Core Viewpoint - The recent volatility in the market for convertible bonds, particularly the sharp decline in the price of Haitai Convertible Bond, serves as a cautionary lesson for investors regarding the risks associated with speculative trading in this asset class [1][2][4]. Group 1: Haitai Convertible Bond Performance - Haitai Convertible Bond experienced a significant price increase of over 19% on September 12, followed by a sharp decline, closing at a 20% limit down on September 15, despite the underlying stock showing minimal movement [1][2]. - On September 15, the underlying stock of Haitai Technology (301022) fell by 1.61%, while the convertible bond initially surged to 223.225 yuan per share before plummeting [2]. - The bond's price drop was attributed to unusual trading patterns and the impending forced redemption, which may have prompted some investors to sell off their holdings [2][3]. Group 2: Market Behavior of Convertible Bonds - The phenomenon of "flash crashes" in convertible bonds, referred to as "demon bonds," has been observed frequently this year, with several instances of significant price fluctuations occurring without corresponding movements in the underlying stocks [4]. - Other convertible bonds, such as Haibo Convertible Bond and Tianchuang Convertible Bond, have also exhibited similar volatile behavior, leading to substantial losses for investors who bought at high prices [4]. - The market for convertible bonds can be heavily influenced by speculative trading, particularly in smaller or newly issued bonds, which can lead to abnormal price movements and deviations in conversion premium rates [4][5]. Group 3: Investor Caution - Analysts warn that the speculative trading of these "demon bonds" resembles a "pump and dump" scheme, where prices are artificially inflated before a sudden sell-off occurs [5]. - Investors are advised to remain vigilant regarding convertible bonds with high conversion premiums to protect their investments in a volatile market [5].

Core Viewpoint - The recent sharp decline in Haitai Convertible Bond highlights the risks associated with speculative trading in the convertible bond market, particularly in the context of unusual price movements and impending forced redemption [1][3][4]. Group 1: Haitai Convertible Bond Performance - Haitai Convertible Bond experienced a significant price surge of over 19% on September 12, despite the underlying stock showing minimal volatility [1][3]. - On September 15, the bond reached a peak price of 223.225 CNY per share before closing with a 20% limit down, resulting in a loss exceeding 22% for investors who bought at the peak [3][4]. - The bond's price drop occurred even as the underlying stock, Haitai Technology, fell only 1.61% on the same day, indicating a disconnect between the bond and stock performance [3]. Group 2: Redemption and Market Dynamics - Haitai Technology announced that the bond would be subject to conditional redemption due to the stock price exceeding 130% of the conversion price for 15 trading days [4]. - The company plans to redeem the bonds at 100.260 CNY per share if they remain unconverted by September 29, 2025, urging investors to convert their bonds to avoid potential losses [4]. - The bond's conversion premium remains at 12.72%, suggesting that the bond's market price is still above its conversion value, which may attract speculative trading [3]. Group 3: Speculative Trading in Convertible Bonds - The phenomenon of "flash crashes" in convertible bonds, referred to as "demon bonds," has been observed frequently this year, with similar patterns seen in other convertible bonds like Haibo and Tianchuang [6][7]. - These bonds often experience extreme price volatility due to low liquidity and speculative trading, leading to significant losses for investors who buy at inflated prices [7][8]. - Analysts warn that such speculative behavior resembles a "kill pig" scheme, where prices are artificially inflated before a sudden sell-off, disrupting market order and harming investor interests [8].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The convertible bond market was mainly volatile this week (0908 - 0912), with valuations hovering at high levels. High - priced bonds were better than medium - priced ones, and medium - priced were better than low - priced. Small - cap bonds were better than mid - cap ones, and mid - cap were better than large - cap [1][35] - The opportunities in the current convertible bond market are highly structured, rooted in the highly structured equity market. The technology - themed (core is AI computing power) market has not effectively driven the rotation and supplementary rise of the cyclical sectors due to the relatively lagging marginal improvement of the overall economic fundamentals [1][35] - The market index may show a pattern of grinding at the top and oscillating. The CSI Convertible Bond Index has risen by more than 30% since the low in August 2024, and the parity premium rate has increased by about 8 - 12 pct during the same period. In the short term, the rise of medium - and low - priced cyclical targets is slow and the elasticity is low, and the strong redemption demand of high - priced thematic targets will suppress the further rise of the index. In the long term, the index's oscillation center may move up [1][36] - In the short - term strategy, it is still not recommended to significantly reduce positions, but the structure needs to be adjusted. Reduce high - volatility technology - themed targets and increase the proportion of balanced targets to control drawdowns, and increase the allocation proportion of cyclical sectors such as non - ferrous metals, lithium batteries, and chemicals in the medium - and low - price ranges [1][36] Group 3: Summary According to the Directory 1. Week - on - Week Market Review 1.1 Equity Market Overall Rise, Most Industries Rise - From September 8th to September 12th, the equity market overall rose. The Shanghai Composite Index rose 1.52%, the Shenzhen Component Index rose 2.65%, the ChiNext Index rose 2.10%, and the CSI 300 rose 1.38%. The average daily trading volume of the two markets decreased by about 2708.96 billion yuan to 22986.80 billion yuan compared with last week, a week - on - week decrease of 10.54% [6][9] - Among the 31 Shenwan primary industries, 25 industries closed up, with 11 industries rising more than 2%. Electronics, agriculture, forestry, animal husbandry and fishery, media, non - ferrous metals, and steel led the gains, rising 6.15%, 4.81%, 4.27%, 3.76%, and 3.72% respectively. Banking, petroleum and petrochemicals, pharmaceutical biology, social services, and household appliances led the losses [13] 1.2 Convertible Bond Market Overall Rise, Some Industries Rise - From September 8th to September 12th, the CSI Convertible Bond Index rose 0.43%. Among the 29 Shenwan primary industries, 13 industries closed up, with 3 industries rising more than 2%. Food and beverage, non - ferrous metals, electronics, communications, and agriculture, forestry, animal husbandry and fishery led the gains, rising 5.78%, 3.12%, 2.52%, 1.72%, and 1.51% respectively. Media, petroleum and petrochemicals, non - bank finance, household appliances, and banking led the losses [15] - The average daily trading volume of the convertible bond market this week was 869.91 billion yuan, a significant reduction of 59.05 billion yuan, a week - on - week change of - 6.36%. The top ten convertible bonds in terms of trading volume had an average trading volume of 102.49 billion yuan, and the first - ranked one reached 174.00 billion yuan. About 53.29% of individual bonds rose, about 25.17% of individual bonds rose in the 0 - 1% range, and 18.14% of individual bonds rose more than 2% [15] - The overall market conversion premium rate continued to decline this week, with an average daily conversion premium rate of 36.11%, a decrease of 0.59 pct compared with last week. In terms of price ranges, except for bonds below 90 yuan, the average daily conversion premium rates of bonds in other price ranges widened. In terms of parity ranges, the situation was similar [21] - 20 industries' conversion premium rates widened, with 9 industries widening by more than 2 pcts. Household appliances, media, petroleum and petrochemicals, national defense and military industry, and pharmaceutical biology led the widening. 23 industries' parity increased, with 17 industries increasing by more than 2% [25][29] 1.3 Comparison of Stock and Bond Market Sentiments - This week, the weekly weighted average and median of the convertible bond and underlying stock markets were positive, and the underlying stocks had a larger weekly increase. The trading volume of the underlying stock market increased more significantly and was at a higher quantile level. More underlying stocks closed up, and the individual underlying stocks could achieve higher returns. Overall, the trading sentiment of the underlying stock market was better this week [32] - On different trading days, the trading sentiment of the underlying stock market was better on Monday, Tuesday, and Wednesday, while the trading sentiment of the convertible bond market was better on Thursday and Friday [33] 2. Outlook and Investment Strategy - The convertible bond market may show a pattern of grinding at the top and oscillating in the short term, and the oscillation center may move up in the long term [1][36] - In the short - term strategy, do not significantly reduce positions, but adjust the structure. Reduce high - volatility technology - themed targets and increase the proportion of balanced targets and the allocation of cyclical sectors in the medium - and low - price ranges [1][36] - The top ten convertible bonds with the highest predicted downward - revision probability next week are Lanfan Convertible Bond, Dongshi Convertible Bond, Baolai Convertible Bond, etc. The top ten high - rated, medium - and low - priced convertible bonds with the greatest potential for parity premium rate repair next week are Pufa Convertible Bond, Fenghuo Convertible Bond, Jinneng Convertible Bond, etc. [1][36]

Core Points - The company held its first bondholders meeting for the "Dongshi Convertible Bonds" in 2025, where decisions were made regarding the bondholders' rights and obligations [1][2] - The meeting was attended by a limited number of bondholders, representing only 0.43% of the total bond value, indicating low participation [4] - All proposals presented at the meeting were approved unanimously, with 100% of the votes in favor, reflecting a consensus among the attendees [5][6] Meeting Details - The bondholders meeting was conducted with a registered voting process, allowing bondholders to attend in person or via proxy [3] - The company is currently in a pre-restructuring phase, with uncertainty regarding its transition to formal restructuring procedures [3] - The meeting's outcomes are binding for all bondholders, regardless of their attendance or voting status [2][3] Voting Results - Three proposals were presented and passed with unanimous support, indicating strong agreement among the few participating bondholders [5][6] - The approved proposals include provisions for extending the conversion and trading periods of the bonds in the event of court-accepted restructuring [6]

Core Viewpoint - The company is undergoing a pre-restructuring process initiated by the Beijing First Intermediate People's Court, which has appointed a temporary management team to oversee the restructuring efforts. The company has signed a restructuring investment agreement with the restructuring investors, but as of the announcement date, the court has not yet issued a ruling on the acceptance of the restructuring application [1][2]. Group 1: Restructuring Process - The company received a decision from the Beijing First Intermediate People's Court on July 10, 2025, to initiate pre-restructuring, with a temporary management team appointed to manage the process [1]. - If the court formally accepts the restructuring application, the "Dongshi Convertible Bonds" will mature on the day the restructuring is accepted [2]. - The company proposes to hold a bondholders' meeting to determine the conversion period for the "Dongshi Convertible Bonds" if the court accepts the restructuring application [3][6]. Group 2: Bondholder Meeting Proposals - The bondholders' meeting is scheduled for September 1, 2025, to discuss key proposals regarding the "Dongshi Convertible Bonds" [3][5]. - The company suggests extending the conversion period for the bonds to 30 days after the court's acceptance of the restructuring application, allowing bondholders to exercise their conversion rights until 3:00 PM on the 30th day [6][7]. - Additionally, the company proposes to extend the trading period for the bonds to 15 days after the court's acceptance of the restructuring application [7]. Group 3: Financial Details - The company issued convertible bonds totaling 428 million yuan, with a maturity period of six years from April 9, 2020, to April 8, 2026, and an interest rate of 0.40% for the first year [4][5]. - The bonds were approved for public issuance by the China Securities Regulatory Commission on December 27, 2019, and began trading on the Shanghai Stock Exchange on April 30, 2020 [5].

证券代码：603377 证券简称：ST 东时 公告编号：临 2025-155 "东 时转债"将于公司重整受理之日提前到期。《中华人民共和国企业破产法》第四 十八条"债权人应当在人民法院确定债权申报期限内向管理人申报债权"，公司 自重整受理之日起进入债权申报期，债权人可基于依法享有的债权进行债权申报， 重整受理之日持有"东时转债"的债券持有人亦可基于依法享有的债权进行债权 申报，债权类型为无财产担保普通债权。根据司法实践，普通债权在重整程序中 的即时清偿比例可能较小，实际清偿情况尚存在不确定性。 转债代码：113575 转债简称：东时转债 东方时尚驾驶学校股份有限公司 关于召开"东时转债"2025 年第一次债券持有人会议 的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 东方时尚驾驶学校股份有限公司（以下简称"公司"）于 2025 年 7 月 书》，北京一中院决定对公司启动预重整，并指定东方时尚驾驶学校股份有限公 司清算组担任公司预重整期间的临时管理人。目前，公司各项预重整工作均有序 推进，公司、 ...

Core Viewpoint - The trading price of the convertible bond "Dongshi Convertible Bond" has experienced significant fluctuations, with a cumulative increase of over 30% in two consecutive trading days, prompting an inquiry into the company's operational status and any undisclosed significant matters [1][2][3]. Summary by Sections Convertible Bond Issuance and Listing - The company was approved by the China Securities Regulatory Commission to publicly issue convertible bonds on December 27, 2019, with a total issuance of 4.28 billion RMB and a maturity period of 6 years from April 9, 2020, to April 8, 2026 [1][2]. - The bond has a tiered interest rate structure, starting at 0.40% in the first year and increasing to 2.30% in the sixth year [1]. Trading Anomalies - The trading price of "Dongshi Convertible Bond" on August 19 and 20, 2025, saw a cumulative price increase exceeding 30%, which is classified as an abnormal trading fluctuation according to the Shanghai Stock Exchange regulations [2][3]. Company Operational Status - The company confirmed that its production and operations are normal, with no significant changes in its main business or market environment [3][4]. - The company has resolved previous non-operational fund occupation issues, with a total repayment of approximately 387.34 million RMB confirmed by an external audit [3][4]. Major Events and Disclosures - The company has not identified any undisclosed significant matters that could impact the trading price of its convertible bonds, including major asset restructuring or strategic investments [4][5]. - The company is currently under a pre-restructuring process, with uncertainties regarding whether it will formally enter a restructuring program [5][6]. Board and Management Statements - The board of directors has confirmed that there are no undisclosed matters that should be reported according to the relevant regulations, and all previously disclosed information is accurate [6][7].

Group 1 - The Zhongzheng Convertible Bond Index rose by 0.75% to 485.73 points on August 21 [1] - Notable gainers included Dongshi Convertible Bond, Shuiyang Convertible Bond, Dayuan Convertible Bond, Sailong Convertible Bond, and Yirui Convertible Bond, with increases of 20.00%, 11.18%, 9.89%, 8.02%, and 7.47% respectively [1] - Significant decliners included Chongda Convertible Bond 2, Jintian Convertible Bond, Jinlun Convertible Bond, Linuo Convertible Bond, and Borui Convertible Bond, with decreases of 6.55%, 5.42%, 4.50%, 3.74%, and 3.38% respectively [1]

Core Viewpoint - The trading price of the convertible bond "Dongshi Convertible Bond" of Dongfang Shifang Driving School Co., Ltd. has experienced an abnormal fluctuation, with a cumulative closing price increase exceeding 30% over two consecutive trading days [2][5]. Group 1: Convertible Bond Trading Situation - The price of "Dongshi Convertible Bond" reached 162.643 yuan per bond as of August 20, 2025, representing a premium of 62.643% over the face value and a conversion premium rate of 506.18% [2][12]. - The bond was approved for public issuance by the China Securities Regulatory Commission on December 27, 2019, with a total issuance of 4.28 billion yuan and a maturity period of six years [3]. Group 2: Company Operations and Financial Matters - The company confirmed that its production and operations are normal, with no significant changes in its main business or market environment [7]. - The company disclosed that its controlling shareholder and related parties have fully repaid non-operating fund occupations amounting to approximately 387.34 million yuan [8]. - The company has applied to the Shanghai Stock Exchange to revoke certain risk warnings related to its stock, as the non-operating fund occupation issue has been resolved [9]. Group 3: Market and Media Influence - The company has not identified any media reports or market rumors that could significantly impact the trading price of its convertible bonds [10]. - There have been no significant events that could affect the trading price of the convertible bonds during the abnormal fluctuation period [11].

Core Viewpoint - The China Convertible Bond Index experienced a decline of 0.17% on August 20, closing at 479.59 points, indicating a mixed performance in the convertible bond market [1] Group 1: Market Performance - The top five declining convertible bonds were Xinzhiyuan Convertible Bond, Mingdian Convertible Bond, Zhongqi Convertible Bond, Huahong Convertible Bond, and Taifu Convertible Bond, with declines of 6.75%, 5.01%, 4.91%, 4.74%, and 4.54% respectively [1] - Conversely, the top five gaining convertible bonds were Dongshi Convertible Bond, Songyuan Convertible Bond, Jinlun Convertible Bond, Jincopper Convertible Bond, and Tianjian Convertible Bond, with increases of 20.00%, 13.32%, 11.57%, 8.71%, and 6.13% respectively [1]