证券代码：002891 证券简称：中宠股份 公告编号：2025-056 年 5 月 6 日披露了《关于实际控制人持股比例被动稀释超过 1%的公告》（公告 编号：2025-033），公司实际控制人郝忠礼先生及肖爱玲女士在持股数量不变的 情况下因公开发行可转换公司债券（中宠转 2）转股被动稀释导致权益变动，权 益变动后持股数量 115,667,445 股，持股比例 38.63%（占 2025 年 4 月 29 日总股 本比例）。 元，发行总额为 76,904.59 万元。经深圳证券交易所"深证上〔2022〕1090 号" 文同意，公司 76,904.59 万元可转换公司债券于 2022 年 11 月 21 日起在深交所挂 牌交易，债券简称"中宠转 2"，债券代码"127076"。"中宠转 2"自 2023 年 余额为 483,951,200.00 元（4,839,512 张）。 预披露公告》（公告编号：2025-046），公司控股股东烟台中幸生物科技有限公 司（以下简称"烟台中幸"）之一致行动人上海通怡投资管理有限公司－通怡春 晓 19 号私募证券投资基金（以下简称"通怡春晓 19 号"）计划自公告披露之日 起 ...

Group 1 - The Zhongzheng Convertible Bond Index closed up 0.84% at 452.81, with a trading volume of 73.29 billion [1] - The top gainers included Julong Convertible Bond, which rose by 20%, and Jinxian Convertible Bond, which increased by over 12% [1] - Other notable gainers were Jingyuan Convertible Bond, up over 9%, and both Jing23 Convertible Bond and Saili Convertible Bond, which rose nearly 9% [1] Group 2 - The Zhongchong Convertible Bond experienced a decline of over 2%, while both Punaite Convertible Bond and Huahong Convertible Bond fell by more than 1% [1]

Core Viewpoint - The China Convertible Bond Index increased by 0.41%, indicating a positive trend in the convertible bond market [1] Group 1: Performance of Convertible Bonds - Seli Convertible Bond rose by 15.58%, showing significant appreciation [1] - Hongbai Convertible Bond increased by 7.20%, reflecting strong investor interest [1] - Feilu Convertible Bond gained 7.18%, contributing to the overall positive performance [1] - Zhongqi Convertible Bond declined by 7.14%, indicating a negative trend [1] - Liande Convertible Bond fell by 6.33%, suggesting potential concerns among investors [1] - Zhongchong Convertible Bond decreased by 5.99%, highlighting a weaker performance compared to peers [1]

Key Insights - As of June 2025, China's foreign exchange reserves stood at 33,174 billion USD, indicating a stable economic environment [1] - The convertible bond market showed a 3.3% increase in June, following a 4.7% rise in the stock market, driven by policy stimuli and geopolitical factors [2][3] - The life sciences upstream sector is experiencing a turning point, with a projected revenue growth of 10.75% year-on-year in 2024, driven by stable investment and domestic substitution trends [7][8] - The North Exchange is expected to maintain high trading activity and market attention, with a focus on new industries such as artificial intelligence and commercial aerospace for the second half of 2025 [12][17] Convertible Bond Market - The convertible bond market's valuation is not overly high, with structural opportunities still available, particularly in sectors showing improved economic conditions such as non-ferrous metals, machinery, agriculture, and computing [4][3] - The market is transitioning from a policy-driven focus to a fundamental pricing approach, with expectations of a 5% economic growth target being met [3][4] - Recommended convertible bonds for July include Guotou Convertible Bond, Ran 23 Convertible Bond, and others, indicating a strategic focus on sectors benefiting from policy support [4] Life Sciences Upstream Sector - The life sciences upstream sector is characterized by high specialization and significant barriers to entry, with major companies expanding and exploring international markets [7][8] - The sector is poised for growth due to the booming demand for innovative drugs, with the Chinese antibody drug market expected to reach 510.8 billion RMB by 2030 [8] - Mergers and acquisitions are becoming more prevalent, with domestic companies looking to replicate the growth paths of global giants, enhancing industry concentration and growth potential [9][10] North Exchange - The North Exchange's trading activity has slightly decreased, with an average daily turnover of approximately 279.83 billion RMB, but it remains higher than other markets [13] - The North Exchange's overall price-to-earnings ratio is around 50.4 times, indicating a slight decline but still higher than other boards, with the electronics sector showing the highest ratios [14] - The North Exchange is optimizing its evaluation system to support the high-quality development of small and medium-sized enterprises, focusing on innovation and market ecology improvement [15][17]

Group 1 - The company issued a total of 7,690,459 convertible bonds with a total value of 769.0459 million yuan, approved by the China Securities Regulatory Commission [1][2] - The initial conversion price of the bonds was set at 28.35 yuan per share, which was later adjusted to 28.30 yuan per share on May 24, 2023, and further adjustments are scheduled for future dates [4][5][7] - The conversion period for the bonds started on May 4, 2023, and will last until October 24, 2028 [1][3] Group 2 - As of June 30, 2025, the total amount of convertible bonds reduced due to conversion was 285.065 million yuan, with a total of 10,258,936 shares converted [8] - The remaining balance of convertible bonds as of June 30, 2025, is 483.9809 million yuan [8] - The company plans to hold annual shareholder meetings to approve profit distribution proposals, which will affect the conversion price of the bonds [6][7]

Core Viewpoint - The bond market is experiencing a strong consolidation, with expectations that the central bank will maintain its current policy on reverse repos to ensure liquidity in the banking system [1][5][7]. Market Performance - Government bond futures closed higher across the board, with the 30-year main contract rising by 0.35% to 119.780, and the 10-year main contract increasing by 0.17% to 108.925 [2]. - The yields on major interbank bonds mostly declined slightly, with the 10-year government bond yield down by 0.25 basis points to 1.6655% [2]. Monetary Policy Actions - The central bank conducted a 1350 billion yuan reverse repo operation at a fixed rate of 1.40%, with a total of 2911 billion yuan in reverse repos maturing on the same day, resulting in a net withdrawal of 1561 billion yuan [5][6]. - The central bank is set to conduct a 10,000 billion yuan buyout reverse repo operation for three months, marking the first public operation of this kind at the beginning of the month [5][7]. Institutional Insights - Citic Securities suggests that the buyout reverse repo operations will continue to be a channel for medium to long-term liquidity, with pricing becoming more market-oriented [7]. - Dongfang Jincheng notes that the central bank's announcement of large-scale buyout reverse repos is likely related to the peak of interbank certificate maturities in June, which amounts to 4.16 trillion yuan [7]. - Huachuang Fixed Income indicates that the central bank's approach to announcing operation scales in advance will help institutions manage liquidity better [7].

Group 1 - The Zhongzheng Convertible Bond Index opened lower by 0.04% [1] - Hengbang Convertible Bond and Huaxiang Convertible Bond rose over 1% [1] - Zhongzhuang 2 fell nearly 6%, while Zhongchong 2 and Bohui Convertible Bond dropped over 1% [1]

Core Viewpoint - Despite the impact of the U.S. "reciprocal tariffs" on global capital markets since April, the domestic convertible bond market has shown overall stability, highlighting its defensive and offensive characteristics, with some convertible bonds recently reaching historical highs [1][3]. Summary by Sections Market Performance - Since April, the domestic convertible bond market has demonstrated resilience amid global market volatility, with the China Securities Convertible Bond Index experiencing a significant drop of 4.05% on April 7, marking its largest single-day decline of the year, yet this was less severe than the declines in the Shanghai and Shenzhen indices, indicating a defensive nature [3][4]. Recovery and Growth - Following the market rebound starting April 8, many convertible bonds have regained their losses, showcasing their offensive potential. Over 400 convertible bonds have risen since April 8, with more than 40 bonds increasing by over 10%, including notable performers like Fuxin Convertible Bond and Zhongqi Convertible Bond, which saw increases exceeding 20% [4]. Historical Highs - Several convertible bonds have recently reached historical highs, such as Zhongqi Convertible Bond, which surpassed 300 CNY per share, achieving a cumulative increase of 29.43% since April 8 and 149.62% year-to-date [5]. Zhongchong Convertible Bond also approached 200 CNY per share, with a cumulative increase of 36.45% since April 8 and 42.89% year-to-date [7]. Zhenhua Convertible Bond reached a price of 197.981 CNY per share, with a cumulative increase of 24% since April 8 and over 40% year-to-date [9]. Redemption Risks - Despite the overall stability of the convertible bond market compared to equities, there are risks associated with specific terms, such as early redemption clauses. For instance, Huisheng Convertible Bond faced significant declines due to triggering its conditional redemption clause, dropping over 40% from its high of 248 CNY per share since April 7 [12][14]. Similar situations have been observed with Bojie Convertible Bond, which has seen a nearly 20% decline since April due to early redemption [14].

Group 1 - The company issued 7,690,459 convertible bonds with a total amount of 769.0459 million yuan, approved by the China Securities Regulatory Commission on October 25, 2022 [2][3] - The initial conversion price of the bonds was set at 28.35 yuan per share, which was adjusted to 28.30 yuan on May 24, 2023, and further adjusted to 28.06 yuan on June 5, 2024, and finally to 27.81 yuan on November 25, 2024 [5][6][7] - The conversion period for the bonds started on May 4, 2023, and will end on October 24, 2028 [2][4] Group 2 - As of March 31, 2025, the total amount of convertible bonds reduced due to conversion was 21,022,400 yuan (210,224 bonds), with a total conversion quantity of 755,828 shares [7] - The remaining balance of the convertible bonds as of March 31, 2025, was 748,023,500 yuan (7,480,235 bonds) [7]