币掉期，外汇期权及其 组合产品等。 2.审议程序：本事项已经第三届董事会第二十一次会议、第三届监事会第十 五次会议审议通过。根据相关规定，此次开展业务为最高额不超过人民币 7,900 万元或等值外币的套期保值业务，占公司最近一期经审计净资产的 9.88%，该 ...

| 证券代码：300876 | 证券简称：蒙泰高新 | 公告编号：2025-025 | | --- | --- | --- | | 转债代码：123166 | 转债简称：蒙泰转债 | | 关于作废部分限制性股票的公告 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。 广东蒙泰高新纤维股份有限公司（以下简称"公司"）于 2025 年 5 月 30 日 召开了第三届董事会第二十一次会议及第三届监事会第十五次会议，分别审议通 过《关于作废部分限制性股票的议案》，现将有关事项说明如下： 一、2022 年限制性股票激励计划已履行的相关审批程序 （一）2022 年 12 月 1 日，公司召开第二届董事会第二十六次会议，审议通 过了《关于公司<2022 年限制性股票激励计划（草案）>及其摘要的议案》《关于 公司<2022 年限制性股票激励计划实施考核管理办法>的议案》《关于<提请股东 大会授权董事会办理 2022 年限制性股票激励计划相关事项>的议案》。公司第二 届监事会第十八次会议审议通过了股权激励等相关议案。公司独立董事发表了独 立意见。 （二）2022 年 12 月 2 ...

德恒上海律师事务所 关于 广东蒙泰高新纤维股份有限公司 2022 年限制性股票激励计划 部分已授予尚未归属的限制性股票作废相关事宜的 法律意见 上海市东大名路 501 号上海白玉兰广场办公楼 23 楼 电话：021-5598 9888 传真：021-5598 9898 邮编：200080 德恒上海律师事务所 关于广东蒙泰高新纤维股份有限公司 2022 年限制性股票激励计划部分已授予尚未归属的限制性股票作废相关事宜的法律意见 释 义 在本法律意见内，除非文义另有所指，下列词语具有下述涵义： | 蒙泰高新/公司 | 指 | 广东蒙泰高新纤维股份有限公司 | | --- | --- | --- | | 证监会/中国证监会 | 指 | 中国证券监督管理委员会 | | 深交所 | 指 | 深圳证券交易所 | | 本所 | 指 | 德恒上海律师事务所 | | 《激励计划》/本次 | 指 | 广东蒙泰高新纤维股份有限公司 2022 年限制性股票 | | 激励计划 | | 激励计划 | | 限制性股票、第二 | 指 | 符合本激励计划授予条件的激励对象，在满足相应归 | | 类限制性股票 | | 属条件后分次获得并登记的公司 ...