Key Points - The company will redeem all outstanding "Guan Sheng Convertible Bonds" on July 28, 2025, at a price of 100.4537 CNY per bond [1][4][5] - The last trading day for the bonds is July 23, 2025, and the last conversion day is also July 28, 2025 [1][7] - The redemption is triggered as the company's stock price has been above 130% of the conversion price for 15 consecutive trading days [2][3][4] - The adjusted conversion price is 16.41 CNY per share, down from 17.01 CNY due to profit distribution [2][3] - The company will issue a notice to bondholders regarding the redemption process and the implications for their investments [6][8] - After the redemption, the bonds will be delisted from the Shanghai Stock Exchange on July 29, 2025 [1][8]

Core Viewpoint - The company, Wenzhou Guansheng Automotive Parts Group Co., Ltd., has announced the early redemption and delisting of its convertible bonds, "Guansheng Convertible Bonds," with specific dates and conditions for bondholders to act upon [1][2][4]. Redemption Details - Redemption Registration Date: July 28, 2025 [2] - Redemption Price: 100.4537 CNY per bond [9] - Redemption Payment Date: July 29, 2025 [14] - Last Trading Day: July 23, 2025 [2][15] - Last Conversion Day: July 28, 2025 [3][15] Conditions for Early Redemption - The company has triggered the conditional redemption clause as the stock price has been above 130% of the conversion price for 15 trading days [5][7]. - The conversion price was adjusted to 16.41 CNY per share after a profit distribution [5]. Investor Actions - Bondholders are advised to convert or sell their bonds within the specified time frame to avoid forced redemption at the set price [4][18]. - If not converted, the bonds will be frozen after the registration date and redeemed at 100.4537 CNY per bond [17]. Tax Implications - Individual investors are subject to a 20% tax on interest income, affecting the net amount received upon redemption [10][11]. Post-Redemption Actions - Following the redemption, the "Guansheng Convertible Bonds" will be delisted from the Shanghai Stock Exchange on July 29, 2025 [4][16].

New Stock Listings - Huadian New Energy (600930) listed at an issue price of 3.18 on July 16, 2025[1] - Zhongcheng Tui (300208) has 2 trading days remaining until the last trading day[1] - Tui Shi Jin Gang (600190) also has 2 trading days remaining until the last trading day[1] Abnormal Fluctuations - Huayin Power (600744) reported severe abnormal fluctuations on July 15, 2025[1] - Changcheng Military Industry (601606) announced abnormal fluctuations on July 15, 2025[1] - ST Yanzhen (603389) reported abnormal fluctuations on July 16, 2025[1] Other Notable Announcements - ST Ya Zhen (000627) reported significant fluctuations with a value of 7189 on July 16, 2025[3] - Guosheng Technology (603778) reported fluctuations with a value of 3370 on July 15, 2025[3] - ST Xin Chao (600777) reported fluctuations with a value of 1008 on July 11, 2025[3]

Group 1 - The A-share market is recovering, but the convertible bond market is facing challenges with frequent strong redemption alerts [1][3] - From July 10 to July 31, nine convertible bonds will have redemption registration dates, posing significant risks for holders who do not act in time [1] - For instance, the Jin Dan Convertible Bond and Tian Yang Convertible Bond could lead to losses of nearly 50% if not converted by the last operation day on July 10 [1][3] Group 2 - The strong redemption frequency is attributed to the continuous rise in stock prices of listed companies [1] - Tian Yang Technology's stock price has remained above 130% of the conversion price for 15 consecutive trading days, triggering conditional redemption clauses [1] - Investors have two options when facing strong redemption: sell the convertible bonds or convert them into stocks, with the latter changing the trading rules from "T+0" to "T+1" [3] Group 3 - Other convertible bonds like Nan Yin, Hua Feng, and Guan Sheng are also set to exit the market, with Guan Sheng Convertible Bond potentially leading to losses exceeding 50% if not acted upon [3] - The occurrence of strong redemptions serves as a reminder for investors to closely monitor announcements related to their holdings, especially as redemption registration dates approach [3]

Core Viewpoint - The frequent occurrence of forced redemption events for convertible bonds in the A-share market is highlighted, with specific emphasis on the upcoming redemption dates for several bonds [1][4]. Group 1: Forced Redemption Events - As of July 10 to July 31, nine convertible bonds will have their redemption registration dates, leading to their exit from the market [1]. - Jin Dan Convertible Bond and Tian Yang Convertible Bond will face forced redemption on July 10, with significant losses for holders who do not act promptly [2][4]. - Tian Yang Convertible Bond has a current price of 197.478 yuan per bond, and failure to convert will result in a loss of 49.24% for investors [3]. Group 2: Company Announcements and Actions - Tian Yang Technology issued 9.75 billion yuan worth of convertible bonds, with a conditional redemption triggered due to the stock price exceeding 130% of the conversion price for 15 trading days [2][4]. - The board of Tian Yang Technology decided to exercise the early redemption rights based on current market conditions [2]. Group 3: Market Trends and Investor Actions - Other convertible bonds, such as Nan Yin and Hua Feng, will also exit the market following the redemption of Jin Dan and Tian Yang bonds [4]. - Investors have two main options to mitigate risks: selling the convertible bonds or converting them into stocks, with the latter changing the trading rules from "T+0" to "T+1" [5]. - New regulations have introduced a "Z" identifier for the last trading day of convertible bonds, alerting investors to act promptly [6].

Core Points - The company announced the early redemption and delisting of its convertible bonds, "Guan Sheng Convertible Bonds" [1][4][15] Redemption Details - Redemption registration date is set for July 28, 2025 [2] - Redemption price is 100.4537 CNY per bond [9] - Redemption payment date is July 29, 2025 [13] - Last trading day for the bonds is July 23, 2025 [2][14] Conversion and Trading Information - The last conversion date for the bonds is also July 28, 2025 [3] - Investors can either trade the bonds in the secondary market or convert them at a price of 16.41 CNY per share [4][5] - The company triggered the conditional redemption clause due to the stock price exceeding 130% of the conversion price for 15 consecutive trading days [5][7] Tax Implications - Individual investors are subject to a 20% tax on interest income from the bonds, resulting in a net redemption amount of 100.3630 CNY per bond after tax [10][11] Post-Redemption Actions - Following the redemption, the bonds will be delisted from the Shanghai Stock Exchange on July 29, 2025 [15]

Core Viewpoint - The company has announced the early redemption of its convertible bonds, "Guan Sheng Convertible Bonds," which will lead to the suspension of trading and conversion activities for these bonds [1][4]. Group 1: Redemption Details - The redemption date for the "Guan Sheng Convertible Bonds" is set for July 28, 2025, with the last trading day being July 23, 2025 [2][4]. - The redemption price is established at 100.4537 CNY per bond, which includes accrued interest of 0.4537 CNY [4][6]. - The company has triggered the conditional redemption clause due to the stock price exceeding 130% of the conversion price for 15 consecutive trading days [3][5]. Group 2: Trading and Conversion Information - As of July 7, 2025, there are 12 trading days left until the last trading day and 15 days until the last conversion day [2][7]. - The conversion price was adjusted to 16.41 CNY per share after the company's profit distribution on June 18, 2025 [3][4]. - Investors are advised to convert or sell their bonds within the specified timeframe to avoid forced redemption [3][8]. Group 3: Tax and Payment Information - The tax rate for individual investors on the interest income from the bonds is 20%, affecting the net redemption amount [6]. - The redemption funds will be distributed on July 29, 2025, through the designated trading institutions [7].

Group 1 - The company, Wenzhou Guansheng Automotive Parts Group Co., Ltd., has announced a share repurchase plan using its own and self-raised funds, with a total repurchase amount between RMB 80 million and RMB 120 million, and a maximum price of RMB 56.05 per share [3][4] - As of June 30, 2025, the company has repurchased a total of 273,000 shares, accounting for 0.1428% of the total share capital, with a total expenditure of RMB 9,821,715 [5] Group 2 - The company has decided to exercise its right to redeem the "Guansheng Convertible Bonds" early, with the redemption price being the face value plus accrued interest [10][13] - As of June 30, 2025, a total of RMB 410,741,000 worth of "Guansheng Convertible Bonds" has been converted into company shares, representing 14.4430% of the total shares before conversion [18][22] - The remaining unconverted "Guansheng Convertible Bonds" amount to RMB 190,909,000, which is 31.7309% of the total issuance [18][22]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the past week, convertible bonds performed remarkably. The small - cap growth style led the rise in the equity market, and the pricing window for convertible bond rating downgrades was about to end. The Wind Information Technology, low - rated, high - priced, and small - cap convertible bond styles led the gains. The 100 - yuan premium rate continued to climb, and the overall market sentiment was high. Although the Wind Financial Convertible Bond Index adjusted significantly in a single day under the influence of the bank stock index adjustment, the adjustment range was limited compared to equities [1][4]. - It is recommended to maintain a dumbbell - shaped allocation. For large - cap blue - chip convertible bonds, the supply - demand relationship is more imbalanced. As underlying bonds like Pufa Convertible Bond mature and exit, the allocation demand for underlying varieties in the convertible bond market will further overflow. Investors are advised to focus on high - grade convertible bonds with stable long - term fundamentals and short - term operational safety. Small - cap growth convertible bonds will continue to benefit from loose liquidity and the AI+ industrial trend. Investors are advised to pay attention to opportunities in industries such as humanoid robots, AI+, and new consumption. Additionally, as the average remaining term of the entire market approaches 2 years, the willingness of convertible bonds to make downward revisions may increase overall, and investors are advised to focus on the downward revision opportunities of low - priced, high - premium convertible bonds [1][4]. 3. Summary by Relevant Catalogs 3.1 Weekly Viewpoint and Outlook - The small - cap growth style in the equity market led the rise, and the convertible bond rating downgrade pricing window was about to end, resulting in excellent performance of convertible bonds in the past week. The Wind Information Technology, low - rated, high - priced, and small - cap convertible bond styles led the gains. The 100 - yuan premium rate continued to rise, and market sentiment was high. The Wind Financial Convertible Bond Index adjusted significantly in a single day due to the bank stock index adjustment, but the adjustment was limited compared to equities [1][4]. - A dumbbell - shaped allocation strategy is recommended. For large - cap blue - chip convertible bonds, due to the exit of some underlying bonds, the demand for underlying varieties will increase. Investors should focus on high - grade, fundamentally stable, and short - term operationally safe convertible bonds. Small - cap growth convertible bonds will benefit from liquidity and industrial trends, and investors should pay attention to industries like humanoid robots, AI+, and new consumption. Also, as the average remaining term approaches 2 years, the downward revision willingness of convertible bonds may increase, and investors should focus on low - priced, high - premium convertible bonds [1][4]. 3.2 Convertible Bond Valuation - This week, the equity and convertible bond markets broke through key points, and market sentiment was good. Convertible bond valuations continued to rise, with the 100 - yuan premium rate reaching 31%, a single - week increase of 1.06%, and the latest quantile at the 83.90% percentile since 2017. The valuation differentiation between high - and low - rated convertible bonds was not significant, with high - rated convertible bonds performing slightly better [3][5]. - Convertible bonds rose significantly following the underlying stocks this week, and the yield to maturity dropped significantly, reaching a new low since 2025. As of the latest data, the conversion premium rate index, pure bond premium rate index, and yield to maturity were 46.58%, 29.10%, and - 3.39% respectively, with changes of - 2.49%, + 3.66%, and - 0.80% compared to last week. Their current quantile levels since 2017 were 70.10%, 46.30%, and 5.40% respectively [3][9]. 3.3 Clause Tracking 3.3.1 Redemption - This week, Chuanheng Convertible Bond, Jinling Convertible Bond, Guansheng Convertible Bond, and Huafeng Convertible Bond announced early redemptions. Currently, there are 11 convertible bonds that have announced forced redemptions or maturity redemptions but have not been delisted, and 1 convertible bond has triggered the forced - redemption condition but has not announced it. The potential maturity or conversion balance of forced - redeemed and matured convertible bonds among those not delisted is 4.2 billion yuan [10]. - There are currently 35 convertible bonds in the redemption process, and 7 are expected to meet the redemption conditions next week, which should be closely monitored [15]. - Two convertible bonds announced non - redemption this week [17]. 3.3.2 Downward Revision - This week, Jiangong Convertible Bond announced a downward revision to the maximum extent, and Shanshi Convertible Bond proposed a downward revision. As of the latest, 160 convertible bonds are in the non - downward - revision period, 27 are restricted by net assets and cannot be revised downward, 2 have triggered the downward - revision condition but the stock price is still below the trigger price and no announcement has been made, 41 are accumulating days for downward revision, and 6 have issued board proposals for downward revision but have not held a general meeting of shareholders [18]. 3.3.3 Put Option - No convertible bonds announced put options this week. As of now, 1 convertible bond has issued a put - option report and is in the put - option process. Eight convertible bonds are accumulating days to trigger the put - option condition, among which 2 are in the downward - revision process, 5 are in the non - downward - revision period, and 1 has proposed a downward revision [21]. 3.4 Primary Issuance - Three convertible bonds announced their issuance this week. According to the latest announcements, no convertible bonds are scheduled to be listed next week. As of now, there are 6 convertible bonds in the approval - registration process, with a total issuance scale of 10.4 billion yuan, and 3 convertible bonds have passed the listing committee review, with a total issuance scale of 2.6 billion yuan [23].

Group 1 - The company has issued convertible bonds with a total amount of 60.165 million yuan, with a maturity of 6 years and a tiered interest rate structure [2][3] - The initial conversion price for the convertible bonds was set at 18.11 yuan per share, which has been adjusted to 16.41 yuan per share following profit distribution [2][3] - The company’s stock price has remained above 130% of the conversion price for 10 consecutive trading days, indicating a potential trigger for the redemption clause of the convertible bonds [1][3] Group 2 - The redemption clause allows the company to redeem the convertible bonds if the stock price meets certain conditions, specifically if it remains above 130% of the adjusted conversion price for 5 out of the next 20 trading days [1][3] - The company has a history of adjusting the conversion price following annual profit distributions, with the latest adjustment reflecting a cash dividend of 0.6 yuan per share [3]