1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - 2026 Q1 may see an increase in convertible bond calls, but high - parity convertible bond valuations are at historical highs. High valuations do not guarantee post - call valuation maintenance, and the pressure on convertible bond prices before and after the call is relatively large. It is recommended to take profit before the call or stop loss in a timely manner after the call based on market conditions [3][7]. - The overall trend of convertible bond valuations is likely to be high - level oscillations, with a possibility of short - term foaming. In January 2026, institutional demand for configuration will support valuations, and if the equity market performs better than expected, valuations may foam [28]. - In December 2025, the convertible bond market oscillated upward, with both convertible bonds and underlying stocks performing strongly, and valuations oscillated and increased. The trading volume of the convertible bond and equity markets decreased, but margin trading funds showed a strengthening trend [48][56]. - The issuance of new convertible bonds slightly increased in December 2025, and the number of new issuance plans continued to rise. The overall scale of holders in the Shanghai and Shenzhen Stock Exchanges decreased, with obvious reductions by insurance funds [3][62]. 3. Summary According to Relevant Catalogs 3.1 Historical Facts and Changes before and after Convertible Bond Calls - **Before the Call Announcement** - High market valuations do not guarantee post - call valuation maintenance. After the call, the valuation compresses to near 0%, and the compression process is basically completed before the call announcement [3][8]. - The strength of the underlying stock before the call can partially offset the compression of convertible bond valuations, but when valuations are high, the pressure on convertible bond prices before the call is still relatively large [3]. - The decline before the call mainly occurs within T - 10 days, and the day of the highest price is advancing [3][16]. - **After the Call Announcement** - In most months, convertible bond prices continue to decline after the call announcement, but in some months with a strong equity market, prices rebound [3][20]. - There is generally a decline of varying degrees on T - day, and the months with price rebounds mainly show strength from T + 1 to T + 15 days [3][21]. - The stronger the equity market, the more delayed the appearance of the highest price [3][25]. 3.2 Valuation Outlook - The overall trend is high - level oscillations, with a possibility of short - term foaming. In December 2025, valuations oscillated upward. As of December 31, 2025, the 100 - yuan par - value fitted conversion premium rate was 34.04%, up 2.50 pct from the end of November, reaching the highest level since 2019 [28]. 3.3 Key Focused Convertible Bonds - From December 1 to December 31, 2025, the convertible bond portfolio rose 3.84%, outperforming the benchmark index by 1.70 pct. Huayi and Xingqiu had obvious increases [41]. - The "Huachuang Convertible Bond" January key - focused portfolio is adjusted to include Xingqiu, Mingli, Yirui, Huachen, Huayi, Yifeng, Ziyin, Qingnong, Zhongyin, and Xingye [43]. 3.4 Market Review - **Market Performance** - In December 2025, the convertible bond market oscillated upward, with a strong performance in the second half of the month. Most sectors of the convertible bond market rose, and technology - related concepts declined. The science and technology and manufacturing sectors showed significant increases, and the cyclical sector also performed well [48][50]. - **Fund Performance** - The trading volume of the convertible bond and equity markets decreased slightly. From December 1 to December 31, 2025, the average daily trading volume of CSI Convertible Bonds was 63.803 billion yuan, a 1.27% decrease from November, and the average daily trading volume of Wind All - A was 1.880842 trillion yuan, a 1.76% decrease from November [56]. - Margin trading funds oscillated and strengthened. As of December 31, 2025, the balance of margin trading in the Shanghai and Shenzhen Stock Exchanges was approximately 2.53 trillion yuan, an increase of 66.664 billion yuan from the end of November. Most industries received net margin purchases [60]. 3.5 Supply and Demand Situation - **New Bond Issuance and Listing** - In December 2025, 7 convertible bonds were issued, with a total scale of 5.494 billion yuan, and 5 new convertible bonds were listed, with a total scale of 3.005 billion yuan. The online new - bond issuance subscription scale increased, with an average effective subscription amount of 8.85 trillion yuan, a 2.61% increase month - on - month [62]. - **Expected Issuance Scale and New Plans** - The total expected issuance scale is approximately 122.663 billion yuan. As of December 31, 2025, 7 listed companies obtained convertible bond issuance approvals, with a planned issuance scale of 8.583 billion yuan; 6 companies' convertible bond issuances passed the review committee, waiting for approvals, with a total scale of 3.361 billion yuan. In December, 6 new board plans were added, with a total scale of approximately 77.9 billion yuan [65]. - **Holder Scale Changes** - The overall scale of holders in the Shanghai and Shenzhen Stock Exchanges decreased. In December 2025, the total par value of convertible bonds held by the two exchanges was 552.692 billion yuan, a decrease of 6.144 billion yuan from November, a 1.10% decline. The scale of public funds increased, while the scale of enterprise annuities decreased [83][87].

[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 债券研究报告 2026 年 1 月十大转债 ---东北固收转债分析 报告摘要： [Table_Summary] 1 月十大转债如下： 中证转债指数 [Table_Report] 相关报告 《股债恒定指数 ETF-被动型固收+利器》 --20251229 《鼎捷转债定价：首日转股溢价率 42%~47%》 --20251221 《天准转债定价：首日转股溢价率 38%~43%》 --20251217 《神宇转债定价：首日转股溢价率 52%~57%》 --20251216 《澳弘转债定价：首日转股溢价率 45%~50%》 --20251215 证券分析师：薛进 执业证书编号：S0550522120002 13916677156 xuejin @nesc.cn 风险提示：转债回调风险。 请务必阅读正文后的声明及说明 [Table_Date] 发布时间：2026-1-5 [Table_Invest] [Table_Author] ① 中特转债（AAA，12 月末收盘价 121.25 元，转股溢价率 64.65%， 正股 PE-TTM1 ...

12月22日金融一线消息，兴业银行发布公告，该行于 2021 年12 月27 日公开发行的500 亿元 A 股可转换 公司债券（以下简称可转债）将于 2025 年12 月29 日支付2024年 12 月 27 日至 2025 年 12 月 26 日期间 的利息。 根据《募集说明书》约定，本期付息为"兴业转债"第四年付息，计息期间为 2024 年 12 月 27 日至 2025 年 12 月 26 日。本计息年度票面利率为1.5%（含税），即每张面值 100 元人民币可转债付息金额为 1.5 元人民币（含税）。 本次付息对象为截至 2025 年 12 月 26 日上海证券交易所收市后，在中国结算上海分公司登记在册的全 体"兴业转债"持有人。 8、债券期限:本次可转债期限为发行之口起六年,即2021年12月27日至 2027年12月26日。 9、债券利率:第一年为0.2%、第二年为0.4%、第三年为 1.0%、第四年为1.5%、 第五年为 2.3%、第六年为 3.0%。 10、付息方式: (1)本次发行的可转债采用每年付息一次的付息方式,计息起始日为可转债 发行首日,即2021年12月27日。 (2)付息日:每年 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 兴业银行股份有限公司（以下简称本公司）于2021年12月27日公开发行的500亿元A股可转换公司债券 （以下简称可转债）将于2025年12月29日支付2024年12月27日至2025年12月26日期间的利息。根据《兴 业银行股份有限公司公开发行A股可转换公司债券募集说明书》（以下简称《募集说明书》）有关条款 的规定，现将有关事项公告如下： 3、上市日期：2022年1月14日。 4、证券类型：本次发行证券的种类为可转换为本公司A股股票的公司债券。该可转债及未来转换的本 公司A股股票在上海证券交易所上市。 5、发行规模：本次发行可转债总额为人民币500亿元。 （1）本次发行的可转债采用每年付息一次的付息方式，计息起始日为可转债发行首日，即2021年12月 27日。 （2）付息日：每年的付息日为本次发行的可转债发行首日起每满一年的当日，如该日为法定节假日或 休息日，则顺延至下一个工作日，顺延期间不另付息。每相邻的两个付息日之间为一个计息年度。 （3）付息债权登记日：每年 ...

证券日报网讯 12月21日晚间，兴业银行发布公告称，可转债付息债权登记日为2025年12月26日；可转 债除息日为2025年12月29日；可转债兑息日为2025年12月29日。 （文章来源：证券日报） ...

Group 1 - The report suggests a cautious investment strategy in the convertible bond market due to reduced liquidity and market volatility, recommending a defensive approach with a focus on large-cap, debt-oriented products and value styles [2][50]. - The recommended allocation includes 70% in defensive sectors such as infrastructure, military, refining, and banking, while 30% is allocated to high-elasticity sectors like consumption and technology, which may benefit from potential policy support [2][50]. - The report highlights a recommended convertible bond portfolio for December, including specific bonds such as Shanlu Convertible Bond and Shenghong Convertible Bond, among others [2][50]. Group 2 - The report reviews the convertible bond market in November, noting a 2.2% decline in the stock market and a 0.7% decline in convertible bonds, with a shift towards defensive sectors [4][6]. - It indicates that the convertible bond market is expected to maintain high volatility, with a focus on the continuation of style shifts and policy impacts from upcoming central meetings [35][46]. - The report emphasizes the performance of various sectors, with steel bonds leading gains at 11.8%, while non-bank financials and telecommunications experienced declines [19][22]. Group 3 - The report discusses the performance of quantitative strategies, noting that low-volatility strategies outperformed high-volatility strategies in the recent period, with year-to-date returns of 16.55% for low-volatility strategies [52][53]. - It highlights the importance of low-price factors in convertible bond selection, which have historically provided a safety margin while allowing for upside potential [53][55]. - The report provides insights into the market structure, indicating a significant reduction in the overall market size of convertible bonds, which has implications for future valuations and investment strategies [35][39].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In November, convertible bonds smoothed out the volatility of the equity market through their own valuation fluctuations, providing a good experience for investors. In December, it is recommended to closely monitor the convertible bond market's cross - sectional price center in the range of 128 - 136 yuan for active allocation and seize the opportunity to replenish the previously liquidated positions. In terms of style, a dumbbell - shaped allocation of low - priced large - cap individual bonds and low - premium equity - like individual bonds is suggested, and the allocation of technology - growth equity - like individual bonds should be gradually increased in mid - December. Also, continue to focus on investment opportunities in the early stage of new bond listings [1]. - The convertible bond optimal portfolio for December includes Industrial Bank Convertible Bonds (15%), TaiNeng Convertible Bonds (15%), LanTian Convertible Bonds (15%), XiWang Zhuan 2 (10%), HongWei Convertible Bonds (10%), BaoLong Convertible Bonds (10%), XiaoXiong Convertible Bonds (10%), HuiCheng Convertible Bonds (5%), DaoTong Convertible Bonds (5%), and HangYu Convertible Bonds (5%) [2]. 3. Summary by Relevant Catalogs 3.1 11 - Month Convertible Bond Market Review: Oscillation Adjustment, Valuation Compression - The convertible bond market in November first rose and then fell, showing an oscillatory pattern. The CSI Convertible Bond Index reached a high of 494.49 on November 13th and then adjusted. The overall market was up first and then down. The large - cap value style of the stock market continued to lead, and convertible bonds were more resilient than the underlying stocks. Specifically, the CSI Convertible Bond Index had a change of - 0.69%, the Shanghai Composite Index - 1.67%, and the Wind Convertible Bond Underlying Stock Weighted Index - 1.8%. The large - cap value style index of the stock market increased by 1.78%, while other style indices had negative returns. In terms of price, low - priced convertible bonds had a decline of - 0.09%, leading other price - level convertible bonds, and high - priced individual bonds were under greater pressure. In terms of scale, large - cap convertible bonds performed relatively better; in terms of rating, AA - and below rated convertible bonds had a decline of - 0.28%, outperforming other rating indices; in terms of industry, the material - related convertible bond index had the leading increase [9]. - In terms of valuation, the implied volatility of convertible bonds increased from 41.49% to 43.81% in November. The main increase occurred on November 21st when the equity market adjusted significantly, and the convertible bond price did not follow the significant adjustment of the equity market, leading to a jump in valuation. Subsequently, as the equity market stabilized and rebounded, the convertible bonds did not follow the gain significantly, and the implied volatility of convertible bonds was compressed [14]. 3.2 12 - Month Convertible Bond Market Outlook: The Allocation Value of Convertible Bonds Has Increased, Seize the Opportunity to Replenish Positions - In the past few months' monthly outlooks for the convertible bond market, it was continuously recommended to pay close attention to the cross - sectional price center of the convertible bond market in the range of 128 - 134 yuan for allocation. Looking forward to December and 2026, due to the supply - demand mismatch, more attention can be paid to the median range of 128 - 136 yuan. As of the end of November, the median price of the convertible bond market was 131.05 yuan, a decrease of 1.35 yuan from the end of last month, and the balance - weighted price was 132.35 yuan, a decrease of about 1 yuan from the end of last month [19][22]. - In the short - term, the current fixed - income plus funds are sufficient, and the convertible bond market is continuously shrinking. It is expected that the convertible bond valuation is difficult to enter the deep - value range. Also, due to the previous consistent profit - taking by investors and the market shrinkage, the convertible bond positions have decreased sufficiently, and investors' tolerance for high valuations may increase. In terms of style, continue to focus on low - priced large - cap individual bonds and low - premium equity - like individual bonds. In terms of industry, although a dumbbell - shaped combination of technology - growth and value - dividend is recommended, due to the rapid shrinkage of convertible bonds, the selection space for dividend - type individual bonds is limited. It is suggested to pay attention to the remaining low - priced dividend individual bonds and allocate them appropriately below 125 yuan, and also focus on individual bonds in sectors such as non - ferrous metals & precious metals, new energy, robotics, and AI [3][35]. - In the long - term, it is still recommended to dynamically observe the price center and seize the opportunity to replenish convertible bond positions. If there is a significant fluctuating adjustment in the convertible bond market in December, it is still a good opportunity for allocation. Specifically, when the cross - sectional price of convertible bonds is below around 130 yuan, the allocation intensity can be gradually increased. Additionally, in the context of high convertible bond valuations, continue to focus on investment opportunities in the early stage of new convertible bond listings. Statistics show that if the closing price on the second day of listing is used as the purchase price and held for 10 - 15 trading days, significant excess returns can be obtained [36][37]. 3.3 12 - Month Convertible Bond Portfolio Update - The convertible bond optimal portfolio for December includes Industrial Bank Convertible Bonds (15%), TaiNeng Convertible Bonds (15%), LanTian Convertible Bonds (15%), XiWang Zhuan 2 (10%), HongWei Convertible Bonds (10%), BaoLong Convertible Bonds (10%), XiaoXiong Convertible Bonds (10%), HuiCheng Convertible Bonds (5%), DaoTong Convertible Bonds (5%), and HangYu Convertible Bonds (5%). Compared with the November portfolio, the December portfolio maintains a dumbbell - shaped structure, with a diversified allocation of equity - like individual bonds. YuGuang Convertible Bonds that were subject to forced redemptions and Bo 23 Convertible Bonds that might trigger forced redemptions in the November portfolio were removed, and HuiCheng Convertible Bonds and XiaoXiong Convertible Bonds were added [2][43]. - The high - dividend + coupon portfolio had a return of + 0.29% in November compared to - 0.69% of the CSI Convertible Bond Index, and a return of + 40.18% since 2023 compared to + 22.66% of the CSI Convertible Bond Index. The construction method of this portfolio can be referred to in the research report "How to Select Bonds under the Dual Framework of Dividends & Coupons? - Convertible Bond Investment Manual Eleven" and previous monthly convertible bond outlook reports [44].

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].

1. Report Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - In 2025Q3, the market value of convertible bonds held by public - funds increased, with the bond - type funds being the main force of the increase, and they mainly added positions in power equipment convertible bonds. The position of convertible bonds held by public - funds also rose. Although the convertible bond market continued to shrink, the convertible bond assets still had considerable returns under the catalysis of equity enthusiasm [2][8][9]. - The performance of convertible bond funds outperformed the index in 2025Q3, showing net subscriptions and scale expansion. However, the overall position and leverage ratio of these funds declined. Both public - funds and convertible bond funds focused on adding positions in power equipment convertible bonds [5][8][9]. 3. Summary by Directory 3.1 Public - funds Increase Convertible Bond Positions and Add Positions in Power Equipment Convertible Bonds 3.1.1 Market Value of Convertible Bonds Held by Public - funds Increases Month - on - Month, and Positions Rise - In 2025Q3, the market value of convertible bonds held by public - funds was 316.618 billion yuan, a month - on - month increase of 16.09% and a year - on - year increase of 12.72%. The ratio of the market value of convertible bonds held by public - funds to the market value of bond investments was 1.57%, a 0.28 - percentage - point increase from 25Q2; the ratio to net worth was 0.87%, a 0.07 - percentage - point increase from 25Q2 [13]. - The market value changes of convertible bonds held by different types of funds varied month - on - month. Stock - type and secondary bond - type funds significantly increased their positions. From the perspective of absolute amount changes, the bond - type funds had the largest increase in market value, with a month - on - month increase of 48.61 billion yuan in 25Q3 [17][19]. - The overall position of public - funds in convertible bonds increased, but the position of convertible bond funds was diluted. According to the Wind fund primary classification, the convertible bond position of stock - type funds remained flat at 0.02% month - on - month, that of hybrid funds decreased by 0.26 percentage points to 0.59%, and that of bond - type funds increased by 0.49 percentage points to 2.73% [23][25]. 3.1.2 Public - funds Inversely Increase Positions, while Insurance Funds, Enterprise Annuities, and Securities Firms' Proprietary Trading Reduce Positions - As of the end of 2025Q3, the total face value of convertible bonds held by the Shanghai and Shenzhen Stock Exchanges was 599.489 billion yuan, a decrease of 55.679 billion yuan from the end of 25Q2, a month - on - month decrease of 8.50%. Insurance institutions, enterprise annuities, and securities firms' proprietary trading significantly reduced their positions, while public - funds significantly increased their positions inversely, with a month - on - month increase of 7.68% to 233.561 billion yuan [35]. 3.1.3 Public - funds Mainly Add Positions in Power Equipment, and Bank Convertible Bonds Further Shrink - In terms of industry layout in 25Q3, banks were still the primary layout sector, but the overall position market value shrank significantly under the early redemption of multiple bank convertible bonds, with only a 233 - million - yuan difference from the power equipment market value. From the perspective of the market value month - on - month change rate, 24 industries had positive month - on - month changes, with the petrochemical, power equipment, and beauty care industries leading in growth [42]. 3.1.4 Industrial Convertible Bonds Maintain the First - Positioned Heavy - Position Bond - Industrial convertible bonds were the first - positioned heavy - position bond of public - funds, and EVE and Industrial convertible bonds led in terms of incremental positions. Among the top ten convertible bonds in terms of total position market value, there were 3 bank convertible bonds, which was fewer than in Q2. The types of bottom - position bonds gradually diversified [50]. 3.2 Convertible Bond Funds' Performance Outperforms the Index, and Convertible Bond Positions and Leverage Ratios Decline 3.2.1 Net Asset Value after Reinvestment Increases, and Overall Net Subscriptions Occur - As of 2025Q3, there were 39 convertible bond funds in the market. The performance of convertible bond funds outperformed the convertible bond index, showing net subscriptions and scale expansion. The scale of convertible bond funds in 25Q3 was 63.284 billion yuan, a significant increase of 11.635 billion yuan from 25Q2, a month - on - month increase of 22.53% [55]. - By observing the asset allocation changes of high - performing convertible bond funds, most of the larger - scale funds had reduced convertible bond positions. The top five funds in terms of net value performance in 25Q3 all had a certain scale, and most of them reduced their positions in stocks and convertible bond assets [57][58]. 3.2.2 Convertible Bond Positions Slightly Decrease Month - on - Month, and Leverage Ratios Decline Month - on - Month - The overall position of 39 convertible bond funds slightly decreased, and the leverage ratio declined month - on - month. In the third quarter of 2025, the ratio of the market value of convertible bonds to the net value of convertible bond funds was 84.18%, a month - on - month decrease of 1.16 percentage points; the median position was 85.54%, a more obvious month - on - month decrease of 6.14 percentage points. The average leverage ratio of 39 convertible bond funds was 114.13%, a decrease of 2.79 percentage points month - on - month, continuing the downward trend [5][68]. 3.2.3 Convertible Bond Funds Focus on Adding Positions in Power Equipment - From the perspective of the quarterly change in the number of times funds held convertible bonds, more than half of the industries had an increase in the number of holdings in 25Q3, with power equipment, electronics, and machinery leading in the increase. From the perspective of the quarterly change in the proportion of the market value of fund positions, the proportion of power equipment increased by 4.46 percentage points, leading by a large margin [6]. - Among the 39 convertible bond funds, Industrial convertible bonds were still the main heavy - position bond and increased in position. The banking and power equipment industries remained at the forefront of heavy - position industries [6].

Core Viewpoint - Industrial Bank has demonstrated resilience and steady growth in its performance amidst a complex environment, achieving a net profit of 63.083 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 0.12% [1][2]. Financial Performance - The bank's operating income for the first three quarters reached 161.234 billion yuan, a decrease of 1.82% year-on-year, but the decline has narrowed compared to the first half of the year [2]. - Net interest income was 110.959 billion yuan, with a net interest margin of 1.72%, down 10 basis points from 2024 [2]. - Non-interest income increased by 3.79% year-on-year to 20.081 billion yuan, with wealth management sales growing by 7.7% [2]. Dividend Policy - Industrial Bank announced a mid-term dividend plan, proposing a cash dividend of 0.565 yuan per share, totaling 11.957 billion yuan, which represents 30.02% of the net profit attributable to ordinary shareholders for the first half of 2025 [3]. - This marks the bank's first mid-term dividend, continuing a trend of increasing dividends over the past fifteen years, with total dividends amounting to 216.1 billion yuan since its listing [3]. Asset and Liability Management - The bank's total assets reached 10.67 trillion yuan, a 1.57% increase from the end of the previous year, with customer loans growing by 4.42% to 5.99 trillion yuan [5]. - Customer deposits increased by 5.47% to 5.83 trillion yuan, with a deposit interest rate of 1.71%, down 32 basis points year-on-year [5]. - The bank has focused on optimizing its asset-liability structure, achieving a non-performing loan ratio of 1.08%, stable compared to the previous half [6]. Risk Management - The bank has initiated a reform of its risk management system, enhancing its comprehensive risk management framework and improving the integration of risk and business operations [7]. - The bank's risk resilience has been strengthened, with a provision coverage ratio of 227.81%, indicating a solid buffer against potential losses [6]. Market Confidence and Valuation - There is a clear trend of valuation recovery for bank stocks, supported by the bank's solid fundamentals and increased confidence from investors [8]. - The static dividend yield stands at 5.29%, placing the bank in the top third among listed banks, with a price-to-book ratio of 0.53, indicating it is undervalued [9]. - The bank aims to attract both existing and new investors to enhance its capital structure and accelerate valuation recovery [9].