光伏产业链价格已充分调整，供应侧的优化有望带动价格企稳。 投资要点： 本周周观点： 本周光伏产业链价格继续下跌，部分产品已跌破现金成本。根据PVInfolink 公众号，已有 部分厂家无法交付，前期较激进的厂家也开始调整策略。我们认为后续价格有望止跌，光伏产业链的价 格和光伏板块的股价已经充分调整，集中式和海外市场的需求有望边际上升，内外部的一些积极因素也 在逐渐累计，当前位置值得关注。给予光伏行业"增持"评级。 推荐标的：新技术（隆基绿能、爱旭股份、帝尔激光、拉普拉斯）、辅材（中信博、福莱特、福斯 特）、一体化（晶科能源、晶澳科技、天合光能、阿特斯、横店东磁）、专业化（通威股份、协鑫科 技、大全能源、钧达股份、TCL 中环）、逆变器（阳光电源、固德威、德业股份）。 最新一周涨跌幅排名靠前，光伏板块估值居中靠后。我们选取52 家光伏企业作为样本，光伏板块最近 一周（2025 年5 月12 日-5 月16日）涨跌幅1.83%，跑赢沪深300 指数0.13 个百分点，相比SW 行业分类 各板块涨幅排名靠前。估值方面，光伏板块2025 年5 月16日TTM-整体法估值为16.98 倍，与SW 行业分 类各板块相比， ...

Core Viewpoint - The announcement details the adjustment of the conversion price for the company's convertible bonds due to the implementation of the 2024 annual profit distribution plan, which includes a cash dividend of 3.5 yuan per 10 shares [2][3][5]. Group 1: Convertible Bond Details - The company issued 9.30 billion yuan worth of convertible bonds on November 8, 2021, with an initial conversion price of 11.12 yuan per share, which was later adjusted to 7.21 yuan per share before the current adjustment [2][3]. - The adjusted conversion price is set to be 6.86 yuan per share, effective from May 28, 2025, following the annual profit distribution [5][6]. Group 2: Profit Distribution Plan - The company will distribute a cash dividend of 0.35 yuan per share, totaling approximately 171.57 million yuan based on a total share capital of 490,193,073 shares [9][11]. - The profit distribution plan was approved at the annual shareholders' meeting on May 7, 2025, and will be executed for all shareholders registered by the end of the trading day on the equity registration date [9][10]. Group 3: Adjustment Formula - The adjustment of the conversion price follows specific formulas outlined in the bond issuance prospectus, taking into account factors such as cash dividends and stock distributions [4][6]. - The formula for adjusting the conversion price incorporates the cash dividend amount and the number of shares distributed, ensuring compliance with the bond's terms [4][6].

Core Viewpoint - International gold prices are undergoing adjustments, with spot gold prices dropping by 3.75% last week, briefly falling below $3200 per ounce [1] Group 1: Price Trends - The gold price in Shenzhen's Shui Bei market is displayed at 759 yuan per gram, which is nearly a 100 yuan decrease compared to the prices before the May Day holiday [1] - The current gold price is considered to be in a period of fluctuation and adjustment, with expectations for a potential upward trend starting in June [1] Group 2: Consumer Behavior - There is an increase in consumer activity at gold counters, with many local and out-of-town customers visiting specifically to purchase gold [1] - The decline in gold prices is attracting more young consumers into the market [1]

Group 1 - The company issued 7,989,283 convertible bonds with a total value of 799.9283 million yuan, which began trading on August 23, 2021 [1] - The adjustment of the conversion price for the convertible bonds is based on specific formulas outlined in the prospectus, which account for changes in share capital and dividend distributions [2][3] - The company announced a cash dividend of 0.499999 yuan per share, leading to an adjustment of the conversion price from 6.15 yuan to approximately 6.10 yuan per share, effective from May 27, 2025 [3][4] Group 2 - The adjusted conversion price will be applied to bondholders' conversion requests made on or after the adjustment date [2] - The company will ensure that any changes affecting shareholder equity will be handled fairly and in accordance with relevant laws and regulations [2] - The total share capital for the dividend distribution is calculated after excluding repurchased shares, resulting in a base of 891,135,571 shares [2]

证券代码：300651 证券简称：金陵体育 公告编号：2025-038 债券代码：123093 债券简称：金陵转债 江苏金陵体育器材股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 重要内容提示： 一、关于可转换公司债券转股价格调整的相关规定 经中国证券监督管理委员会"证监许可20203555 号"文同意注册的批复， 公司于 2021 年 1 月 19 日向不特定对象发行了 250 万张可转换公司债券，每张面值 经深交所同意，公司 2.50 亿元可转换公司债券于 2021 年 2 月 18 日起在深交 所挂牌交易，债券简称"金陵转债"，债券代码"123093"。根据《 江苏金陵体育 器材股份有限公司向不特定对象发行可转换公司债券募集说明书》"以下简称募集 说明书"），在本次发行之后，当公司发生派送股票股利、转增股本、增发新股（不 包括因本次发行的可转债转股而增加的股本）、配股以及派发现金股利等情况时， 公司将按上述条件出现的先后顺序，依次对转股价格进行累积调整（保留小数点后 两位，最后一位四舍五入），具体调整办法如下： 派送股票股利或转增股本：P1 ...

Core Viewpoint - Zhejiang Southeast Steel Structure Co., Ltd. has announced a cash dividend distribution plan, with a payout of RMB 0.70 per 10 shares, which has been approved by the shareholders' meeting [2][4][5] Trading Information Summary - On May 16, 2025, the stock closed at RMB 4.3, up 1.65%, with a turnover rate of 2.34%, trading volume of 244,400 shares, and a transaction amount of RMB 106 million [1] - The net inflow of funds from major investors was RMB 8.84 million, while retail investors saw a net outflow of RMB 17.71 million [2][5] Company Announcement Summary - The annual equity distribution plan for 2024 has been approved, with a cash dividend of RMB 0.70 per 10 shares (tax included), and no bonus shares or capital reserve transfers [2][4] - The total number of shares for the dividend distribution is 1,115,517,130, resulting in a total cash dividend of approximately RMB 78.09 million (tax included) [4] - The ex-dividend date is set for May 23, 2025, with the record date being May 22, 2025 [3] Convertible Bond Information - The company is issuing convertible bonds with a total amount of RMB 2 billion, with a face value of RMB 100 per bond, and a term of 6 years [4] - The initial conversion price for the bonds is set at RMB 5.73 per share, which will be adjusted to RMB 5.60 per share effective from May 23, 2025 [3][5]

Core Insights - The adjustment in N347 carbon black prices is a direct reflection of changes in supply and demand dynamics, influenced by various factors [2][4] - The global carbon black production industry is undergoing technological improvements and equipment upgrades to enhance capacity and quality, which is essential to meet market demand [2] - The demand for carbon black is steadily increasing due to its wide applications in industries such as rubber, plastics, coatings, and inks, particularly driven by the rapid development in automotive, tire, and construction sectors [2] Supply Factors - Many carbon black manufacturers are facing challenges in the supply chain, including unstable raw material supplies and rising transportation costs, leading to tight supply and price increases [2][3] - The fluctuation in raw material prices and rising production costs, along with stricter environmental regulations, are significant factors affecting carbon black pricing [3] Demand Factors - The continuous growth in demand for carbon black is primarily attributed to its essential role in various industries, which is further accelerated by the expansion of high-demand sectors [2] Company Strategies - Companies should strengthen collaboration with supply chains to ensure stable raw material supplies and negotiate prices and delivery methods to mitigate rising transportation costs [3] - Increasing investment in technological innovation to enhance production efficiency and reduce costs is crucial for maintaining competitiveness [3] - Companies are encouraged to adapt to environmental policy requirements and implement corresponding measures to lower environmental risks, which can also enhance corporate image and brand value [3] - Exploring new market opportunities and business models, particularly in high-value-added products or emerging fields, can help reduce dependency on carbon black market prices [3][4]

Group 1 - The company Zhejiang Southeast Steel Structure Co., Ltd. has received approval from the China Securities Regulatory Commission to issue 20 million convertible bonds at a face value of 100 RMB each, totaling 2 billion RMB [1] - The adjustment of the conversion price for the convertible bonds will occur under specific circumstances such as stock dividends, capital increases, and cash dividends, following a defined formula [2][3] - The conversion price for the "Southeast Convertible Bonds" has been adjusted from 5.73 RMB/share to 5.63 RMB/share, effective from May 30, 2024 [2][3] Group 2 - The conversion price will be further adjusted to 5.67 RMB/share, effective from November 12, 2024, following the completion of share repurchase and cancellation [3] - The company will implement its 2024 annual equity distribution plan on May 22, 2025, with a cash dividend of 0.07 RMB per share, leading to a new conversion price of 5.60 RMB/share [4] - The adjusted conversion price will take effect from the ex-dividend date of May 23, 2025 [4]

证券代码：301188 证券简称：力诺药包 公告编号：2025-047 债券代码：123221 债券简称：力诺转债 山东力诺医药包装股份有限公司 关于实施权益分派期间"力诺转债"暂停转股的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 山东力诺医药包装股份有限公司（以下简称"公司"）于 2025 年 5 月 15 日召开的 2024 年年度股东大会审议通过了《关于公司 2024 年度利润分配预案的 议案》，公司将根据相关规定实施 2024 年度权益分派。根据《公司创业板向不 特定对象发行可转换公司债券募集说明书》中"转股价格的调整方式及计算公式" 条款的规定（详见附件）及有关业务办理指南的规定，公司可转换公司债券"力 诺转债"将于 2025 年 5 月 20 日至 2024 年度权益分派股权登记日止暂停转股， 在上述暂停转股期间，公司可转换公司债券正常交易，敬请"力诺转债"持 有人留意。 上述三项同时进行：P1=（P0-D+A×k）/（1+n+k）。 其中：P1为调整后转股价，P0为调整前转股价，n为派送股票股利或转增股 本率，k为增发新股或 ...

炭黑价格的调整受多种因素的影响，其中包括原材料价格、产能供需关系、政府政策和国际市场竞争等。，原材料价格是影响炭黑价格的重要因素之一。如 涤纶、天然气、碳黑油等成本关键因素的波动，将直接影响到炭黑的生产成本和价格。由于炭黑工艺的特殊性，对原材料的质量和价格要求非常高，一旦原 材料价格发生变动，将直接传导到炭黑产品价格上。 随着全球化的推进和经济的快速发展，中国炭黑行业面临着巨大的机遇和挑战。作为一种重要的化工原料，炭黑在橡胶、塑料、油墨和涂料等多个领域有着 广泛的应用。近年来，N330炭黑价格的调整成为行业的热门话题。 炭黑是一种高级涂料和橡胶材料中的结构性增强剂。它的主要作用是增加产品的强度和硬度，提高耐磨性和耐候性。而N330炭黑作为炭黑产品中的一种， 其颗粒大小、比表面积和碳含量等物理化学特性决定了它在市场上的价值和价格。 ，国际市场竞争也是影响炭黑价格调整的重要因素之一。作为全球最大的炭黑生产和消费国之一，中国炭黑市场不仅受到国内市场竞争的影响，也面临着来 自国际市场的竞争压力。国际市场上，欧美发达国家在炭黑行业技术水平和品质上具有一定优势，而中国炭黑企业则面临着技术创新和产品品质提升的压 力。在国际 ...