Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - Overseas markets are pricing in Fed rate cuts, with risk assets recovering. The US major stock indices are approaching their pre - November rate - cut - speculation levels, and industrial policies and catalysts are regaining pricing power. The potential December 19th rate hike by the BoJ is the next focus for overseas liquidity. A narrowing of the US - Japan policy interest rate spread may lead to a partial unwinding of carry - trade leveraged funds, impacting global liquidity [1][43] - The domestic equity market has shifted its focus to the policy guidance for the "14th Five - Year Plan" from the year - end important meetings. The technology sector shows signs of recovery, with Moore Threads surging over 4 times on its first trading day. Convertible bonds are generally volatile, with small - and medium - cap stocks outperforming. In 2026, the "diffusion" trend will be prominent. The continuous release of edge - side AI software and hardware will create a business loop for upstream high - capex spending and boost the edge - side, especially consumer electronics - related targets [1][44] - For existing convertible bond targets, it is recommended to focus on Chaosheng Convertible Bonds (SLP), Luxshare Convertible Bonds (ODM+), Guanyu Convertible Bonds (battery pack), and Lihe Convertible Bonds (PLC). For upcoming targets, pay attention to Awinic Electronics (thermal management chips), Tonglian Precision (MIM for Apple and Tesla's dexterous hands), Jingyan Technology (Android MIM + NVIDIA DCC), and Suzhou Tianmai (VC vapor chambers) [1][44] - The top ten convertible bonds with the highest probability of downward revision next week are Ziyin Convertible Bonds, Lanfan Convertible Bonds, Longda Convertible Bonds, Wanqing Convertible Bonds, Baolai Convertible Bonds, Jidong Convertible Bonds, Kehua Convertible Bonds, Honglu Convertible Bonds, Shanlu Convertible Bonds, and Qiaqia Convertible Bonds [1][44] - The top ten high - rated, medium - low - price convertible bonds with the greatest potential for par - premium ratio repair next week are Lizhong Convertible Bonds, Chutian Convertible Bonds, Jiangong Convertible Bonds, Ying 19 Convertible Bonds, Liqun Convertible Bonds, Hope Convertible Bonds, Liuyao Convertible Bonds, Jiayue Convertible Bonds, Wentai Convertible Bonds, and Lutai Convertible Bonds [1][45] Group 3: Summary According to the Table of Contents 1. Weekly Market Review 1.1 Equity Market Overall Rise - From December 1st to 5th, the equity market rose overall. The Shanghai Composite Index rose 0.37% to 3902.81 points, the Shenzhen Component Index rose 1.26% to 13147.68 points, the ChiNext Index rose 1.86% to 3109.30 points, and the CSI 300 rose 1.28% to 4584.54 points. The average daily trading volume of the two markets decreased by about 41.146 billion yuan to 1684.284 billion yuan, with a weekly - on - weekly decline of 2.38% [6][9] - On different trading days, the market showed different trends. For example, on December 1st, most stocks rose, and sectors like consumer electronics and non - ferrous metals led the gains; on December 2nd, most stocks fell, and sectors like energy metals and non - ferrous metals declined [10] - Among the 31 Shenwan primary industries, 17 industries rose, with 5 industries rising over 2%. Non - ferrous metals, communication, national defense and military industry, machinery equipment, and non - bank finance led the gains, while media, beauty care, food and beverage, computer, and textile and apparel led the losses [14] 1.2 Convertible Bond Market Overall Rise - From December 1st to 5th, the CSI Convertible Bond Index rose 0.08% to 482.00 points. Among the 29 Shenwan primary industries, 20 industries rose, with 2 industries rising over 2%. National defense and military industry, non - ferrous metals, machinery equipment, petroleum and petrochemical, and commercial retail led the gains, while computer, power equipment, beauty care, agriculture, forestry, animal husbandry and fishery, and food and beverage led the losses [17] - The average daily trading volume of the convertible bond market was 53.801 billion yuan, a significant decrease of 7.77 billion yuan, with a month - on - month change of - 12.62%. The top ten convertible bonds in terms of trading volume were Furong Convertible Bonds, Dongshi Convertible Bonds, Dazhong Convertible Bonds, Zhongneng Convertible Bonds, Weidao Convertible Bonds, Guanzhong Convertible Bonds, Huicheng Convertible Bonds, Zhenhua Convertible Bonds, Nenghui Convertible Bonds, and Zhongqi Convertible Bonds [17] - Approximately 51.24% of convertible bond issues rose, with about 29.60% rising between 0 - 1% and 11.44% rising over 2% [17] - The overall market conversion premium rate declined, with a daily average of 40.85%, a decrease of 0.70 pct from last week. Different price and parity intervals showed different trends, and 8 industries saw an expansion in the conversion premium rate, while some industries saw a narrowing [23][32] - In terms of conversion parity, 22 industries saw an increase, with 11 industries rising over 2%. Textile and apparel, non - ferrous metals, communication, petroleum and petrochemical, and automobile led the gains, while environmental protection, media, agriculture, forestry, animal husbandry and fishery, computer, and social services led the losses [36] 1.3 Comparison of Stock and Bond Market Sentiments - From December 1st to 5th, the weighted average and median price changes of convertible bonds and underlying stocks were positive, and the underlying stocks had a larger weekly increase. The trading volume of the convertible bond market decreased by 12.62% month - on - month, at the 37.70% quantile level since 2022; the corresponding underlying stock market trading volume decreased by 5.86% month - on - month, at the 63.70% quantile level since 2022. The underlying stock market had a better trading sentiment overall [40] - On different trading days, the trading sentiment of the stock and bond markets varied. For example, on December 1st, the underlying stock market had a better trading sentiment; on December 3rd, the convertible bond market had a better trading sentiment [41] 2. Outlook and Investment Strategy - Overseas markets are pricing in Fed rate cuts, and the potential BoJ rate hike is a focus. A narrowing of the US - Japan policy interest rate spread may impact global liquidity [1][43] - The domestic equity market is focused on policy guidance, and the technology sector shows recovery signs. Convertible bonds are volatile, and in 2026, the "diffusion" trend will be important. Recommendations for convertible bond targets are provided, and the top ten convertible bonds with high downward - revision probability and par - premium ratio repair potential are listed [1][44]

Core Points - The company has issued convertible bonds named "力合转债" with a total amount of 380 million yuan, which began trading on July 20, 2023 [2][4] - The conversion period for the bonds is from January 4, 2024, to June 27, 2029, with an initial conversion price set at 43.78 yuan per share [2][4] - As of June 30, 2025, only 906 shares have been converted from the bonds, representing 0.00090% of the total shares before conversion [5] Convertible Bond Issuance Overview - The company received approval from the China Securities Regulatory Commission to issue 3.8 million convertible bonds, each with a face value of 100 yuan, totaling 38 million yuan [1][2] - The bonds are set to mature six years from the issuance date, specifically from June 28, 2023, to June 27, 2029 [1][2] Conversion Status - As of June 30, 2025, the total amount of unconverted bonds stands at 379,967,000 yuan, which accounts for 99.99132% of the total issuance [5] - During the quarter from April 1, 2025, to June 30, 2025, only 1,000 yuan worth of bonds were converted, resulting in 34 shares, which is 0.00003% of the total shares before conversion [4][5] Share Capital Changes - The total share capital before the conversion was 121,177,346 shares, which increased to 145,328,310 shares after accounting for the conversion and other reasons [5] - The company implemented a cash dividend of 3 yuan per 10 shares and a capital reserve increase of 2 shares for every 10 shares held, contributing to the increase in total share capital [5]

Core Viewpoint - The company, Lihe Micro (688589), has shown a positive stock performance with a 6.28% increase this week, reflecting a growing interest in its operations and market positioning in the semiconductor sector [1]. Group 1: Company Performance - As of June 27, 2025, Lihe Micro's stock closed at 21.14 yuan, up from 19.89 yuan the previous week, with a market capitalization of 3.072 billion yuan, ranking 154th in the semiconductor sector [1]. - The company reported an order backlog of 193 million yuan as of March 31, primarily focused on power grid-related business, with revenue recognition expected within the same year based on delivery and acceptance schedules [5]. Group 2: Strategic Development - The company plans to expand into non-power grid sectors, focusing on opportunities in digital economy, "dual carbon" initiatives, smart photovoltaic, energy storage, and smart home applications [2]. - Lihe Micro is developing a series of chips for photovoltaic and smart home applications, including PLC dual-mode chips and highly integrated PLC chips for monitoring and safety [2]. Group 3: Technology and Cost Efficiency - PLC technology offers significant advantages over traditional smart control products in terms of installation, maintenance, reliability, and cost-effectiveness, particularly in large and cross-space applications [3]. - The company aims to leverage its established technology and brand advantages in PLC chips to create a leading PLC technology ecosystem [2]. Group 4: Financial Management - The company is focused on enhancing its core competitiveness and maintaining shareholder value through effective market management strategies [4]. - Lihe Micro will pay interest on its convertible bonds on June 30, 2025, with a total issuance of 380,000 bonds at a face value of 100 yuan each, amounting to 38 million yuan [6].

Core Points - The company issued convertible bonds totaling 380,000 units with a total value of 38 million yuan, with a maturity period of six years from June 28, 2023, to June 27, 2029 [1][2] - The coupon rates for the bonds are set to increase over the years, starting from 0.30% in the first year to 2.50% in the sixth year [1][2] - The initial conversion price for the bonds is set at 43.78 yuan per share, which has been adjusted to 43.72 yuan due to stock incentive plan registrations [2][3] - The conversion price will further adjust to 36.15 yuan on May 23, 2024, and to 29 yuan on February 28, 2025, reflecting the company's actions regarding stock incentives and annual profit distribution [3][4] Bond Payment Details - The interest payment for the bonds will occur annually, with the next payment scheduled for June 30, 2025, covering the period from June 28, 2024, to June 27, 2025 [5][6] - The interest rate for the second year is set at 0.50%, resulting in a payment of 0.50 yuan per bond (before tax) [5][6] - The payment will be made to all registered bondholders as of June 27, 2025, through designated financial institutions [6][7] Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net payment of 0.40 yuan per bond after tax [7][8] - Non-resident enterprises are exempt from corporate income tax on bond interest income until December 31, 2025, allowing them to receive the full interest amount [8]

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds, "Lihe Convertible Bonds," due to a dividend distribution and capital increase, effective from June 6, 2025, reducing the conversion price from 29 yuan per share to 23.93 yuan per share [2][7]. Group 1: Conversion Price Adjustment - The previous conversion price was 29 yuan per share, and the new conversion price will be 23.93 yuan per share [2][7]. - The adjustment is based on regulations from the China Securities Regulatory Commission and the terms outlined in the company's prospectus for the issuance of convertible bonds [2][3]. - The adjustment will take effect on June 6, 2025, coinciding with the ex-dividend date for the cash dividend distribution [2][7]. Group 2: Dividend Distribution Details - The company will distribute a cash dividend of 3 yuan per 10 shares (including tax) and will increase capital by 2 shares for every 10 shares held, without issuing bonus shares [4]. - The total share capital as of the announcement date is 121,177,380 shares, with 422,730 shares in the repurchase account, resulting in 120,754,650 shares participating in the distribution [7]. - The virtual cash dividend per share is approximately 0.29895 yuan, and the change in circulating shares due to the capital increase is approximately 0.19930 [7]. Group 3: Adjustment Calculation - The conversion price adjustment formula considers the cash dividend and the capital increase, calculated as follows: P1 = (P0 - D) / (1 + n) [6][7]. - The calculation for the new conversion price is based on the formula, resulting in the adjusted price of 23.93 yuan per share [7]. - The company will publish further details regarding the adjustment and any related announcements on the Shanghai Stock Exchange website [6].

Core Points - The stock price of Lihua Microelectronics (688589) closed at 24.46 yuan on May 23, 2025, down 3.81% from the previous week [1] - The company's total market capitalization is 2.964 billion yuan, ranking 152 out of 160 in the semiconductor sector and 4158 out of 5148 in the A-share market [1] Shareholder Changes - On May 20, 2025, director Feng Zhenggang reduced his holdings by 36,000 shares, accounting for 0.0297% of the total share capital [1][3] - During the period of this share reduction, the company's stock price increased by 0.31%, closing at 25.5 yuan on that day [1] Company Announcements - Lihua Microelectronics announced that during the 2024 annual equity distribution period, the "Lihua Convertible Bonds" will suspend conversion [1] - The profit distribution plan for 2024 includes a cash dividend of 3 yuan (tax included) for every 10 shares and a capital reserve transfer of 2 shares for every 10 shares, with no bonus shares issued [1] - The equity distribution plan was approved at the annual shareholders' meeting on April 16, 2025, and the implementation announcement will be disclosed on May 29, 2025 [1]

Trading Information Summary - As of May 22, 2025, Lihua Microelectronics (688589) closed at 24.76 yuan, down 1.71%, with a turnover rate of 1.67% and a trading volume of 20,200 shares, amounting to 50.86 million yuan [1] - On May 22, the fund flow for Lihua Microelectronics showed a net outflow of 5.56 million yuan from main funds, a net inflow of 8.97 million yuan from speculative funds, and a net outflow of 3.41 million yuan from retail investors [1][4] Company Announcement Summary - Lihua Microelectronics announced a notice regarding the suspension of the conversion of "Lihua Convertible Bonds" due to the implementation of the 2024 annual equity distribution. The suspension will occur from May 28, 2025, until the equity registration date [2] - The profit distribution and capital reserve transfer plan for 2024 proposes a cash dividend of 3 yuan (including tax) for every 10 shares and a transfer of 2 shares for every 10 shares from capital reserves, with no bonus shares issued. This plan was approved at the shareholders' meeting on April 16, 2025 [2] - Following the equity distribution, the conversion price of the convertible bonds will be adjusted according to relevant regulations. The implementation announcement and the adjustment announcement for the convertible bond conversion price will be disclosed on May 29, 2025 [2]

Core Viewpoint - The company announces the suspension of the conversion of its convertible bonds ("力合转债") during the implementation of its 2024 annual equity distribution plan, which includes a cash dividend and a capital reserve increase in share capital [1][2]. Group 1: Equity Distribution Plan - The company plans to distribute a cash dividend of 3 yuan (including tax) for every 10 shares and to increase capital reserves by converting 2 shares for every 10 shares held, without issuing additional shares [1][2]. - The equity distribution plan was approved at the annual shareholders' meeting held on April 16, 2025 [2]. - The company will adjust the conversion price of the convertible bonds according to the terms outlined in the bond issuance prospectus after the equity distribution is implemented [2]. Group 2: Suspension of Conversion - The conversion of "力合转债" will be suspended from May 28, 2025, until the equity distribution record date, with resumption of conversion on the first trading day after the record date [2]. - Holders of convertible bonds wishing to enjoy the equity distribution must convert their bonds by May 27, 2025 [2]. Group 3: Additional Information - Investors can find more information regarding "力合转债" in the company's prospectus published on June 26, 2023 [2].

Core Viewpoint - The announcement provides updates on the conversion of the company's convertible bonds, detailing the amount converted and the remaining unconverted bonds, as well as adjustments to the conversion price due to various corporate actions [2][3][5]. Group 1: Convertible Bond Conversion Status - As of March 31, 2025, a total of 32,000 yuan of "Lihe Convertible Bonds" have been converted into company shares, resulting in 872 shares, which is 0.0009% of the total shares before conversion [2][6]. - The amount of unconverted "Lihe Convertible Bonds" as of March 31, 2025, is 379,968,000 yuan, accounting for 99.9916% of the total issuance [2][6]. - During the first quarter of 2025, from January 1 to March 31, 12,000 yuan of "Lihe Convertible Bonds" were converted into 404 shares, representing 0.0004% of the total shares before conversion [2][6]. Group 2: Convertible Bond Issuance Overview - The company issued 3.8 million convertible bonds on June 28, 2023, with a total value of 38 million yuan, and the bonds are set to mature on June 27, 2029 [3]. - The initial conversion price was set at 43.78 yuan per share, which was adjusted to 43.72 yuan on October 9, 2023, following the completion of a stock incentive plan [3][4]. - The conversion price will further adjust to 36.15 yuan on May 23, 2024, and to 36.08 yuan on December 2, 2024, due to additional stock incentive plan completions [4]. Group 3: Share Buyback Progress - The company approved a share buyback plan on October 18, 2024, with a total budget between 10 million and 20 million yuan, and a maximum buyback price of 39.00 yuan per share [11]. - As of March 31, 2025, the company has repurchased 358,225 shares, which is 0.30% of the total share capital, with a total expenditure of 942.35 million yuan [12].

Group 1 - The core viewpoint of the article discusses the financial performance and stock movements of various companies, highlighting significant profit changes and shareholder actions [1]. Group 2 - Lihua Convertible Bond: The article mentions a downward adjustment in the bond [1]. - Yubang Electric Power: The projected net profit for 2024 is 110 million, representing a year-on-year increase of 191.80% [1]. - Wukuang New Energy: The company is expected to incur a loss of 502 million in 2024 [1]. - Shangsheng Electronics: Shareholders plan to reduce their holdings by no more than 3% of the company's shares [1]. - Huoxingren: The controlling shareholder intends to reduce their stake by 2.94% [1]. - Jianlong Convertible Bond: There will be no downward adjustment [1]. - Huitianfu Jiuzhoutong Pharmaceutical REIT: Scheduled to be listed on February 27 [1].