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 ...

2025 年 06 月 21 日 利好因素增多，大盘转债继续领涨 ——转债周度跟踪 20250620 ⚫ 1. 周观点及展望 ⚫ 上涨动能减弱+海外因素扰动等因素影响下权益市场下跌，加之非银转债密集提议下修， 转债大盘表现好于小盘，非银、公用事业、银行、电力设备等板块领涨，底仓品种表现 亮眼，市场情绪仍高涨，转债估值向上突破关键点位。此外，评级下调仍是压制因素之 一，今年 5 月至 6 月 20 日共有 11 只转债被下调评级（2024 年同期共 13 只），转债评 级下调情况大致持平于去年同期，偏债型转债被下调评级后普遍表现较差，但平价水平、 违约预期整体好于去年，导致信用风险预期并未明显扩散，光伏转债震荡偏强。策略上， 股债震荡市预期下，估值强支撑下的转债资产有望录得不错相对收益，建议维持中性仓 位，勤交易，积少成多。配置上，建议仍以高股息大盘偏债转债为主，叠加平衡偏股方 向，重点关注近期提议下修的案例，寻找潜在强促转股意愿的标的。继续推荐不对称性 交易、双低动量及结合条款博弈。 ⚫ 2. 转债估值 债 券 周 评 相关研究 - 证 券 研 究 报 告 黄伟平 A0230524110002 huangwp ...

2025 年 6 月 21 日 总量研究 小幅调整 ——可转债周报（2025 年 6 月 16 日至 2025 年 6 月 20 日） 要点 1、市场行情 本周（2025 年 6 月 16 日至 6 月 20 日，共 5 个交易日）转债市场小幅调整，全 周中证转债指数涨跌幅为-0.2%（上一交易周为 0%），本周中证全指变动为 -1.2%。2025 年开年以来，中证转债涨跌幅为+4.5%，中证全指数涨跌幅为 +0.1%，转债市场表现好于权益市场。 分评级来看，高评级券（评级为 AA+及以上）、中评级券（评级为 AA）、低评 级券（评级为 AA-及以下）本周涨跌幅分别为-0.08%、-0.57%、-0.27%，高评 级券本周跌幅最少。分转债规模看，大规模转债（债券余额大于 50 亿元）、中 规模转债（余额在 5 至 50 亿元之间）、小规模转债（余额小于 5 亿元）本周涨 跌幅分别为-0.15%、-0.30%和-0.44%，大规模转债跌幅最少。分平价来看，超 高平价券（转股价值大于 130 元）、高平价券（转股价值在 110 至 130 元之间）、 中平价券（转股价值在 90 至 110 元之间）、低平价券（转 ...

证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20250620 市场概况：今日转债多数行业下跌，估值环比抬升 指数表现：中证转债指数环比下降 0.01%、上证综指环比下降 0.07%、深证成 指环比下降 0.47%、创业板指环比下降 0.83%、上证 50 指数环比上涨 0.31%、 中证 1000 指数环比下降 0.80%。 市场风格：大盘价值相对占优。大盘成长环比上涨 0.02%、大盘价值环比上涨 0.76%、中盘成长环比下降 0.48%、中盘价值环比下降 0.11%、小盘成长环比下 降 0.83%、小盘价值环比下降 0.20%。 资金表现：转债市场成交情绪升温。可转债市场成交额为 573.28 亿元，环比 增长 0.35%；万得全 A 总成交额为 10917.40 亿元，环比减少 14.77%；沪深两 市主力净流出 223.42 亿元，十年国债收益率环比降低 0.29bp 至 1.64%。 转债价格：转债中枢下降，高价券占比下降。转债整体收盘价加权平均值为 119.43 元，环比昨日下降 0.02%。其中偏股型转债的收盘价为 159.13 元，环比 下降 3.37%；偏债型转债的收盘价为 11 ...

Core Viewpoint - The company is facing significant debt pressure, with over 90% of its convertible bonds remaining unconverted, prompting a strategic move to convert these bonds to equity to alleviate financial strain [2][3][5]. Group 1: Convertible Bonds - The convertible bonds issued by the company, known as "帝欧转债" (127047.SZ), were launched in October 2021 with a total size of 1.5 billion yuan and a six-year term, leaving just over two years until maturity [3]. - As of June 18, 2023, approximately 1.396 billion yuan of the convertible bonds remain unconverted, representing about 93.04% of the total issuance [5]. - The coupon rate of the convertible bonds increases annually, currently at 1.6%, with the next interest payment due in October 2023, estimated at around 22.336 million yuan [5]. Group 2: Debt Management Strategy - The company's actual controller, Zhu Jiang, has facilitated the conversion of approximately 10.3169 million shares from the convertible bonds held by Chengdu Shuihua Zhiyun Technology Co., increasing the controlling stake from 26.46% to 28.31% [2]. - Zhu Jiang has committed to reducing the outstanding balance of the convertible bonds and ensuring that the combined shareholding of the actual controllers does not exceed 30%, which may help avoid mandatory tender offer obligations [9][11]. - The strategic cooperation agreement signed between Zhu Jiang and the original controllers aims to effectively resolve the convertible bond repayment risks [7][11]. Group 3: Financial Health and Industry Comparison - The company's debt-to-asset ratio has been on the rise, currently exceeding 70%, compared to lower ratios among peers in the industry, such as Dongpeng Holdings at 36.29% and Mona Lisa at 52.59% [14][16]. - The debt-to-asset ratio has increased from 10.91% in 2016 to 72.33% in 2024, indicating a concerning trend of rising leverage [15]. - The company's financial struggles, including continuous losses, have eroded its capital strength, which may hinder its ability to convert convertible bonds and maintain control stability [16][17].

Group 1 - The company held its 19th (temporary) meeting of the 5th Board of Directors on June 20, 2025, with all seven directors present, and the meeting complied with relevant regulations [1] - The Board decided not to adjust the conversion price of the "Keli Convertible Bond" downwards, despite it triggering the downward adjustment clause as of June 20, 2025 [2] - The decision was made considering the company's fundamentals, stock price trends, and market environment, aiming to protect the interests of all investors [2] Group 2 - The company plans to invest up to €50 million in the construction of the third phase of the precision structural components project for power batteries in Hungary [2][3] - The investment proposal was approved unanimously by the Board, with all seven votes in favor [3]

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Group 1 - The core point of the announcement is the adjustment of the conversion price for Huazhong Securities' convertible bonds due to the 2024 annual profit distribution plan [1][2] - The conversion price has been adjusted from RMB 5.92 per share to RMB 5.82 per share, effective from June 30, 2025 [2] - The company will distribute a cash dividend of RMB 0.1 per share, totaling RMB 467,839,853.5, based on the total share capital of 4,678,398,535 shares [1][2] Group 2 - The adjustment of the conversion price is based on the formula P1 = P0 - D, where P1 is the adjusted conversion price, P0 is the previous conversion price, and D is the cash dividend per share [1] - The convertible bonds will be suspended from conversion from June 20, 2025, until the record date of the profit distribution on June 27, 2025, and will resume conversion on June 30, 2025 [2]

Group 1 - The core opinion of the article is that Guohai Securities has conducted a review of Tianyang Hongye Technology Co., Ltd.'s early redemption of "Tianyang Convertible Bonds" and found it compliant with relevant regulations and agreements [1][12] - Tianyang Technology issued convertible bonds amounting to 975 million yuan on March 23, 2023, with the funds verified and deposited into a designated account [1][2] - The initial conversion price of the bonds was set at 14.92 yuan per share, which was later adjusted downwards to 11.88 yuan per share due to stock price conditions [2][3] Group 2 - The bond's conversion period is from October 9, 2023, to March 22, 2029, with specific conditions for price adjustments based on stock performance [2][4] - The company has triggered the conditional redemption clause as the stock price exceeded 130% of the conversion price for 15 trading days [8][9] - The redemption price is set at 100.24 yuan per bond, including accrued interest, with the redemption process scheduled for July 11, 2025 [9][11] Group 3 - The board of directors approved the early redemption of the bonds on June 18, 2025, based on market conditions and company circumstances [10][12] - The actual controller and major shareholders have engaged in trading the bonds prior to the redemption conditions being met, with specific trading details provided [11][12] - The review by the sponsor institution confirmed that the redemption process followed necessary decision-making procedures and complied with applicable laws and regulations [12][13]

Group 1 - The company, SanYangMa (Chongqing) Logistics Co., Ltd., issued 2.1 million convertible bonds with a total fundraising amount of RMB 210 million, with a maturity of 6 years and a face value of RMB 100 per bond [1] - The adjustment of the conversion price for the convertible bonds will occur in the event of stock dividends, capital increases, new share issuances, and cash dividends, following specific formulas outlined in the prospectus [2][3] - The conversion price of the convertible bonds was adjusted from RMB 37.65 per share to RMB 37.53 per share, effective from June 11, 2024 [3] Group 2 - The company plans to distribute profits based on the total share capital as of the record date for profit distribution, with adjustments made if the total share capital changes due to share buybacks or other factors [3] - The record date for the profit distribution is set for June 24, 2025, with the ex-dividend date on June 25, 2025 [4] - Following the profit distribution, the conversion price of the convertible bonds will be adjusted to RMB 37.43 per share, effective from June 25, 2025 [4]