Group 1 - The total subscription funds for Saiying Electronics are approximately 660 billion, which is a decrease of 2,284 billion compared to the previous similar subscription limit of Yuelong Technology at 888.4 billion [1] - The announcement for Shanbo Convertible Bond indicates that there will be no adjustment [2] - Chuangda New Materials is listed for subscription on the Beijing Stock Exchange [1] Group 2 - A table of convertible bonds is provided, detailing their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [5] - Specific convertible bonds listed include: - Li Qun Convertible Bond with a current price of 109.733 and a remaining scale of 699.5 million, accounting for 17.69% of the underlying stock [5] - Dong Shi Convertible Bond with a current price of 90.079 and a remaining scale of 95.1 million, accounting for 3.55% of the underlying stock [5] - Lu Tai Convertible Bond with a current price of 110.835 and a remaining scale of 1.3982 billion, accounting for 33.80% of the underlying stock [5]

Macro Strategy - The core viewpoint indicates that the current geopolitical tensions in the Middle East and hawkish signals from major central banks during the "Super Central Bank Week" have led to a significant rise in long-term government bond yields, putting pressure on gold and silver prices. The stronger hawkish stance from the Bank of England has strengthened the British pound and euro, while the US dollar index has shown relative weakness, leading to a phenomenon where both the dollar index and gold prices have declined simultaneously. This reflects that gold pricing is influenced not only by US real interest rate expectations but also by global real interest rate expectations [1][36]. Industry Analysis - The Chinese shipbuilding industry has achieved a transformation from "scale expansion" to "quality and quantity improvement," maintaining its position as a global leader in key metrics for 16 consecutive years. This industry is crucial for realizing the strategy of becoming a manufacturing and maritime power [2][37]. Investment Recommendations - Green Town Services (02869.HK) is expected to see steady growth in core profits, with projected net profits of 9.88 billion, 10.98 billion, and 11.90 billion yuan for 2026, 2027, and 2028 respectively, reflecting year-on-year growth rates of 12.2%, 11.2%, and 8.3%. The company maintains a "buy" rating due to its strong cash position and commitment to dividends [7]. - XPeng Motors (09868.HK) has adjusted its revenue forecasts for 2026 and 2027 to 96.2 billion and 126.5 billion yuan, respectively, with a projected net profit of -1.4 billion and 2.1 billion yuan. The company is maintaining a "buy" rating based on its AI capabilities and new model launches [8]. - Longking Environmental Protection (600388) has adjusted its 2026 net profit forecast down to 14.1 billion yuan but maintains a "buy" rating due to its dual-driven growth strategy in green energy and electric mining vehicles [9]. - Tuhu-W (09690.HK) is expected to see improvements in profitability driven by store expansion and product upgrades, with net profit forecasts adjusted to 7.1 billion and 9.5 billion yuan for 2026 and 2027, respectively, maintaining a "buy" rating [12]. - Li Ning (02331.HK) has raised its net profit forecasts for 2026 and 2027 to 30.6 billion and 33.0 billion yuan, respectively, maintaining a "buy" rating due to strong performance in professional categories and refined operations [16]. - Ningde Times (300750) maintains its net profit forecasts for 2026, 2027, and 2028 at 940 billion, 1168 billion, and 1428 billion yuan, respectively, with a "buy" rating based on its leading position in the global battery market [24].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report The report analyzes the credit bond ETF market from multiple perspectives, including index market trends, ETF market trends, liquidity, scale, and risk - return. It indicates that the bond market is expected to be in a volatile state in March, with inflation expectations dominating bond pricing. It recommends a strategy of medium - short duration and high - coupon protection and suggests focusing on the Haifutong Urban Investment Bond ETF (511220.SH), the Haifutong Short - Term Financing ETF (511360.SH), and the Bosera Convertible Bond ETF (511380.SH) [7][64]. 3. Summary by Relevant Sections Index Market Trends - **Bond Index Market Trends**: Pure bond indexes rose slightly, and convertible bond indexes fell. The ChinaBond Financial Bond Index had the best performance in the past two weeks, with a 0.20% increase, while the ChinaBond Medium - and High - Grade Corporate Bond Spread Factor Net Price (Total Value) Index had the lowest increase, at 0.04%. Convertible bond indexes fluctuated downward, with the CSI Convertible Bond and Exchangeable Bond Index and the SSE Investment - Grade Convertible Bond and Exchangeable Bond Index falling by 3.07% and 2.67% respectively in the past two weeks [2][12]. - **Important Credit Bond Index Spread Situation**: The yields of credit bond indexes declined, and the spread trends showed less differentiation. Most credit bond index spreads widened, and credit bonds underperformed interest - rate bonds. The Shanghai Urban Investment Bond Index had the highest estimated yield (1.87%) and the highest spread (28.46bp) on March 13, 2026, while the ChinaBond Financial Bond Index had the lowest spread at 9.50bp [13]. Credit Bond ETF Market Trends - Pure bond ETFs generally rose, and convertible bond ETFs fell. Among the benchmark market - making bond ETFs, the average increase of Shenzhen Market - Making Credit Bonds was higher than that of Shanghai Market - Making Corporate Bonds. Among the science and technology innovation bond ETFs, the Invesco Science and Technology Innovation Bond ETF (159400.SZ) had the highest increase of 0.20%, and the Huaxia Science and Technology Innovation Bond ETF (159112.SZ) had the lowest increase of 0.06%. Among pure bond ETFs, the Dacheng Credit Bond ETF (159395.SZ) had the highest increase of 0.20%. The Bosera Convertible Bond ETF (511380.SH) and the Haifutong Convertible Bond ETF (511180.SH) fell by 3.38% and 2.67% respectively [3][19]. Credit Bond ETF Liquidity - The Haifutong Short - Term Financing ETF (511360.SH) was the most actively traded, with a trading volume of 586.87 billion yuan in the past two weeks, a month - on - month increase of 155.38%, an average daily trading volume of 58.687 billion yuan, and a high turnover rate of 747.23%. The total trading volume of science and technology innovation bond ETFs in the past two weeks was 1205.866 billion yuan, with an average daily trading volume of 120.587 billion yuan and an average turnover rate of 467.30%. The total trading volume of benchmark market - making bond ETFs in the past two weeks was 288.207 billion yuan, with an average daily trading volume of 28.821 billion yuan and an average turnover rate of 254.56%. The total trading volume of convertible bond ETFs in the past two weeks was 157.644 billion yuan, with an average daily trading volume of 15.764 billion yuan and an average turnover rate of 214.11% [4][25]. Credit Bond ETF Scale - The scales of different types of ETFs showed mixed trends. Short - term financing ETFs and urban investment bond ETFs continued to receive net capital inflows, while the scales of science and technology innovation bond ETFs and benchmark market - making bond ETFs continued to decline, and the scale of convertible bond ETFs began to decline. As of March 13, 2026, the scale of the Haifutong Short - Term Financing ETF (511360.SH) was 81.829 billion yuan, a month - on - month increase of 4.604 billion yuan; the scale of the Haifutong Urban Investment Bond ETF (511220.SH) was 33.887 billion yuan, a month - on - month increase of 2.530 billion yuan [4][36]. Credit Bond ETF Risk - Return Analysis - **Unit Net Value**: The unit net values of pure bond ETFs increased, while those of convertible bond ETFs decreased. By March 13, 2026, the unit net values of benchmark market - making bond ETFs exceeded 101 yuan, and those of science and technology innovation bond ETFs exceeded 100 yuan. The unit net value of the short - term financing ETF continued to rise steadily, exceeding 113 yuan, and the unit net value of the urban investment bond ETF rose slightly to 10.29 yuan. The unit net values of the Bosera Convertible Bond ETF (511380.SH) and the Haifutong Convertible Bond ETF (511180.SH) fell to 14.13 yuan and 12.98 yuan respectively in the past two weeks [42]. - **Income**: The coupon rates of component bonds were concentrated, and the urban investment ETF had the greatest coupon rate advantage. Most credit bond ETFs saw a decline in the weighted coupon rate of component bonds at the end of the period compared to the beginning. Convertible bond ETFs had the lowest coupon rates, with the weighted coupon rates of the Bosera Convertible Bond ETF (511380.SH) and the Haifutong Convertible Bond ETF (511180.SH) at 0.24% and 0.23% respectively. The Haifutong Short - Term Financing ETF (511360.SH) had a weighted coupon rate of 1.63%. The weighted coupon rate of benchmark market - making bond ETFs was higher than that of science and technology innovation bond ETFs. The Dacheng Credit Bond ETF (159395.SZ) in benchmark market - making credit bonds had the highest weighted coupon rate of 2.69%, and the Winwin Science and Technology Innovation Bond ETF (511150.SH) in science and technology innovation bond ETFs had the highest weighted coupon rate of 2.29%. The Haifutong Urban Investment Bond ETF (511220.SH) had the highest weighted coupon rate of 3.27%. In terms of capital gains, the weighted yields of pure bond ETFs increased at the end of the period compared to the beginning, and the capital gain income was positive [45]. - **Weighted Duration and Convexity**: Most credit bond ETFs reduced their durations, and the weighted durations of science and technology innovation bond ETFs were differentiated. Affected by inflation expectations, most credit bond ETFs reduced their durations. The China Merchants Science and Technology Innovation Bond ETF (551900.SH) had the longest weighted duration of 3.86, and the Haifutong Short - Term Financing ETF (511360.SH) had the shortest duration of 0.30. The Bosera Credit Bond ETF (159396.SH), the Haifutong Credit Bond ETF (511190.SH), the Southern Credit Bond ETF (511070.SH), and the Winwin Science and Technology Innovation Bond ETF (511150.SH) had significantly higher convexity than other ETFs, mainly due to their allocation of perpetual bonds, which increased the overall convexity. Considering both duration and convexity, the Haifutong Credit Bond ETF (511190.SH) and the Winwin Science and Technology Innovation Bond ETF (511150.SH) had strong anti - decline capabilities [50][51]. - **Credit Risk**: The overall credit risk of credit bond ETFs was low. The component bonds of science and technology innovation bond ETFs, benchmark market - making bond ETFs, the Haifutong Short - Term Financing ETF, and corporate bond ETFs were all rated AAA. On March 13, 2026, in the Haifutong Urban Investment Bond ETF, AAA - rated component bonds accounted for 40.50%, AA + - rated component bonds accounted for 42.70%, and AA - rated component bonds accounted for 16.80%. In the Bosera Convertible Bond ETF (511380.SH), component bonds rated AA - and below accounted for 58.38%, and in the Haifutong Convertible Bond ETF (511180.SH), AA - rated component bonds accounted for 64.04%. Although convertible bonds had low credit ratings, they had conversion options, so the default risk was still low [55]. - **Cost - Effectiveness**: The corporate bond ETF and the Haifutong Short - Term Financing ETF had the highest risk - return ratios. In terms of returns, the Invesco Science and Technology Innovation Bond ETF (159400.SZ) had the highest annualized interval return of 4.12%, and the Bosera Convertible Bond ETF (511380.SH) had the lowest annualized interval return of - 60.52%. In terms of drawdowns, the Bosera Convertible Bond ETF (511380.SH) and the Haifutong Convertible Bond ETF (511180.SH) had higher maximum drawdowns than pure credit bond ETFs due to the fluctuations in the returns of their underlying stocks. Among pure bond ETFs, the Bank of China Science and Technology Innovation Bond ETF (551060.SH) had the largest drawdown, but the overall drawdowns of pure bond ETFs were small. In terms of risk - return ratios, the Haifutong Short - Term Financing ETF (511220.SH) and the corporate bond ETF (511030.SH) had the highest cost - effectiveness in the past two weeks, with Sharpe ratios of 0.91 and 0.87 respectively and Calmar ratios of 0 and 497.88 respectively [58]. Investment Recommendations - Based on the economic fundamentals in February, which showed characteristics of contraction in manufacturing and non - manufacturing, rising inflation, stable social financing growth, and continued rebound and repair of industrial profits, and the tight balance of the capital market, it is expected that the bond market will be in a volatile state in March, with inflation expectations dominating bond pricing. It is recommended to adopt a strategy of medium - short duration and high - coupon protection in March. After comprehensively comparing the durations, convexities, and risk - return ratios of bond indexes and credit bond ETFs, it is recommended to focus on the Haifutong Urban Investment Bond ETF (511220.SH), the Haifutong Short - Term Financing ETF (511360.SH), and the Bosera Convertible Bond ETF (511380.SH) [64].

Group 1: Company Overview and Competitive Advantages - The company is a leading retail chain in the eyewear industry, recognized for its brand strength, having been awarded "Shenzhen Old Brand" and "Top 50 Chain Operations in Shenzhen" for ten consecutive years since 2014 [2] - The company operates over 500 stores nationwide, focusing on first and second-tier markets while expanding into lower-tier franchise channels [2][3] - Partnerships with renowned suppliers like Carl Zeiss and Essilor enhance product quality and diversity, while bulk purchasing reduces operational costs [3] Group 2: Fundraising and Financial Management - The company has established a robust fundraising management system, ensuring that raised funds are stored in designated accounts and used specifically for intended purposes [4] - Regular disclosures regarding the use of raised funds will be made to investors and regulatory bodies [4] Group 3: Smart Glasses Business - Collaborations with leading smart glasses brands such as Alibaba and Xiaomi are underway, with over 150 retail stores upgraded to include smart glasses displays [4] - Current revenue from smart glasses is minimal and not expected to significantly impact overall operations in the short term [4] Group 4: Convertible Bond Details - The convertible bond has a fixed interest rate structure: 0.10% for the first year, increasing to 2.00% by the sixth year [5][8] - The initial conversion price is set at 30.43 CNY per share, with provisions for downward adjustments if stock prices fall below 85% of the conversion price for a specified period [8] - Redemption terms include a 112% repayment of the bond's face value upon maturity, with conditions for early redemption based on stock performance [8][9] Group 5: Revenue Performance - The company's revenue for 2022, 2023, and 2024 is reported at 9.62 billion CNY, 11.76 billion CNY, and 12.03 billion CNY respectively, reflecting a compound annual growth rate of 11.80% [8] - In the first three quarters of 2025, revenue reached 10.8 billion CNY, marking an 18.05% year-on-year increase [8]

Core Viewpoint - The recent volatility in the A-share market has led to adjustments in the valuation of convertible bonds, with significant price drops observed in specific bonds like Zhongchong Convertible Bond 2 and Jiazhe Convertible Bond, raising concerns about valuation logic and forced redemption risks [1][4]. Group 1: Market Performance - On March 16, the Zhongzheng Convertible Bond Index experienced a maximum intraday decline of over 1.5%, but the drop narrowed to 0.36% due to a rebound in major A-share indices [1]. - Zhongchong Convertible Bond 2 opened down 9.85% and closed down 16.74%, priced at 148.70 yuan per bond [3]. - Jiazhe Convertible Bond also saw a significant decline, closing down 15.53%, which was greater than the 6.98% drop of its underlying stock, priced at 215.714 yuan per bond [4]. Group 2: Forced Redemption and Market Reactions - The sharp decline in Zhongchong Convertible Bond 2 was triggered by a forced redemption announcement from Zhongchong Co., which stated that the bond's conditional redemption clause was activated due to the stock price exceeding 130% of the conversion price for 15 trading days [4]. - The competitive landscape in the pet economy has led to a decline in Zhongchong Co.'s stock price, causing investors to flee as the forced redemption deadline approached, resulting in a price drop of over 18% during the day [4]. - Jiazhe Convertible Bond also triggered its conditional redemption clause, and with its maturity date approaching, high premium rates became unsustainable, prompting investors to exit early [6]. Group 3: Convertible Bond Valuation Trends - The valuation of newly listed convertible bonds has compressed due to recent market conditions, with significant drops observed in bonds like Jin 05 and Nipe 02, despite their high conversion premiums of 65.74% and 71.05%, respectively [10]. - The number of convertible bonds triggering forced redemption has been increasing, with 32 bonds reported in February and 15 in March, indicating a high redemption ratio [10]. - The main pressure on convertible bonds has shifted from redemption risks to liquidity pressures, as market sensitivity to redemption expectations has increased, leading to a compression of premium rates [11]. Group 4: Future Outlook - Tianfeng Securities suggests that while convertible bond valuations are under pressure, some bonds may present trading value post-adjustment, particularly those with low option valuations [12]. - The overall valuation of convertible bonds may face downward pressure due to increased supply expectations, but opportunities may arise for bonds with longer remaining maturities and favorable fundamentals after rapid premium compression [12].

Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests a positive outlook for the convertible bond issuance and recommends active subscription [14][17]. Core Insights - The report highlights that Changgao Electric New's main business includes research, production, and sales of power transmission and transformation equipment, as well as power design and engineering services [18][30]. - The company has a stable revenue growth trajectory since 2020, with a compound annual growth rate (CAGR) of -7.74% from 2020 to 2024, and a projected revenue of 1.132 billion yuan in 2024, reflecting a year-on-year decrease of 24.22% [18][19]. - The net profit attributable to the parent company is expected to be 181 million yuan in 2024, showing a year-on-year increase of 4.60% [18]. - The report indicates that the company has a strong market position in the high-voltage switchgear sector, with significant technological advancements and a robust patent portfolio [30]. Summary by Sections 1. Convertible Bond Basic Information - The total issuance scale of Changgao Convertible Bond is 759 million yuan, with net proceeds allocated to various production projects [10][11]. - The bond has a maturity of 6 years, with a credit rating of AA-/AA- and a face value of 100 yuan [12][10]. - The bond's coupon rates range from 0.20% to 2.00% over its lifespan, with a redemption price of 110% of the face value at maturity [12][10]. 2. Investment Subscription Recommendations - The expected listing price for the convertible bond is projected to be between 121.24 and 135.07 yuan, with an estimated conversion premium of around 25% [14][15]. - The report suggests that the bond has good debt protection and moderate attractiveness in terms of rating and scale [15][14]. 3. Underlying Stock Fundamental Analysis 3.1 Financial Data Analysis - The company's revenue has shown a "W" shaped fluctuation pattern since 2020, with a notable decline in 2024 [18][19]. - The main business revenue ratio has remained high, indicating a strong focus on core operations [19]. - Sales net profit margins and gross profit margins have fluctuated, with sales net profit margins recorded at 16.00% in 2024 [22]. 3.2 Company Highlights - Changgao Electric New has over 20 years of experience in the power transmission and transformation equipment industry, with significant technological breakthroughs and a strong patent portfolio [30]. - The company has been involved in major national projects, showcasing its capability in high-voltage equipment production [30].

1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating 2. Core View of the Report - The report predicts that the listing price of Changgao Convertible Bond on the first day will be between 121.24 and 135.07 yuan, with an expected conversion premium rate of around 25% on the listing day. It is recommended to actively subscribe to the bond [3][14][15] 3. Summary According to the Directory 3.1 Convertible Bond Basic Information - Changgao Convertible Bond (127113.SZ) started online subscription on March 9, 2026, with a total issuance scale of 759 million yuan. After deducting issuance fees, the net raised funds will be used for the third - phase project of Changgao Electric New Jinzhou Production Base, the quality improvement and expansion project of Changgao Electric New Wangcheng Production Base, and the Changgao Green Smart Power Distribution Industrial Park Project [3] - The current bond floor valuation is 92.22 yuan, and the YTM is 2.19%. The bond has a 6 - year term, with a credit rating of AA -/AA - by China Chengxin International Credit Rating Co., Ltd. The coupon rates from the first to the sixth year are 0.2%, 0.4%, 0.6%, 1.0%, 1.5%, and 2.0% respectively. The company's redemption price at maturity is 110% of the par value (including the last - period interest) [3][12] - The current conversion parity is 102.45 yuan, and the parity premium rate is - 2.39%. The conversion period is from the first trading day after six months from the end of issuance to the maturity date of the convertible bond, i.e., from September 14, 2026, to March 8, 2032. The initial conversion price is 11.01 yuan per share [3][12] - The convertible bond terms are standard. The downward revision clause is "15/30, 85%", the conditional redemption clause is "15/30, 130%", and the conditional put - back clause is "30, 70%". The dilution rate of the total share capital is 10.00%, and the dilution rate of the tradable shares is 11.78%, with relatively small dilution pressure on the share capital [3][13] 3.2 Investment Subscription Suggestion - By referring to comparable targets and empirical results, considering the good bond floor protection of Changgao Convertible Bond, and the average attractiveness of its rating and scale, it is expected that the conversion premium rate on the listing day will be around 25%, corresponding to a listing price between 121.24 and 135.07 yuan [3][14][15] - The announced online winning rate is 0.0020676435%, and it is recommended to actively subscribe [3][17] 3.3 Positive Stock Fundamental Analysis 3.3.1 Financial Data Analysis - The company's main business includes the R & D, production, and sales of primary and secondary power transmission and transformation equipment, power design and engineering services, and new - energy power development. It has rich experience in product development and manufacturing, and its business covers provinces across the country and some overseas countries [18] - Since 2020, the company's revenue has fluctuated slightly, with a compound growth rate of - 7.74% from 2020 to 2024. In 2024, the company achieved an operating income of 1.132 billion yuan, a year - on - year decrease of 24.22%. Meanwhile, the net profit attributable to the parent has also fluctuated, with a compound growth rate of - 4.03% from 2020 to 2024. In 2024, the net profit attributable to the parent was 181 million yuan, a year - on - year increase of 4.60% [18] - The company's main business revenue mainly comes from power transmission and transformation equipment business and power survey, design, and engineering general contracting services. From 2022 to 2024, the proportion of main business revenue in operating income was 97.77%, 99.18%, and 98.69% respectively, with prominent main business [19] - The company's sales net profit margin and gross profit margin have fluctuated. The sales expense ratio has increased, while the financial expense ratio and management expense ratio have decreased. From 2020 to 2024, the sales net profit margins were 13.33%, 16.33%, 3.98%, 11.44%, and 16.00% respectively, and the sales gross profit margins were 34.93%, 33.47%, 31.29%, 34.44%, and 36.08% respectively [22] 3.3.2 Company Highlights - Changgao Electric has been deeply involved in the power transmission and transformation equipment industry for more than 20 years. Relying on the national - level enterprise technology center and three modern production bases, it has continuously achieved technological breakthroughs in cutting - edge fields such as UHV AC/DC disconnectors, ±1100kV DC GIS, and flexible DC switches. It has 108 invention patents and 345 utility model patents, participates in formulating multiple national and industry standards, and its disconnector products have won the "National Manufacturing Single - Champion" [30] - The company has the independent R & D and large - scale production capabilities for full - voltage - level and full - series high - voltage switch products. Its products have stable quality and are widely used in major national projects such as the "Zhangbei Flexible DC" and "Tibet - Central China Interconnection" [30]

Group 1 - Nanjing Julong's shareholders plan to reduce their holdings by no more than 2.94% of the shares [1] - Baichuan Co., Ltd. reported that the total balance of guarantees among its parent and subsidiary companies is 4.968 billion yuan, accounting for 250.79% of the company's most recent audited net assets [1] Group 2 - Various convertible bonds are listed with their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [3][5] - For example, the Huazhong Convertible Bond has a current price of 107.014, a redemption price of 107.000, and a remaining scale of 1.484 billion yuan, representing 4.97% of the underlying stock [3] - The Liyang Convertible Bond has a current price of 196.901, with a conversion value of 196.15, and a remaining scale of 4.803 billion yuan, representing 7.47% of the underlying stock [5] Group 3 - The article provides a detailed list of convertible bonds that are nearing their redemption dates, including their current prices, conversion values, and premium rates [5] - For instance, the Huayuan Convertible Bond requires 1 day until redemption, with a current price of 135.980 and a premium rate of 18.68% [5] - The article emphasizes the importance of monitoring these bonds as they approach their redemption dates for potential investment opportunities [5]

Group 1 - The article emphasizes the importance of understanding macroeconomic trends and market dynamics to seize investment opportunities in a complex environment [1][2] - The first session of the 2026 Bloomberg China Market Review focuses on signals from the Two Sessions and insights into the fixed income market [2][3] - Key topics include analysis of economic hotspots and signals from the Two Sessions, as well as discussions on convertible bonds and fixed income investments [3] Group 2 - The event is scheduled for March 12, 2026, from 16:00 to 17:00, featuring experts from Bloomberg [3] - Participants will gain insights from senior economists and industry researchers, enhancing their understanding of market trends [1][3] - Registration for the event requires a review process, and successful registrants will receive notifications via WeChat [4][6]

Group 1 - The convertible bonds of Guanzhong increased by 4.36%, while Aiwei's convertible bonds rose by 4.23% [1] - Jiaze's convertible bonds saw an increase of 3.27%, and Yanpai's convertible bonds grew by 2.94% [1] - Conversely, Jiali's convertible bonds decreased by 3.40%, and Ruike's convertible bonds fell by 2.45% [1] - Dazhong's convertible bonds dropped by 1.95%, and Dinglong's convertible bonds declined by 1.94% [1]