Group 1 - The company, Jiangsu Pacific Precision Forging Technology Co., Ltd., has decided to exercise the early redemption rights of its convertible bonds, known as "Precision Convertible Bonds" [1][11] - The total amount of the convertible bonds issued was 980,000 units, with a face value of 100 yuan each, resulting in a total issuance amount of 98 million yuan, and a net fundraising amount of approximately 96.81 million yuan after deducting issuance costs [2][3] - The initial conversion price of the convertible bonds was set at 13.09 yuan per share, which was adjusted to 12.97 yuan per share after a cash dividend distribution [3][4] Group 2 - The company has established conditional redemption clauses for the convertible bonds, which can be triggered if the stock price exceeds 130% of the conversion price for at least 15 trading days within a 30-day period [8] - The redemption price for the bonds is calculated based on the face value plus accrued interest, with the accrued interest for each bond calculated to be 0.45 yuan, leading to a total redemption price of 100.45 yuan per bond [9] - The company’s board of directors has approved the early redemption of the convertible bonds, and the management has been authorized to handle all related matters [11][12]

一、关于可转换公司债券转股价格调整的相关规定 濮阳濮耐高温材料（集团）股份有限公司（以下简称"公司"）于 2021 年 5 月 26 日公开发行了 6,263,903 张可转换公司债券，每张面值 100 元，发行总额 换公司债券募集说明书》（以下简称"募集说明书"）的有关规定，"濮耐转债" 发行之后，若公司发生派送红股、转增股本、增发新股（不包括因本次发行的可 转换公司债券转股而增加的股本）、配股以及派发现金股利等情况，将按下述公 式进行转股价格的调整（保留小数点后两位，最后一位四舍五入）： 派送红股或转增股本：P1＝P0/（1+n）； 证券代码：002225 证券简称：濮耐股份 公告编号：2025-039 债券代码：127035 债券简称：濮耐转债 濮阳濮耐高温材料（集团）股份有限公司 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： 增发新股或配股：P1＝（P0+A×k）/（1+k）； 上述两项同时进行：P1＝（P0+A×k）/（1+n+k）； 派送现金股利：P1＝P0-D； 上述三项同时进行：P1＝（P0-D+A×k）/（1+n+k）。 其中： ...

Group 1 - The bond issued by Guosen Securities, referred to as "21 Guosen 04," will pay interest on July 7, 2025, with a coupon rate of 3.68% [1][2] - Each 10 bonds will distribute a pre-tax interest of 36.80 yuan, resulting in a post-tax amount of 29.44 yuan for individual investors after a 20% tax deduction [1][2] - The bond has been rated AAA with a stable outlook, ensuring a high level of creditworthiness [1] Group 2 - The interest payment will be made to all registered holders of "21 Guosen 04" as of the close of trading on July 4, 2025 [2] - The payment process will be managed by China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, which will distribute the interest to designated securities firms [2] - Individual bondholders are responsible for paying a 20% personal income tax on the interest received, which will be withheld at the time of payment [2][4] Group 3 - Non-resident enterprises, including QFII and RQFII, are exempt from corporate income tax on interest income from this bond until December 2025 [4] - Other bondholders are required to self-manage their tax obligations on the interest income [4] Group 4 - For inquiries, Guosen Securities provides contact information including a phone number and address for further assistance [4]

Core Viewpoint - The company announces that the convertible bond "Jian Gong Convertible Bond" is expected to trigger conditions for a downward adjustment of the conversion price due to the stock price being below 90% of the current conversion price for five trading days [1][6] Group 1: Convertible Bond Basic Information - The company issued 16,600,000 convertible bonds with a total amount of 1.66 billion yuan, with a maturity period of six years starting from December 20, 2019 [2] - The current conversion price of the "Jian Gong Convertible Bond" is 4.07 yuan per share, adjusted from the initial price of 4.65 yuan per share [3] Group 2: Conditions for Price Adjustment - The conversion price can be adjusted downwards if the stock price is below 90% of the current conversion price for at least 10 out of any 20 consecutive trading days [3] - If the conditions are met, the board of directors will convene to decide on the adjustment and disclose the information promptly [4][6] Group 3: Triggering Conditions - From June 27 to July 3, 2025, the stock has already recorded five trading days with closing prices below 3.663 yuan (90% of the current conversion price) [6] - If in the following 15 trading days, there are an additional five trading days meeting the same condition, the adjustment clause will be triggered [6]

Group 1 - The company issued 5.1 million convertible bonds with a total value of 510 million yuan, approved by the China Securities Regulatory Commission on September 29, 2022 [1][19] - The bonds have a maturity period of six years, from September 29, 2022, to September 28, 2028, with a conversion period starting from April 12, 2023, to September 28, 2028 [1][4] - The initial conversion price is set at 6.04 yuan per share, subject to adjustments based on specific corporate actions [4][5] Group 2 - The company plans to use the raised funds for projects including the construction of high-performance glass fiber cotton and clean air filtration materials, with a total investment of 53.01 million yuan [13][14] - The company has established a special account for the management of the raised funds, ensuring compliance with regulations [19][23] - The company has a credit rating of "AA-" for the bonds, indicating a strong creditworthiness [19][24] Group 3 - The company reported a 12.90% increase in operating revenue for 2024 compared to 2023, despite a decrease in overall revenue due to the exclusion of a subsidiary from consolidation [17] - The net profit attributable to shareholders increased by 192.52% to 56.25 million yuan, with basic earnings per share at 0.0888 yuan [17][18] - The company maintains a healthy liquidity position, with a current ratio of 5.50 and a quick ratio of 4.77 [24]

7 月利率展望：震荡格局下波段为主，关注大会增量 20250703 摘要 6 月债市整体震荡，实债收益率小幅下降至 1.65%左右。央行超预期买 断式逆回购操作呵护流动性，中美关税谈判及地缘政治冲突影响市场情 绪。月末银行季末考核压力导致债市小幅震荡走弱，但整体略走牛。 央行两次买断式逆回购操作净投放超 2000 亿，一年期国债收益率下降 超 10 个基点至约 1.35%，期限利差扩大至 38 个基点左右，国债收益 率曲线呈现走陡态势。 预计 7 月 CPI 同比增速在 0 附近徘徊，猪肉价格继续下行，原油价格因 地缘冲突有所回升。核心 CPI 温和回升受五一假期影响，消费修复内生 动力有限，对 CPI 拉动作用较弱。 预计政府债将继续成为社融主要支撑力量，6 月政府债净供给超 1.6 万 亿，同比翻倍。企业工业利润 5 月快速回落至负区间，居民部门地产修 复情况不明确，票据利率偏小幅度表现不支持社融大幅提升。 5 月出口保持正增长 4.8%，受抢出口和转出口韧性支撑。若中美关税互 免期内外溢性影响不显著，东盟、印度、欧洲等主要出口国仍会形成支 撑。下半年出口增速可能转负，需关注中美关税互免期结束时美方态度 ...

三季度债券市场利率向下突破的动力是什么？ 利率向下突破的动力——三季度债市展望 20250703 摘要 当前资金面宽松，机构投资者对资金面的分歧可能减轻，并趋向一致乐 观，即使没有央行干预，资金也会保持宽松状态，从而驱动利率继续下 行。 尽管没有宏观基本面或央行政策的大幅宽松，低利率环境下投资者竞争 激烈，机构行为对市场影响力放大，三季度可能形成一致看多局面，推 动利率自然向下突破。 下半年固收资管产品购买意愿预计会提升，企业和居民更倾向于配置固 收资管产品，受缺乏高收益低风险资产、股市分流资金有限及理财产品 吸引力影响。 银行和保险机构预计将加大对债券市场的配置力度，反映出他们对于稳 定收益资产需求增加，同时也符合当前宏观经济环境下稳健投资策略的 发展方向。 2025 年上半年银行在基金投资方面表现出较为谨慎的态度，但从二季 度末开始，债券基金的表现明显边际好转，银行的流动性管理已经有所 缓解。 Q&A 我们认为三季度债券市场利率存在向下突破的动力，这一判断主要基于机构行 为的视角。首先，资金面的担忧虽然在 6 月份有所缓解，但市场普遍预期 7 月 份之后资金面会边际收紧。然而，我们认为这种预期可能会落空， ...

Core Viewpoint - The article highlights the accelerated issuance of local government bonds in China during the first half of the year, with a total issuance of approximately 5.5 trillion yuan, reflecting a year-on-year growth of about 57% [1][2]. Group 1: Bond Issuance Overview - In the first half of the year, local government bonds were issued at a rapid pace, with new bonds accounting for approximately 2.6 trillion yuan, a year-on-year increase of 43%, while refinancing bonds reached about 2.9 trillion yuan, growing by approximately 73% [1][2]. - More than half of the funds from local government bonds were used for refinancing old debts, which alleviated current fiscal pressures and allowed local governments to focus more on development and public welfare [2]. Group 2: Fund Allocation and Project Focus - The newly issued special bonds, totaling around 2.2 trillion yuan, were primarily directed towards infrastructure and public welfare projects, with significant allocations to municipal and industrial park infrastructure (28%), transportation projects (19%), and land reserve projects (11%) [3]. - The government has allowed special bonds to be used for land reserve projects to stabilize the real estate market, leading to increased funding in this area [3]. Group 3: Debt Management and Financial Health - The average issuance term of local government bonds has extended to 16.4 years, with an average interest rate of 1.95%, lower than the previous year's rate of 2.29%, which helps reduce financing costs [4]. - As of May 2025, the total local government debt stood at 51.25 trillion yuan, remaining within the limit of 57.99 trillion yuan, indicating that debt risks are generally manageable [4]. - The Ministry of Finance plans to expedite the issuance of long-term special bonds to support economic stability and growth, with expectations for increased issuance in the third quarter [4].

阿里巴巴最新动态！ 7月3日，阿里巴巴发布公告称，计划发行本金总额约120亿港元、2032年到期的零息可交换债券。债券发 行募集资金净额将用于投入云计算基础设施建设和支持国际电商业务发展。 根据公告，债券将参考阿里健康在香港联交所上市的普通股。阿里巴巴可选择通过交付阿里健康股份、现 金或现金与阿里健康股份的组合方式履行交换义务。即便全部使用阿里健康股票结算，预计阿里巴巴仍将 保持对阿里健康的控股权。 在年报致股东信中，阿里巴巴集团董事会主席蔡崇信、阿里巴巴集团CEO吴泳铭表示，未来十年，最大的 增量和变量都是以AI为核心的驱动力带来的变革。股东信还提到，"阿里巴巴将AI视为业务增长的核心驱 动力，也是面向未来发展的最大机遇之一，因此全力投入AI基础设施和技术先进性建设，提升在全球科技 领域的竞争力，并将其转化为业务增长的持续动能。" 可交换债券是一种较常见的融资方式。企业可根据资本管理和业务发展需要，综合考虑市场优惠利率状 况，适时开展融资活动，充分利用优惠利率资金投入发展。今年以来，可交换债券发行较为活跃，2025年 3月，百度发行了20亿美元的可交换债券。2025年5月，中国石化发行了77.5亿港元（约1 ...

Core Viewpoint - The approval of the first batch of 10 Science and Technology Innovation Bond ETFs marks a significant development in the bond ETF market, which has seen rapid growth in 2023, surpassing 380 billion yuan in total scale, with over 60% of net inflows in the ETF market attributed to bond ETFs [1][6][9]. Group 1: Approval and Launch of Science and Technology Innovation Bond ETFs - The first batch of 10 Science and Technology Innovation Bond ETFs has been officially approved, with a swift approval process of only half a month from the submission of materials [1][3]. - The fund managers of these ETFs have announced that the issuance will start on July 7, with a maximum fundraising scale of 3 billion yuan for each product [4]. - The ETFs will track various indices, including the China Securities AAA Technology Innovation Company Bond Index and the Shanghai Stock Exchange AAA Technology Innovation Company Bond Index [3][4]. Group 2: Growth of Bond ETFs - The total scale of bond ETFs has rapidly exceeded 380 billion yuan, with a significant year-on-year growth of 146.03% as of the end of the first quarter of 2023 [6][9]. - As of July 2, the bond ETF market consists of 29 products, and if the new Science and Technology Innovation Bond ETFs are successfully launched, the total will increase to 39 [6]. - The average annual return of bond ETFs has been stable, with 15 out of 29 products achieving returns exceeding 1% this year [9]. Group 3: Market Dynamics and Investor Sentiment - The growth of bond ETFs is driven by several factors, including their trading advantages, increased demand for safe-haven assets, and policy support [8]. - The bond ETF market has become a new focus for investors, with net inflows accounting for over 60% of total ETF net inflows this year [9]. - The Science and Technology Innovation Bond ETFs are expected to provide investors with convenient tools for allocating high-quality technology innovation company bonds [5][10].