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Core Viewpoint - The announcement details the conversion and stock changes related to the company's convertible bonds "齐翔转 2", including adjustments to the conversion price over time and the total amount converted into shares as of March 31, 2025 [1][2][5]. Convertible Bond Issuance - The company issued convertible bonds totaling 2,990 million yuan, approved by the China Securities Regulatory Commission, with a face value of 100 yuan each [1][2]. - The bonds began trading on September 15, 2020, under the code "128128" [2]. Conversion Price Adjustments - The initial conversion price was set at 8.22 yuan per share, which was adjusted to 7.97 yuan on June 25, 2021, following a rights distribution [2]. - Further adjustments were made, reducing the conversion price to 5.69 yuan on September 29, 2021, and then to 5.53 yuan on July 19, 2023 [3]. - The conversion price was adjusted again to 5.46 yuan on June 6, 2024, and finally to 5.40 yuan on December 31, 2024 [4]. Conversion and Share Capital Changes - As of March 31, 2025, a total of 2,310,604,400 yuan (23,106,044 bonds) had been converted into 292,109,273 shares, with 26,986,867 shares converted from repurchased stock [5]. - The company's total share capital increased to 2,842,841,778 shares, with specific changes in the number of restricted and unrestricted shares [6].

Group 1 - The article discusses the shift in U.S. foreign policy towards isolationism under Trump, which aligns with Russia's rejection of NATO's eastward expansion, potentially leading to a ceasefire in the Russia-Ukraine conflict [1][6][38] - If the Russia-Ukraine conflict is resolved, it could significantly impact Europe's economic independence and defense spending, with the EU planning to invest €1 trillion in military capabilities by 2030, which is expected to boost GDP growth by over 0.8% annually [10][38] - Germany is also increasing its defense and infrastructure spending, with an estimated investment of nearly €1 trillion, potentially raising its GDP growth by 2% annually [10][38] Group 2 - Post-ceasefire, energy supply normalization is expected to lower production costs for European companies, particularly benefiting the chemical, steel, and non-ferrous metal industries [2][19] - Ukraine will require approximately $524 billion for reconstruction over the next decade, with significant investments needed in housing, energy, and transportation infrastructure [21][38] - The EU has a cumulative investment gap of about €600 billion due to the energy crisis, which is equivalent to 20% of total investment in 2024 [23][38] Group 3 - The resolution of the conflict may lead to a revaluation of European assets, with foreign direct investment (FDI) expected to recover as geopolitical risks diminish [29][39] - The article suggests that the European stock market may benefit from increased capital inflows, with major indices showing significant gains in early 2025 [31][39] - The expansion of deficits in the EU and Germany is likely to push up bond yields, while the expected GDP growth will also contribute to rising yields on ten-year German and French bonds [33][39] Group 4 - The euro is anticipated to strengthen against the dollar as the interest rate differential between the U.S. and Europe narrows, supported by larger fiscal measures in Europe compared to the U.S. [35][39]