| 证券代码：301398 | 证券简称：星源卓镁 | 公告编号：2025-057 | | --- | --- | --- | | 债券代码：123260 | 债券简称：卓镁转债 | | 宁波星源卓镁技术股份有限公司 二、募集资金监管协议签订情况及募集资金专户开立情况 为了规范公司募集资金的存放、使用和管理，维护投资者的合法权益，确保 公司募投项目顺利开展，提高募集资金使用效率，根据《上市公司募集资金监管 规则》《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规范 运作》及公司《募集资金管理制度》等相关规定，公司及全资子公司星源卓镁（宁 波奉化）技术有限公司分别与保荐机构国投证券股份有限公司、募集资金开户银 行签署了《募集资金三方监管协议》。具体募集资金专项账户开立情况如下： 1 | 账户名称 | 开户银行 账号 | 募集资金用途 | | --- | --- | --- | | 宁波星源卓镁技术 | 中信银行宁波自贸区支行 8114701013400564226 | 年产 万套汽车用高 300 强度大型镁合金精密成 | | 股份有限公司 | | | | | | 型件项目 | | 星源卓镁（宁波奉 ...

Group 1 - The core viewpoint of the news is that Xingyuan Zhuomei's stock price increased by 5.17% to 47.61 CNY per share, with a trading volume of 113 million CNY and a turnover rate of 7.30%, resulting in a total market capitalization of 5.332 billion CNY [1] - Xingyuan Zhuomei, established on July 16, 2003, and listed on December 15, 2022, specializes in the research, production, and sales of magnesium alloy and aluminum alloy precision die-casting products and supporting die-casting molds [1] - The revenue composition of Xingyuan Zhuomei includes 68.00% from magnesium alloy die-casting parts, 21.43% from aluminum alloy die-casting parts, 9.46% from molds, and 1.11% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under Xingzheng Global Fund has a significant position in Xingyuan Zhuomei, with the Xingquan Antai Stable Pension One-Year Holding Mixed Fund (FOF) A holding 6,100 shares, accounting for 0.04% of the fund's net value, ranking as the ninth largest holding [2] - The Xingquan Antai Stable Pension One-Year Holding Mixed Fund (FOF) A was established on November 26, 2020, with a latest scale of 659 million CNY, achieving a return of 7.94% this year, ranking 695 out of 1,038 in its category [2] - The fund manager, Liu Xiao, has been in position for 3 years and 163 days, with the fund's total asset scale at 3.832 billion CNY, achieving a best return of 16.9% and a worst return of 0.2% during his tenure [3]

Group 1 - The core point of the news is the issuance of convertible bonds by Xingyuan Zhuomei, which has a small issuance scale of 450 million yuan and a low conversion value compared to the current stock price [1] - The current stock price of Xingyuan Zhuomei is 45.27 yuan, with a conversion price of 52.30 yuan, resulting in a conversion value of 86.56, indicating a low conversion value [1] - Despite the low conversion value, the new convertible bond is expected to yield around 300 yuan for investors, making it an attractive option for stockholders [1] Group 2 - Xingyuan Zhuomei's total market capitalization is 5.07 billion yuan, with a dynamic price-to-earnings ratio of 84.36 times and a price-to-book ratio of 4.52 times [3] - The recent stock price trend shows a continuous decline, which has significantly reduced the conversion value of the convertible bond, reflecting a broader market trend of decline [4] - The current market sentiment is cautious, with concerns about a potential return to a bear market, but there are indications of a supportive policy environment that could lead to a "slow bull" market [6][8] Group 3 - Historical patterns suggest that market recoveries are often linked to policy directions, with previous structural opportunities arising from government support [6] - Recent trends in the technology sector, such as artificial intelligence and semiconductors, have been bolstered by national strategic support, indicating a favorable environment for growth [6] - The current macroeconomic policies are focused on stabilizing growth and promoting high-quality development in the capital market, suggesting a positive outlook for future market conditions [6]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the week from November 17 - 21, 2025, the stock market oscillated downward due to factors like geopolitical tensions, concerns about overseas AI bubbles, and weakening interest - rate cut expectations. The bond market had a narrow - range oscillation. The convertible bond market mostly declined, with the CSI Convertible Bond Index down 1.78% for the week, the price median down 1.89%, and the arithmetic average parity down 6.70%. The overall market conversion premium rate increased by 7.72% compared to the previous week [1][8][9]. - During the period from November 24 - 28, 2025, the convertible bond market showed strong resilience during the A - share adjustment. Fed officials' dovish signals may improve market sentiment, and the convertible bond asset prices have strong bottom support. Attention should be paid to sectors such as energy storage, power, semiconductor equipment and materials, photovoltaic, and chemical industries, and high - volatility underlying stocks in balanced convertible bonds or low - premium equity - biased individual bonds should be selected [2][18]. Summary by Relevant Catalogs Market Trends - **Stock Market**: In the week from November 17 - 21, 2025, the market oscillated downward. All Shenwan primary industries closed down. Banks (-0.89%), media (-1.25%), food and beverage (-1.44%), national defense and military industry (-1.72%), and household appliances (-2.30%) performed relatively well, while power equipment (-10.54%), comprehensive (-9.18%), basic chemicals (-7.47%), and commercial retail (-7.24%) performed poorly [8][9]. - **Bond Market**: At the beginning of the week, the capital was tight, and it became balanced and loose in the second half of the week. The bond market had a narrow - range oscillation, and the 10 - year Treasury bond rate closed at 1.82% on Friday, up 0.26bp from the previous week [1][9]. - **Convertible Bond Market**: Most convertible bond individual bonds declined. The CSI Convertible Bond Index was down 1.78% for the week, the price median was down 1.89%, and the arithmetic average parity was down 6.70%. The overall market conversion premium rate increased by 7.72% compared to the previous week. The total trading volume of the convertible bond market last week was 318.036 billion yuan, with an average daily trading volume of 63.607 billion yuan, a decrease from the previous week [1][9][16]. Valuation Overview - As of November 21, 2025, for equity - biased convertible bonds, the average conversion premium rates in different price ranges are at relatively high percentile values. For debt - biased convertible bonds, the average YTM of those with a parity below 70 yuan is -4.27%, at the 1%/4% percentile since 2010/2021. The average implied volatility of all convertible bonds is 46.1%, at the 93%/99% percentile since 2010/2021 [19]. Primary Market Tracking - **Last Week (November 17 - 21, 2025)**: Maolai Convertible Bond was announced for issuance, and Qizhong Convertible Bond was listed. Maolai Convertible Bond has a scale of 563 million yuan, and Qizhong Convertible Bond has a scale of 850 million yuan [27][28]. - **Next Week (November 24 - 28, 2025)**: Zhuomei Convertible Bond is expected to be listed, with a scale of 450 million yuan [29][30]. - **Approval Progress**: Last week, 2 companies including Aohong Electronics and Pulian Software got registration approval, 1 company including Chunfeng Power passed the listing committee review, 4 companies including Haoneng Co., Ltd. passed the general meeting of shareholders, and 1 company including Zhaomin Technology had a board of directors' plan. As of now, there are 95 convertible bonds to be issued, with a total scale of 143.93 billion yuan [31].

Core Viewpoint - The company, Xingyuan Zhuomei, announced the issuance of convertible bonds, indicating a strategic move to raise capital through the bond market [1] Group 1 - The total amount of the issued convertible bonds is 450 million yuan [1] - The total issuance volume is 4.5 million bonds [1] - The bonds will be listed on the Shenzhen Stock Exchange, with a listing date set for November 24, 2025 [1]

国投证券股份有限公司 关于宁波星源卓镁技术股份有限公司 向不特定对象发行可转换公司债券 之 上市保荐书 保荐人（主承销商） （深圳市福田区福田街道福华一路 119 号安信金融大厦） 二〇二五年十一月 上市保荐书 声 明 国投证券股份有限公司（以下简称"国投证券"、"保荐机构"或"保荐人"） 接受宁波星源卓镁技术股份有限公司（以下简称"星源卓镁"、"发行人"或"公 司"）的委托，担任星源卓镁向不特定对象发行可转换公司债券（以下简称"本 次发行"）的保荐人。 保荐人及其指定的保荐代表人根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市 公司证券发行注册管理办法》（以下简称"《注册管理办法》"）等有关法律、 行政法规和中国证券监督管理委员会（以下简称"中国证监会"）、深圳证券交 易所（以下简称"深交所"）的有关规定，诚实守信，勤勉尽责，严格按照依法 制定的业务规则和行业自律规范出具上市保荐书，并保证所出具文件真实、准确、 完整。 本上市保荐书中，报告期指 2022 年度、2023 年度、2024 年度、2025 年 1-9 月；报告期各期末指 202 ...

北京德恒律师事务所 关于宁波星源卓镁技术股份有限公司 向不特定对象发行可转换公司债券 并在深圳证券交易所上市的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于宁波星源卓镁技术股份有限公司 向不特定对象发行可转换公司债券并在深圳证券交易所上市的法律意见 目录 | 一、本次发行的批准和授权 | | 4 | | --- | --- | --- | | 二、发行人本次发行的主体资格 | | 5 | | 三、本次发行的实质条件 | | 6 | | 四、结论性意见 | | 11 | 4-1-1 北京德恒律师事务所 关于宁波星源卓镁技术股份有限公司 向不特定对象发行可转换公司债券并在深圳证券交易所上市的法律意见 北京德恒律师事务所 关于宁波星源卓镁技术股份有限公司 向不特定对象发行可转换公司债券 并在深圳证券交易所上市的 法律意见 德恒 01F20241820-17 号 致：宁波星源卓镁技术股份有限公司 根据发行人与本所签订的《专项法律顾问服务协议》，本所接受发行人的委 托，担任发行人本次向不特定 ...

宁波星源卓镁技术股份有限公司 可转换公司债券上市公告书 股票简称：星源卓镁 股票代码：301398 公告编号：2025-056 宁波星源卓镁技术股份有限公司 （浙江省宁波市北仑区大碶璎珞河路139号1幢1号、2幢1号） 向不特定对象发行可转换公司债券 上市公告书 保荐人（主承销商） （深圳市福田区福田街道福华一路 119 号安信金融大厦） 二〇二五年十一月 1 宁波星源卓镁技术股份有限公司 可转换公司债券上市公告书 第一节 重要声明与提示 宁波星源卓镁技术股份有限公司（以下简称"星源卓镁"、"发行人"、"公司" 或"本公司"）全体董事、监事和高级管理人员保证上市公告书的真实性、准确 性、完整性，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）等有关法律、法规的规定，本公司董事、高级 管理人员已依法履行诚信和勤勉尽责的义务和责任。 中国证券监督管理委员会（以下简称"中国证监会"）、深圳证券交易所（以 下简称"深交所"）、其他政府机关对本公司可转换公司债券上市及有关事项的 ...

Core Viewpoint - Xingyuan Zhuomei responded to investor inquiries on November 13, indicating that specific operational information can be found in the company's disclosed periodic reports [2] Group 1 - The company is actively engaging with investors through platforms to provide updates [2] - The company emphasizes the importance of its periodic reports for detailed operational insights [2]

Group 1 - The stock price of Xingyuan Zhuomai (301398) closed at 56.77 yuan on November 12, 2025, with an increase of 1.74% and a turnover rate of 20.4% [1] - The trading volume was 68,300 shares, with a total transaction amount of 382 million yuan [1] - On November 12, the net inflow of main funds was 27.801 million yuan, indicating a high level of interest from institutional investors [2] Group 2 - Xingyuan Zhuomai has received approval from the China Securities Regulatory Commission for the issuance of convertible bonds totaling 450 million yuan [1] - The bonds will be issued at a face value of 100 yuan each, totaling 4.5 million bonds, with the bond code "123260" [1] - Original A-share shareholders have a priority subscription that accounts for 91% of the total issuance, reflecting high subscription enthusiasm [2]