Core Insights - The report highlights the performance of three investment strategies: Low Price Enhancement, Improved Dual Low, and High Price High Elasticity, which recorded returns of 1.3%, 0.5%, and 0.7% respectively during the last period, outperforming the benchmark return of 0.3% [1] - Year-to-date, these strategies have achieved returns of 17.4%, 28.2%, and 52.2%, with cumulative excess returns of 0.3%, 11.2%, and 35.2% compared to the benchmark return of 17.0% [1] - The equity market experienced fluctuations, with the Wind All A and CSI Convertible Bonds rising by 1.5% and 0.3% respectively, indicating a resurgence of low volatility strategies [1] Low Price Enhancement Strategy - The latest holdings include new entries such as Jinggong Convertible Bond (Construction Decoration), Shangyin Convertible Bond (Bank), and Yangfeng Convertible Bond (Basic Chemicals) among others [2] - The adjustment rationale is based on the strong performance of the low price index (1.4%) and the resurgence of low volatility strategies, with a focus on stable or improving performance and reasonable premium rates [3] Improved Dual Low Strategy - The latest holdings feature new entries like Shangyin Convertible Bond (Bank) and Zhonghuan Convertible Bond (Environmental Protection) [4] - Adjustments were made due to the upward movement of the dual low index (0.4%), with a focus on stocks with improved performance or stable operations while avoiding those with high redemption progress [5] High Price High Elasticity Strategy - The latest holdings include new entries such as Wankai Convertible Bond (Basic Chemicals) and Shuiyang Convertible Bond (Beauty Care) [6] - The strategy's adjustments were influenced by the decline in high price index returns (-1.5%) and the need to manage redemption risks while maintaining a balanced industry allocation [7]

Core Viewpoint - The China Convertible Bond Index experienced a decline of 0.22% on October 16, closing at 481.12 points, indicating a mixed performance in the convertible bond market [1] Summary by Category Market Performance - The index showed a decline, with notable losers including Wujin Convertible Bond, Sheng24 Convertible Bond, Jingxing Convertible Bond, Zhenhua Convertible Bond, and Songlin Convertible Bond, which fell by 6.17%, 5.86%, 5.61%, 5.57%, and 5.10% respectively [1] - Conversely, the top gainers were Tairui Convertible Bond, Fengshan Convertible Bond, Guanzhong Convertible Bond, Hongfa Convertible Bond, and Chenfeng Convertible Bond, which increased by 6.99%, 4.90%, 4.34%, 3.77%, and 3.43% respectively [1]

Group 1 - The core viewpoint of the announcement is that Jiangsu Fengshan Group Co., Ltd. has maintained its credit ratings for both the company and its bond, with no changes from the previous assessment [1][2] - The previous bond credit rating was "AA-" and the issuer credit rating was also "AA-", with a stable outlook [1] - The current bond credit rating remains "AA-" and the issuer credit rating is still "AA-", with the outlook also remaining stable [1] Group 2 - The credit rating was conducted by Zhongzheng Pengyuan Credit Rating Co., Ltd., based on a comprehensive analysis of the company's operational status, industry conditions, and financial situation [1] - The previous rating was issued on June 27, 2024, and the current rating report was released on June 26, 2025 [1] - The detailed credit rating report can be found on the Shanghai Stock Exchange website [1]

Summary of Key Points Core Viewpoint - Jiangsu Fengshan Group Co., Ltd. announces the interest payment details for its convertible bonds, indicating a structured approach to bond issuance and investor returns. Group 1: Bond Issuance Overview - The convertible bonds were issued on June 27, 2022, with a total issuance of 5 million bonds at a face value of RMB 100 each, amounting to RMB 500 million [1] - The bonds have a maturity period from June 27, 2022, to June 26, 2028, with interest rates of 2.0% for the fifth year and 3.0% for the sixth year [1] Group 2: Interest Payment Details - The interest payment date for the bonds is set for June 27, 2025, covering the interest period from June 27, 2024, to June 26, 2025 [1] - The coupon rate for the current period is 1.0%, resulting in an interest payment of RMB 1.00 per bond (including tax) [1] Group 3: Tax Implications - Individual bondholders are subject to a 20% personal income tax on the interest, leading to a net payment of RMB 0.80 per bond after tax [3] - Non-resident enterprises are exempt from corporate income tax on the interest income from these bonds, maintaining the gross payment of RMB 1.00 per bond [4] Group 4: Payment Process - The interest will be paid through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, with a requirement for the company to transfer funds two trading days prior to the payment date [3] - If the company fails to transfer the funds on time, the responsibility for payment will revert to the company [3]

Group 1 - The company has not yet commenced operations at its factories in Ningxia and Inner Mongolia, and raw material prices remain high, keeping product prices stable since Q1 [3] - The company's pesticide segment operates at a high capacity utilization rate, with plans to increase production by approximately 2,000 tons through technological upgrades due to rising market demand for green grass [3] - The company is currently testing the electrolyte for sodium-ion batteries and is selling it primarily to companies like Zhongna [3] Group 2 - The company has not considered new financing plans at this time, but will arrange financing based on investment plans and funding needs, ensuring timely disclosure of any future arrangements [3] - The company is enhancing accounts receivable management and customer credit monitoring, and is using China CITIC Insurance to secure payments for overseas business [3] - The production capacity release for the Yichang project in Hubei is being conducted in phases, with trial production proceeding smoothly and sales meeting expectations, indicating confidence in future performance growth [5]

Group 1 - The China Securities Convertible Bond Index opened up by 0.07% [1] - The Yunjin Convertible Bond rose over 3%, the Limin Convertible Bond increased nearly 3%, and the Fengshan Convertible Bond gained over 2% [1] - The Falan Convertible Bond experienced a decline of over 2% [1]