1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report presents the top ten convertible bonds for December 2025, analyzing each bond's issuer, including its financial performance, business scope, and key attractions [1][3][4]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Company Profile**: A globally leading specialized special steel material manufacturing enterprise with a production capacity of about 20 million tons of special steel materials per year [11]. - **Financial Performance**: In 2024, its operating income was 109.203 billion yuan (YoY -4.22%), and the net profit attributable to the parent was 5.126 billion yuan (YoY -10.41%). In the first three quarters of 2025, the operating income was 81.206 billion yuan (YoY -2.75%), and the net profit attributable to the parent was 4.33 billion yuan (YoY +12.88%) [11]. - **Company Highlights**: It is one of the world's most comprehensive special steel enterprises in terms of variety and specifications, with leading market shares in core products such as bearing steel and automotive steel. It has a complete industrial chain and strong cost - control capabilities, and is actively seeking external expansion [12]. 3.2 Shanlu Convertible Bond - **Company Profile**: Mainly engaged in road and bridge engineering construction and maintenance, and actively expanding into other fields. It has a complete business and management system [29]. - **Financial Performance**: In 2024, its operating income was 71.348 billion yuan (YoY -2.3%), and the net profit attributable to the parent was 2.322 billion yuan (YoY +1.47%). In the first three quarters of 2025, the operating income was 41.354 billion yuan (YoY -3.11%), and the net profit attributable to the parent was 1.41 billion yuan (YoY -3.27%) [29]. - **Company Highlights**: Controlled by the Shandong Provincial State - owned Assets Supervision and Administration Commission, it has the concept of "China Special Valuation". It is expected to benefit from infrastructure construction in Shandong and the "Belt and Road" initiative [30]. 3.3 Hebang Convertible Bond - **Company Profile**: With advantages in salt mines, phosphate mines, and natural gas supply, it has completed the basic layout in the chemical, agricultural, and photovoltaic fields [44]. - **Financial Performance**: In 2024, its operating income was 8.547 billion yuan (YoY -3.13%), and the net profit attributable to the parent was 31 million yuan (YoY -97.55%). In the first three quarters of 2025, the operating income was 5.927 billion yuan (YoY -13.02%), and the net profit attributable to the parent was 93 million yuan (YoY -57.93%) [44]. - **Company Highlights**: Its phosphate mines and salt mines contribute stable profits, and the liquid methionine business has high - margin performance [45]. 3.4 Huayuan Convertible Bond - **Company Profile**: Focused on building a complete vitamin D3 upstream - downstream industrial chain, with products including cholesterol, vitamin D3, and chemical preparations [57]. - **Financial Performance**: In 2024, its operating income was 1.243 billion yuan (YoY +13.58%), and the net profit attributable to the parent was 309 million yuan (YoY +60.76%). In the first three quarters of 2025, the operating income was 936 million yuan (YoY -0.2%), and the net profit attributable to the parent was 234 million yuan (YoY -3.07%) [57]. - **Company Highlights**: It is a leader in NF - grade cholesterol and 25 - hydroxyvitamin D3 products. It is expanding its product matrix and has a layout in the pharmaceutical manufacturing field [58]. 3.5 Xingye Convertible Bond - **Company Profile**: One of the first joint - stock commercial banks approved by the State Council and the People's Bank of China, evolving into a modern financial service group [71]. - **Financial Performance**: In 2024, its operating income was 212.226 billion yuan (YoY +0.66%), and the net profit attributable to the parent was 77.205 billion yuan (YoY +0.12%). In the first three quarters of 2025, the operating income was 161.234 billion yuan (YoY -1.82%), and the net profit attributable to the parent was 63.083 billion yuan (YoY +0.12%) [71]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of corporate and retail customers [72]. 3.6 Huanxu Convertible Bond - **Company Profile**: A global leader in electronic manufacturing design, providing value - added services to brand customers [81]. - **Financial Performance**: In 2024, its operating income was 60.691 billion yuan (YoY -0.17%), and the net profit attributable to the parent was 1.652 billion yuan (YoY -15.16%). In the first three quarters of 2025, the operating income was 43.641 billion yuan (YoY -0.83%), and the net profit attributable to the parent was 1.263 billion yuan (YoY -2.6%) [81]. - **Company Highlights**: It is a leading manufacturer of smart wearable SiP modules, with advanced packaging technologies and a global production layout [82]. 3.7 Chongyin Convertible Bond - **Company Profile**: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, listed on the Hong Kong Stock Exchange and selected for the "Leading Bank" program [94]. - **Financial Performance**: In 2024, its operating income was 13.679 billion yuan (YoY +3.54%), and the net profit attributable to the parent was 5.117 billion yuan (YoY +3.8%). In the first three quarters of 2025, the operating income was 11.74 billion yuan (YoY +10.4%), and the net profit attributable to the parent was 4.879 billion yuan (YoY +10.19%) [94]. - **Company Highlights**: Benefiting from the Chengdu - Chongqing economic circle strategy, it has stable asset - scale growth and a reasonable credit strategy [96]. 3.8 Tianye Convertible Bond - **Company Profile**: The first industrial enterprise of the Xinjiang Production and Construction Corps and a leading enterprise in the chlor - alkali chemical industry, with an integrated circular economy industrial chain [103]. - **Financial Performance**: In 2024, its operating income was 11.156 billion yuan (YoY -2.7%), and the net profit attributable to the parent was 68 million yuan (YoY +108.83%). In the first three quarters of 2025, the operating income was 7.97 billion yuan (YoY +2.2%), and the net profit attributable to the parent was 7 million yuan (YoY -28.79%) [103]. - **Company Highlights**: The cost of caustic soda production is relatively fixed, and it plans to increase the dividend frequency and has coal - mine projects in progress [106]. 3.9 Aorui Convertible Bond - **Company Profile**: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in several technical fields [119]. - **Financial Performance**: In 2024, its operating income was 1.476 billion yuan (YoY +16.89%), and the net profit attributable to the parent was 355 million yuan (YoY +22.59%). In the first three quarters of 2025, the operating income was 1.237 billion yuan (YoY +13.67%), and the net profit attributable to the parent was 354 million yuan (YoY +24.58%) [119]. - **Company Highlights**: It has an optimized distributor network, expanding preparation products, and high - quality customer resources [120]. 3.10 Yushui Convertible Bond - **Company Profile**: The largest water supply and drainage integrated enterprise in Chongqing, with a stable monopoly position in the local market [133]. - **Financial Performance**: In 2024, its operating income was 6.999 billion yuan (YoY -3.52%), and the net profit attributable to the parent was 785 million yuan (YoY -27.88%). In the first three quarters of 2025, the operating income was 5.568 billion yuan (YoY +7.21%), and the net profit attributable to the parent was 779 million yuan (YoY +7.1%) [133]. - **Company Highlights**: It has a high market share in Chongqing, is expanding externally, and has effective cost - control measures [134].

Core Viewpoint - The article discusses recent developments in convertible bonds, including proposed share reductions, adjustments, and redemption details for various bonds [1][2][4]. Group 1: Share Reduction and Bond Adjustments - Zhengyuan Wisdom plans to reduce its repurchased shares by no more than 2.842 million shares [1]. - Dongshi Convertible Bond will undergo a downward adjustment [1]. - Yuguang Convertible Bond is subject to strong redemption [1]. - Several convertible bonds, including Polai, Ruike, Zhongte, and Leizhi, will not undergo adjustments [1]. Group 2: Convertible Bond Details - A table lists various convertible bonds with their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stock [2][4]. - For instance, the current price of Chenfeng Convertible Bond is 155.357, with a conversion value of 156.23 and a remaining scale of 0.446 billion [2]. - The Yuguang Convertible Bond has a current price of 207.107, with a conversion value of 206.05 and a remaining scale of 6.826 billion [2].

Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds, despite triggering conditions for a downward adjustment due to stock price performance [3][20]. Group 1: Board Meeting Details - The 22nd meeting of the 10th Board of Directors was held on November 14, 2025, with all 9 directors present [2]. - The meeting was convened in accordance with the relevant provisions of the Company Law and the company's articles of association [2]. Group 2: Resolution on Convertible Bonds - The board approved the resolution not to adjust the conversion price of the "Zhongte Convertible Bonds" [3][20]. - The stock price has been below 80% of the conversion price for 15 trading days, triggering the adjustment clause [11][20]. - The board's decision is based on the belief in the company's long-term value and aims to protect the interests of all investors [3][20]. Group 3: Future Considerations - The company will not propose a downward adjustment for the next three months (from November 17, 2025, to February 13, 2026) even if the adjustment conditions are met again [20]. - A new assessment period for potential adjustments will begin on February 24, 2026 [20].

Group 1 - The company, CITIC Special Steel (SZ 000708), announced on November 14 that its 10th Board of Directors held its 22nd meeting via telecommunication, discussing the proposal not to adjust the conversion price of "Zhongte Convertible Bonds" [1] - For the first half of 2025, CITIC Special Steel's revenue composition is entirely from the special steel industry, accounting for 100.0% [1] - As of the report date, CITIC Special Steel has a market capitalization of 77.3 billion yuan [1]

Group 1 - The company has issued convertible bonds amounting to 500 million yuan, with a net fundraising amount of approximately 497.87 million yuan after deducting related expenses [4][5] - The initial conversion price of the convertible bonds was set at 25.00 yuan per share, which has been adjusted multiple times due to annual profit distributions, currently standing at 22.23 yuan per share [8][9] - The conversion period for the bonds is from September 5, 2022, to February 24, 2028 [6] Group 2 - The company’s board has decided not to propose a downward adjustment of the conversion price for the "中特转债" within the next twelve months, even if the conditions for adjustment are triggered [2][3] - There is a potential trigger for the downward adjustment of the conversion price, as the stock price has been below 80% of the current conversion price for ten trading days between October 27 and November 7, 2025 [3][10] - The company will follow the procedures outlined in the prospectus if the conditions for a downward adjustment are met, ensuring timely disclosure of any necessary information [10][11]

Group 1 - The core point of the article is that CITIC Special Steel announced a potential downward adjustment of the conversion price for its convertible bonds due to the stock price falling below a specified threshold [1] - The company has experienced 10 trading days where the closing price was below 80% of the current conversion price of 22.23 CNY per share, which is 17.78 CNY per share [1] - If the conditions for the adjustment are triggered, the company will follow the procedures outlined in the bond issuance prospectus for subsequent review and information disclosure [1]

Core Viewpoint - The company announced a cash dividend distribution plan for the first half of 2025, with a total cash dividend of approximately 1.009 billion yuan, accounting for 36.07% of the net profit attributable to shareholders for the same period [1][5][14]. Summary by Sections Profit Distribution Plan - The company will distribute a cash dividend of 2.00 yuan per 10 shares (including tax) to all shareholders based on the total share capital as of the record date [1][5]. - The total share capital increased by 309 shares due to the conversion of convertible bonds, resulting in a new total of 5,047,157,829 shares [1]. - The cash dividend distribution will be adjusted if there are changes in the total share capital before the implementation date [2][3]. Key Dates - The record date for the dividend distribution is set for October 14, 2025, and the ex-dividend date is October 15, 2025 [5][6]. Dividend Payment Method - Cash dividends will be directly credited to shareholders' accounts through their securities companies on the ex-dividend date [7]. - The company will bear all legal responsibilities if there are any discrepancies in the dividend distribution due to changes in shareholders' accounts during the application period [8]. Convertible Bond Adjustment - The conversion price of the company's convertible bonds will be adjusted from 22.43 yuan to 22.23 yuan per share due to the cash dividend distribution [12][13][14]. - This adjustment will take effect on October 15, 2025, and does not involve a suspension of the conversion [14].

Core Points - The company announced its profit distribution plan for the first half of 2025, which was approved at the third extraordinary shareholders' meeting held on September 1, 2025 [1] - The record date for the profit distribution is set for October 14, 2025, and the ex-dividend date is October 15, 2025 [1] - The conversion price for the company's convertible bonds will be adjusted from 22.43 CNY per share to 22.23 CNY per share, effective from October 15, 2025 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 海外監管公告 此乃中信泰富特鋼集團股份有限公司在二零二五年八月十九日登載 於中華人民共和國深圳證券交易所網站(www.szse.cn)關於2025年半 年度報告摘要。中信泰富特鋼集團股份有限公司為中國中信股份有 限公司的附屬公司。 中信泰富特钢集团股份有限公司 2025 年半年度报告摘要 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 不适用 证券代码：000708 证券简称：中信特钢 公告编号：2025-058 中信泰富特钢集团股份有限公司 2025 年半年度报告摘要 1 中信泰富特钢集团股份有限公司 2025 年半年度报告摘要 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、 财务状况及未来发展规划，投资者应当到证监会指定媒体仔细阅读半年度报 告全文。 董事会审议的报告期利润分配预案或公积金转增股本预案 适用 □不适用 是否以公积金转增股本 □是 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In July, the convertible bond market continued its upward trend, with the equal - weighted index significantly outperforming the weighted index. The median convertible bond price reached a maximum of 129 yuan, approaching the level at the beginning of 2022, but the structure showed that low - priced bonds were significantly higher than those at the beginning of 2022, while high - priced bonds were significantly lower [2][9]. - The July market was a "second - derivative" fluctuation, while the equity "first - derivative" remained positive. Before the September 3 parade, A - shares may have opportunities, and the dumbbell strategy (high - dividend + micro - cap stocks) may rebound. The convertible bond market will continue to follow the underlying stocks and remain strong [2]. - The new VAT policy on the interest income of bonds such as treasury bonds may increase the cost - effectiveness of stable and low - volatility convertible bonds, and the buying volume of bond - type convertible bonds and the entire convertible bond market may increase [2]. - After short - term winning - rate volatility pricing, the market will shift to odds - based advantages. It is recommended to pay attention to the cost - effectiveness improvement of bank convertible bonds and high - elasticity varieties, and the future will shift from position - based victory to structure - based victory [4]. Summary According to Relevant Catalogs 1. Review of the Convertible Bond Market in July: Recovery under Strong Equity - **Price and Index Performance**: The convertible bond market continued to rise in July, with a steeper upward slope compared to June. The equal - weighted index significantly outperformed the weighted index, and there was a slight pullback at the end of the month. The median convertible bond price reached a maximum of 129 yuan and closed at around 127 yuan at the end of the month [2][9]. - **Style and Sector Performance**: In July, small - cap and low - rating styles were dominant again, and their excess performance since the beginning of the year reached a new high. The pharmaceutical sector led the rise, while the financial sector significantly underperformed other sectors since 2025 [10][12][15]. - **Comparison with Underlying Stocks**: Convertible bonds slightly underperformed the underlying stocks, but the underperformance margin further narrowed compared to June. The convertible bond market showed strong performance overall, and its valuation advantage was significant [16][21]. - **Valuation Situation**: The convertible bond valuation confirmed an upward trend, with the 100 - yuan premium rate rising to a maximum of 33% in July. The current high - valuation problem is mainly reflected in the low - parity area, while the 120 - 130 yuan parity is still a valuation depression [22][24][27]. 2. Outlook for the Convertible Bond Market in August: Shifting from Position - Based Victory to Structure - Based Comparison - **Equity Market and Convertible Bond Market**: The short - term adjustment of the equity market is due to the full implementation of the market rotation and catch - up market, and the market has returned to a volatile state. Before the September 3 parade, A - shares may have opportunities, and the convertible bond market will follow the underlying stocks and remain strong [2][46]. - **Valuation of Convertible Bonds**: The high valuation of convertible bonds may be maintained because the overall risk of the stock market is controllable. However, the absolute valuation of bond - type convertible bonds is relatively high, and there are potential adjustment risks. After the short - term adjustment, they have certain cost - effectiveness [48][53][60]. - **Impact of VAT Policy**: The adjustment of the bond VAT policy may increase the attractiveness of bond - type convertible bonds. After the tax increase, the cost - effectiveness of pure bonds decreases, and the buying volume of bond - type convertible bonds may increase [63][66]. - **Cost - Effectiveness of Different Types of Convertible Bonds**: The cost - effectiveness of high - dividend and low - volatility convertible bonds such as bank convertible bonds may increase, and attention should also be paid to high - elasticity varieties and individual bonds with odds advantages [4]. 3. Bond Selection Directions and Targets in August - **Bond Selection Directions**: First, pay attention to the directions favored by the high - to - low shift in the August market, such as bank convertible bonds and some "bank - like" convertible bonds; second, focus on small - cap growth sectors such as self - controllability and national defense and military industries; third, pay attention to convertible bonds that are not subject to forced redemption or have been listed for less than 6 months; fourth, pay attention to convertible bonds that can replace underlying stocks [4]. - **Targets in August**: Low - volatility convertible bonds include Lvdong Convertible Bond, Hengyi Convertible Bond 2, etc.; stable convertible bonds include Bo 25 Convertible Bond, Guanghe Convertible Bond, etc.; high - volatility convertible bonds include Daotong Convertible Bond, Jiahe Convertible Bond, etc. [4]