Group 1 - The company, Weihai Guangtai Airport Equipment Co., Ltd., is set to implement the 2024 equity distribution, which will affect the conversion price of its convertible bonds [1] - The convertible bonds (code: 127095) will temporarily suspend conversion during the equity distribution period, with resumption occurring on the first trading day after the equity registration date [1] - The adjustment formula for the conversion price is detailed, including scenarios for stock dividends, capital increases, and cash dividends, ensuring that the conversion price reflects these changes [1][2] Group 2 - The company will announce any changes to the conversion price on the Shenzhen Stock Exchange and other designated media, including the adjustment date and method [2] - In cases of share buybacks, mergers, or other events affecting share categories or quantities, the company will adjust the conversion price to protect the rights of convertible bondholders [2]

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds in conjunction with the 2024 annual profit distribution and capital reserve increase plan, which includes a cash dividend and a stock bonus distribution [3][4][6]. Group 1: Securities Suspension and Resumption - The company's securities will be suspended and resumed trading due to the implementation of the 2024 annual profit distribution [1]. Group 2: Annual Shareholder Meeting Decisions - The company held its 2024 annual shareholder meeting on May 22, 2025, where it approved a cash dividend of 6 yuan (including tax) for every 10 shares and a capital reserve increase of 4 shares for every 10 shares [3]. Group 3: Adjustment of Conversion Price - The adjustment formula for the conversion price of the convertible bonds is specified, taking into account various scenarios such as stock dividends, capital increases, and cash dividends [4][5]. - The conversion price will be adjusted from 91.31 yuan per share to 64.79 yuan per share, effective from June 25, 2025 [6][8]. - The calculation for the new conversion price is based on the cash dividend of 0.60 yuan per share and a capital increase rate of 0.4 [7][8].

证券代码：600577 证券简称：精达股份 公告编号：2025-033 债券代码：110074 债券简称：精达转债 铜陵精达特种电磁线股份有限公司 关于不提前赎回"精达转债"的公告 本公司董事会及全体董事保证本公司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。 重要提示： ●公司股票自 2025 年 5 月 28 日至 2025 年 6 月 18 日已触发"精达转债"的 赎回条款。公司董事会决定本次不行使"精达转债"的提前赎回权利，不提前赎 回"精达转债"，且在未来六个月内（即 2025 年 6 月 19 日至 2025 年 12 月 18 日），若"精达转债"触发赎回条款，公司均不行使提前赎回权利。 股，历次转股价格调整情况如下： 格已由初始的 3.80 元/股调整至 3.75 元/股； 由 3.75 元/股调整至 3.73 元/股； 由 3.73 元/股调整至 3.70 元/股； 元/股调整至 3.69 元/股； 由 3.69 元/股调整至 3.57 元/股； 一、"精达转债"发行上市概况 经中国证券监督管理委员会出具证监许可20201397 号《关 ...

Core Viewpoint - Jiangsu Jinling Sports Equipment Co., Ltd. has issued convertible bonds with a potential conditional redemption clause triggered if the stock price remains above a specified threshold for a certain period [1][5][6] Group 1: Convertible Bond Basic Information - The company issued 250 million yuan worth of convertible bonds on February 18, 2021, with a maturity of six years [1][2] - The bonds are listed on the Shenzhen Stock Exchange under the name "Jinling Convertible Bonds" with the code "123093" [2] - The conversion period for the bonds is from July 26, 2021, to January 18, 2027 [2] Group 2: Conversion Price Adjustments - The conversion price was adjusted from 49.29 yuan/share to 49.19 yuan/share on June 9, 2021, following a cash dividend distribution [2] - Subsequent adjustments occurred, with the conversion price changing to 49.09 yuan/share on June 9, 2022, and to 48.97 yuan/share on June 9, 2023 [3] - The conversion price was further adjusted to 48.82 yuan/share on June 7, 2024, and finally to 20.00 yuan/share on November 18, 2024 [3] Group 3: Conditional Redemption Clause - The conditional redemption clause allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price for a specified period [5][6] - As of June 5 to June 18, 2025, the stock price has remained above the threshold of 25.805 yuan/share, indicating a potential trigger for redemption [5][6] - The company’s board has the authority to decide on the redemption of the bonds if the conditions are met [6]

[T[able Table_IndNameRptType] _IndNameRptType] 2 固定收益 固收周报 [分析师： Table_Author] 胡倩倩 执业证书号：S0010524050004 电话：13391388385 邮箱：huqianqian@hazq.com 主要观点： ⚫[Table_Summary] 近期权益市场波动率呈何种走势？ 近期市场波动率有所下降，整体波动率较低。上证 50 与沪深 300 近一个月波 动率均有所下降。A 股整体盘面波动率呈明显周期性特征，不同时间维度的表 现差异显著。市场长期波动率普遍高于短期波动率，近期有小幅度的下降，至 今处于历史低位。 同时小盘、中盘、大盘股的波动率分布类似，但波动率大小呈现显著分化，小 盘股波动率显著高于大盘股。大盘股整体波动率最低，中盘股其次，小盘股整 体波动率最高。此外，不同行业的波动率和行情表现呈现显著分化，高波动率 行业与低波动率行业之间差异显著，以稳健性为代表的银行行业与高风险的 计算机行业波动率差异高达 4.6%。 ⚫ 2023 年至今，可转债市场波动率如何变化？ 波动率下行趋势下，转债市场如何分化？ [Table_In ...

Core Viewpoint - The company, Shaanxi Zhongtian Rocket Technology Co., Ltd., has announced that its convertible bond "Tianjian Convertible Bond" may trigger conditions for a downward adjustment of the conversion price due to stock performance [1][5]. Group 1: Convertible Bond Issuance and Adjustment - The total issuance of the "Tianjian Convertible Bond" is 495 million yuan, with a maturity of six years, and it began trading on September 19, 2022 [2]. - The initial conversion price was set at 53.11 yuan per share, which has been adjusted multiple times due to annual equity distributions, currently standing at 52.94 yuan per share [2][3]. Group 2: Conditions for Price Adjustment - The conversion price can be adjusted downward if the company's stock closes below 85% of the current conversion price (45.00 yuan) for at least 10 out of 30 consecutive trading days [1][5]. - If the conditions for downward adjustment are met, the board of directors will propose a plan for adjustment, which requires approval from two-thirds of the voting rights at a shareholders' meeting [3][4]. Group 3: Future Considerations - The company has previously decided not to adjust the conversion price for the "Tianjian Convertible Bond" until June 2, 2025, even if the conditions for adjustment are triggered again [4]. - After June 3, 2025, the board will reconsider the adjustment rights if the conditions are met again [4].

Core Viewpoint - The company announced the issuance of convertible bonds and the adjustment of the conversion price due to a cash dividend distribution, ensuring compliance with regulatory requirements and maintaining transparency in its financial operations [2][10]. Group 1: Convertible Bonds Issuance - The company issued 5.17 million convertible bonds with a total value of 517 million yuan, with a maturity of 6 years, starting from November 21, 2023, on the Shanghai Stock Exchange [2][5]. - The initial conversion price was set at 21.06 yuan per share, which will be adjusted to 20.95 yuan per share effective from June 24, 2025 [6][8]. Group 2: Dividend Distribution - The company plans to distribute a cash dividend of 1.1 yuan per 10 shares (including tax), resulting in a total cash dividend amount adjusted to 47,767,715.05 yuan [11][19]. - The adjustment in the total cash dividend amount was necessary due to changes in the total share capital resulting from the conversion of convertible bonds [11][13]. Group 3: Price Adjustment Formula - The adjustment of the conversion price follows specific formulas based on the type of equity distribution, including cash dividends, stock dividends, and capital increases [4][7]. - The adjusted conversion price calculation was based on the formula P1 = P0 - D, where D is the cash dividend per share [8][7].

财通证券表示，经公司第四届董事会第二十二次会议审议通过，同意向下修正 " 财通转债 " 的转股价格。该事项还需要提交公司股东大会审议。 【导读】财通转债、瑞达转债下修转股价 中国基金报记者 江右 6 年期的可转债，还有 1 年多到期，财通证券、瑞达期货开启下修转股价的行动，财通转 债、瑞达转债将下修转股价，目前这两只转债的债券余额分别为 37.99 亿元、 6.49 亿元， 基本没有转股。 财通证券、瑞达期货宣布下修转债转股价 近日，财通证券、瑞达期货宣布公司可转债财通转债、瑞达转债要下修转股价，这是两只可 转债发行四五年来，两家公司董事会首次提议下修转股价。虽然此前不断触发下修转股价条 款，但都没有进行下修。 6 月 16 日晚间，财通证券表示，自 5 月 26 日起至 6 月 16 日，公司股价出现连续 30 个 交易日中有 15 个交易日的收盘价低于当期转股价格的 80% 之情形，已触及 " 财通转债 " 转股价格向下修正条款。 对于提议下修转股价，财通证券表示，是为了进一步优化公司资本结构，提升公司综合竞争 力，促进公司长期发展，维护投资者的长远利益。 业内人士表示，下修转股价有助于可转债转成股本，如 ...

金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 张 翔（分析师） 证书编号：S0790520110001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 金融工程定期 2025 年 06 月 17 日 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 苏 良（分析师） 证书编号：S0790523060004 何申昊（研究员） 证书编号：S0790122080094 陈 威（研究员） 证书编号：S0790123070027 蒋 韬（研究员） 证书编号：S0790123070037 相关研究报告 《港股量化：5 月南下资金净流入有 所放缓，6 月增配价值—金融工程定 期》-2025.6.4 《基金投顾产品 5 月调仓一览—基金 投顾产品月报系列（18）》-2025.6.4 《券商金股解析月报（2025 年 6 月） —金融工程定期》-2 ...

Group 1 - The bond market has shown significant recovery since June, leading to increased investment in bond funds, with 99% of bond funds achieving positive returns in the month [1][2] - Over three trading days, 2448 bond fund products reached historical net value highs, representing over 60% of the total, with 76% of bond funds achieving this milestone within the month [3] - The inflow of funds into bond ETFs has accelerated, with a net inflow of 319.79 billion yuan in the first half of June, surpassing the total inflow for April [5] Group 2 - The demand for bond funds has improved, with many funds initiating purchase limits due to increased interest, as at least 127 bond funds announced restrictions on large purchases [3][5] - Fund companies are focusing on marketing bond funds, particularly pure bond products, to meet their semi-annual scale targets [5] - The current market sentiment is favorable for bonds, with expectations of continued low interest rates and potential opportunities for buying if short-term rates rise due to concerns about bank liabilities [6][7]