（编辑 姚尧） 证券日报网讯 10月20日晚间，亿纬锂能发布公告称，自2025年9月29日至2025年10月20日，公司股票连 续十个交易日中已有十个交易日的收盘价格不低于"亿纬转债"当期转股价格50.65元/股的130%（含 130%，即65.85元/股），若未来连续二十个交易日内，公司股票有五个交易日的收盘价格不低于当期转 股价格的130%（含130%），将触发《惠州亿纬锂能股份有限公司创业板向不特定对象发行可转换公司 债券募集说明书》中规定的有条件赎回条款。届时，公司有权决定是否按照本次可转债面值加当期应计 利息的价格赎回全部或部分未转股的"亿纬转债"。 ...

Policy and Industry Trends - The humanoid robot industry is entering a stage driven by both policy and application scenarios, with significant government support and strategic focus on embodied intelligence and smart robotics[1] - Local governments are actively implementing special action plans to accelerate the industrialization of humanoid robots, indicating a robust policy environment[14] Market Opportunities - The market for humanoid robots is shifting from concept-driven to industrialization, with long-term investment value emerging in the sector[8] - Key components such as actuators, sensors, and lightweight materials are critical areas of focus, with a notable lack of software-related investment vehicles in the convertible bond market[1] Component Analysis - The core value of humanoid robots is highly concentrated in the components sector, particularly in actuators, dexterous hands, and sensors, which are essential for their functionality[29] - Actuators, including lead screws, reducers, and motors, are expected to contribute nearly half of the overall value in mass production stages, with significant growth potential[32] Investment Highlights - Notable convertible bonds include Yinlun Convertible Bond (Yinlun) and Daotong Convertible Bond (Daotong), which are leading in the exploration of the humanoid robot industry[2] - The Yinlun Convertible Bond focuses on thermal management systems and has established a product system for humanoid robots, while the Daotong Convertible Bond is leveraging AI for inspection robots[24] Risk Factors - Potential risks include the humanoid robot industry's slower-than-expected industrialization and unexpected changes in industrial policies[4]

Core Viewpoint - The Zhongzheng Convertible Bond Index opened with a slight increase of 0.08%, reaching 477.96 points on September 16 [1] Group 1: Market Performance - The top gainers in the convertible bond market included Yuguang Convertible Bond, Borui Convertible Bond, New 23 Convertible Bond, Songsheng Convertible Bond, and Yinlun Convertible Bond, with increases of 6.74%, 4.28%, 3.05%, 1.98%, and 1.97% respectively [1] - The largest decliners were Haitai Convertible Bond, Jiuzhou Turn 2, Luokai Convertible Bond, Aofei Convertible Bond, and Yiwei Convertible Bond, with decreases of 5.02%, 3.76%, 1.71%, 1.42%, and 1.40% respectively [1]

New Stock Issuance - New stock issuance for 联合动力 (code: 301656) at a price of 12.48 on September 15, 2025[1] - *ST天茂 (code: 000627) has a cash option declaration period from September 15 to September 19, 2025[1] - 紫天退 (code: 300280) has 14 trading days remaining until the last trading day during the delisting period[1] Market Alerts - 先导智能 (code: 300450) reported severe abnormal fluctuations[2] - 杭可科技 (code: 688006) and 新华锦 (code: 600735) have recent announcements regarding trading activities[1] - 退市整理期 for multiple stocks including *ST威尔 (code: 002058) and 新炬网络 (code: 605398) has been noted[1] Trading Insights - Significant trading activity observed in stocks like 工业富联 (code: 601138) and 景旺电子 (code: 603228) with recent announcements[1] - The report includes links to detailed announcements for various stocks, indicating ongoing market developments[1]

Group 1 - The China Convertible Bond Index opened up 0.13% on September 4, reaching 470.37 points [1] - Yiwei Convertible Bond increased by 3.80%, Jingxing Convertible Bond rose by 2.95%, and Xingqiu Convertible Bond gained nearly 2.90% [1] - Xuelong Convertible Bond decreased by 3.68%, Qianglian Convertible Bond fell by 2.45%, and Liyang Convertible Bond dropped by 1.35% [1]

Group 1 - The China Convertible Bond Index fell by 0.03% to 468.39 points on September 3rd [1] - The largest declines were seen in the following convertible bonds: Gaomei Convertible Bond (-6.75%), Zhenyang Convertible Bond (-6.42%), Weidao Convertible Bond (-5.87%), Jinlun Convertible Bond (-5.06%), and Fuxin Convertible Bond (-3.77%) [1] - The top gainers included Lushan Convertible Bond (+9.89%), Dongjie Convertible Bond (+9.28%), Jingxing Convertible Bond (+6.24%), Liyang Convertible Bond (+4.57%), and Yiwei Convertible Bond (+3.86%) [1]

Meeting Announcement - The company will hold the first bondholders' meeting for "EVE Convertible Bonds" on September 8, 2025, at 15:30 [1] - The meeting is convened in accordance with relevant laws, regulations, and the company's bond issuance documents [1] Eligibility and Voting Rights - Bondholders registered with China Securities Depository and Clearing Corporation Limited by September 1, 2025, can attend the meeting and vote [2] - Certain stakeholders, including shareholders holding over 5% of the company’s shares, will have the right to express opinions but not to vote [2] Meeting Registration - Specific documentation is required for different types of bondholders (corporate, non-corporate, and individual) to register for the meeting [2][3] - Remote bondholders can register via mail or email by September 5, 2025 [3] Voting Process - Voting can be conducted in person or via mail, with specific instructions provided for both methods [4] - Votes must be clearly marked, and any improperly filled ballots will be considered invalid [4] Legal Binding Nature - Resolutions passed during the meeting will be legally binding for all bondholders, including those who did not attend or express dissent [4]

Group 1 - The report identifies a significant increase in the number of new convertible bonds listed recently, leading to heightened market attention towards new issuances [7][8] - Convertible bonds are categorized into four main types: white horse, value, small market cap, and balanced, each exhibiting distinct pricing characteristics and investment opportunities, necessitating differentiated strategies for new issuances [7][26] Group 2 - White horse convertible bonds are characterized by high initial valuations and a generally high conversion premium, indicating a low investment cost-effectiveness. The report advises against participating in new issuances or buying on the first day due to systemic valuation risks [7][12][26] - Value convertible bonds typically show low initial valuations, with some even trading below par. The report highlights that institutional demand can drive prices upward post-initial trading, suggesting active participation in new issuances and buying during sell-offs for optimal risk-reward ratios [13][17][26] Group 3 - Small market cap convertible bonds exhibit significant price volatility due to limited liquidity, often leading to extreme pricing deviations from fundamentals. The report recommends avoiding high-price chasing and waiting for a price correction after 4-6 months for potential value recovery opportunities [21][27] - Balanced convertible bonds present relatively rational pricing and moderate volatility, with the report suggesting participation in new issuances and buying during initial sell-offs to achieve stable returns within 1-2 months [25][27]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In 2025Q1, the CSI Convertible Bond Index rose 3.13%, the Wind Convertible Bond Underlying Stock Equal - Weighted Index rose 7.81%, and the average increase in the reinstated unit net value of 39 convertible bond funds was 3.81%, with a median of 3.59%. The overall net subscription was 3.858 billion yuan, and the net subscription rate of 39 convertible bond funds was 51.28%, a 20.51 - percentage - point increase compared to 24Q4. [8][12] - In 2025Q1, the market value of convertible bonds held by public funds was 282.274 billion yuan, a 1.85% decrease from the previous quarter, and the convertible bond position slightly decreased by 0.01 percentage points to 0.88% (the ratio of the market value of convertible bonds held to the net asset value of the fund). The market value of convertible bonds held by 39 convertible bond funds increased, the overall position rose, and the leverage ratio continued to decline quarter - on - quarter. [8][12] - In terms of industry allocation, banks remain an important underlying position for convertible bonds. Both public funds and convertible bond funds increased their positions in convertible bonds of the power equipment industry. In addition, public funds mainly increased their positions in convertible bonds of industries such as basic chemicals and electronics, while convertible bond funds mainly increased their positions in convertible bonds of industries such as agriculture, forestry, animal husbandry, and fishery, and non - ferrous metals. [8][12] 3. Summary According to Relevant Catalogs I. Public Funds Slightly Reduced Convertible Bond Positions and Increased Positions in Basic Chemicals and Power Equipment Convertible Bonds (1) The Market Value of Convertible Bonds Held by Public Funds Decreased Quarter - on - Quarter, and the Position Slightly Declined - In 2025Q1, the market value of convertible bonds held by public funds was 282.274 billion yuan, a 1.85% decrease from the previous quarter but a 3.98% increase year - on - year. The ratio of the market value of convertible bonds held by public funds to the market value of bond investments was 1.43%, a 0.09 - percentage - point decrease from 24Q4; the ratio to the net value was 0.88%, a slight 0.01 - percentage - point decrease from 24Q4. [12] - The market value of convertible bonds held by different types of funds changed differently quarter - on - quarter, with passive index funds performing strongly. Among them, the market value of convertible bonds held by stock - type, hybrid, and bond - type funds in 25Q1 increased by 87.06%, decreased by 19.13%, and increased by 0.63% respectively. [15] - In terms of the absolute amount of change, the hybrid funds had the largest decrease in market value, with a 7.396 - billion - yuan decrease in 25Q1. The stock - type funds increased by 586 million yuan, mainly contributed by passive index funds. The bond - type funds increased by 1.572 billion yuan in total, but there was significant internal differentiation. [2] (2) The Proportion of Public Fund Holdings Increased, and Brokerage Asset Management and Proprietary Trading Increased Positions - As of the end of 2025Q1, the total face value of convertible bonds held by the Shanghai and Shenzhen Stock Exchanges was 696.248 billion yuan, a 29.725 - billion - yuan decrease from the end of 24Q4, a 4.09% quarter - on - quarter decrease. Public funds, insurance institutions, enterprise annuities, and general institutions all significantly reduced their positions. Brokerage proprietary trading and asset management increased their positions. [29] - As of the end of 25Q1, public funds in the Shanghai and Shenzhen Stock Exchanges held a total face value of convertible bonds of 232.441 billion yuan, a 3.50% decrease from the end of 24Q4, but the proportion increased by 0.21 percentage points to 33.38%. [34] (3) Public Funds Adjusted Their Positioning Styles and Increased Positions in Basic Chemicals and Power Equipment Convertible Bonds - In terms of style, the market value of positions in equity - biased and debt - biased convertible bonds decreased, with a decrease of 6.121 billion and 8.660 billion yuan respectively compared to 24Q4, a decline of 18.05% and 7.49%. The market value of balanced convertible bonds increased by 6.933 billion yuan, an increase of 5.31%. [3][38] - In terms of industry layout, in 25Q1, banks were still the primary layout sector. In addition, the power equipment, basic chemicals, and electronics industries had a relatively high total market value of fund positions. [39] - In terms of the quarter - on - quarter change in market value, nearly half of the industries had positive changes. Industries such as social services, national defense and military industry, and basic chemicals had the highest increases. [39] (4) Industrial Bank Convertible Bonds Rose to the Top of the Heavily - Held Bonds, and the Market Value Increment Led - Industrial Bank Convertible Bonds were the most heavily - held bonds by public funds. Industrial Bank and Shanghai United Bank Convertible Bonds had the highest increments. Among the top ten convertible bonds in terms of total market value of fund positions, six were bank convertible bonds. [45] - Excluding bank convertible bonds, among the top ten convertible bonds in terms of the number of fund holdings, six were from the power equipment industry. [45] II. Convertible Bond Funds Outperformed the Index, with an Increase in Convertible Bond Positions and a Decrease in the Leverage Ratio (1) The Reinstated Unit Net Value Rose, and the Overall Performance Showed Net Subscription - As of 2025Q1, there were 39 convertible bond funds in the market that announced relevant data. In 25Q1, the performance of convertible bond funds outperformed the convertible bond index, with an overall net subscription and an increase in scale. [53] - The scale of convertible bond funds in 25Q1 was 54.920 billion yuan, a 3.858 - billion - yuan increase from 24Q4, a 7.56% quarter - on - quarter increase. The overall net subscription was 3.858 billion yuan, and 20 out of 39 convertible bond funds had net subscriptions, with a net subscription rate of 51.28%. [53] (2) The Convertible Bond Position Increased Quarter - on - Quarter, and the Leverage Ratio Decreased Quarter - on - Quarter - The overall position of 39 convertible bond funds increased, and the leverage ratio decreased quarter - on - quarter. In the first quarter of 2025, the ratio of the market value of convertible bonds to the net value of convertible bond funds was 84.70%, a 0.12 - percentage - point increase from the previous quarter, continuing the upward trend in 24Q4. [66] - The average leverage ratio of 39 convertible bond funds in the first quarter of 2025 was 114.81%, a 2.86 - percentage - point decrease from the previous quarter, mainly affected by the relatively high cost of funds in the first quarter. [66] (3) Convertible Bond Funds Mainly Increased Positions in Power Equipment, Agriculture, Forestry, Animal Husbandry, and Fishery - From the perspective of the quarterly change in the number of times funds held convertible bonds, in 25Q1, the number of times most industries were held decreased. Only the basic chemicals, steel, social services, communications, and petroleum and petrochemical industries had an increase in the total number of times held quarter - on - quarter. [5] - From the perspective of the quarterly change in the proportion of the market value of fund positions, the proportions of power equipment, agriculture, forestry, animal husbandry, and fishery, and non - ferrous metals increased by 2.09, 1.48, and 1.35 percentage points respectively. A total of 16 industries had an increase in the proportion of the market value of positions. [5]

Group 1 - The company has issued 50,000,000 convertible bonds named "Yiwai Convertible Bonds" with a bond code of "123254" as approved by the China Securities Regulatory Commission [1] - The adjustment of the conversion price for the convertible bonds will occur in the event of stock dividends, capital increases, new share issuances, and cash dividends, following specific formulas [1][2] - The company announced a cash dividend of RMB 5.00 per 10 shares, totaling RMB 1,019,424,565.50, based on a total share capital of 2,045,721,497 shares [2] Group 2 - The conversion price for the "Yiwai Convertible Bonds" has been adjusted from RMB 51.39 per share to RMB 50.89 per share, effective from May 19, 2025 [3] - The adjustment calculation was made by subtracting the cash dividend of RMB 0.50 from the original conversion price [3]