证券研究报告|固定收益定期 2025 05 19 年 月 日 可转债产业链大图谱 — — 2025 年 5月 分析师 杨业伟 分析师 王素芳 执业证书编号：S0680520050001 执业证书编号：S0680524060002 邮箱：yangyewei@gszq.com 邮箱：wangsufang@gszq.com 打造极致专业与效率 电力、电气设备产业链（55） 发电设备与建设 风电设备 通裕转债 中陆转债 强联转债 天能转债 光伏设备 隆22转债 海优转债 福莱转债 高测转债 帝尔转债 通22转债 福22转债 天23转债 晶能转债 晶澳转债 双良转债 奥维转债 宇邦转债 欧晶转债 清源转债 太能转债 火电、能源设备 西子转债 发电 电力 节能转债 嘉泽转债 晶科转债 长集转债 新港转债 芯能转债 储能（电池） 电池化学品 天奈转债 恩捷转债 芳源转债 宙邦转债 锂科转债 天赐转债 道氏转02 翔丰转债 其他电源设备 欧通转债 锂电设备及锂电池 科利转债 冠宇转债 嘉元转债 震裕转债 豪鹏转债 亿纬转债 应用发电 电力运输和应用 配电设备 宏丰转债 白电转债 洛凯转债 输变电设备 崧盛转债 中能转债 线缆 ...

Core Viewpoint - Lianrui New Materials (688300.SH) plans to issue convertible bonds to raise up to 720 million yuan for high-performance materials projects and working capital [1][2] Group 1: Convertible Bond Issuance - The company intends to issue convertible bonds with a total amount not exceeding 720 million yuan, net proceeds will be used for high-performance substrate materials projects and to supplement working capital [1] - The bonds will have a term of six years, with a face value of 100 yuan each, and will be issued at face value [2] - The interest rate will be determined by the board of directors based on market conditions and company specifics [2] - The bonds will be convertible into company A-shares after a six-month period from issuance [2] Group 2: Previous Fundraising and Financials - Lianrui New Materials was listed on the Sci-Tech Innovation Board on November 15, 2019, raising a total of approximately 586.34 million yuan, with a net amount of about 517.86 million yuan after expenses [3][4] - The company initially planned to raise 284.67 million yuan for various projects, including the construction of a silicon powder production base and capacity expansion [4] - The total issuance costs amounted to approximately 68.48 million yuan, with underwriting fees being a significant portion [5]

202[Table_ReportInfo] 5 年 05 月 16 日 证券研究报告•金融工程定期报告 可转债量化月报系列（2025 年 5 月报） 技术类因子动量、波动率、换手率表现较好 ——可转债因子量化跟踪（2025.4.15-5.15） [Table_Summary] 转债市场表现回顾（2025.4.15-2025.5.15） 转债表现整体弱于正股。过去一个月（2025.4.15-2025.5.15），中证转债指 数上涨 1.65%，万得转债双低指数上涨 1.80%，涨幅低于上证指数 3.62%和 中证 1000 指数 2.00%。 分风格来看，各类型可转债收益率涨幅均低于正股，其中高价转债、偏股转债 与正股涨幅差异较小，低价转债、偏债转债与正股涨幅差异较大。高价转债涨 幅最大为 4.03%；低价转债涨幅仅为 1.08%，但低价转债的正股涨幅为 8.47%， 低价转债转股溢价率下降且波动较大。 可转债估值情况 过去一个月，股票市场反弹，全市场可转债的加权转股溢价率下降。从去年 9 月以来，全市场加权转股溢价率波动较大，达到历史上最高水平。全市场加权 纯债溢价率波动无较大变化。纯债溢价率从 2024年 ...

2025 年 05 月 18 日 固定收益点评 研究所： 证券分析师： 靳毅 S0350517100001 jiny01@ghzq.com.cn 证券分析师： 范圣哲 S0350522080001 fansz@ghzq.com.cn [Table_Title] 转债评级下调怎么看？ 固定收益点评 毅，范圣哲》——2024-10-27 《债券研究月报：高 YTM 转债配置正当时*靳毅， 范圣哲》——2024-08-25 投资要点: 国海证券研究所 请务必阅读正文后免责条款部分 证券研究报告 今年以来，多家转债主体发生评级调整，如东时转债、富淼转债等转债主体因业 绩下滑及偿债能力不足被下调评级。当前转债临近窗口期受信用风险担忧影响， 估值压力显著提升。基于此，我们将对下调评级的转债进行相关分析，以更好应 对信用风险的冲击。 1、评级调整回顾 1.1、历史评级调整及市场表现 转债市场发生主体评级具有明显季节性，评级调整集中发布于 6 月。2021-2024 年，发生主体下调评级共 193 次，占全部评级调整报告的 4.51%。从时间分布 上来看，评级下调事件高度集中在年中，其中超过 61%的下调评级集中在 6 月 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In 2025Q1, the CSI Convertible Bond Index rose 3.13%, the Wind Convertible Bond Underlying Stock Equal - Weighted Index rose 7.81%, and the average increase in the reinstated unit net value of 39 convertible bond funds was 3.81%, with a median of 3.59%. The overall net subscription was 3.858 billion yuan, and the net subscription rate of 39 convertible bond funds was 51.28%, a 20.51 - percentage - point increase compared to 24Q4. [8][12] - In 2025Q1, the market value of convertible bonds held by public funds was 282.274 billion yuan, a 1.85% decrease from the previous quarter, and the convertible bond position slightly decreased by 0.01 percentage points to 0.88% (the ratio of the market value of convertible bonds held to the net asset value of the fund). The market value of convertible bonds held by 39 convertible bond funds increased, the overall position rose, and the leverage ratio continued to decline quarter - on - quarter. [8][12] - In terms of industry allocation, banks remain an important underlying position for convertible bonds. Both public funds and convertible bond funds increased their positions in convertible bonds of the power equipment industry. In addition, public funds mainly increased their positions in convertible bonds of industries such as basic chemicals and electronics, while convertible bond funds mainly increased their positions in convertible bonds of industries such as agriculture, forestry, animal husbandry, and fishery, and non - ferrous metals. [8][12] 3. Summary According to Relevant Catalogs I. Public Funds Slightly Reduced Convertible Bond Positions and Increased Positions in Basic Chemicals and Power Equipment Convertible Bonds (1) The Market Value of Convertible Bonds Held by Public Funds Decreased Quarter - on - Quarter, and the Position Slightly Declined - In 2025Q1, the market value of convertible bonds held by public funds was 282.274 billion yuan, a 1.85% decrease from the previous quarter but a 3.98% increase year - on - year. The ratio of the market value of convertible bonds held by public funds to the market value of bond investments was 1.43%, a 0.09 - percentage - point decrease from 24Q4; the ratio to the net value was 0.88%, a slight 0.01 - percentage - point decrease from 24Q4. [12] - The market value of convertible bonds held by different types of funds changed differently quarter - on - quarter, with passive index funds performing strongly. Among them, the market value of convertible bonds held by stock - type, hybrid, and bond - type funds in 25Q1 increased by 87.06%, decreased by 19.13%, and increased by 0.63% respectively. [15] - In terms of the absolute amount of change, the hybrid funds had the largest decrease in market value, with a 7.396 - billion - yuan decrease in 25Q1. The stock - type funds increased by 586 million yuan, mainly contributed by passive index funds. The bond - type funds increased by 1.572 billion yuan in total, but there was significant internal differentiation. [2] (2) The Proportion of Public Fund Holdings Increased, and Brokerage Asset Management and Proprietary Trading Increased Positions - As of the end of 2025Q1, the total face value of convertible bonds held by the Shanghai and Shenzhen Stock Exchanges was 696.248 billion yuan, a 29.725 - billion - yuan decrease from the end of 24Q4, a 4.09% quarter - on - quarter decrease. Public funds, insurance institutions, enterprise annuities, and general institutions all significantly reduced their positions. Brokerage proprietary trading and asset management increased their positions. [29] - As of the end of 25Q1, public funds in the Shanghai and Shenzhen Stock Exchanges held a total face value of convertible bonds of 232.441 billion yuan, a 3.50% decrease from the end of 24Q4, but the proportion increased by 0.21 percentage points to 33.38%. [34] (3) Public Funds Adjusted Their Positioning Styles and Increased Positions in Basic Chemicals and Power Equipment Convertible Bonds - In terms of style, the market value of positions in equity - biased and debt - biased convertible bonds decreased, with a decrease of 6.121 billion and 8.660 billion yuan respectively compared to 24Q4, a decline of 18.05% and 7.49%. The market value of balanced convertible bonds increased by 6.933 billion yuan, an increase of 5.31%. [3][38] - In terms of industry layout, in 25Q1, banks were still the primary layout sector. In addition, the power equipment, basic chemicals, and electronics industries had a relatively high total market value of fund positions. [39] - In terms of the quarter - on - quarter change in market value, nearly half of the industries had positive changes. Industries such as social services, national defense and military industry, and basic chemicals had the highest increases. [39] (4) Industrial Bank Convertible Bonds Rose to the Top of the Heavily - Held Bonds, and the Market Value Increment Led - Industrial Bank Convertible Bonds were the most heavily - held bonds by public funds. Industrial Bank and Shanghai United Bank Convertible Bonds had the highest increments. Among the top ten convertible bonds in terms of total market value of fund positions, six were bank convertible bonds. [45] - Excluding bank convertible bonds, among the top ten convertible bonds in terms of the number of fund holdings, six were from the power equipment industry. [45] II. Convertible Bond Funds Outperformed the Index, with an Increase in Convertible Bond Positions and a Decrease in the Leverage Ratio (1) The Reinstated Unit Net Value Rose, and the Overall Performance Showed Net Subscription - As of 2025Q1, there were 39 convertible bond funds in the market that announced relevant data. In 25Q1, the performance of convertible bond funds outperformed the convertible bond index, with an overall net subscription and an increase in scale. [53] - The scale of convertible bond funds in 25Q1 was 54.920 billion yuan, a 3.858 - billion - yuan increase from 24Q4, a 7.56% quarter - on - quarter increase. The overall net subscription was 3.858 billion yuan, and 20 out of 39 convertible bond funds had net subscriptions, with a net subscription rate of 51.28%. [53] (2) The Convertible Bond Position Increased Quarter - on - Quarter, and the Leverage Ratio Decreased Quarter - on - Quarter - The overall position of 39 convertible bond funds increased, and the leverage ratio decreased quarter - on - quarter. In the first quarter of 2025, the ratio of the market value of convertible bonds to the net value of convertible bond funds was 84.70%, a 0.12 - percentage - point increase from the previous quarter, continuing the upward trend in 24Q4. [66] - The average leverage ratio of 39 convertible bond funds in the first quarter of 2025 was 114.81%, a 2.86 - percentage - point decrease from the previous quarter, mainly affected by the relatively high cost of funds in the first quarter. [66] (3) Convertible Bond Funds Mainly Increased Positions in Power Equipment, Agriculture, Forestry, Animal Husbandry, and Fishery - From the perspective of the quarterly change in the number of times funds held convertible bonds, in 25Q1, the number of times most industries were held decreased. Only the basic chemicals, steel, social services, communications, and petroleum and petrochemical industries had an increase in the total number of times held quarter - on - quarter. [5] - From the perspective of the quarterly change in the proportion of the market value of fund positions, the proportions of power equipment, agriculture, forestry, animal husbandry, and fishery, and non - ferrous metals increased by 2.09, 1.48, and 1.35 percentage points respectively. A total of 16 industries had an increase in the proportion of the market value of positions. [5]

Core Viewpoint - The company has announced adjustments to its fundraising projects, including changes in investment amounts and the addition of new implementation entities, which are expected to be normal adjustments based on existing resources and market conditions [1][4]. Group 1: Project Adjustments - The total investment for the "Machining Expansion and Component Industry Chain Extension Project" has increased from 56,437.53 thousand yuan to 78,511.92 thousand yuan, with an additional investment of 22,074.39 thousand yuan funded entirely by the company's own funds [2]. - The company will reallocate 1,500.00 thousand yuan of raised funds from the "Intelligent Upgrade of Casting Production Line and R&D Capability Enhancement Project" to the "Machining Expansion and Component Industry Chain Extension Project," supplemented by 1,500.00 thousand yuan from its own funds [2]. - New implementation entities, including Huaxiang Saint Dema (Shanghai) and its wholly-owned subsidiary Huaxiang Automotive Technology Company, will be added alongside existing entities for the execution of the fundraising projects [2]. Group 2: Bond Redemption and Rating - The adjustments have triggered additional redemption clauses for the "Huaxiang Convertible Bonds," allowing bondholders to choose whether to redeem their bonds at a price of 100.58 yuan per bond during the redemption period from May 12 to May 16, 2025 [2][3]. - The company has decided to exercise its right to early redemption of the "Huaxiang Convertible Bonds" due to the stock price meeting the conditions for conditional redemption [3]. - The credit rating agency maintains the company's credit rating at AA- and the outlook at AA-, while closely monitoring the use of raised funds and the progress of the fundraising projects [4].

证券代码：300630 证券简称：普利退 公告编号：2025-057 海南普利制药股份有限公司 第四届董事会第三十九次会议决议 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： 券（以下简称"可转债"）进入退市整理期的起始日为 2025 年 4 月 28 日，退市 整理期为十五个交易日，预计最后交易日期为 2025 年 5 月 21 日。公司股票及 可转债于退市整理期届满的次一交易日摘牌并终止上市。 产重组。可转债在退市整理期的相关交易规则、投资者适当性安排请投资者查 阅《关于可转换公司债券退市整理期间交易安排的通知》（深证上〔2023〕492 号）及《关于完善可转换公司债券投资者适当性管理相关事项的通知（2025 年 修订）》（深证上〔2025〕223 号）。 约定购回、融资融券、转融通、深股通等业务。 务，建议有权机关在股票摘牌前通过原协助执行渠道提前办理续冻手续。 债券代码：123099 债券简称：普利转退 股票进入退市板块后，深股通投资者可能无法进行股票转让，提请深股通投资 者注意投资风险。 易所摘牌后至挂牌期间不得实施转股、赎回、回售等操作 ...

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]

Core Viewpoint - Zhejiang Hongchang Electric Technology Co., Ltd. has announced that its stock price has remained above 130% of the current conversion price of its convertible bonds, potentially triggering the conditional redemption clause of the "Hongchang Convertible Bonds" [1][6]. Group 1: Convertible Bond Basic Information - The company issued 3.8 million convertible bonds with a total value of 380 million yuan, netting 374.16 million yuan after expenses [2]. - The bonds were listed on the Shenzhen Stock Exchange on August 30, 2023, under the name "Hongchang Convertible Bonds" and code "123218" [2]. - The conversion period for the bonds is from February 19, 2024, until the maturity date [2]. Group 2: Conversion Price Adjustment - The board of directors has approved a downward adjustment of the conversion price to 28.00 yuan per share, effective from March 12, 2024 [3]. - The board decided not to further adjust the conversion price for six months following the recent decision, with a potential review after October 14, 2024 [3]. Group 3: Conditional Redemption Clause - The conditional redemption clause allows the company to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 out of 30 consecutive trading days [6]. - As of May 16, 2025, the stock price has met this condition for 10 trading days, indicating a possibility of triggering the redemption clause if the trend continues [6].

Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds despite triggering the downward adjustment clause due to stock prices falling below 85% of the current conversion price [1][6]. Group 1: Convertible Bond Basic Information - The company issued 7,249,178 convertible bonds at a face value of RMB 100 each, totaling approximately RMB 716.33 million [2]. - The convertible bonds were listed on the Shenzhen Stock Exchange on May 11, 2023, under the name "Kesi Convertible Bonds" with the code "123192" [2]. - The conversion period for the bonds runs from the end of the issuance on April 12, 2023, until the maturity date on April 12, 2029 [2]. Group 2: Conversion Price Adjustment Terms - The initial conversion price was set at RMB 53.03 per share, which was later adjusted to RMB 52.03 per share effective from June 2, 2023 [2]. - The conversion price can be adjusted downward if the company's stock price falls below 85% of the current conversion price for at least 15 trading days within a 30-day period [4][5]. - If the downward adjustment is approved by the shareholders, the new conversion price must not be lower than the higher of the average stock price over the previous 20 trading days or the last trading day before the meeting [4]. Group 3: Recent Board Decision - On May 16, 2025, the board of directors decided not to adjust the conversion price of the "Kesi Convertible Bonds" despite the stock price falling below the threshold [1][6]. - The board will not propose any downward adjustment for the next six months, and if the adjustment clause is triggered again, a new meeting will be convened to decide on the matter [1][6].