Group 1 - The core viewpoint is that while U.S. job growth remains significant, it is experiencing a continuous slowdown, with economists predicting an addition of 110,000 non-farm jobs in June [1] - The average monthly job addition in the U.S. for this year is 124,000, down from 168,000 last year, reflecting the impact of fluctuating tariff policies, government layoffs, and tightened immigration policies [1] - The underlying issues include a slowdown in population growth and an aging workforce, making it difficult for the U.S. to replicate past employment growth trends [1] Group 2 - Despite economic concerns, layoffs remain relatively low, with employers still inclined to retain employees and wage growth remaining moderate [1] - Economic uncertainty has led to a slowdown in hiring, resulting in a stagnant job market where job seekers, including recent graduates and those re-entering the workforce, face significant challenges [1] - Even with new job additions, employee turnover is minimal, indicating that increased hiring could revitalize job growth, while slight increases in layoffs could further stagnate the labor market [1] Group 3 - Official data revisions suggest that actual job growth may be significantly lower than reported, with the Labor Department revising average job growth down by 55,000 from January to April [2] - The revisions indicate that many employers fail to respond promptly to surveys, particularly smaller businesses that struggle with high tariffs and reduced labor supply [2] - The June report will also update employment data for April and May, potentially painting a more somber employment picture [2] Group 4 - Discrepancies between institutional surveys and household data indicate that small businesses are a major drag on job growth, with actual job additions from March to December last year being less than half of initial reports [3] - The Labor Department's structural blind spots in its enterprise surveys may lead to biases, as new companies are not included in the sample, and it takes time to determine if companies have closed or stopped responding [6] - The ADP report shows a decrease of 33,000 jobs in the private sector in June, with small businesses (fewer than 50 employees) laying off 47,000 workers [6] Group 5 - The U.S. labor force is facing a new normal due to stagnant growth in the working-age population and a significant reduction in new immigrants joining the workforce [7] - Reports suggest that net immigration to the U.S. may drop to zero or negative this year, with more people leaving than entering [7] - Consequently, the economy may only need to add between 10,000 to 40,000 jobs monthly to maintain the current unemployment rate of 4.2%, indicating a slowdown in economic growth [7]

Group 1 - The company has issued 2.8 million convertible bonds with a total value of 280 million yuan, approved by the China Securities Regulatory Commission [1][2] - The bonds were listed on the Shenzhen Stock Exchange on February 10, 2023, under the name "Shengxun Convertible Bonds" with the code "127080" [1][2] - The initial conversion price of the bonds was set at 29.34 yuan per share, which has been adjusted to 29.14 yuan and will further adjust to 28.94 yuan due to dividend distributions [2][3] Group 2 - The conversion period for the bonds is from July 7, 2023, to December 29, 2028 [2] - The company has a clause allowing for downward adjustment of the conversion price if the stock price falls below 85% of the conversion price for at least 15 trading days within a 30-day period [3][4] - As of June 19, 2025, the company's stock price has been below the current conversion price of 24.60 yuan for ten trading days, indicating a potential trigger for the downward adjustment clause [4]

Group 1 - The board of directors of Hengyi Petrochemical held its 24th meeting on June 30, 2025, with all 9 directors present, complying with relevant laws and regulations [1] - The board approved the proposal regarding the downward adjustment of the conversion price for "Hengyi Convertible Bonds," as the stock price had been below 85% of the conversion price for 15 trading days as of June 30, 2025 [1] Group 2 - Due to various factors affecting the company's stock price, which does not reflect its long-term intrinsic value, the board decided not to exercise the downward adjustment of the conversion price for "Hengyi Convertible Bonds" for the next three months (July 1, 2025, to September 30, 2025) [2] - If the adjustment conditions are triggered again after this period, the board will reconvene to decide on the adjustment rights, with the next triggering period starting from October 9, 2025 [2] - The voting results for the decision were unanimous, with 9 votes in favor and no opposition or abstentions [2]

Core Viewpoint - The board of directors of Hillstone Networks (688030.SH) proposed to lower the conversion price of its convertible bonds, which will be submitted for shareholder approval. However, board member Zhang Jinchang abstained from voting due to concerns about potential dilution of existing shareholders' equity [1][5]. Group 1: Company Overview - Hillstone Networks is a cybersecurity company focused on the research and development of software and hardware products in the cybersecurity field [2]. Group 2: Convertible Bond Details - The company issued 2.67 billion yuan worth of convertible bonds on March 22, 2022, with a maturity of six years. The initial conversion price was set at 24.65 yuan per share, later adjusted to 24.52 yuan due to a rights distribution [3][4]. - As of June 26, 2023, the stock price was 15.88 yuan per share, significantly lower than the conversion price of 24.52 yuan, indicating a potential increase in conversion attractiveness if the price is lowered [3][4]. - The convertible bonds are currently trading at 127.546 yuan, which is above the redemption price of 114 yuan, suggesting that the adjustment of the conversion price will significantly impact the bond's price movement [4]. Group 3: Financial Performance - Hillstone Networks has reported continuous losses, with net profits of -182 million yuan in 2022, -240 million yuan in 2023, and an estimated -137 million yuan in 2024, totaling a loss of 559 million yuan over three years [3]. - The company's debt-to-asset ratio has been increasing, reaching 41.67% at the end of 2023 and projected to rise to 55.18% by March 2025 [4]. Group 4: Shareholder Dynamics - Zhang Jinchang, a board member from 360 Digital Security, abstained from voting on the conversion price adjustment due to concerns about the dilution of earnings per share for existing shareholders. 360 Digital Security holds a 6.99% stake in Hillstone Networks [5][6].

Core Viewpoint - The company is convening a shareholders' meeting to discuss key resolutions, including the downward adjustment of the conversion price for its convertible bonds, the removal of an independent director, and the election of a new independent director [5][8][9]. Meeting Guidelines - The meeting aims to protect shareholders' rights and ensure orderly proceedings, with specific rules for participation and speaking [2][3]. - Only authorized individuals, including shareholders and company representatives, are allowed to attend, and disruptive behavior will be addressed [2][3]. - Shareholders wishing to speak must register in advance, and speaking time is limited to maintain efficiency [4]. Meeting Agenda - The meeting is scheduled for July 2, 2025, at 14:30, at the company's headquarters [3]. - The agenda includes the announcement of the meeting's start, reading of guidelines, reviewing resolutions, shareholder speeches, voting, and concluding remarks [3][4]. Voting Procedures - Voting will be conducted through a combination of on-site and online methods, with specific rules for casting votes [5]. - The meeting will consider three resolutions, with one requiring a special resolution majority of two-thirds of the voting rights [4][5]. Convertible Bond Adjustment - The company proposes to adjust the conversion price of its convertible bonds due to stock price performance, with the current price at 11.19 yuan per share [6][7]. - The adjustment is permissible if the stock price falls below 80% of the conversion price for 15 out of 30 consecutive trading days [7]. - The proposed adjustment will be subject to shareholder approval, and the new price must meet certain valuation criteria [7]. Independent Director Changes - The company plans to remove independent director Gao Qiang due to his inability to fulfill duties and seeks shareholder approval for this action [8]. - A new independent director candidate, Mao Huigang, has been nominated, who meets all regulatory requirements and has no conflicts of interest [9].

Key Points - The company has issued convertible bonds with a total amount of 2 billion yuan, which began trading on November 16, 2020 [1] - The conversion period for the bonds is from April 22, 2021, to October 15, 2026 [2] - The conversion price has been adjusted multiple times due to profit distribution, with the latest adjustment reducing it to 10.91 yuan per share effective June 26, 2024 [3] - A recent board meeting approved a further reduction of the conversion price to 9.20 yuan per share, effective from November 2024 [4] - The company has outlined specific conditions under which the conversion price can be adjusted downward, including a scenario where the stock price falls below 85% of the current conversion price for at least 15 trading days [5] - The company is required to disclose any adjustments to the conversion price in accordance with regulatory guidelines [6]

上周市场焦点（6 月 16 日-6 月 20 日） 股市方面，上周权益市场震荡下跌，或受"618"大促结束、媒体舆论 对盲盒、食品饮料行业的影响，上周消费板块表现疲弱；红利属性的银 行板块、以及受产业订单预期向好拉动的科技板块表现较好。 债市方面，上周资金面总体维持偏松，国家统计局公布 5 月经济数据、 陆家嘴金融论坛召开等事件未对债市形成较大影响，债市全周延续震荡 行情；周五 10 年期国债利率收于 1.64%，较前周下行 0.44bp。 证券研究报告 | 2025年06月23日 转债市场周报 非银标的相继提议下修，关注临期转债机会 核心观点 固定收益周报 转债市场方面，上周转债个券多数收跌，中证转债指数全周-0.17%，价 格中位数-0.48%，我们计算的算术平均平价全周-2.08%，全市场转股溢 价率与上周相比+2.39%。个券层面，晶瑞（湿电子化学品）、联得（显 示模组设备）、天创（鞋服产品）、雪榕（食用菌）、首华（天然气供 应）转债涨幅靠前；金陵（足球概念）、志特（建筑铝膜）、金丹（PLA 概念）、东时（驾培）转债跌幅靠前。 观点及策略（6 月 23 日-6 月 27 日） 非银标的相继提议下修，关 ...

证券研究报告 | 2025年06月23日 上周市场焦点（6 月 16 日-6 月 20 日） 股市方面，上周权益市场震荡下跌，或受"618"大促结束、媒体舆论 对盲盒、食品饮料行业的影响，上周消费板块表现疲弱；红利属性的银 行板块、以及受产业订单预期向好拉动的科技板块表现较好。 债市方面，上周资金面总体维持偏松，国家统计局公布 5 月经济数据、 陆家嘴金融论坛召开等事件未对债市形成较大影响，债市全周延续震荡 行情；周五 10 年期国债利率收于 1.64%，较前周下行 0.44bp。 转债市场方面，上周转债个券多数收跌，中证转债指数全周-0.17%，价 格中位数-0.48%，我们计算的算术平均平价全周-2.08%，全市场转股溢 价率与上周相比+2.39%。个券层面，晶瑞（湿电子化学品）、联得（显 示模组设备）、天创（鞋服产品）、雪榕（食用菌）、首华（天然气供 应）转债涨幅靠前；金陵（足球概念）、志特（建筑铝膜）、金丹（PLA 概念）、东时（驾培）转债跌幅靠前。 观点及策略（6 月 23 日-6 月 27 日） 非银标的相继提议下修，关注临期转债机会： 上周国家统计局发布 5 月份经济数据，各分项表现较为分化，在 ...

Group 1 - The company issued 7,500,000 convertible bonds with a total amount of RMB 750 million, which started trading on September 8, 2021 [1][2] - The initial conversion price for the bonds was set at RMB 4.87 per share, which has undergone several adjustments due to stock price fluctuations [2][3][5] - The company has triggered conditions for a potential downward adjustment of the conversion price, as the stock price has been below 85% of the current conversion price for 10 consecutive trading days [1][8][9] Group 2 - The conversion period for the bonds is from February 14, 2022, to August 8, 2027, allowing bondholders to convert their bonds into shares during this timeframe [2] - The company has outlined specific conditions under which the conversion price can be adjusted downward, requiring approval from shareholders [8][9] - The company is obligated to disclose any decisions regarding the adjustment of the conversion price promptly following board meetings [9]

Core Viewpoint - The company is convening its third extraordinary general meeting of shareholders in 2025 to discuss key proposals, including the downward adjustment of the conversion price for its convertible bonds and the remuneration for the board of directors and senior management [1][10]. Group 1: Meeting Details - The extraordinary general meeting will take place on July 4, 2025, at 14:00, with both on-site and online voting options available [1]. - The meeting will be presided over by Chairman Zhang Baizhong, and will include the reading of the meeting agenda, shareholder speeches, voting on proposals, and the announcement of results [1][2]. Group 2: Proposal for Downward Adjustment of Conversion Price - The company proposes to adjust the conversion price of its "Qibin Convertible Bonds" due to the closing price being below 85% of the current conversion price for 15 consecutive trading days [4][9]. - The initial conversion price was set at 13.15 yuan per share, and it has been adjusted multiple times, with the latest adjustment bringing it down to 6.16 yuan per share [5][6]. - The adjustment requires approval from at least two-thirds of the voting rights held by shareholders present at the meeting [10]. Group 3: Remuneration for Directors and Senior Management - The company aims to enhance governance effectiveness and attract international talent by proposing a new remuneration scheme for its board of directors and senior management [12]. - Non-independent directors will have their salaries based on performance evaluations, while independent directors will receive fixed annual allowances [12][13]. - The new remuneration standards will take effect from June 1, 2025, and will be disclosed in the annual report [14].