Group 1: Report Investment Rating - No investment rating is provided in the report. Group 2: Core Views - In the context of continued external uncertainties and high absolute valuations, the redemption negative feedback may still be in the early stage of fermentation. In terms of configuration, it is advisable to focus on defense, prioritize the layout of targets with solid bond - floor support and relatively low valuations, and avoid high - premium varieties [1][3]. - The convertible bond market accelerated its decline last week, with the core driving factors being the escalation of the Middle East geopolitical conflict and the hawkish stance of the Federal Reserve's policy, which led to a continuous weakening of global market risk appetite. The convertible bond market was pressured downwards along with the equity market. The small - cap and mid - cap convertible bond indexes had higher declines than the large - cap index, and the low - price index had a significantly lower decline than the high - price and mid - price indexes, indicating that the risk appetite for high - valuation and high - price varieties was still converging [1][10]. - The convertible bond market experienced a wide - range adjustment last week, with significant retracements in high - valuation varieties. Most style factors continued to be weak, and high - position targets with strong previous momentum faced concentrated adjustment pressure. It is recommended that investors be cautious in the current weak and volatile environment, prioritize the defensive attributes of assets, strictly control portfolio exposure, avoid high - deviation and downward - trending varieties, and moderately track and observe targets with low ZL deviation and potential pricing repair space [2][14]. - Looking ahead, the current redemption negative feedback may still be in the early stage of fermentation. The strategy should still focus on defense, and it is advisable to prioritize the layout of low - valuation targets. Overseas uncertainties have significantly increased, and the overall valuation of the convertible bond market is still in a relatively high range after the correction. It is recommended to maintain a cautious and defensive tone, focus on low - valuation varieties with solid bond - floor support, reasonable conversion premiums, and high cost - effectiveness, and strictly control portfolio risk exposure [3][21]. Group 3: Summary by Directory 1. Convertible Bond Weekly Thinking - Last week (from March 16 to March 20, 2026), the convertible bond market accelerated its decline. The core driving factors were the escalation of the Middle East geopolitical conflict and the hawkish stance of the Federal Reserve's policy, which led to a continuous weakening of global market risk appetite. The convertible bond market was pressured downwards along with the equity market. Style factors were generally under pressure, especially the momentum style. The small - cap and mid - cap convertible bond indexes had higher declines than the large - cap index, and the low - price index had a significantly lower decline than the high - price and mid - price indexes. The decline of the convertible bond market further expanded, mainly due to the double impact of the escalation of the Middle East geopolitical conflict and the hawkish signals from the Federal Reserve's March interest - rate meeting, which intensified market panic. Some fixed - income + products faced redemption pressure, leading to a "redemption - selling" negative feedback cycle. The convertible bond index showed a trend of simultaneous decline in volume and price, with significant adjustments in high - valuation and technology - themed individual bonds [10]. - The convertible bond market had a wide - range adjustment last week, with significant retracements in high - valuation varieties. Most style factors continued to be weak, and high - position targets with strong previous momentum faced concentrated adjustment pressure. Only "Aima Convertible Bond" in the liquidity style had a slight gain (+0.04%), and "Wanqing Convertible Bond" in the valuation style remained flat (0.00%). From an industry perspective, pro - cyclical sectors such as chemical raw materials and construction machinery faced obvious capital outflows. The copper and aluminum sectors related to non - ferrous metals were also weak. In contrast, "Aima Convertible Bond" in the motorcycle sector and "Wanqing Convertible Bond" in the cement sector showed certain defensive characteristics in the weak market. It is recommended that investors be cautious, prioritize the defensive attributes of assets, and track targets with low ZL deviation [14]. - Currently, convertible bonds are still in an over - valued range. It is recommended to focus on low - valuation and high - cost - effectiveness varieties. After the rapid decline, the convertible bond market is still about 10% over - valued compared to the reasonable level according to the BS and ZL models. The pressure of valuation regression is still being released. It is advisable to maintain a cautious and defensive strategy, prioritize targets with solid bond - floor support, strong underlying stock performance certainty, and relatively low valuations, and avoid high - premium varieties [17]. 2. Convertible Bond Market Aspect 2.1 Convertible Bond Market Aspect - No specific content is provided other than data sources. 2.2 Convertible Bond Individual Bond Aspect - Tables and figures show the performance of convertible bond indexes and the top - ten and bottom - ten individual bond price changes in the past week, but no detailed analysis is provided. 2.3 Convertible Bond Valuation Aspect - Figures show the valuation trends of bond - type, balanced, and stock - type convertible bonds, as well as the conversion premium rate valuation trends of convertible bonds with different parities, but no detailed analysis is provided. 2.4 Convertible Bond Price Aspect - Figures show the proportion trend of high - price bonds and the median price of convertible bonds, but no detailed analysis is provided.

Core Viewpoint - The article discusses recent developments in convertible bonds, including price adjustments, strong redemptions, and new listings, highlighting the dynamics of the convertible bond market [1][4][6]. Group 1: Convertible Bond Adjustments - Longda Convertible Bond's conversion price has been adjusted down to 4.2 yuan [1]. - Xinfeng and Linuo Convertible Bonds are subject to strong redemption [1]. - Yubang Convertible Bond will not undergo strong redemption [1]. - Wanquan Convertible Bond will not have its price adjusted [1]. Group 2: Market Data on Convertible Bonds - The current price of Beigang Convertible Bond is 132.518, with a strong redemption price of 101.130 and a remaining scale of 0.226 billion [4]. - Shentong Convertible Bond has a current price of 123.250, with a strong redemption price of 100.445 and a remaining scale of 0.020 billion [4]. - Huazheng Convertible Bond is priced at 194.075, with a strong redemption price of 100.153 and a remaining scale of 0.058 billion [4]. - The current price of Xingfa Convertible Bond is 135.723, with a strong redemption price of 100.670 and a remaining scale of 13.238 billion [4]. Group 3: New Listings and Other Developments - Haisheng Medical has recently listed on the Beijing Stock Exchange [1]. - Reports indicate that small amounts of redemption funds for Zhongzhuang Convertible Bond have been received by investors [1].

Group 1 - The core point of the article is that Wan Nian Qing announced that its convertible bond "Wan Qing Convertible Bond" has a current conversion price of 8.53 yuan per share, and the stock price has been below 80% of this conversion price for 10 trading days, which may trigger a downward adjustment of the conversion price [2] - The company states that if the conditions for the adjustment of the conversion price are triggered, it will follow the procedures and disclosure obligations as stipulated in the fundraising prospectus [2] - The specific period mentioned for the stock price being below the conversion price is from January 22, 2026, to February 4, 2026 [2]

Core Viewpoint - The announcement details the results of the buyback period for the "Wanqing Convertible Bonds," indicating that no investors opted to sell their bonds back to the company during the specified period [1][3]. Group 1: Buyback Announcement - The company disclosed the buyback announcement for the "Wanqing Convertible Bonds" on December 10, 2025, in compliance with relevant regulations [2]. - The buyback price was set at 101.235 RMB per bond (including interest and tax), with the buyback period scheduled from December 16 to December 22, 2025 [2]. Group 2: Buyback Results - The buyback period concluded on December 22, 2025, with a total of 0 bonds submitted for buyback, resulting in a total buyback amount of 0 RMB [3]. - The lack of buyback submissions means the company will not need to process any payments to investors, and the buyback process is considered complete [3]. Group 3: Future Trading - The unredeemed "Wanqing Convertible Bonds" will continue to be traded on the Shenzhen Stock Exchange [4].

Summary of Key Points Core Viewpoint - The company announces the conditional redemption of its convertible bonds ("万青转债") due to the stock price falling below a specified threshold, allowing bondholders to redeem their bonds at a predetermined price [2][3]. Group 1: Redemption Conditions - The redemption price is set at 101.235 RMB per bond, including interest and tax [1][6]. - The redemption condition is triggered when the company's stock price has been below 70% of the conversion price (5.97 RMB) for 30 consecutive trading days [2][3]. - The redemption period for bondholders is from December 16, 2025, to December 22, 2025 [1][8]. Group 2: Redemption Process - Bondholders must submit their redemption requests through the Shenzhen Stock Exchange during the specified period, and once submitted, requests cannot be canceled [8][9]. - The company will process the redemption payments on December 26, 2025, with funds reaching investors by December 29, 2025 [9][10]. - During the redemption period, the bonds will continue to trade, but conversion into shares will be suspended [11]. Group 3: Interest Calculation - The interest for the redemption is calculated based on the formula: IA = B × i × t / 365, where B is the total face value of the bonds, i is the annual coupon rate (2.30%), and t is the number of days [4][5]. - For the current interest period, the calculated interest amounts to 1.235 RMB per bond [6]. Group 4: Tax Implications - Individual investors will have a 20% tax withheld on interest income, resulting in a net redemption amount of 100.988 RMB per bond [6]. - Qualified foreign institutional investors (QFII and RQFII) are exempt from corporate income tax and value-added tax, receiving the full redemption amount [6]. Group 5: Announcement and Reporting - The company will publish daily reminders regarding the redemption process until the end of the redemption period [7]. - After the redemption period, the company will announce the results and the impact of the redemption on its financials [10].

Core Viewpoint - The company announces the conditional redemption of its convertible bonds, "Wanqing Convertible Bonds," due to the stock price falling below a specified threshold, allowing bondholders to redeem their bonds at a predetermined price [2][3]. Redemption Overview - The redemption condition is triggered when the company's stock price has been below 70% of the conversion price (5.97 CNY) for 30 consecutive trading days [2][3]. - Bondholders can redeem their bonds at a price of 101.235 CNY per bond, which includes accrued interest [6]. Redemption Conditions - The redemption rights can be exercised once during the last two interest years if the conditions are met [3]. - If bondholders do not exercise their redemption rights during the specified period, they forfeit the right for that interest year [3]. Redemption Price Calculation - The accrued interest (IA) is calculated using the formula: IA = B × i × t / 365, where B is the total face value of the bonds, i is the annual coupon rate (2.30%), and t is the number of days [4][5]. - For the current interest period, the accrued interest amounts to 1.235 CNY per bond, leading to a total redemption price of 101.235 CNY [6]. Redemption Process and Payment - The redemption announcement will be published daily during the redemption period, which runs from December 16 to December 22, 2025 [7]. - Bondholders must submit their redemption requests through the Shenzhen Stock Exchange during the specified period [8]. - The payment for redeemed bonds will be processed on December 26, 2025, with funds reaching investors by December 29, 2025 [9]. Trading and Conversion During Redemption Period - The "Wanqing Convertible Bonds" will continue to trade during the redemption period but will not allow conversion into shares [11].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In H1 2025, most convertible bond issuers saw revenue growth compared to the previous year, with profits showing some divergence. Amid the bullish equity market since April, investors should focus on low - price and equity - biased convertible bonds with excellent or improving performance and high - quality underlying stocks [1][3][8]. 3. Summary According to the Table of Contents 3.1 2025H1 Convertible Bond Performance Overview - Revenue: By August 30, 61.7% of convertible bond issuers had year - on - year revenue growth, mainly in the (0, 30%] range. In Q2 2025, 77.5% had quarter - on - quarter revenue growth, also concentrated in the (0, 30%] range [8][9]. - Profit: 50.2% of convertible bond issuers had year - on - year growth in net profit attributable to shareholders, with significant differences in performance. In Q2 2025, 53.3% had quarter - on - quarter growth, and the industries with the most issuers having a quarter - on - quarter growth rate of over 100% were electronics, building decoration, and power equipment [8][9]. 3.2 Industries and Convertible Bond Issues with Outstanding Performance 3.2.1 Year - on - Year Dimension - Industry: In terms of revenue, agriculture, forestry, animal husbandry and fishery, non - bank finance, and electronics led; in terms of performance, agriculture, forestry, animal husbandry and fishery, building materials, and media had the highest year - on - year growth rates. The agriculture, forestry, animal husbandry and fishery industry achieved a significant turnaround in performance, with the net profit attributable to shareholders increasing by 6799.93% year - on - year [15]. - Convertible Bond Issues: Huahong Convertible Bond, Wanqing Convertible Bond, Jingrui Convertible Bond, Jingrui Convertible Bond 2, and Muyuan Convertible Bond had the top four year - on - year growth rates in net profit attributable to shareholders in H1 2025 [23]. 3.2.2 Quarter - on - Quarter Dimension - Industry: In terms of revenue, communication, building materials, and non - bank finance led; in terms of performance, building materials, social services, and communication had the highest quarter - on - quarter growth rates in Q2 2025. Some industries such as building materials showed signs of bottoming out and reversing [26]. - Convertible Bond Issues: Jiaojian Convertible Bond, Hengfeng Convertible Bond, Huayang Convertible Bond, Aojia Convertible Bond, and Tianchuang Convertible Bond had the top five quarter - on - quarter growth rates in net profit attributable to shareholders in Q2 2025 [35]. 3.3 Industries and Convertible Bond Issues with Significant Performance Improvement 3.3.1 Industries and Issues with Year - on - Year Turnaround from Loss to Profit - Industries: Agriculture, forestry, animal husbandry and fishery, medicine, and electronics had the most issuers turning around from loss to profit year - on - year. Representative issues include Shanbo Convertible Bond, Tianchuang Convertible Bond, and Jingrui Convertible Bond [38]. 3.3.2 Industries and Issues with Quarter - on - Quarter Turnaround from Loss to Profit - Industries: Power equipment, computer, and construction industries had the most issuers turning around from loss to profit quarter - on - quarter. Representative issues include Jiaojian Convertible Bond, Jidong Convertible Bond, and Like Convertible Bond [45]. 3.3.3 Industries and Issues with Year - on - Year Reduction in Losses - Industries: Computer, power equipment, and building decoration industries had the most issuers with reduced losses year - on - year. Representative issues include Shuangliang Convertible Bond and Xinfu Convertible Bond [50]. 3.3.4 Industries and Issues with Quarter - on - Quarter Reduction in Losses - Industries: Power equipment, computer, and medicine industries had the most issuers with reduced losses quarter - on - quarter. Representative issues include Tong 22 Convertible Bond, Long 22 Convertible Bond, and Shanshi Convertible Bond [56]. 3.4 Convertible Bonds Worth Attention in the Bullish Equity Market 3.4.1 Convertible Bonds in the Excellent Performance Sector - Five convertible bonds, including Muyuan Convertible Bond, Daotong Convertible Bond, Zhongchong Convertible Bond 2, Weice Convertible Bond, and Anji Convertible Bond, were selected based on certain criteria [61]. 3.4.2 Convertible Bonds with Improving Performance - Four convertible bonds, including Liang 22 Convertible Bond, Site Convertible Bond, Chutian Convertible Bond, and Li'ang Convertible Bond, are recommended for continuous attention [63].

Group 1 - The company, Jiangxi Wannianqing Cement Co., Ltd., issued 10 million convertible bonds with a total value of 1 billion yuan, which were listed on July 2, 2020 [1] - Recently, the company received a notification that Xinhua Life Insurance Co., Ltd. transferred 1,027,330 bonds, accounting for 10.27% of the total issuance [1] - The bonds have a maturity period of 6 years, and the issuance was approved by the China Securities Regulatory Commission [1]

Group 1 - The controlling shareholder of Baiyang Pharmaceutical plans to reduce its stake by no more than 3% [1] - The shareholder of Tianchuang Fashion intends to reduce its stake by no more than 1% [1] - The following convertible bonds: Mars Convertible Bond, Wanqing Convertible Bond, Jidong Convertible Bond, Xingrui Convertible Bond, and Jingke Convertible Bond will not undergo adjustments [1] Group 2 - The emergency convertible bond will be forcibly redeemed [1] - The Libo Convertible Bond has been listed [1] - Dingjia Precision is a new stock available for subscription on the Beijing Stock Exchange [1]

Core Viewpoint - The company, Jiangxi Wannianqing Cement Co., Ltd., is expected to trigger a downward adjustment of the conversion price for its convertible bonds due to the stock price being below 80% of the current conversion price for at least 10 trading days from July 1 to July 14, 2025 [1][6]. Summary by Sections Convertible Bond Issuance - The company issued 10 million convertible bonds with a total value of 1 billion RMB, each with a face value of 100 RMB, approved by the China Securities Regulatory Commission on June 3, 2020 [1][2]. Listing of Convertible Bonds - The convertible bonds were listed on the Shenzhen Stock Exchange on July 2, 2020, under the name "Wanquan Convertible Bonds" with the code "127017" [2]. Conversion Period - The conversion period for the bonds started on December 9, 2020, and will end on June 2, 2026 [2]. Adjustment of Conversion Price - The conversion price was adjusted from 13.46 RMB/share to 12.66 RMB/share on June 1, 2022, and further adjusted to 12.40 RMB/share on June 1, 2023 [3][4]. Recent Adjustments - On April 19, 2024, the board approved a downward adjustment of the conversion price to 8.76 RMB/share, effective from April 22, 2024. This was followed by another adjustment to 8.67 RMB/share on May 30, 2024, and then to 8.53 RMB/share on July 10, 2025 [4][5]. Conditions for Downward Adjustment - The company can propose a downward adjustment of the conversion price if the stock price is below 80% of the current conversion price for at least 15 trading days within any 30-day period [6]. Procedures for Adjustment - If the company decides to adjust the conversion price, it will announce the decision through designated media and will resume conversion applications at the adjusted price starting from the next trading day after the adjustment [6]. Triggering Conditions - The company has indicated that the stock price has been below the required threshold, which may lead to the adjustment of the conversion price as per the relevant regulations [6].