再22转债：强赎 韵达转债：不下修 天准转债，鼎捷转债：12月31日上市 | 转债代码 | 转债名称 | 类型 | 日期 | 公告 | | --- | --- | --- | --- | --- | | 127085 | 韵达转债 | 不下修 | 2025-12-27 | 公告 | | 113657 | 再22转债 | 强陵 | 2025-12-27 | 公告 | | 113667 | 春23转债 | 不强赎 | 2025-12-27 | 公告 | | 127092 | 运机转债 | 不强赎 | 2025-12-27 | 公告 | | 123259 | 锦浪转02 | 公告下修 | 2025-12-26 | 公告 | | 123236 | 家联转债 | 不强赎 | 2025-12-26 | 公告 | 一转眼2025年就要过去了，只剩下周三个交易日了 感觉既满足，又迷茫 天创时尚：公司控股股东拟变更为安徽先睿，股票复牌 京源环保：信披违规及募资使用不规范，收到江苏证监局警示函 搜索公众号"jisilu8"添加我们 | 转债代码 | 转债名称 | 现价 | 强赎价 | 最后交易日 | 最后转股日 | 转股价值 | ...

Investment Rating - The report indicates a positive outlook for the shipping sector, expecting a strong start in 2026, particularly for companies like ST Song, China Shipbuilding, and China Power [5]. Core Insights - The shipping industry has seen improvements in new ship orders and pricing since October, with expectations for a strong performance in 2026. The report highlights the potential for a seasonal price increase in January, particularly in the oil and bulk cargo sectors [5]. - The report emphasizes the resilience of the railway and highway freight volumes, with steady growth observed. Data from the Ministry of Transport shows a slight decrease in railway freight but an increase in highway truck traffic [5][6]. - The airline industry is at a turning point, with expectations for significant improvements in airline profitability due to supply constraints and increasing passenger volumes [5]. - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined for future profitability and market dynamics [5]. Summary by Sections Shipping Sector - New ship orders and pricing have improved since October, with expectations for a strong performance in 2026. Companies like ST Song, China Shipbuilding, and China Power are highlighted as key players [5]. - The report notes a significant drop in VLCC rates, with a 34.4% decrease observed on December 24, while crude oil tanker rates showed a 7.6% increase due to supply constraints [5]. Railway and Highway - Railway freight volume was reported at 78.37 million tons, a 1.96% decrease week-on-week, while highway truck traffic increased by 2.02% to 55.44 million vehicles [5][6]. Airline Industry - The report suggests that the airline industry is poised for a golden era, with supply constraints and increased international travel expected to enhance profitability [5]. Express Delivery - The express delivery sector is undergoing a transformation, with three scenarios proposed for future market dynamics, focusing on price recovery and potential mergers [5]. Overall Transportation Index - The transportation sector index rose by 1.37%, underperforming compared to the Shanghai Composite Index, which increased by 1.95% [6].

步入浙江省桐庐县城区，"申通大道""圆通幸福大道"等次第映入眼帘，各类快递企业的办公楼坐落于 此。 桐庐被誉为"中国民营快递之乡"，快递行业中的"三通一达"（中通、圆通、申通、韵达）创始人均来自 这里，这几家快递企业占据中国快递市场份额逾六成。近年来，桐庐大力实施"快递回归"战略，聚焦打 造千亿级快递产业目标，招引"三通一达"等企业返乡，不断做强快递物流产业。 自动化分拣中心有序运转，无人车、无人机运输和配送快件成为常态……来到桐庐快递科技小镇，物流 园区、快递网点与新一代信息技术深度融合，织就一张智能化物流网络。 快递业迈向智能化是大势所趋。"在人工智能助力下，企业能更好优化资源分配，从容应对业务量增 长，实现降本增效。"中通快递首席技术官杨文告诉记者，企业运用人工智能技术开发的智能监控系 统，可以进行多项大数据分析预警，为精准决策提供依据。今年，中通快递单票运输及分拣成本均下降 10%以上。 "在关键技术研发、应用场景共建、高端人才共育上发力，打造国内领先的人工智能物流技术创新平 台，创建浙江快递物流具身智能未来产业先导区，推动人工智能与快递物流深度融合。"桐庐经济开发 区党工委副书记、管委会主任骆宝丞说 ...

Core Insights - The article highlights the strategic development of the express delivery industry in Tonglu County, Zhejiang Province, emphasizing its ambition to become a hub for the logistics sector with a target of a trillion-level express industry [1][2] - The integration of artificial intelligence in logistics is a key trend, with companies like Zhongtong Express reporting over a 10% reduction in transportation and sorting costs due to AI applications [1] Group 1: Industry Development - Tonglu County is recognized as the "Hometown of Private Express Delivery" in China, with major companies like Zhongtong, Yuantong, Shentong, and Yunda originating from this area, collectively holding over 60% of the market share [1] - The county has implemented a "return of express delivery" strategy to attract these companies back, focusing on strengthening the logistics industry [1] - A total of 183 express logistics projects have been attracted to Tonglu, with 385 related enterprises established, and over 40 projects worth more than 100 million yuan signed in the first three quarters of this year [2] Group 2: Financial Support and Growth - Financial institutions have played a crucial role in supporting the express delivery industry, with Agricultural Bank providing 530 million yuan in loans to facilitate the development of logistics equipment manufacturing [2] - CITIC Bank has also contributed 500 million yuan in loans to promote the integration of innovation and industry chains within the express delivery sector [2] - The express-related industries in Tonglu achieved a revenue of 46.5 billion yuan in the first three quarters, marking a 30% year-on-year growth [2]

Group 1 - The company held its 25th meeting of the 8th Board of Directors on December 26, 2025, with all 8 directors present, complying with relevant laws and regulations [2][3] - The Board unanimously approved the proposal not to adjust the conversion price of the Yunda convertible bonds, despite the stock price triggering the downward adjustment condition [3][7][14] - The stock price was below 85% of the current conversion price for at least 15 trading days within a 30-day period, triggering the condition for downward adjustment [7][12][14] Group 2 - The Yunda convertible bonds were issued on April 11, 2023, with a total amount of RMB 245 million, and are set to mature in 2029 [8][9] - The initial conversion price was set at RMB 12.15 per share, which has been adjusted to RMB 11.73 per share due to annual equity distribution plans [11] - The company will not propose any downward adjustment for the conversion price in the next six months, even if the adjustment conditions are triggered again [14]

Group 1 - The core point of the article is that Yunda Holdings announced the approval of a resolution not to lower the conversion price of its convertible bonds [2] Group 2 - The decision was made during the 25th meeting of the 8th Board of Directors [2] - The announcement was made on December 26 [2]

由金融界主办的"启航·2025金融峰会"于12月26日在北京成功举办，本届大会以"新开局、新动能、新征 程"为主题，汇聚监管部门、行业协会、金融机构、上市公司、媒体等领域数百位相关领导和重磅嘉 宾，备受关注的第十四届金融界"金智奖"年度评选结果同步揭晓。作为中国头部快递企业之一，韵达股 份凭借在环境可持续发展、社会价值共创、公司治理优化等领域的系统性深耕与卓越实践，成功斩 获"ESG践行卓越案例"。 据悉，本届"金智奖"评选紧密契合2025年10月发布的"十五五"规划建议中绿色发展的战略导向，贴 合"提升上市公司质量"的核心要求，将高质量发展内核分解为社会责任、实业贡献、投资回报、成长前 景、创新效率、杰出品牌六大维度，以企业财务数据和公开信息为基础建立量化分析模型，最终从A 股、港股及中概股超8000家企业中评选出近200家获奖企业。 其中，"ESG践行卓越案例"专项奖项聚焦在环境可持续发展、社会价值共创、公司治理优化等方向深耕 并取得显著成效的企业。该奖项旨在树立高质量发展标杆，激励广大上市公司聚焦主业、深耕创新、践 行社会责任，为"十五五"时期实体经济与资本市场协同发展凝聚行业共识，具有重要的行业引导意 ...

2025年1至6月份，韵达股份的营业收入构成为：快递服务业务占比98.6%，其他占比1.23%，物料销售 占比0.17%。 截至发稿，韵达股份市值为200亿元。 每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 （记者 王晓波） 每经AI快讯，韵达股份（SZ 002120，收盘价：6.9元）12月26日晚间发布公告称，公司第八届第二十五 次董事会会议于2025年12月26日以通讯表决的方式召开。会议审议了《关于不向下修正韵达转债转股价 格的议案》等文件。 ...

2、公司于 2025 年 12 月 26 日召开的第八届董事会第二十五次会议审议通过 了《关于不向下修正韵达转债转股价格的议案》，公司董事会决定本次不向下修 正"韵达转债"的转股价格，且在未来 6 个月内，如再次触发"韵达转债"转股 价格向下修正条款，亦不提出向下修正方案。 一、可转换公司债券基本情况 | 证券代码：002120 | 证券简称：韵达股份 | 公告编号：2025-090 | | --- | --- | --- | | 债券代码：127085 | 债券简称：韵达转债 | | （一）可转债发行情况 韵达控股集团股份有限公司 关于不向下修正韵达转债转股价格的公告 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。 特别提示： 1、截至 2025 年 12 月 26 日，韵达控股集团股份有限公司（以下简称"公司"） 股票已经出现在任意连续三十个交易日中至少十五个交易日的收盘价低于当期 转股价格 85.00%的情形，触发"韵达转债"转股价格向下修正条件。 经中国证券监督管理委员会《关于核准韵达控股股份有限公司公开发行可转 换公司债券的批复》（证监许可[2022 ...

一、董事会会议召开情况 | 证券代码：002120 | 证券简称：韵达股份 | 公告编号：2025-089 | | --- | --- | --- | | 债券代码：127085 | 债券简称：韵达转债 | | 韵达控股集团股份有限公司 第八届董事会第二十五次会议决议公告 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。 韵达控股集团股份有限公司（以下简称"公司"）第八届董事会第二十五次 会议于 2025 年 12 月 23 日以电子邮件和书面方式通知各位董事，会议于 2025 年 12 月 26 日召开，本次会议以通讯表决的方式进行。会议应出席的董事 8 人， 实际出席的董事 8 人。会议由董事长聂腾云先生召集，本次会议的出席人数、召 集、召开程序和审议内容均符合《中华人民共和国公司法》等有关法律、行政法 规、部门性规章、规范性文件及《韵达控股集团股份有限公司章程》等有关规定。 二、董事会会议审议情况 1、以 8 票同意，0 票反对，0 票弃权，审议通过了《关于不向下修正韵达 转债转股价格的议案》。 2025 年 12 月 6 日-2025 年 12 月 26 ...