Group 1 - The report indicates that the current convertible bond valuation remains relatively high, with some newly issued bonds having higher premium rates compared to other bonds at parity. This is attributed to strong demand for convertible bonds and high industry prosperity, leading to excess returns on corresponding stocks and increased volatility, which supports the high valuation levels of these new bonds [1][10]. - The report anticipates that the high premium of newly issued bonds will persist, as high-prosperity industries will continue to issue convertible bonds, maintaining a balance structure close to the levels seen in 2025. This is expected to support the valuation levels of newly issued bonds and the overall market [1][10]. - The report tracks the valuation levels across various industries, identifying the top ten industries with the highest valuations, including Media, Computer, Defense, Machinery, Electronics, Automotive, Beauty, Communication, Food & Beverage, and Electric Equipment. The proportion of high-valuation industry bonds has increased in 2025 compared to 2023 and 2024, indicating a rise in the overall market valuation center [2][11]. Group 2 - The weekly strategy indicates that most stock indices experienced adjustments, with the China Convertible Bond Index showing a slight increase of 0.52%. The report highlights that the median price of bonds in the parity range has risen, indicating that convertible bond valuations remain at historically high levels [3][17]. - The report notes that market liquidity remains ample, and as investor risk appetite gradually recovers, a mid-term upward trend in stock indices is expected. Key areas of focus include the acceleration of AI industrialization, the "anti-involution" trend benefiting sectors like photovoltaics and steel, and future industry-related convertible bonds such as hydrogen energy and nuclear fusion [3][17][18]. - Recent increases in convertible bond valuations may be due to inflows of new capital into the market, driven by a better alignment of the convertible bond market structure with current market styles. Specific sectors such as photovoltaics, lithium batteries, coal, and steel are highlighted as key areas for institutional investment [4][17].

Group 1 - The company will hold its fourth extraordinary general meeting of shareholders on August 11, 2025, at 14:00 in the conference room on the 24th floor of the company located at 501 Lvxiang Road, Wutong Street, Tongxiang City, Zhejiang Province [2][10] - Voting will be conducted through a combination of on-site and online methods, with online voting available on the same day from 9:15 to 15:00 [3][4] - Shareholders must register to attend the meeting, providing necessary documentation such as identification and shareholder account information [11][12] Group 2 - The board of directors approved the adjustment of the repurchase price for the 2024 restricted stock incentive plan from 6.94 yuan per share to 6.72 yuan per share due to a dividend distribution [22][44] - The company will repurchase and cancel 100,000 shares of restricted stock from former employees who no longer meet incentive conditions, with the repurchase price set at 6.72 yuan per share [25][66] - Following the repurchase, the company's registered capital will decrease from 1,524,654,319.00 yuan to 1,524,554,319.00 yuan, and the total share capital will change accordingly [28][72]

Core Viewpoint - The announcement details the adjustment of the conversion price for the "Feng 21 Convertible Bonds" due to the implementation of the 2024 annual profit distribution plan, with the new conversion price set at 15.78 CNY per share, effective from July 11, 2025 [1][6]. Group 1: Securities Trading and Price Adjustment - The "Feng 21 Convertible Bonds" will suspend conversion from July 4, 2025, until the equity registration date on July 10, 2025, and will resume conversion on July 11, 2025 [1]. - The previous conversion price was 16.00 CNY per share, which will be adjusted to 15.78 CNY per share [1][6]. - The adjustment is based on the cash dividend of 0.225 CNY per share (including tax) to be distributed to shareholders [3][6]. Group 2: Regulatory Compliance and Historical Context - The adjustment of the conversion price complies with the relevant provisions outlined in the prospectus for the convertible bonds issued on April 8, 2021 [5]. - Previous adjustments to the conversion price occurred due to profit distribution matters, with the price previously adjusted from 16.60 CNY to 16.47 CNY per share [2][4].