Group 1 - The company announced a suspension of the conversion of its convertible bonds ("煜邦转债") due to the implementation of the 2024 annual equity distribution plan [1][2] - The board of directors approved a cash dividend of 1.53 yuan (including tax) for every 10 shares and a capital reserve increase of 4 shares for every 10 shares, with no bonus shares distributed [1][2] - The suspension of the bond conversion will take effect from the trading day before the equity distribution announcement, with the resumption of conversion scheduled for the first trading day after the equity registration date [2] Group 2 - The company will adjust the conversion price of the convertible bonds in accordance with the terms outlined in the bond issuance prospectus following the equity distribution [1][2] - Investors interested in further details regarding the convertible bonds can refer to the company's bond issuance prospectus published in 2023 [2]

Key Points - The company has announced the possibility of triggering the downward adjustment of the conversion price for its convertible bonds due to the stock price closing below 85% of the current conversion price for 10 consecutive trading days [1] - The company issued 5.2 million convertible bonds on July 6, 2023, with a total issuance amount of 520 million yuan, and the net proceeds after deducting issuance costs were approximately 507.67 million yuan [1] - The initial conversion price for the bonds is set at 47.85 yuan per share, and the conversion period is from January 12, 2024, to July 5, 2029 [2] - If the stock price remains below 85% of the conversion price for at least 15 out of 30 consecutive trading days, the company’s board can propose a downward adjustment of the conversion price [6][7] - The conversion price was adjusted from 47.54 yuan to 29.58 yuan on June 6, 2024, after the conditions for downward adjustment were met [2] - The current conversion price is subject to further adjustments based on the company's stock performance and the implementation of annual profit distribution plans [6][8]

可转债量化择时、轮动、选 研究背景与策略框架 近年来，可转债市场规模持续扩容，机构投资者占比超 90%，转债正股分布集中于中小市值个股以及银行、电力设备 相关行业。可转换债券作为同时兼具了"股性"和"债性"的资产，其配置意义不仅受转债市场情况影响，更受到权 益市场、债券市场环境影响。本文从转债市场、债券市场、权益市场三个角度综合评价，对当前转债资产投资价值持 中性偏乐观态度。 从框架完整性角度，本文分别从宏观转债配置择时&量化转债择时、中观转债行业轮动、微观量化择券三个维度分别 构建或改进 6 个量化小策略，以期为转债机构客户提供更优的量化方法以及结果参考。同时本文着重于微观量化转债 的两种代表策略：低价和双低策略，分别提出两个经典策略的当前困境，并提出解决方案。 低价策略优化改进："缝补型"策略+"平替型"策略 券策略年中献礼 2025 年 06 月 09 日 基金投资策略报告 证券研究报告 国金证券研究所 分析师：高鹤文（执业 S1130523070002） gaohewen＠gjzq.com.cn 分析师：赵佳（执业 S1130524070003） zhaojia＠gjzq.com.cn 分析师：张剑辉 ...

证券研究报告 南京银行 (601009 CH) | 华泰研究 | | | 动态点评 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 10 日│中国内地 | 区域性银行 | 2025 年 6 月 9 日，南京银行公告称已触发"南银转债"有条件赎回条款。 公司植根江苏优质区域，盈利稳健增长，分红比例保持较高水平，是兼具成 长潜力的股息标的，去年以来股东多次增持彰显发展信心。可转债强赎价附 近博弈阻力加剧，年初以来南京银行涨幅落后可比同业，估值仍有修复潜力。 转股完成后有望夯实公司资本，打开业务拓展空间，维持买入评级。 转债触发强赎，夯实公司资本 公司公告称自 2025 年 5 月 13 日至 2025 年 6 月 9 日期间，已有 15 个交易 日收盘价不低于"南银转债"当期转股价格 8.22 元/股的 130%（含 130%）， 即 10.69 元/股，已触发"南银转债"的有条件赎回条款。本次可转债提前 赎回完成后，将增强公司的资本实力，为业务进一步扩张提供支撑。25Q1 末南银转债未转股余额 105 亿元，以 25Q1 末风险加权资产静态测算，转股 完成后将提升核充率 ...

Core Viewpoint - The announcement details the additional repurchase rights for the "Zhonghe Convertible Bonds" following the approval of changes in fundraising project implementation at the company's shareholder meeting and bondholder meeting [1][2]. Summary by Sections Repurchase Terms and Price - The additional repurchase clause allows bondholders to sell their bonds back to the company at face value plus accrued interest if there are significant changes in the use of raised funds compared to the commitments in the prospectus [1][2]. - The repurchase price is calculated as 100.35 CNY per bond, which includes accrued interest of 0.35 CNY based on a coupon rate of 0.4% for the second year [2][3]. Repurchase Details - The repurchase period is set from June 5, 2025, to June 11, 2025, with funds to be disbursed on June 16, 2025 [3][4]. - During the repurchase period, the "Zhonghe Convertible Bonds" will stop converting into shares but will continue to trade [4][5]. Repurchase Procedure - Bondholders must submit their repurchase requests through the Shanghai Stock Exchange trading system during the specified period, and once confirmed, these requests cannot be revoked [4]. - If the total face value of the convertible bonds falls below 30 million CNY due to repurchases, trading will continue until the end of the repurchase period, after which the company will announce the results [5].

证 券 研 究 报 告 【债券周报】 评级披露仍较缓慢，关注权益轮动向转债传导 ——可转债周报 20250609 上周无转债公告赎回，无转债董事会提议下修 截至 6 月 6 日，无转债公告赎回，杭银转债公告赎回安排，最后交易日为 2025 年 6 月 11 日；力诺转债公告不提前赎回；阳谷转债、纽泰转债、金丹转债公 告预计满足赎回条件。 截至 6 月 6 日，无转债发布董事会提议向下修正议案的公告，无转债公告下修 结果；4 支转债公告不下修，包括韵达、伟测、山石、科顺转债；7 支转债公 告预计触发下修，包括隆 22、闻泰、美锦、文科、垒知、中装转 2、建工转债。 电话：010-66500886 邮箱：zhouguannan@hcyjs.com 执业编号：S0360517090002 上周无转债新券上市及发行，证监会核准转债尚可 上无新增董事会预案、无新增股东大会通过、1 家新增发审委审批通过、无新 增证监会核准，较去年同期分别-1、+0、+0、-2。 截至 6 月 6 日，共有 10 家上市公司拿到转债发行批文，拟发行规模 158.85 亿 元。通过发审委的共有 5 家上市公司，合计规模 36.78 亿元。上 ...

Group 1 - Jinling Sports announced that its convertible bonds experienced significant abnormal fluctuations, with a cumulative price deviation of 39.14% over three consecutive trading days, indicating potential irrational trading behavior and high market risk [3] - Haichen Pharmaceutical reported that its solid-state battery-related business has not yet generated revenue, and the project faces risks related to industrialization and commercialization due to macroeconomic and market environment changes [4] - Jinying Co. confirmed that there have been no significant changes in its daily operations, with stable production costs and sales, and no major adjustments in market conditions or industry policies [5] Group 2 - Lingyi Technology received acceptance from the Shenzhen Stock Exchange for its plan to issue convertible bonds and acquire a 66.46% stake in Jiangsu Kedasitern Automotive Technology Co., Ltd., along with raising supporting funds [6] - Sichuan Road and Bridge announced plans to acquire 100% equity of Chengdu Xinzhu Transportation Technology Co., Ltd. and other related assets to enhance its bridge component business and improve market competitiveness [7] Group 3 - Jianghuai Automobile reported May sales of 33,400 vehicles, a year-on-year decrease of 3.52%, with new energy vehicle sales dropping by 57.81% [9] - Aonong Biological announced May sales of 156,200 pigs, a year-on-year increase of 9.44%, with a total stock of 536,400 pigs at the end of May, reflecting a 22.56% year-on-year increase [10] - Juxing Agriculture reported May sales of 328,000 pigs, a significant year-on-year increase of 61.5%, generating sales revenue of 579 million yuan [12] Group 4 - Hongyuan Electronics' controlling shareholders plan to reduce their holdings by up to 1% of the company's total shares due to personal funding needs [14] - Kaichun Co. announced an increase in its share repurchase price limit from 26.625 yuan to 40 yuan per share, effective June 10, 2025 [16]

领益智造（002600）公告，公司拟通过发行可转换公司债券及支付现金的方式，购买江苏科达斯特恩汽 车股份有限公司66.46%股权并募集配套资金。公司近日收到深圳证券交易所出具的《关于受理广东领 益智造股份有限公司发行可转换为股票的公司债券购买资产并募集配套资金申请文件的通知》。深交所 认为申请文件齐备，决定予以受理。本次交易尚需通过深交所审核并取得中国证券监督管理委员会同意 注册的批复，最终能否通过审核、取得注册，以及最终通过审核、取得注册的时间仍存在不确定性。 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 以下文章来源于债券人 ，作者光大证券固收研究 债券人 . 唯有进行扎实的基本面研究，方能行稳致远。 转债价格的均值为121.66元（上周为120.19元），分位值为81.3%（上周为72.9%）； 转债平价的均值为93.22元（上周为92.52元），分位值为65.9%（上周为61.5%）； 转债转股溢价率的均值为29.8%（上周为30.3%），分位值为59.9%（上周为60.9%）；其中，中平价（转 股价值为90至110元之间）可转债的转股溢价率为24.2%（上周为23.4%），高于2018年以来中平价转债转 股溢价率的中位数（19.8%）。 3、可转债表现和配置方向 本周转债市场继续回暖，本周中证转债指数录得+1.1%涨幅。 ...

关于调整2024年年度利润分配方案每股分红金额的公告：每股派发现金红利由0.375元（含税）调整为 0.3825元（含税），实际利润分配总额为76481065.10元（含税）。 关于以集中竞价交易方式回购股份的进展公告：截至2025年5月31日，公司累计回购股数15,163,797股， 支付金额319,927,815.29元，实际回购价格区间为16.48元/股至26.03元/股。2025年5月，公司通过集中竞 价交易方式回购980,000股，支付金额25,434,430.97元。 截至2025年6月6日收盘，广大特材（688186）报收于26.16元，较上周的25.81元上涨1.36%。本周，广 大特材6月4日盘中最高价报26.95元。6月3日盘中最低价报25.36元。广大特材当前最新总市值56.27亿 元，在风电设备板块市值排名17/27，在两市A股市值排名2651/5148。 本周关注点 公司公告汇总 2024年年度权益分派实施公告：每股现金红利0.3825元（含税），股权登记日2025年6月11日，除权 （息）日及现金红利发放日均为2025年6月12日。 以上内容为证券之星据公开信息整理，由AI算法生成 ...