证券代码：688026 证券简称：洁特生物 公告编号：2025-037 转债代码：118010 转债简称：洁特转债 关于实施 2024 年年度权益分派时 调整"洁特转债"转股价格的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 证券停复牌情况：适用 因实施 2024 年年度权益分派,本公司的相关证券停复牌情况如下：权益分派公 告前一交易日（2025 年 6 月 24 日）至权益分派股权登记日（2025 年 7 月 1 日） 期间，"洁特转债"将停止转股，于 2025 年 7 月 2 日起恢复转股。 证券代码 证券简称 停复牌类型 停牌起始日 停牌期间 停牌终止日 复牌日 ? 调整前转股价：48.02 元/股 广州洁特生物过滤股份有限公司 ? 调整后转股价：47.95 元/股 ? 转股价格调整起始日期：2025 年 7 月 2 日 一、转股价格调整依据 广州洁特生物过滤股份有限公司（以下简称"公司"）已于 2025 年 5 月 7 日召 开了 2024 年年度股东大会，审议通过《关于 2024 年度利润 ...

Core Viewpoint - The company has decided not to adjust the conversion price of the Tianjian convertible bonds despite triggering the downward adjustment clause due to stock price performance [1][5]. Group 1: Convertible Bond Issuance - The company issued convertible bonds totaling 495 million yuan, with a face value of 100 yuan per bond, and the bonds were listed on September 19, 2022 [2]. - The conversion price is set at 85% of the stock price, which is 45.00 yuan per share, and the downward adjustment clause was triggered as the stock price fell below this threshold for 15 out of 30 trading days [3][4]. Group 2: Decision on Price Adjustment - The board of directors approved the decision not to adjust the conversion price during a meeting held on June 24, 2025, considering various factors including market conditions and the company's long-term potential [5]. - The company will not propose a downward adjustment for six months following the board's decision, from June 25, 2025, to December 24, 2025, but may reconsider if the adjustment clause is triggered again after December 25, 2025 [1][5].

Core Viewpoint - The announcement details the issuance and terms of the convertible bond "NanYao Convertible Bond" by Nanjing Pharmaceutical Co., Ltd, including its conversion price, issuance scale, and relevant procedures for bondholders [1][2][3]. Group 1: Issuance Overview - The convertible bond code is 110098 and the bond name is "NanYao Convertible Bond" [1]. - The total issuance amount is 1,081.49 million RMB, with each bond having a face value of 100 RMB [2]. - The bond has a term of 6 years, from December 25, 2024, to December 24, 2030 [2]. Group 2: Conversion Terms - The conversion price is set at 5.12 RMB per share [2][4]. - The conversion period starts from July 1, 2025, and ends on December 24, 2030 [2][3]. - The bond has a tiered interest rate structure, starting at 0.20% in the first year and increasing to 2.00% in the sixth year [2]. Group 3: Conversion Procedures - Bondholders can apply for conversion during the specified conversion period on trading days [3]. - The conversion process includes a mechanism for handling fractional shares and the calculation of the actual convertible bond quantity [3][4]. - Newly converted shares will have the same rights as existing shares [4]. Group 4: Adjustment of Conversion Price - The initial conversion price was set at 5.29 RMB per share, which has been adjusted to 5.12 RMB due to a cash dividend distribution [5][6]. - The conversion price can be adjusted based on various corporate actions, including stock dividends and cash dividends [6][8]. - The company has the right to propose downward adjustments to the conversion price if the stock price falls below certain thresholds [8][9]. Group 5: Redemption and Sale Rights - The company may redeem the unconverted bonds at 108% of the face value within five trading days after maturity [10]. - Bondholders have the right to sell back their bonds to the company if the stock price falls below 70% of the conversion price during the last two interest years [10][12]. - Additional sale rights are available if there are significant changes in the use of raised funds [12].

Group 1 - The core viewpoint of the article is the verification opinion of GF Securities regarding the repurchase of convertible bonds issued by Zhejiang Rongsheng Environmental Paper Co., Ltd. [1][5] - The company issued 5.76 million convertible bonds on August 18, 2023, with a total issuance amount of 576 million yuan, after deducting issuance costs, the net fundraising amount was approximately 570 million yuan [1][2] - The additional repurchase clause allows bondholders to sell their bonds back to the company at face value plus accrued interest if there are significant changes in the investment projects funded by the bonds [2][3] Group 2 - The repurchase price for the bonds is set at 100.35 yuan per bond, which includes accrued interest calculated based on a coupon rate of 0.4% for the second year [3][4] - The repurchase period is from July 2, 2025, to July 8, 2025, during which bondholders can choose to sell back their bonds [4] - The company will continue to trade the bonds during the repurchase period, but conversion to stock will be suspended [4]

债券代码：110098 债券简称：南药转债 证券代码：600713 证券简称：南京医药 编号：ls2025-091 南京医药股份有限公司 关于因实施权益分派调整可转债转股价格的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 调整前转股价格：5.29 元/股 ? 调整后转股价格：5.12 元/股 ? "南药转债"本次转股价格调整实施日期：2025 年 6 月 30 日 限公司向不特定对象发行可转换公司债券注册的批复》（证监许可【2024】1736 号）， 核准南京医药股份有限公司（以下简称"公司"）本次可转换公司债券（以下简称"可 转债"）发行。公司向不特定对象发行可转债 10,814,910 张，每张面值为人民币 100 元，并于 2025 年 1 月 20 日在上海证券交易所上市交易（债券简称：南药转债，债券 代码：110098），初始转股价格为 5.29 元/股。 一、转股价格调整依据 公司股份回购专用证券账户持有股数）为基数分配利润，向全体股东每 10 股派发现金 红利 1.70 元（含税）。在 ...

Core Viewpoint - The strong performance of bank stocks is accelerating the "exit" of bank convertible bonds from the market, with several banks triggering redemption mechanisms due to rising stock prices [2][3]. Group 1: Bank Convertible Bonds - Qilu Bank announced that its convertible bond, Qilu Convertible Bond, is expected to meet redemption conditions due to a significant increase in its stock price [2]. - Qilu Bank issued 80 billion yuan worth of convertible bonds on November 29, 2022, with a term of 6 years and conditional redemption clauses [2]. - The stock price of Qilu Bank has been above 130% of the conversion price for 10 out of the last 15 trading days, which could trigger the redemption mechanism if the trend continues [2][3]. Group 2: Market Trends - The overall bank sector has seen a rise of over 16% year-to-date, contributing to the triggering of redemption mechanisms for multiple bank convertible bonds [3]. - As of June 24, the conversion premium for Qilu Convertible Bond was negative, indicating strong motivation among holders to convert [3]. - The number of outstanding bank convertible bonds has decreased to 10, with a total balance of 148.63 billion yuan, and further reductions are expected by the end of the year [4]. Group 3: Capital Management - Banks are strongly motivated to convert convertible bonds into equity to supplement core Tier 1 capital and improve capital adequacy ratios [3]. - If convertible bonds do not convert successfully, banks face increased financial costs due to the obligation to pay principal and interest on maturing bonds [3]. - The successful triggering of redemption mechanisms will accelerate the conversion process, effectively supplementing core Tier 1 capital [3].

Core Viewpoint - The credit rating report for Wuxi Intelligent Control Engineering Co., Ltd. indicates a stable outlook for the company's credit quality, despite facing challenges such as increased competition and declining profit margins in the control valve market [1][2][3]. Company Overview - Wuxi Intelligent Control specializes in the production of control valves and has established partnerships with major domestic petrochemical companies, including China Petroleum and China Petrochemical [3][4]. - The company has a stable order book, ranking highly in supplier bids for China Petrochemical, indicating a solid customer base [3][4]. Financial Performance - The company's revenue for 2024 reached 1.093 billion yuan, reflecting a year-on-year growth of 6.71%, while the first quarter of 2025 saw a decline of 16.95% compared to the previous year [4][5]. - The gross profit margin has decreased significantly due to competitive pricing pressures, with the average selling price of products dropping from 27,000 yuan to 22,000 yuan per unit [5][6]. Market Environment - The control valve market is characterized by intense competition and a fragmented structure, with the company holding a market share of approximately 1% [6][7]. - The mechanical industry is expected to maintain stable growth, supported by infrastructure investment and technological advancements, although specific segments may experience varying performance [3][6]. Operational Efficiency - The company operates two production bases in Wuxi and Haimen, with a total production capacity of 23,000 standard control valves and 6,000 intelligent control valves annually [4][6]. - The inventory turnover rate improved to 1.39 times per year, while accounts receivable turnover decreased to 2.46 times per year, indicating challenges in cash flow management [8]. Future Outlook - The company is expected to face ongoing challenges related to customer payment cycles and competitive pricing, which may impact liquidity and profitability [2][3]. - Despite these challenges, the company is positioned to benefit from ongoing demand in the petrochemical sector and potential growth in the renewable energy market [5][6].

Core Viewpoint - The credit ratings of multiple convertible bonds have been downgraded, with 19 bonds experiencing downgrades this year, surpassing the 14 downgrades recorded for the entire year of 2024 [1][3]. Group 1: Credit Rating Adjustments - As of June 2023, 10 convertible bonds have had their ratings downgraded, with notable mentions including Dongfeng Convertible Bond, Bohui Convertible Bond, and Shengxun Convertible Bond being placed on a credit watch list [3]. - The downgrades are primarily influenced by factors such as performance losses, debt pressures, and industry policy impacts [3][4]. - The majority of the downgraded bonds previously held ratings of A+, with some, like Wentai Convertible Bond and Jinneng Convertible Bond, rated as high as AA [4]. Group 2: Market Response and Outlook - Despite the downgrades, the overall performance of the convertible bond market remains strong, with limited impact on bond prices observed [5][6]. - Analysts suggest that the risks associated with these bonds have been largely anticipated, leading to lower institutional holdings and minimal market shock from the downgrades [6]. - The market is expected to see a more optimistic outlook for credit ratings in 2025, supported by economic recovery and policy measures aimed at expanding domestic demand and managing debt [6][7].

Primary Market Review - The issuance scale of government bonds, local bonds, and policy financial bonds last week was 430.8 billion, 261.8 billion, and 162 billion respectively, with net financing amounts of 135.1 billion, 124.3 billion, and 63.6 billion [1] - Financial bonds (excluding policy financial bonds) had a total issuance scale of 122.5 billion, with a net financing amount of -7.2 billion [1] - Non-financial credit bonds had a total issuance scale of 392.8 billion, with a net financing amount of 107.3 billion [1] - Two new convertible bonds were issued, with an expected financing scale of 0.9 billion [1] Secondary Market Review - Short-term interest rates in the bond market decreased while long-term rates fluctuated, influenced by factors such as liquidity, the Lujiazui conference, institutional behaviors, and geopolitical conflicts [2] Liquidity Tracking - Last week, there was a net injection through OMO, while MLF matured and was withdrawn, with the central bank conducting buyback operations to support the liquidity during the tax period [3] - The R001 and R007 rates decreased by 1.4 basis points and increased by 1 basis point respectively compared to the previous week [3] Policy and Fundamentals - Economic data for May showed stable production, rising consumption, and declining investment, with structural concerns remaining [4] - High-frequency data indicated a month-on-month decline in production, a decrease in both domestic and external consumption, and price differentiation in the production and residential sectors, with the Middle East conflict driving oil prices significantly higher [4] Overseas Market - The Federal Reserve's June FOMC statement was slightly hawkish, but U.S. consumption and production data were disappointing, exacerbating risk aversion in overseas markets [5] - The 10-year U.S. Treasury yield closed at 4.38%, down 3 basis points from the previous week [5] Equity Market - The A-share market experienced a decline in most broad-based indices due to capital outflows from new consumption and innovative pharmaceuticals, as well as the impact of the Israel-Palestine conflict [6] - Specifically, the Wind All A index fell by 1.07%, the Wind Micro-Cap index dropped by 2.18%, the CSI 300 decreased by 0.45%, and the Sci-Tech 50 fell by 1.55% [6] - A-share trading volume decreased, with an average daily turnover of 1.22 trillion, down 156.644 billion week-on-week [6] - As of June 19, 2025, the total financing balance for the entire A-share market was 1,809.167 billion, an increase of 0.188 billion from June 12 [6] Bond Market Strategy Outlook - Factors favorable to the bond market are gradually increasing in the second half of the year, with bond yields likely to face upward pressure [7] - The 10-year government bond yield has already reflected macro expectations to some extent, and short-term long-end rates are unlikely to present significant excess opportunities in the near term [7] - Short-term rates are still some distance from previous lows, and banks are balancing duration pressures, which may accumulate buying power for short-term bonds [7] - The logic of under-allocation in credit bonds continues, with a strategy prioritizing coupon collection in the short term [7] - In the convertible bond market, supply-demand conflicts persist, and liquidity remains relatively loose, with some banks redeeming convertible bonds, making core varieties scarcer [7] - The convertible bond index has reached the upper range of its fluctuation zone, and opportunities in the index require catalysts, necessitating a focus on switching core varieties and monitoring for trading opportunities driven by sentiment [7]

Group 1 - The China Securities Convertible Bond Index opened up by 0.03% [1] - Yong'an Convertible Bond increased by 9.6%, while Huafeng Convertible Bond rose by 3.6% [1] - Several other convertible bonds, including Lianchuang, Xuelong, Quanfeng, and Hengshuai, saw gains exceeding 2% [1] Group 2 - Shouhua Convertible Bond decreased by 4.7%, and both Tianhao and Chuanheng Convertible Bonds fell by over 2% [1]