1月9日，是凯盛转债的最后交易日。凯盛转债1月8日收盘价为141.60元/张，如果投资者不及时交易或转股而被强制赎回，可能亏损超29%。此 前，英搏转债部分持有者就因未及时操作导致亏损超30%。 | 凯盛转债 | | | | | | | --- | --- | --- | --- | --- | --- | | E | 123233 T+0 ▼ | | | | | | 141.600 >> | 144.000 最低 | | | | | | 139.200 | 139.588 | 最高 | | | | | 0.93 | 2.08亿 量比 | 14.6万 金额 | 总手 | 0.85% 1.200 | | | 69837 内盘 | 76421 | 童零 | 昨收 | 140.400 外盘 | | | 正股报价 28.33 +1.11% | 转股溢价率 -0.24% > | | | | | | 月Ｋ | 五日 | 日K | 分时 | 園Ｋ | 更多, | | 144.000 | 2.56% | 當年 | | | | | 型1 | 141.600 | 5 | | | | | 141.570 | 址1 | 8 | | ...

基本功的基,就是基金的基。 做好投资、买对基金, 从夯实投资基金的基本功开始。 1分钟GET一个知识点, 起步更轻松。 可转债强制赎回 是啥操作? 当正股股价大涨时,发行人 - Cal 有权要求强制买回转债。 可转债的本质是可以转化成股票的债券,既可以 持有到期拿利息，又可在 按约定转化成股票,赚股 > 中泰证券资产管理 本材料不构成投资建议，观点具有时效性。本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不 保证基金一定盈利，也不保证最低收益。投资有风险，基金过往业绩不代表其未来表现。基金管理人管理的基金 的业绩不构成对其他基金业绩表现的保证。投资者投资基金时应认真阅读基金的基金合同、招募说明书、基金产 品资料概要等法律文件。基金管理人提醒投资者基金投资的"买者自负"原则，请投资者根据自身的风险承受能力 选择适合自己的基金产品。基金有风险，投资须谨慎。 扫码进入基本功专栏 ...

12月30日，是英搏转债的最后交易日。英搏转债12月29日收盘价为142.44元/张，如果投资者不及时交易或转股而被强制赎回，可能亏损超29%。此前，中 能转债部分持有者就因未及时操作导致亏损超40%。 操作不及时最多或将亏损超29% 英搏尔发布关于提前赎回"英搏转债"暨即将停止交易的重要提示性公告，提醒投资者2025年12月30日为英搏转债最后一个交易日，2026年1月6日是最后一 个转股日，债券持有人应及时卖出或转股。2026年1月6日收市后，未实施转股的英搏转债将全部冻结，停止交易和转股。 根据公告，2025年12月30日（含当日）收市前，债券持有人可选择在债券市场继续交易。2025年12月30日至2026年1月6日（含当日）收市前，债券持有人 可以17.34元/股的价格转换为公司股份。2026年1月6日收市后，未及时转股的可转债将按照债券面值加当期应计利息的价格100.10元/张被强制赎回。 截至2025年12月29日收盘，英搏转债价格为142.44元/张。对照100.10元/张的强赎价格，投资者若是未及时操作，或将亏损超29%，截至目前，英搏转债仍 有1.10亿元余额尚未完成交易或转股，所占比例超过 ...

Wind数据显示，截至12月23日，已有165只可转债摘牌，而在12月24日至12月31日期间， 根据目前赎回公告，还有8只可转债将在年内摘牌。这意味着，今年可转债退出数量将达到 173只，相比2024年的88只增加了85只，增幅接近翻倍。 退出规模方面，按可转债发行时的募资金额计算，今年可转债的退出规模将达到3207.97亿 元，相比2024年的1104.59亿元增加了2103.38亿元，增幅接近两倍。 | 时间 | 退出数量(只) | 规模(亿元) | | --- | --- | --- | | 2020年 | 85 | 929.03 | | 2021年 | 84 | 922. 3 | | 2022年 | 72 | 810. 8 | | 2023年 | 60 | 1060. 55 | | 2024年 | 88 | 1104. 59 | | 2025年 | 173 | 3207. 97 | 2025年可转债市场在"资产荒"与权益市场结构性行情的双重驱动下，呈现出规模收缩与 局 部火热 的显著特征。 行情数据显示，截至 12 月 2 2 日，中证转债年内累计涨幅超 1 7% ，并且指数点位 年内 不 断刷新 ...

Core Viewpoint - The last trading day for Hengbang Convertible Bonds is November 24, and investors risk a potential loss of nearly 10% if they do not act promptly [5][8]. Group 1: Trading Information - As of November 21, Hengbang Convertible Bonds closed at 111.35 CNY per bond, with a strong redemption price set at 100.28 CNY per bond after November 27 [5][8]. - There is a remaining balance of 466 million CNY of Hengbang Convertible Bonds that has not been traded or converted, accounting for over 14% of the total [8]. Group 2: Redemption Mechanism - The strong redemption of convertible bonds occurs when the underlying stock price remains above 130% of the conversion price for at least 15 out of 30 trading days [9]. - Investors have two options to avoid losses: sell the convertible bonds directly or convert them into shares, noting that converted shares will follow T+1 trading rules [9]. Group 3: Investor Alerts - A new regulation requires a "Z" designation on the last trading day of convertible bonds to alert investors of the associated risks [9]. - Investors must act before the last trading day to avoid being forced into a redemption at a price slightly above par value [9].

Core Points - The last trading day for Luokai Convertible Bonds and Chenfeng Convertible Bonds is November 17, 2025, with the final conversion day on November 20, 2025, urging investors to act promptly to avoid significant losses [4][8][13] - As of November 14, 2025, the closing prices for Luokai and Chenfeng Convertible Bonds were 130.140 CNY and 155.357 CNY respectively, indicating potential losses of over 23% and 35% if investors do not take timely action [13] - Luokai Convertible Bonds have a redemption price of 100.0384 CNY per bond, while Chenfeng Convertible Bonds have a redemption price of 100.6164 CNY per bond [7][11] Summary by Category Luokai Convertible Bonds - The last trading day is November 17, 2025, and the last conversion day is November 20, 2025, with a reminder for bondholders to sell or convert their bonds [4][8] - The closing price on November 14, 2025, was 130.140 CNY, with a potential loss exceeding 23% if not acted upon [13] - The redemption price is set at 100.0384 CNY per bond, with the redemption date on November 21, 2025 [7] Chenfeng Convertible Bonds - The last trading day is also November 17, 2025, and the last conversion day is November 20, 2025, urging investors to take necessary actions [9][12] - The closing price on November 14, 2025, was 155.357 CNY, indicating a potential loss of over 35% if investors do not act [13] - The redemption price is 100.6164 CNY per bond, with the redemption date on November 21, 2025 [11]

Core Viewpoint - The last trading day for Sheng24 Convertible Bond and Tongcheng Convertible Bond is November 10, with significant potential losses for investors who do not act in time [1][3][4]. Group 1: Important Dates and Actions - Investors are reminded that November 10 is the last trading day for Sheng24 Convertible Bond, and November 13 is the last conversion day [3][4]. - After November 13, unconverted Sheng24 Convertible Bonds will be frozen and cease trading, with a forced redemption price of 100.1677 CNY per bond [3][4]. - For Tongcheng Convertible Bond, the last trading day is also November 10, with a forced redemption price of 101.44 CNY per bond after November 13 [3][4]. Group 2: Financial Implications - As of November 7, the closing prices for Sheng24 and Tongcheng Convertible Bonds were 116.244 CNY and 125.413 CNY respectively, indicating potential losses of over 13% and 19% if investors do not act [4][5]. - There are still 344 million CNY and 113 million CNY of Sheng24 and Tongcheng Convertible Bonds respectively that have not been traded or converted, representing over 12% and 14% of the total [5]. Group 3: Redemption Mechanism - The forced redemption mechanism is triggered when the underlying stock price remains above 130% of the conversion price for at least 15 out of 30 trading days [5]. - Investors can either sell the convertible bonds or convert them into shares to avoid losses, with the conversion price set at 12.51 CNY per share for Sheng24 and 31.11 CNY per share for Tongcheng [3][5]. - New regulations require a "Z" identifier to be added to the security name on the last trading day, alerting investors to act promptly [5].

Core Points - The last trading day for Spring and Autumn Convertible Bonds is November 3, with a closing price of 143.264 CNY per bond on October 31, indicating a potential loss exceeding 29% for investors who do not act in time [1][3][5] - Investors are reminded that November 6 is the final conversion day, after which unconverted bonds will be frozen and cease trading [3][5] Summary by Sections Trading Information - As of October 31, the closing price of Spring and Autumn Convertible Bonds was 143.264 CNY per bond, with a maximum price of 146.000 CNY and a minimum of 141.904 CNY on the last trading day [2] - The bond has a conversion price of 10.50 CNY per share, and investors can choose to trade in the bond market until the close on November 3 [5] Redemption Mechanism - The company has the right to redeem the convertible bonds if the stock price meets certain conditions, specifically if the stock price is at least 130% of the conversion price for 15 out of 30 trading days [6] - If investors do not convert or sell their bonds by the deadline, they will be redeemed at a price of 101.701 CNY per bond, which includes the face value and accrued interest [5][6] Investor Actions - Investors have two options to avoid losses: sell the convertible bonds before the deadline or convert them into shares, noting that converted shares will follow different trading rules [6] - A new regulation indicates that the last trading day will be marked with a "Z" to alert investors of the impending deadline [6]

Core Viewpoint - The imminent redemption and trading cessation of Montai Convertible Bonds and New 23 Convertible Bonds pose significant risks for investors who fail to act promptly, potentially leading to substantial losses exceeding 29% and 23% respectively [1][9]. Group 1: Trading and Redemption Dates - October 24 is the last trading day for Montai Convertible Bonds and New 23 Convertible Bonds [2][5]. - October 29 is the final conversion day for these bonds, after which unconverted bonds will be frozen and cease trading [5][7]. Group 2: Current Bond Prices and Potential Losses - As of October 23, the closing prices for Montai Convertible Bonds and New 23 Convertible Bonds were 144.000 CNY and 131.254 CNY respectively [9]. - Investors who do not act in time may incur losses exceeding 29% for Montai Convertible Bonds and 23% for New 23 Convertible Bonds, based on their respective strong redemption prices [1][9]. Group 3: Conversion and Redemption Mechanism - Investors can convert Montai Convertible Bonds at a price of 23.47 CNY per share and New 23 Convertible Bonds at 50.75 CNY per share from October 24 to 29 [7][9]. - After October 29, unconverted bonds will be forcibly redeemed at a price of 101.19 CNY and 100.2192 CNY per bond, respectively, which includes accrued interest [7][9]. Group 4: Investor Actions and Risks - Investors are advised to either sell their convertible bonds or convert them into shares before the deadlines to avoid losses [11][12]. - The new regulations require a "Z" designation on the last trading day to alert investors of the risks associated with the bonds [12].

Core Viewpoint - The upcoming redemption and trading cessation of convertible bonds from Xue Rong, Ling Yi, and Jiu Zhou pose significant risks for investors who fail to act in time, potentially leading to substantial losses. Group 1: Trading and Redemption Dates - Xue Rong convertible bond will cease trading on October 9, with the last conversion date on October 14 [5][7] - Ling Yi convertible bond will stop trading on October 10, with the last conversion date on October 15 [7][10] - Jiu Zhou convertible bond will also stop trading on October 10, with the last conversion date on October 15 [10][11] Group 2: Current Prices and Potential Losses - As of September 30, the closing prices for Xue Rong, Ling Yi, and Jiu Zhou convertible bonds were 141.55 CNY, 176.82 CNY, and 124.11 CNY respectively [16] - If investors do not act, potential losses could exceed 28% for Xue Rong, 43% for Ling Yi, and 17% for Jiu Zhou [16] Group 3: Redemption Prices - Xue Rong convertible bond will be forcibly redeemed at 100.93 CNY per bond after the last trading day [7][10] - Ling Yi convertible bond will be forcibly redeemed at 100.181 CNY per bond after the last trading day [10][14] - Jiu Zhou convertible bond will be forcibly redeemed at 102.04 CNY per bond after the last trading day [10][13] Group 4: Investor Actions and Risks - Investors are advised to either sell their convertible bonds or convert them into shares before the deadlines to avoid losses [17] - The new regulations indicate that the last trading day will be marked with a "Z" to alert investors of the risks [17]