证券代码：688597 证券简称：煜邦电力 公告编号：2025-035 ? 调整前转股价格：10.07 元/股 北京煜邦电力技术股份有限公司 关于实施 2024 年年度权益分派调整"煜邦转债"转股价格的公告 债券代码：118039 债券简称：煜邦转债 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,北京煜邦电力技术股份有限公司（以下简称"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 16 日） 至权益分派股权登记日（2025 年 6 月 20 日）期间，本公司可转债将停止转股。2025 年 6 月 23 日起恢复转股。 停牌起始 停牌 证券代码 证券简称 停复牌类型 停牌终止日 复牌日 ? 调整后转股价格：7.30 元/股 ? 转股价格调整实施日期：2025 年 6 月 23 日 一、转股价格调整依据 公司于 2025 年 3 月 27 日召开第四届董事会第五次会议及第四届监事会第四 次会议，并于 2025 年 5 ...

2025 年 6 月 20 日 总量研究 可转债信用风险观察 ——基于 24 年年报和 25 年一季报的研究 要点 1、可转债市场发展概况 投资性现金流：24 年发行人购建固定资产、无形资产和其他长期资产支付的现 金规模整体同比有所下降，多数行业资本支出放缓。24 年发行人整体投资性现 金流净流出 4871.51 亿元，较 2023 年净流出规模有所缩减。 筹资性现金流：24 年发行人整体筹资性现金流净流入规模同比缩减。24 年净流 入 232.19 亿元，同比降低 75.56%。电力设备、电子和基础化工等行业筹资性 现金流净流入规模较大，对外部融资的依赖较强。钢铁、交通运输、农林牧渔行 业筹资性现金流净流出规模较大。 债务负担和偿债能力：杠杆率方面，24 年末发行人整体资产负债率 60.93%，较 23 年末增长 1.29 个百分点。债务规模方面，24 年末可转债发行人全部债务规 模达 25,891.71 亿元，较 23 年末增长 9.54%；25Q1 末全部债务 27,439.59 亿 元。债务结构方面，24 年末发行人短期债务占比较 23 年末有所下降。偿债能力 方面，24 年末发行人整体偿债能力有所弱 ...

观点 证券研究报告·固定收益·固收点评 固收点评 20250620 锡振转债：汽车车身结构件制造主力军 2025 年 06 月 20 日 [Table_Tag] [Table_Summary] 事件 2025-06-19 《安克转债：消费电子出海龙头》 2025-06-17 东吴证券研究所 1 / 13 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 陈伯铭 执业证书：S0600523020002 chenbm@dwzq.com.cn 相关研究 《华辰转债：输配电及控制设备领域 先锋》 请务必阅读正文之后的免责声明部分 ◼ 锡振转债（111022.SH）于 2025 年 6 月 18 日开始网上申购：总发行规 模为 5.20 亿元，扣除发行费用后的募集资金净额用于廊坊振华全京申 汽车零部件项目。 ◼ 当前债底估值为 95.23 元，YTM 为 2.81%。锡振转债存续期为 6 年,中 证鹏元资信评估股份有限公司资信评级为 AA-/AA-,票面面值为 100 元， 票面利率第一年至第六年分别为：0.20%、0.40%、0.80 ...

Core Viewpoint - The company, Weihai Guangtai Airport Equipment Co., Ltd., has announced its 2024 annual profit distribution plan, which includes a cash dividend of 1.0 yuan per 10 shares for all shareholders, excluding shares held in the repurchase account [2][3][6]. Group 1: Profit Distribution Plan - The profit distribution plan was approved at the 2024 annual shareholders' meeting held on May 13, 2025, and the announcement was published on May 14, 2025 [3][4]. - The total cash dividend amount is 51,565,046.80 yuan, calculated based on the adjusted share capital of 515,650,468 shares after excluding 16,355,393 repurchased shares [2][3][6]. - The cash dividend will be distributed on June 27, 2025, with the record date set for June 26, 2025 [7][8]. Group 2: Convertible Bond Price Adjustment - The company will adjust the conversion price of its convertible bonds, "Guangtai Convertible Bonds," from 9.25 yuan per share to 9.15 yuan per share due to the cash dividend distribution [13][18]. - The adjustment formula used is P1 = P0 - D, where P0 is the previous conversion price and D is the cash dividend per share [18]. - The new conversion price will take effect on June 27, 2025 [13][18].

证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20250619 市场概况：今日转债多数行业下跌，估值环比压缩 指数表现：中证转债指数环比下降 0.49%、上证综指环比下降 0.79%、深证成 指环比下降 1.21%、创业板指环比下降 1.36%、上证 50 指数环比下降 0.54%、 中证 1000 指数环比下降 1.42%。 市场风格：大盘价值相对占优。大盘成长环比下降 0.64%、大盘价值环比下降 0.55%、中盘成长环比下降 0.89%、中盘价值环比下降 1.08%、小盘成长环比 下降 0.86%、小盘价值环比下降 1.19%。 资金表现：转债市场成交情绪减弱。可转债市场成交额为 571.27 亿元，环比 减少 4.01%；万得全 A 总成交额为 12808.90 亿元，环比增长 4.84%；沪深两 市主力净流出 393.92 亿元，十年国债收益率环比上升 0.41bp 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 119.47 元，环比昨日下降 0.46%。其中偏股型转债的收盘价为 164.70 元，环比 上升 2.92%；偏债型转债的收盘价为 111 ...

Core Viewpoint - The company has announced adjustments to the conversion price of its convertible bonds, "Guotai Convertible Bonds," in response to various corporate actions, including stock repurchases and dividend distributions. Group 1: Convertible Bond Issuance and Price Adjustment - The company issued convertible bonds worth 700 million yuan on October 18, 2023, with an initial conversion price set at 9.38 yuan per share [1][2]. - The conversion price will be adjusted based on specific corporate actions such as stock dividends, capital increases, and cash dividends, following established formulas [1][2]. Group 2: Historical Adjustments to Conversion Price - The conversion price remained unchanged at 9.38 yuan per share after the repurchase of 151,200 restricted shares, which accounted for 0.03% of the total share capital [3]. - Following a repurchase of 3,096,044 restricted shares (0.58% of total share capital), the conversion price was adjusted to 9.40 yuan per share, effective from April 19, 2024 [4][5]. - After a cash dividend distribution of 1.0 yuan per 10 shares, the conversion price was further adjusted to 9.30 yuan per share, effective from July 12, 2024 [5]. - A subsequent cash dividend distribution of 0.5 yuan per 10 shares led to another adjustment, bringing the conversion price down to 9.25 yuan per share, effective from September 25, 2024 [6]. - The latest adjustment, effective from June 27, 2025, sets the conversion price at 9.15 yuan per share, following a cash dividend distribution of approximately 0.0969 yuan per share [6].

证券代码：000401 证券简称：冀东水泥 公告编号：2025-053 债券代码：127025 证券简称：冀东转债 唐山冀东水泥股份有限公司 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 证券代码：000401 证券简称：冀东水泥 债券代码：127025 证券简称：冀东转债 调整前转股价格：13.11 元/股 调整后转股价格：13.01 元/股 本次转股价格调整生效日期：2025 年 6 月 26 日 一、关于可转换公司债券转股价格调整的相关规定 经中国证监会"证监许可20202416 号"批准，唐山冀东水泥股份有 限公司（以下简称公司）于 2020 年 11 月 5 日公开发行了 2,820.00 万张 可转换公司债券，每张面值 100 元，发行总额 282,000.00 万元。经深交 所"深证上〔2020〕1166 号"文同意，公司 282,000.00 万元可转换公司 债券于 2020 年 12 月 2 日起在深交所挂牌交易，债券简称"冀东转债"， 债券代码"127025" 根据《唐山冀东水泥股份有限公司公开发行可转换公司债券募集说明 书》（ ...

Summary of Key Points Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds due to the distribution of cash dividends, resulting in a decrease from 12.23 CNY to 11.78 CNY per share, effective from June 27, 2025 [1][2][4]. Group 1: Conversion Price Adjustment - The conversion price before adjustment was 12.23 CNY per share [1][3]. - The adjusted conversion price after the cash dividend distribution will be 11.78 CNY per share [1][3]. - The adjustment will take effect on June 27, 2025, which is the ex-dividend date [4]. Group 2: Dividend Distribution Details - The company will distribute cash dividends at a rate of 4.50 CNY per 10 shares (including tax) [1][2]. - The record date for the dividend distribution is set for June 26, 2025, with the ex-dividend date and cash dividend payment date on June 27, 2025 [2][4]. - The adjustment to the conversion price is in accordance with the terms outlined in the bond issuance prospectus [2][3].

Core Points - The company has decided not to adjust the conversion price of its convertible bonds, despite triggering conditions for a downward adjustment due to stock prices falling below 80% of the current conversion price for at least 15 trading days within a 30-day period [1][8] - The next period for potential adjustment will restart from December 22, 2025, if the conditions are triggered again [1][8] Convertible Bond Basic Information - The company issued 5 million convertible bonds at a face value of 100 RMB each, totaling 500 million RMB, which began trading on January 12, 2021 [1][2] - The initial conversion price was set at 35.35 RMB per share [2] Conversion Price Adjustment History - The conversion price was adjusted to 35.15 RMB per share on June 11, 2021, following a cash dividend distribution of 2.00 RMB per 10 shares [2][3] - Subsequent adjustments occurred, with the conversion price changing to 34.98 RMB on May 25, 2022, and further adjustments to 34.81 RMB on May 26, 2023, and 34.61 RMB on June 17, 2024 [3][4][5] Non-Adjustment Decision Explanation - The board of directors considered various factors, including the company's fundamentals and market conditions, before deciding not to adjust the conversion price on June 19, 2025 [8] - The decision aims to maintain the long-term interests of all shareholders and creditors [8]

Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds despite triggering conditions for a downward adjustment, reflecting confidence in its long-term development and intrinsic value [5]. Convertible Bond Issuance and Trading - The company issued 10.088 million convertible bonds on November 28, 2022, with a total fundraising amount of RMB 1,008.80 million, and a net amount of RMB 991.37 million after expenses [1]. - The bonds began trading on the Shanghai Stock Exchange on December 22, 2022, with an initial conversion price set at RMB 88.91 per share [2]. Conversion Price Adjustment - The conversion price was adjusted downward from RMB 62.98 to RMB 40.94 per share on February 13, 2025, due to the stock price falling below the stipulated threshold [3]. - The company has a mechanism in place for adjusting the conversion price if the stock price remains below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [4]. Decision on Price Adjustment - As of June 19, 2025, the stock price had indeed triggered the conditions for a downward adjustment of the conversion price [4]. - However, the board of directors, after considering various factors, voted unanimously to not proceed with the downward adjustment, maintaining the current conversion price for at least one month [5].