Core Viewpoint - The China Convertible Bond Index rose by 0.67% to 509.13 points on January 7, indicating a positive market trend in convertible bonds [1] Group 1: Market Performance - Dongshi Convertible Bond led the gains with an increase of 20.00% [1] - Anji Convertible Bond and Dinglong Convertible Bond followed with increases of 13.87% and 11.51% respectively [1] - Guanzhong Convertible Bond and Yanggu Convertible Bond also showed strong performance with rises of 9.18% and 8.45% [1] Group 2: Declining Bonds - Lianchuang Convertible Bond experienced the largest decline, falling by 6.01% [1] - Saili Convertible Bond and Huguang Convertible Bond saw decreases of 3.26% and 2.23% respectively [1] - Hangyu Convertible Bond and Zai22 Convertible Bond also reported declines of 2.15% and 1.98% [1]

Core Viewpoint - The China Convertible Bond Index rose by 0.01% to 493.52 points on December 26, indicating a slight upward trend in the convertible bond market [1] Group 1: Top Gainers - The top gainers in the convertible bond market included: - Jiamei Convertible Bond, which increased by 12.68% - Mengsheng Convertible Bond, which rose by 12.45% - Dazhong Convertible Bond, which saw an increase of 8.69% - Jinzong Convertible Bond, which went up by 6.16% - Beigang Convertible Bond, which gained 4.68% [1] Group 2: Top Losers - The top losers in the convertible bond market included: - Huicheng Convertible Bond, which decreased by 3.46% - Jiazhe Convertible Bond, which fell by 3.17% - Guanzhong Convertible Bond, which dropped by 3.10% - Jingzhuang Convertible Bond, which declined by 3.02% - Huayi Convertible Bond, which saw a decrease of 2.91% [1]

Core Viewpoint - The China Convertible Bond Index experienced a slight decline of 0.07%, closing at 482.61 points on December 15, indicating a mixed performance in the convertible bond market [1]. Group 1: Market Performance - The China Convertible Bond Index fell by 0.07% to 482.61 points [1]. - Notable gainers included Guanzhong Convertible Bond, which rose by 13.39%, Bojun Convertible Bond with a 4.48% increase, and Yake Convertible Bond, which increased by 4.22% [1]. - Conversely, Jiaze Convertible Bond decreased by 5.40%, Yingbo Convertible Bond fell by 3.86%, and Borui Convertible Bond dropped by 3.47% [1].

Core Viewpoint - The China Convertible Bond Index opened up by 0.02% on December 5, indicating a slight positive market sentiment in the convertible bond sector [1]. Summary by Category Market Performance - Guanzhong Convertible Bond increased by 2.5% [1] - Dongshi Convertible Bond, Xingfa Convertible Bond, and Huicheng Convertible Bond each rose by over 1% [1] - Limin Convertible Bond fell by 7% [1] - Xinhua Convertible Bond declined by over 2% [1]

Core Viewpoint - The significant conversion of Pudong Development Bank's convertible bonds indicates a strong investor confidence despite a slight decline in the bank's stock price during the conversion period [1][3]. Group 1: Convertible Bond Performance - Pudong Development Bank's convertible bonds had a redemption value of 110 yuan, with the last trading days showing a price of 110.8 yuan, leading rational investors to sell rather than wait for redemption [3]. - As of the last conversion date, 99.64% of the convertible bonds had been converted into shares, a drastic change from a remaining scale of 500 billion yuan just four months prior [1]. - The stock price of Pudong Development Bank experienced a minor decline of 0.7% from June 26 to October 27, raising questions about the high conversion rate despite the stock's performance [1]. Group 2: Other Convertible Bonds - Various convertible bonds are undergoing different actions, such as East Time Convertible Bonds proposing a down adjustment, while Guanzhong Convertible Bonds are not being forcibly redeemed [4][6]. - The table of convertible bonds shows their current prices, redemption prices, last trading days, last conversion days, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stock [8][10].

Core Points - The company announced that its stock price has been above 130% of the current conversion price of "Guan Zhong Convertible Bonds" for 10 trading days from September 30, 2025, to October 21, 2025, indicating a potential trigger for conditional redemption of the bonds [2] - If the stock price continues to remain above 130% of the conversion price, the company's board of directors has the authority to redeem all or part of the unconverted "Guan Zhong Convertible Bonds" at face value plus accrued interest [2]

Core Viewpoint - The China Convertible Bond Index experienced a decline of 0.22% on October 16, closing at 481.12 points, indicating a mixed performance in the convertible bond market [1] Summary by Category Market Performance - The index showed a decline, with notable losers including Wujin Convertible Bond, Sheng24 Convertible Bond, Jingxing Convertible Bond, Zhenhua Convertible Bond, and Songlin Convertible Bond, which fell by 6.17%, 5.86%, 5.61%, 5.57%, and 5.10% respectively [1] - Conversely, the top gainers were Tairui Convertible Bond, Fengshan Convertible Bond, Guanzhong Convertible Bond, Hongfa Convertible Bond, and Chenfeng Convertible Bond, which increased by 6.99%, 4.90%, 4.34%, 3.77%, and 3.43% respectively [1]

Core Viewpoint - The China Convertible Bond Index experienced a decline of 0.26% on October 15, closing at 478.56 points, indicating a downward trend in the convertible bond market [1] Group 1: Market Performance - The top decliners in the market included Guanzhong Convertible Bond, Changji Convertible Bond, Huicheng Convertible Bond, Shima Convertible Bond, and Yongxi Convertible Bond, with declines of 7.04%, 5.37%, 5.01%, 4.74%, and 4.39% respectively [1] - Conversely, the top gainers were Saili Convertible Bond, Zhongchong Convertible Bond, Jingxing Convertible Bond, Shuiyang Convertible Bond, and Fuxin Convertible Bond, which saw increases of 9.99%, 5.69%, 5.62%, 5.51%, and 4.12% respectively [1]

Core Viewpoint - The company announced that as of October 10, 2025, the cumulative conversion of its convertible bonds 'Guan Zhong Convertible Bonds' has reached 15.2084 million shares, representing 10.86% of the total shares issued before the conversion and 9.80% of the latest total share capital [1] Group 1 - The conversion of the convertible bonds has led to an increase in the company's total share capital [1] - The shareholding ratio of the controlling shareholder, Qingdao Guanzhong Investment Group Co., Ltd., and actual controllers Li Chunlin and Xu Jianping, along with their concerted actors, has been diluted from 43.16% to 39.91% [1] - This change does not involve any alteration in the number of shares held by shareholders, does not trigger a mandatory bid, and will not affect the company's governance structure or ongoing operations [1]

Core Viewpoint - The China Convertible Bond Index opened higher on October 9, indicating a positive market sentiment towards convertible bonds [1] Group 1: Market Performance - The China Convertible Bond Index rose by 0.14%, reaching 486.17 points [1] - Notable gainers included Guanzhong Convertible Bond, which increased by 10.28%, and Zhongjin Convertible Bond, which rose by 3.93% [1] - Other gainers included Huicheng Convertible Bond with a rise of 3.65% [1] Group 2: Decliners - Decliners in the market included Yanggu Convertible Bond, which fell by 2.85%, and Huamao Convertible Bond, which decreased by 2.70% [1] - New 23 Convertible Bond saw a decline of 1.66%, while Saili Convertible Bond dropped by 1.46% [1]