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]

证券研究报告·固定收益·固收周报 固收周报 20251012 转债建议优先考虑回撤可控性 2025 年 10 月 12 日 1、兴发集团/兴发转债 结构：132 元，107/24%，AA+，28 亿，剩余 2.9 年，ytm-5.2，平衡性 标的；市值 336 亿，pe22x，pb1.6x。 2、和邦生物/和邦转债 结构：130 元，114/14%，AA，45 亿，剩余 5 年，ytm-2.4，平衡性标 的；市值 202 亿，亏损，pb1.1x（24 年曾低至 0.8x） 上述两家公司均为草甘膦行业龙头企业。当前草甘膦行业处于 "小周 期复苏" 的中前段，行业去库充分，同时旺季需求接力与行业自律形 成共振。这一态势一方面为行业底部提供支撑，另一方面亦有望为相关 企业贡献部分业绩弹性。 3、凯盛新材/凯盛转债 结构：140 元，114/22%，AA-，6.5 亿，剩余 4.1 年，ytm-3.8，平衡性 标的；市值 96 亿，pe106x，pb6.3x。 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 陈伯铭 执业证书：S06 ...

Core Viewpoint - Hubei Xingfa Chemical Group Co., Ltd. announced the interest payment details for its convertible bonds issued on September 22, 2022, indicating a 1.0% annual coupon rate for the third year [1] Group 1 - The interest payment for the convertible bonds will occur on September 22, 2025, covering the interest period from September 22, 2024, to September 21, 2025 [1] - The face value of each convertible bond is 100 yuan, resulting in an interest payment of 1 yuan per bond (tax included) [1] - The record date for interest payment is September 19, 2025, with the ex-dividend date and payment date both set for September 22, 2025 [1] Group 2 - The interest payment will be made to all registered bondholders as of the record date [1] - Different types of investors will have varying tax obligations on the interest income, and the company will appoint relevant institutions to handle the payment and interest distribution [1]

证券代码：600141 证券简称：兴发集团 公告编号：临2025-035 转债代码：110089 转债简称：兴发转债 湖北兴发化工集团股份有限公司 2024年年度权益分派实施公告 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： ●每股分配比例 A股每股现金红利1.00元（含税） ●相关日期 ■ ●差异化分红送转：否 一、通过分配方案的股东会届次和日期 本次利润分配方案经公司于2025年4月24日召开的2024年年度股东会审议通过。 二、分配方案 1.发放年度：2024年年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东。 3.分配方案： 本次利润分配以方案实施前的公司总股本1,103,255,194股为基数，每股派发现金红利1.00元（含税）， 共计派发现金红利1,103,255,194元（含税）。 三、相关日期 ■ 宜昌兴发集团有限责任公司、浙江金帆达生化股份有限公司的现金红利由公司直接发放。 3. ...

Group 1 - The company announced a cash dividend distribution plan for the year 2024, proposing to distribute 10 yuan (including tax) for every 10 shares held by shareholders, totaling 1,103,255,126 yuan, which accounts for 68.89% of the net profit attributable to shareholders for 2024 [1][2] - The company's convertible bonds, referred to as "Xingfa Convertible Bonds," will suspend conversion during the dividend distribution period, specifically from June 11, 2025, until the registration date for the dividend distribution [1][2] - The company will adjust the conversion price of the "Xingfa Convertible Bonds" in accordance with the terms outlined in the bond issuance prospectus after the dividend distribution is implemented [2] Group 2 - The company will disclose the implementation announcement of the dividend distribution and the adjustment of the convertible bond conversion price on June 12, 2025 [2] - The annual shareholders' meeting to review and approve the dividend distribution plan was held on April 24, 2025 [2] - The company has provided contact information for inquiries regarding the announcement, including a phone number and email address [2][3]