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]

Core Viewpoint - The banking sector is experiencing a strong performance, leading to an accelerated conversion of convertible bonds into stocks this year, with several banks triggering redemption clauses for their convertible bonds [2][7]. Group 1: Convertible Bond Redemption - Qilu Bank announced that its stock price has been above 130% of the current conversion price for 10 out of the last 15 trading days, which may trigger the redemption clause for its convertible bonds [4]. - If Qilu Bank's stock price remains above 6.50 CNY (130% of the adjusted conversion price of 5.00 CNY) for 5 more trading days, the bank has the right to redeem the bonds at face value plus accrued interest [4][5]. - This year, five convertible bonds from various banks have exited the market due to triggering redemption clauses, including those from Suhang Bank, Chengyin Bank, Hangyin Bank, and Nanyin Bank [8]. Group 2: Market Trends and Implications - The continuous rise in bank stock prices has led to a significant reduction in the outstanding balance of Qilu convertible bonds, which currently stands at 60.87 billion CNY, with an unconverted ratio of 76.09% [4]. - The trend of convertible bonds exiting the market is expected to continue, with only seven remaining if Qilu's bonds are redeemed [8]. - Approximately 100 billion CNY of bank convertible bonds are anticipated to complete conversion this year due to rising stock prices [8]. Group 3: Capital Supplementation and Market Dynamics - Convertible bonds serve as a crucial tool for banks to supplement their core Tier 1 capital, with a strong incentive for banks to convert bonds into stocks to enhance capital adequacy [2][11]. - The adjustment of conversion prices, such as Qilu Bank's reduction from 5.14 CNY to 5.00 CNY, increases the likelihood of triggering redemption clauses [9]. - The acceleration of bond conversions, combined with a slow pace of new bond approvals and issuances, may lead to irrational price increases for remaining high-quality convertible bonds in the market [11].

Core Viewpoint - Qilu Bank's convertible bonds may trigger redemption clauses due to the stock price remaining above 130% of the conversion price for a significant number of trading days, indicating strong market performance and potential capital strengthening for the bank [1][4][6]. Group 1: Convertible Bond Redemption - Qilu Bank announced that its stock price has been above 130% of the convertible bond's conversion price for 10 out of the last 15 trading days, which could lead to the triggering of redemption clauses if this trend continues [1][4]. - The conversion price for Qilu's bonds was adjusted from 5.14 CNY to 5.00 CNY, making the new threshold for triggering redemption 6.50 CNY [4][10]. - If the redemption clause is triggered, Qilu Bank has the right to redeem all or part of the unconverted bonds at face value plus accrued interest [5][6]. Group 2: Market Trends and Implications - This year, several bank convertible bonds have triggered strong redemption, with five bonds exiting the market, highlighting a trend of increasing bond scarcity [2][9]. - The rising stock prices of banks have led to a significant number of convertible bonds potentially triggering redemption, with estimates suggesting around 100 billion CNY in bank convertible bonds may convert this year [10][12]. - The adjustment of conversion prices by banks is aimed at increasing the likelihood of triggering redemption, thereby enhancing their capital positions [10][12].

证券代码：002895 证券简称：川恒股份 公告编号：2025-061 二、董事会会议审议情况 转债代码：127043 转债简称：川恒转债 贵州川恒化工股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 贵州川恒化工股份有限公司（以下简称公司）（证券简称：川恒股份，证券代码： 讯表决的方式召开，全体董事一致同意豁免本次会议通知时限。本次会议应出席会议董 事 9 人，实际出席会议董事 9 人，其中以通讯方式出席会议的董事有王佳才、彭威洋、 金钢、李双海、陈振华，合计 5 人。本次会议由董事长段浩然先生召集和主持，公司监 事及高级管理人员列席了会议。本次会议的召集、召开及表决程序符合有关法律、行政 法规、部门规章、规范性文件和公司章程的规定。 贵州川恒化工股份有限公司 董事会 "川恒转债"自 2025 年 5 月 16 日至 2025 年 6 月 23 日期间，公司股票价格已有十 五个交易日的收盘价不低于"川恒转债"当期转股价格的 130%（2025 年 5 月 16 日至 元/股；2025 年 6 月 13 日至 2025 年 ...

恒帅股份（300969）公告，公司控股股东宁波恒帅投资管理有限公司、实际控制人俞国梅女士及其一致 行动人宁波玉米股权投资管理合伙企业(有限合伙)将所持有的公司可转换公司债券(债券简称：恒帅转 债，债券代码：123256)办理了质押登记手续。本次质押数量为242.88万张，占公司可转债余额比例 74.14%。其中，俞国梅质押58.51万张，占其所持可转债比例100%；宁波恒帅投资管理有限公司质押 175.54万张，占其所持可转债比例100%；宁波玉米股权投资管理合伙企业(有限合伙)质押88318张，占 其所持可转债比例100%。质权人均为西藏信托有限公司，质押用途为个人融资。 ...

固定收益 | 动态跟踪 超长信用债行情能持续多久 固定收益市场周观察 研究结论 风险提示 政策变化超预期；货币政策变化超预期；经济基本面变化超预期；信用风险暴露超预 期；数据统计可能存在遗误 报告发布日期 2025 年 06 月 23 日 | 齐晟 | qisheng@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860521120001 | | 杜林 | dulin@orientsec.com.cn | | | 执业证书编号：S0860522080004 | | 王静颖 | wangjingying@orientsec.com.cn | | | 执业证书编号：S0860523080003 | | 临近季末关注机构行为冲击：固定收益市 | 2025-06-16 | | --- | --- | | 场周观察 | | | 债市增量资金来自哪里：固定收益市场周 | 2025-06-16 | | 观察 | | | 继续以挖掘票息为先：固定收益市场周观 | 2025-06-09 | | 察 | | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或 ...

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 ...

Core Insights - The article discusses a recent investigation by a well-known private equity firm, Hosheng Asset, into a listed company, Haoyuan Pharmaceutical, highlighting its competitive advantages and growth prospects [1] Company Overview - Haoyuan Pharmaceutical has high barriers to entry in its molecular building block business, with a diverse range of products and strong custom R&D capabilities [1] - The company is projected to achieve a revenue of 420 million yuan in 2024, representing a year-on-year growth of 35.7% [1] - Haoyuan's CDMO (Contract Development and Manufacturing Organization) business covers the entire drug development and production process, showcasing core technological, product, and team advantages [1] Production Capabilities - The company has established a production system comprising four key facilities: an API (Active Pharmaceutical Ingredient) factory, a formulation factory, a high-end intermediate factory, and a DC CDMO factory, enabling a three-tiered capacity arrangement [1] - Haoyuan has passed the EU QP audit, ensuring its quality management system and production capabilities meet EU GMP standards, which facilitates further expansion into domestic and international markets [1] Team and Incentives - The company has implemented multiple equity incentive plans targeting core personnel and mid-to-senior management to ensure team stability and creativity [1] Financial Activities - On November 28, 2024, Haoyuan successfully issued convertible bonds, raising 822 million yuan, although it has not yet met the conditions for strong redemption [1]

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