来源：上海证券报·中国证券网 上证报中国证券网讯 12月15日，中证转债指数早盘收跌0.07%，报482.61点。冠中转债涨13.39%，博俊 转债涨4.48%，亚科转债涨4.22%；嘉泽转债跌5.40%，英搏转债跌3.86%，博瑞转债跌3.47%。 上证报中国证券网讯 12月15日，中证转债指数早盘收跌0.07%，报482.61点。冠中转债涨13.39%，博俊 转债涨4.48%，亚科转债涨4.22%；嘉泽转债跌5.40%，英搏转债跌3.86%，博瑞转债跌3.47%。 来源：上海证券报·中国证券网 ...

转债周策略 20251213 股性转债溢价率博弈策略的构建思路 glmszqdatemark 股性转债溢价率博弈策略的构建思路 股性转债价格涨跌主要由正股涨跌驱动，但部分股性转债转股溢价率的明显上升也为 投资者贡献额外的超额收益。下文我们从股性转债溢价率博弈的角度出发，筛选了今 年股性转债溢价率明显上升的标的，拆解归纳不同影响溢价率上升的动因，为投资者 后续择券提供参考。 我们认为构建股性转债溢价率博弈策略应主要着重于筛选哪些转债溢价率"易上难 下"，其中溢价率"难下"的主要择券标准可以设定为哪些转债溢价率低于 2%：由于 转债转股套利的存在，转债溢价率一般难以低于 0%，并且部分转债计入正股未来上 涨的预期，因此若只筛选溢价率在 0%附近的转债样本量过小。 我们筛选了今年以来，股性转债溢价率低于 2%，后面溢价率回升至 10%（回升至 10% 以上时，转债为股性转债，转换价值在 130 元以上）以上的转债标的作为样本，复盘 归纳哪些因素可能使得股性转债溢价率回升： 总体来看，我们认为构建股性转债溢价率博弈策略主要应该先初筛溢价率已经处于较 低水平的股性转债；然后判断转债的强赎概率和基本面，若后续转债披露"不 ...

Core Viewpoint - The article discusses the status of various convertible bonds, highlighting those that are subject to strong redemption and those that are not, along with their respective trading and conversion details [1][3][5]. Group 1: Strong Redemption Bonds - The following convertible bonds are subject to strong redemption: - Limin Convertible Bond (利民转债) with a strong redemption price of 100.222 and a last trading date of December 5, 2025 [1]. - Xinhua Convertible Bond (新化转债) with the same strong redemption conditions [1]. Group 2: Non-Strong Redemption Bonds - The following convertible bonds are not subject to strong redemption: - Yake Convertible Bond (亚科转债) [1]. - Aima Convertible Bond (爱玛转债) which will not undergo adjustment [1]. - Shenglan Convertible Bond (胜蓝转02) also will not undergo adjustment [1]. Group 3: Upcoming Subscription Opportunities - New stock subscriptions are available for: - Muxi Co., Ltd. (沐曦股份) and Angrui Microelectronics (昂瑞微) [1]. Group 4: Convertible Bond Pricing and Trading Details - Key pricing and trading details for selected convertible bonds include: - Hongfa Convertible Bond (宏发转债) priced at 122.939 with a conversion value of 122.93 and a remaining scale of 3.066 billion [3]. - Guocheng Convertible Bond (国城转债) priced at 176.268 with a conversion value of 176.23 and a remaining scale of 1.720 billion [3]. - Mingdian Convertible Bond (明电转02) priced at 137.779 with a conversion value of 137.50 and a remaining scale of 0.608 billion [3]. - Various other convertible bonds are listed with their respective prices, redemption values, last trading dates, and conversion values [3][5].

证券日报网讯 12月4日晚间，亚太科技发布公告称，自2025年11月6日至2025年12月4日，公司股票已有 15个交易日的收盘价格不低于"亚科转债"当期转股价格的130%，已触发"亚科转债"的有条件赎回条 款；公司于2025年12月4日召开第七届董事会第五次会议，审议通过《关于不提前赎回"亚科转债"的议 案》：决定暂不行使"亚科转债"的提前赎回权利，同时决定在未来6个月内（即2025年12月5日至2026年 6月4日），"亚科转债"在触发有条件赎回条款时，公司均不行使提前赎回权利，不提前赎回"亚科转 债"。 （文章来源：证券日报） ...

Core Viewpoint - The convertible bond market showed mixed performance with the Zhongzheng Convertible Bond Index rising by 0.1% to 482.09, and a total trading volume of 53.624 billion yuan [1] Convertible Bonds Performance - A total of 395 convertible bonds were traded today, with 215 rising, 0 unchanged, and 180 declining [1] - 21 convertible bonds saw gains exceeding 2%, with notable performers including: - Furong Convertible Bond (113672) up 7.71% - Fuxin Convertible Bond (111012) up 7.14% - Guanzhong Convertible Bond (123207) up 6.54% [2] - Conversely, 12 convertible bonds experienced declines over 2%, with: - Huicheng Convertible Bond (123118) down 9.78% - Yingbo Convertible Bond (123249) down 6.45% - Dazhong Convertible Bond (127070) down 4.73% [2] Corresponding Stocks Performance - Among the stocks corresponding to the traded convertible bonds, 241 rose, 12 remained unchanged, and 142 fell [1] - 12 stocks had gains exceeding 5%, including: - Asia Pacific Technology (002540) up 10.06% - Hebang Bio (603077) up 10.05% - Furong Technology (603327) up 10.01% [1] - 2 stocks saw declines over 5%, with: - Huitong Group (603176) down 9.94% - Corresponding Huicheng Convertible Bond (113665) down 3.46% [1]

Core Viewpoint - The company announced that its stock price has met the conditions for the conditional redemption of the "Yake Convertible Bonds" based on specific trading price thresholds [1] Summary by Relevant Sections - **Stock Performance**: From November 6 to November 19, 2025, the company's stock has closed at or above 130% of the current conversion price for 10 trading days [1] - **Redemption Conditions**: If the stock price remains at or above 130% of the conversion price for at least 15 out of any 30 consecutive trading days during the conversion period, it will trigger the conditional redemption clause of the "Yake Convertible Bonds" [1] - **Redemption Process**: Upon triggering the redemption clause, the company has the right to redeem all or part of the unconverted "Yake Convertible Bonds" at face value plus accrued interest, following the relevant regulations [1] - **Board Meeting Requirement**: The company will convene a board meeting on the day the conditions are met to decide whether to exercise the redemption right and will fulfill its information disclosure obligations [1]

Core Viewpoint - Jiangsu Apac Lightweight Alloy Technology Co., Ltd. has issued convertible bonds totaling RMB 1,159 million, with a focus on funding projects related to automotive and aerospace components [3][12]. Group 1: Bond Issuance Details - The total amount of the convertible bonds issued is RMB 115,900,000, with 11,590,000 bonds at a face value of RMB 100 each [3][5]. - The net amount raised after deducting underwriting and other issuance costs is RMB 1,150,674,168.81 [3]. - The bonds have a maturity period of six years, from March 9, 2023, to March 8, 2029 [4]. Group 2: Interest and Payment Terms - The coupon rates for the bonds are structured as follows: 0.30% for the first year, 0.50% for the second year, 1.00% for the third year, 1.50% for the fourth year, 1.80% for the fifth year, and 2.00% for the sixth year [5]. - Interest payments will be made annually, and the principal will be repaid at maturity [5]. Group 3: Conversion and Redemption Terms - The initial conversion price is set at RMB 6.46 per share, subject to adjustments based on corporate actions such as stock dividends and capital increases [6][14]. - The conversion period starts six months after the issuance and lasts until the maturity date [6]. - The company has the right to redeem the bonds at 112% of the face value plus the last interest payment if certain conditions are met [9]. Group 4: Use of Proceeds - The funds raised will be allocated to several projects, including the production of high-strength aluminum components for new energy vehicles and high-performance aluminum profiles for automotive applications, with total investments of RMB 148 million [12][23]. - Specific projects include a production capacity of 200,000 sets of automotive components and 1,200 million lightweight aluminum parts [12]. Group 5: Corporate Governance and Compliance - The issuance and management of the bonds comply with relevant regulations and have been approved by the company's board and shareholders [2][3]. - The company has established a clear framework for adjusting the conversion price in response to changes in share capital and other corporate actions [13][14].

Core Viewpoint - The company has completed the repurchase and cancellation of 3.57 million restricted stocks as part of its first stock option and restricted stock incentive plan, which represents 0.285% of the total share capital before the repurchase [1][7]. Summary by Sections Incentive Plan and Approval Process - The company held board and supervisory meetings on September 26, 2023, to approve the incentive plan and related management measures [1]. - A public notice regarding the incentive objects was conducted from September 28 to October 7, 2023, with no objections received [1]. - The third extraordinary general meeting of shareholders on October 16, 2023, approved the incentive plan and authorized the board to handle related matters [1]. Repurchase and Cancellation of Restricted Stocks - The repurchase of 3.57 million restricted stocks was due to the failure to meet performance targets set for the second release period of the incentive plan [5][8]. - The repurchase price was set at 2.235 yuan per share, adjusted for any dividends received by the incentive objects [6][8]. - The total repurchase amount was 7,978,952.14 yuan [1]. Impact on Share Capital - Following the repurchase, the company's total share capital decreased from 1,251,700,032 shares to 1,248,413,917 shares [7]. - The structure of share capital was detailed, showing a slight decrease in restricted shares and an increase in unrestricted shares [7]. Adjustment of Convertible Bond Conversion Price - The conversion price of the company's convertible bonds was adjusted from 5.38 yuan per share to 5.39 yuan per share due to the repurchase of restricted stocks [8]. - The adjustment will take effect on July 22, 2025 [8].

Group 1 - The company issued a total of 11.59 million convertible bonds, raising a total of 1.159 billion yuan, with a net amount of approximately 1.14967 billion yuan after deducting underwriting fees [1][2] - The convertible bonds were listed on the Shenzhen Stock Exchange on April 27, 2023, under the code 127082 and the name "亚科转债" [2] - The conversion period for the bonds is from September 15, 2023, to March 8, 2029 [2] Group 2 - The initial conversion price was adjusted from 6.46 yuan per share to 6.22 yuan per share on May 26, 2023, and further adjusted to 5.74 yuan per share on May 30, 2024, and finally to 5.58 yuan per share [2][3] - As of the first quarter of 2025, the total number of shares before the conversion was 1,251,516,591, with 1,397 shares added through the conversion process, resulting in a total of 1,251,517,988 shares [3] - The proportion of restricted shares remained relatively stable, with a slight decrease in the percentage of restricted shares from 30.55% to 30.54% after the conversion [3]