Core Viewpoint - Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. announces the conditional redemption of its convertible bonds due to the stock price falling below 70% of the conversion price for 30 consecutive trading days, triggering the redemption rights for bondholders [1][3]. Redemption Terms and Price - The conditional redemption clause allows bondholders to sell their convertible bonds back to the company at face value plus accrued interest if the stock price remains below 70% of the conversion price for 30 consecutive trading days during the last two interest years [1][4]. - The redemption price is set at 100.30 RMB per bond, which includes accrued interest and tax [3][5]. - The redemption period is from June 17, 2025, to June 23, 2025, with funds to be disbursed on June 26, 2025 [3][5]. Redemption Process - Bondholders can choose to redeem part or all of their unconverted bonds, and the redemption is not mandatory [4][5]. - The redemption application must be submitted through the Shanghai Stock Exchange trading system during the specified period [4][5]. - If the redemption results in the total face value of the convertible bonds being less than 30 million RMB, the bonds will continue to trade until the end of the redemption period [5]. Interest Calculation - The accrued interest is calculated using the formula: IA = B × i × t / 365, where B is the total face value of the bonds held, i is the annual coupon rate, and t is the number of days since the last interest payment [2][4]. - For the current interest year, the coupon rate is 2.0%, and the interest period is 55 days, resulting in an accrued interest of approximately 0.30 RMB per bond [4].

固定收益 | 固定收益定期 可转债周报 20250615 证券研究报告 底仓转债持续缩圈后 转债周度专题 本周南银转债如期公告强赎，今年以来，已有 4 只银行转债公告提前赎回、 1 只银行转债到期。杭银转债、南银转债相继于 5 月 26 日、6 月 13 日盘 后公告提前赎回，且这两只转债的发行规模分别高达 150 亿元、200 亿元， 明显高于一季度公告强赎的成银转债（80 亿元）、苏行转债（50 亿元）。此 外，年初，中信转债到期退市。截至 6 月 13 日，银行转债已明显缩量至 1519.61 亿元，较年初下降约 390 亿元；杭银转债、南银转债尚有 57 亿元 确定将转股或赎回。 向后看，年内还有 500 亿元的浦发转债到期退市，银行等金融类优质底仓 转债持续缩圈已成定局，叠加转债新券供给依旧紧张，中大型类底仓转债 有望受益于资金外溢趋势。底仓转债至少需满足评级高、基本面稳健等特 征，我们建议结合转债信用资质、转债剩余期限及条款博弈等筛选标的。 此外，建议关注 6 月不下修区间到期的转债中剩余规模较高且剩余期限小 于 2 年的转债。 转债市场表现 本周转债市场收跌，其中中证转债下跌 0.02%，上证转 ...

董事会 | 证券代码：002895 证券简称：川恒股份 | | 公告编号：2025-054 | | | | --- | --- | --- | --- | --- | | 转债代码：127043 转债简称：川恒转债 | | | | | | 贵州川恒化工股份有限公司 | | | | | | 控股股东持股比例被动稀释触及 1%整数倍的公告 | | | | | | 本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： | | | | | | 本次权益变动系贵州川恒化工股份有限公司（以下简称公司）实施股权激励 | | | | | | 计划、可转债转股、注销回购股份等事项，导致控股股东四川川恒控股集团股份 | | | | | | 有限公司（以下简称川恒集团）持股比例被动稀释，权益变动前后川恒集团持股 | | | | | | 数量无变化，其仍为公司控股股东，李进、李光明仍为本公司实际控制人，公司 | | | | | | 控股股东、实际控制人未发生变化。 | | | | | | 信息披露义务人 贵州川恒化工股份有限公司 ...

Core Viewpoint - Longi Green Energy Technology Co., Ltd. has decided not to exercise the downward adjustment of the conversion price for the "Long 22 Convertible Bond" despite triggering the conditions for such an adjustment due to the stock price being below 85% of the current conversion price for fifteen trading days [1][5]. Group 1: Convertible Bond Overview - The company issued 70 million convertible bonds on January 5, 2022, with a total amount of 700 million yuan and a maturity of six years [2]. - The initial conversion price was set at 82.65 yuan per share, with the latest conversion price adjusted to 17.50 yuan per share [3][4]. Group 2: Downward Adjustment Conditions - The downward adjustment clause for the conversion price is triggered when the stock price is below 85% of the current conversion price for at least fifteen trading days within any thirty-day period [5]. - As of April 29, 2025, the stock price has been below the threshold, triggering the adjustment clause [5]. Group 3: Decision on Adjustment - The board of directors has decided not to exercise the right to adjust the conversion price at this time, and will not propose an adjustment in the next three months, even if the conditions are met again [2][6]. - The next period for potential adjustment will be recalculated starting from September 14, 2025 [5].

固定收益 | 固定收益专题 转债策略研究 证券研究报告 如何构建转债评级预测模型？ 可转债主体年报业绩期结束，转债评级调整重回市场短期关注焦点。评级 调整有何规律？如何对转债评级调整做前瞻预测？ 转债信用评级动态演化分析 1）转债市场近 5 年反映出信用风险边际扩大的趋势，整体呈"易下难上" 格局。2020-2024 年，评级下调数量由 7 只增至 49 只，上调案例不到 3 例/年。2）评级调整呈现季节性集聚。3）行业结构性分化明显，社会服务、 纺织服饰等行业下调比例显著较高。4）产业链分化显著，TMT 与制造产 业链风险抬升。5）评级下调迁移路径集中，下调主体中 AA、AA-级占比 长期占据主导地位。 转债评级因子体系 在可转债信用评级的预测中，构建一个全面且科学的评级因子体系是实现 精准预测的关键基础。基于市场实践与理论分析，并结合机器学习模型的 结果，可以将转债评级因子体系分为五大类： 1）转股压力因子：大多指标均为快变量，随市场行情逐日变化，便于实 时跟踪转债转股压力动态。债券余额/正股市值、正股近期是否创年内新低 等指标与评级下调显著正相关；正股收盘价、转股价值等显著负相关。 2）偿债压力因子：构 ...

证券代码：603516 证券简称：淳中科技 公告编号：2025-030 北京淳中科技股份有限公司 关于注销部分可转债募集资金专户的公告 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个别及连带 责任。 一、募集资金基本情况 经中国证券监督管理委员会《关于核准北京淳中科技股份有限公司公开发 行可转换公司债券的批复》（证监许可20201034 号）核准，北京淳中科技股 份有限公司（以下简称为"公司"）公开发行 30,000.00 万元可转换公司债券， 每张面值为人民币 100 元，共计 300 万张，期限 6 年。本次公开发行可转换公 司债券募集资金总额为人民币 30,000.00 万元，扣除承销保荐费、律师费等各 项发行费用 978.21 万元（不含税），实际募集资金净额为人民币 29,021.79 万 元。立信会计师事务所（特殊普通合伙）对本次募集资金到位情况进行审验， 并于 2020 年 7 月 27 日出具了"信会师报字2020第 ZB11541 号"《验资报 告》。 根据《北京淳中科技股份有限公司公开发行可转换公司债券上市公告书》 ...

| 新股发行及今日交易提示 | 2025/6/13 | 星期五 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/6/13 | 内地市场权益提示 | 类别 | 证券代码 | 证券简称 | 权益日期 | 最新公告链接 | | | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=603389&announcementId=122378 | 要约收购 | 603389 | *ST亚振 | 要约申报期：2025年6月10日至2025年7月9日 | 9053&orgId=9900026793&announcementTime=2025 | -06-06 | | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=600387&announcementId=122380 | 600387 | *ST海越 | 退市整理期起始日 | : | 2025年6月16日 | 4286&orgId=gssh06003 ...

Core Viewpoint - The recent announcements from Nanjing Bank and other banks regarding the triggering of conditional redemption clauses for convertible bonds indicate a significant trend in the banking sector, driven by the recovery of bank stock valuations in a low-interest-rate environment [1][2][3]. Group 1: Triggering of Redemption Clauses - Nanjing Bank announced that its "Nanjing Convertible Bond" has triggered the conditional redemption clause, with the stock price exceeding 130% of the conversion price for 15 out of 19 trading days [2]. - Other banks, including Hangzhou Bank and Suzhou Bank, have also triggered similar redemption clauses for their convertible bonds this year [2][3]. - The trend of triggering redemption clauses is attributed to the strong performance of bank stocks, which have been bolstered by a focus on absolute returns and low volatility strategies attracting long-term capital [3]. Group 2: Supply Constraints in the Market - The supply of new convertible bonds is expected to remain low due to stringent regulatory requirements and the financial health of banks, with many banks currently trading below their net asset value [5]. - The low willingness of bondholders to convert their bonds into equity further complicates the situation, making forced redemption a crucial mechanism for banks to enhance their core Tier 1 capital [4][5]. - As a result, the market for bank convertible bonds is likely to experience a slowdown in issuance and a reduction in overall scale, while existing bonds may attract significant investor interest due to their scarcity [5].

2025.06. 12 蜂助手：拟2.06亿元购买控股子公司丰当科技30%股份 6月12日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 景津装备：公司实际控制人、董事长兼总经理被留置 景津装备公告，公司近日收到保德县监察委员会签发的关于公司实际控制人、董事长兼总经理姜桂廷 被留置、立案调查的通知书。截至本公告披露日，公司其他董事、监事和高级管理人员均正常履职， 董事会运作正常，生产经营管理情况正常，上述事项不会对公司正常生产经营产生重大影响。 新华保险：拟出资不超过150亿元认购私募基金份额 新华保险公告，为进一步响应国家推动中长期资金入市的政策，贯彻长期投资理念，优化保险资金资 产负债匹配，提高资本使用效率，提升长期投资回报，实现资金保值增值，公司拟出资不超过150亿 元（含）认购由国丰兴华发起设立并管理的私募基金的份额。本次投资事项已经公司第八届董事会第 三十四次会议审议通过，无需提交公司股东大会审议。截至本公告发布日，公司及相关方尚未就认购 基金份额完成合同签署，合同内容以各方最终签署的正式合同为准；设立基金尚需履行基金备案等监 管相关手续，具体实 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of bank stocks, with several banks experiencing significant price increases, driven by valuation recovery and policy support [1][3][4] - On June 12, 34 out of 42 listed bank stocks saw price increases, with Qingdao Bank leading at a 3.5% rise, followed by Xi'an Bank and Nanjing Bank at 3.08% and 2.63% respectively [3][4] - The net inflow of funds into the banking sector on June 12 was 988 million yuan, with Agricultural Bank receiving the highest net inflow of 178 million yuan [3] Group 2 - Since 2025, bank stocks have shown strong performance due to high dividend yields, macro policy support, and valuation recovery, despite a narrowing net interest margin [4][6] - The implementation of asymmetric interest rate cuts and effective liquidity management by the People's Bank of China has helped stabilize banks' interest margins [4][6] - The trend of strong redemption in convertible bonds is linked to rising bank stock prices, which enhances banks' capital strength and reduces interest expenses [5][6][7] Group 3 - Several banks, including Nanjing Bank and Hangzhou Bank, have triggered strong redemption clauses for their convertible bonds due to stock prices exceeding specified thresholds [5][6] - The conversion of convertible bonds into equity enhances banks' core tier one capital, providing a solid foundation for future growth and profitability [6][7] - The overall economic environment and policy encouragement are leading to increased investor interest in bank stocks, accelerating capital replenishment processes [7]