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]

固定收益 | 固定收益定期 可转债周报 20250622 证券研究报告 近期评级调整怎么看？ 转债周度专题 截至本周五，当前市场已有 237 只转债披露 2025 年度跟踪评级公告，占 市场转债总数比为 50.3%，剩余转债近期将陆续披露其年度跟踪评级。 当前已更新评级转债中，14 只转债评级调低，但中高评级转债调整比例显 著低于往年。从下调前评级来看，目前本轮转债下调前大多为 A+，AA-及 以上仅 4 只，相对 2022~2024 明显更少。此外，列入信用观察名单或转债 评级展望为负面一共 6 只转债。 从市场价格反映来看，评级下调短期对转债形成一定的利空，但市场总体 影响或相对可控。由于部分机构投资者对转债评级具有一定硬性要求，机 构持仓较高且评级下调转债如闻泰转债、国城转债等存在相对较大幅度调 整，但数量相对较少，而机构持仓偏低、本身评级相对较低转债被下调市 场冲击相对较小。 展望来看，2025 年评级调整或相对乐观，经济复苏预期以及扩内需、化债 等政策支持下，信用风险相对可控，但行业分化和尾部风险仍需警惕。当 前，市场仍有接近半数转债评级暂未更新，一方面来看，对比去年同期权 益市场表现相对更好，下调 ...

2025 年 6 月 22 日 可转债策略半年度回顾以及展望 ---2025 年可转债策略半年度行情展望 瞿新荣 投资咨询从业资格号：Z0018524 quxinrong027631@gtjas.com 刘宇佩（联系人）从业资格号：F03126011 liuyupei027932@gtjas.com 报告导读： 目录 2025 年上半年可转债市场呈现 "BETA 稳健性凸显、优质标的稀缺性加剧、投资者结构分层、策略分化升级" 特征，为后续 布局锚定方向。 展望阶段需聚焦四大主线： 一是延续 "债性为盾、股性为矛" 的 BETA 逻辑，攻守平衡捕捉市场弹性与抗跌性； 二是锚定 "正股优、条款优、债底优" 稀缺标的，深挖供需错配下的 ALPHA 收益； 三是顺应结构变迁，推动套利、多头、中性策略向 "复合工具化" 迭代，量化与主观互补适配周期； 四是通过组合分散、动态调仓、衍生品对冲，管控信用、估值、流动性风险。在波动分化中锚定稀缺价值，实现收益风 险最优平衡。 请务必阅读正文之后的免责条款部分 请务必阅读正文之后的免责条款部分 请务必阅读正文之后的免责条款部分 1 二 〇 二 三 年 度 | 1. 2025 | ...

[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告/债券研究报告 锡振转债定价：首日转股溢价率 29%~33% ---东北固收转债分析 报告摘要： [Table_Summary] 6 月 16 日，无锡振华发布公告，拟于 2025 年 6 月 18 日通过网上发行可 转债，公司本次计划发行可转换公司债券募集资金总额不超过 5.2 亿元。 其中 4.2 亿元拟用于投资"廊坊振华全京申汽车零部件项目"，总投资 6.48 亿元；1 亿元拟用于补充流动资金。 锡振转债发行方式为优先配售，网上发行，债项和主体评级 AA-。发行 规模为 5.20 亿元，初始转股价格为 31.98 元，参考 6 月 19 日正股收盘价 格 32.19 元，转债平价 100.66 元，参考同期限同评级中债企业债到期收 益率（6 月 19 日）为 3.66%，到期赎回价 113 元，计算纯债价值为 95.25 元。博弈条款方面，下修条款（15/30，85%）正常、赎回条款（15/30， 130%）正常、回售条款（30/30，70%）正常。综合来看，债券发行规模 一般，流动性一般，评级尚可，债底保护性较好。机构入 ...

Core Viewpoint - Zhejiang Huayou Cobalt Co., Ltd. plans to change the source of shares for the "Huayou Convertible Bonds" from "newly issued shares" to "priority use of repurchased shares, with any shortfall covered by newly issued shares" [2][9] Summary by Sections Convertible Bond Issuance Overview - The company issued 76 million convertible bonds on February 24, 2022, with a total fundraising amount of 760 million yuan, netting 755.38 million yuan after expenses [2][3] - The bonds began trading on the Shanghai Stock Exchange on March 23, 2022, under the name "Huayou Convertible Bonds" with the code "113641" [3] Convertible Bond Conversion Situation - The initial conversion price was set at 110.26 yuan per share, which has been adjusted multiple times, with the latest price at 34.43 yuan per share [2][4] - The conversion period is from September 2, 2022, to February 23, 2028 [2] Confirmation of Conversion Source Change - The company has completed the necessary legal procedures to change the conversion source, allowing for the use of repurchased shares for conversion starting June 23, 2025 [9] - The company plans to repurchase shares at a price not exceeding 60 yuan per share, with a total repurchase fund of no less than 600 million yuan [8] Repurchase Share Situation - The repurchased shares will be stored in a dedicated securities account, and the total amount of repurchased shares is 750.50 million yuan [8]

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 announced an adjustment to the conversion price of its convertible bonds due to the implementation of the 2024 profit distribution plan, with the new conversion price set at 8.28 CNY per share, effective from June 27, 2025 [2][4]. Group 1: Securities Information - The convertible bonds "天润转债" will be suspended from conversion from June 20, 2025, to June 26, 2025, and will resume conversion on June 27, 2025 [2][4]. - The previous conversion price was 8.30 CNY per share, which has been adjusted to 8.28 CNY per share [2][4]. Group 2: Profit Distribution Plan - The company plans to distribute a cash dividend of 0.2099 CNY per 10 shares (including tax), totaling 6,620,322.57 CNY (including tax) for the 2024 fiscal year [2][3]. - The profit distribution plan was approved at the annual general meeting and will not include stock dividends or capital reserve transfers [2][3]. Group 3: Adjustment Basis - The adjustment of the conversion price is based on the company's profit distribution plan and complies with the terms outlined in the convertible bond issuance document [3][4]. - The formula for adjusting the conversion price is P1 = P0 - D, where P1 is the adjusted conversion price, P0 is the previous conversion price, and D is the cash dividend per share [3].

Table_First|Table_Summary 华福证券 固收定期研究 2025 年 6 月 22 日 如何看近期转债信用面变动 ➢ 如何看近期转债信用面变动 近期进入转债评级调整的密集披露期，若转债评级被下调个券卖压或增强；但评级调整 期结束后，未被评级下调的弱资质转债，若25年信用出现一定的优化，那么债底的修复 或支撑转债价格上升；我们认为转债6月-7月信用挖掘策略具有较强的性价比，投资者 一方面需要跟踪转债评级下调的可能，另一方面跟踪近期个券财务情况边际变化，预测 个券25年信用的变动方向。我们认为转债评级主要评估24年的财务变动和信用情况，通 过定量和定性的分析得到最新的评级结果，但是转债信用挖掘的预期差在于个券25年及 未来信用情况的定价，这方面评级结果解释力度或相对有限。 我们构建了转债信用评分模型，跟踪转债25年Q1的信用情况变动，观察哪些转债在财务 指标和信用资质上有边际优化，通过个券的信用变动分析中观行业层面的信用变动。转 债信用评分模型与转债信用评级互为补充，为投资者分析转债近期信用变动情况和构建 信用挖掘策略提供参考。 信用评分共包含6个维度：规模水平、营运能力、盈利能力、景气度、杠 ...