证券研究报告 | 朝闻国盛 gszqdatemark 2025 12 17 年 月 日 朝闻国盛 固收+为势，科技为王 今日概览 重磅研报 【宏观】弱复苏与再平衡——2026 年海外宏观展望——20251216 【策略】中央经济工作会议点评——20251216 【固定收益】固收+为势，科技为王——2026 年可转债年度策略—— 20251216 研究视点 【房地产】1-11 月统计局数据点评:因基数抬升同比跌幅扩大，开发投资 额-15.9%，新房销售额-11.1%——20251216 【钢铁】11 月数据跟踪：强预期弱现实继续演绎——20251216 【海外】速腾聚创（02498.HK）-EM 订单可观，机器人业务持续突破— —20251216 作者 | 分析师 夏君 | | | | | --- | --- | --- | --- | | 执业证书编号：S0680519100004 | | | | | 邮箱：xiajun@gszq.com | | | | | 行业表现前五名 | | | | | 行业 | 1 月 | 3 月 | 1 年 | | 通信 | 10.0% | 6.8% | 73.5% | | 国防军 ...

Core Viewpoint - The China Convertible Bond Index rose by 0.59% to 486.85 points on November 25, indicating a positive trend in the convertible bond market [1]. Group 1: Market Performance - The top gainers in the convertible bond market included: - Outoon Convertible Bond, up by 15.15% to 592.86 [2] - Zhuomei Convertible Bond, up by 10.52% to 173.854 [2] - Spring 23 Convertible Bond, up by 7.18% to 180.939 [2] - The top losers in the market were: - Huachen Convertible Bond, down by 7.84% to 160.878 [2] - Dongshi Convertible Bond, down by 3.12% to 249.85 [2] - Jianfan Convertible Bond, down by 1.66% to 118.552 [2]

不知为什么 我突然有种强烈的预感 我要中摩尔线程 刚才刚去查了一遍 没中 突然想起来原来明天才出中签结果 要中签的感觉越来越强了 | 转债代码 | 转债名称 | 现价 | 赎回价 最后交易日 | 最后转股日 | 转股价值 | 剩余规模 | 转债占正股 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (税前) | | | (亿元) | 流通市值比 | | 110062 | 烽火转债 | 106.000 | 106.000 2025-11-26 | 2025-12-01 | 101.75 | 22.987 | 8.53% | | 110063 | 鹰19转债 | 115.075 | 111.000 2025-12-12 | 2025-12-12 | 96.59 | 4.172 | 4.03% | | 404003 | 鸿达退债 | 5.739 | 118.000 2025-12-15 | 2025-12-15 | 2.81 | 3.300 | 96.77% | | 110064 | 建工转债 | 113.059 | 113.000 2025- ...

Group 1 - The article discusses the cash acquisition plan by Guanghui Automotive for the "Hui Che Tui Debt" held by bondholders [1] - The last trading day for Fenghuo Convertible Bond is November 26, 2025 [1] - The announcement states that both Juxing Convertible Bond and Jianfan Convertible Bond will not undergo adjustments [1] Group 2 - A table is provided detailing various convertible bonds, including their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [3][5] - Specific data includes: - Xitai Convertible Bond: Current price 140.790, last trading day October 30, 2025, remaining scale 0.024 billion [3] - Chunqiu Convertible Bond: Current price 143.235, last trading day November 3, 2025, remaining scale 0.033 billion [3] - Sheng24 Convertible Bond: Current price 118.649, last trading day November 10, 2025, remaining scale 7.165 billion [3] - Other convertible bonds listed with similar details [3][5]

Group 1 - The core point of the article is that Jianfan Bio has announced the transfer of convertible bonds by its controlling shareholder, Dong Fan, which will take place by September 22, 2025 [2][3] - Dong Fan will transfer a total of 1,264,320 "Jianfan Convertible Bonds," representing 12.64% of the total issued convertible bonds [2]

Core Viewpoint - The company, Jianfan Bio, has announced that its controlling shareholder and actual controller, Mr. Dong Fan, will transfer 1,264,320 units of "Jianfan Convertible Bonds" by September 22, 2025, which represents 12.64% of the total issued convertible bonds [1] Group 1 - The transfer of convertible bonds is part of a planned divestment by the controlling shareholder [1] - The total amount of convertible bonds being transferred is significant, indicating a strategic move by the shareholder [1] - The transaction will take place through the Shenzhen Stock Exchange trading system [1]

Core Viewpoint - The company, Jianfan Bio (300529.SZ), has announced that its controlling shareholder and actual controller, Mr. Dong Fan, will transfer 1,319,814 shares of "Jianfan Convertible Bonds" through the Shenzhen Stock Exchange by September 16, 2025, which represents 13.20% of the total issued convertible bonds [1] Group 1 - The transfer of convertible bonds is part of a planned divestment by the controlling shareholder [1] - The total amount of convertible bonds being transferred is significant, indicating a strategic move by the shareholder [1] - The transaction will take place via centralized bidding on the Shenzhen Stock Exchange [1]

Core Points - The company, Jianfan Bio, announced that its controlling shareholder and actual controller, Mr. Dong Fan, will transfer 1,319,814 shares of "Jianfan Convertible Bonds" through the Shenzhen Stock Exchange by September 16, 2025, which represents 13.20% of the total issued convertible bonds [1] Summary by Category - **Company Actions** - Mr. Dong Fan will transfer a total of 1,319,814 convertible bond shares [1] - This transfer is planned to be executed via centralized bidding on the Shenzhen Stock Exchange [1] - **Ownership Impact** - The transferred shares account for 13.20% of the total amount of convertible bonds issued by the company [1]

Group 1 - The estimated subscription amount for Jin Hua New Materials is projected to be 850 billion CNY, with some estimates reaching up to 900 billion CNY [1] - The estimated winning rate for subscriptions is 0.066% [1] - The issue price for Jin Hua New Materials is set at 18.15 CNY, with a public offering market value of 5.63 billion CNY [1] Group 2 - Shareholders of Jinko Solar plan to transfer 4% of the company's shares through inquiry [1] - Shareholders of Jianlong Micro-Nano intend to reduce their holdings by no more than 3% [1] - The controlling shareholder of Mars Man plans to reduce their holdings by no more than 2.94% [1] Group 3 - The strong redemption of Hao 24 convertible bonds has been announced [3] - Tianyuan convertible bonds will not be strongly redeemed [3] - Jianfan convertible bonds and Yongdong convertible bonds will not undergo adjustments [3]

Core Viewpoint - The company has decided not to lower the conversion price of its convertible bonds, maintaining the current terms for the time being [2]. Summary by Relevant Sections - **Company Decision**: On September 12, 2025, the company held its 32nd meeting of the fifth board of directors, where it approved the proposal not to adjust the conversion price of the "Jianfan Convertible Bonds" downward [2]. - **Future Conditions**: The next period for recalculating the conditions for triggering a downward adjustment of the conversion price will start from the first trading day after September 12, 2025. If the conditions are triggered again, the company will follow the relevant procedures to decide whether to exercise the right to adjust the conversion price downward [2].