| http://www.cninfo.com.cn/new/disclosure/detail?stockCode=300588&announcementId=122471 | 300588 | 熙菱信息 | 6189&orgId=9900023357&announcementTime=2025 | -10-16 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=603389&announcementId=122471 | 603389 | *ST亚振 | 4739&orgId=9900026793&announcementTime=2025 | -10-16 | | | | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=002808&announcementId=122471 | 002808 | *ST恒久 | 5054&orgId=99000104 ...

证券日报网讯 10月28日晚间，旭升集团发布公告称，投资者所持"升24转债"除在规定时限内通过二级 市场继续交易或按照12.51元/股的转股价格进行转股外，仅能选择以100元/张的票面价格加当期应计利 息0.1677元/张（即合计100.1677元/张）被强制赎回。若被强制赎回，可能面临较大投资损失。 （编辑 姚尧） ...

证券日报网讯 10月27日晚间，旭升集团发布公告称，截至2025年10月27日收市后，距离11月13日（"升 24转债"最后转股日）仅剩13个交易日，11月13日为"升24转债"最后一个转股日。本次提前赎回完成 后，"升24转债"将自2025年11月14日起在上海证券交易所摘牌。投资者所持"升24转债"除在规定时限内 通过二级市场继续交易或按照12.51元/股的转股价格进行转股外，仅能选择以100元/张的票面价格加当 期应计利息0.1677元/张（即合计100.1677元/张）被强制赎回。若被强制赎回，可能面临较大投资损 失。公司特提醒"升24转债"持有人注意在限期内转股或卖出。 （编辑 任世碧） ...

New Stock Issuance - Fengbei Bio (证券代码: 732334) issued at a price of 24.49 on 2025/10/27[1] - The offer period for the acquisition of Shangwei New Materials (证券代码: 688585) is from 2025/09/29 to 2025/10/28[1] Market Alerts - Significant abnormal fluctuations reported for *ST Yuancheng (证券代码: 603388) on 2025/10/24[1] - Other companies with abnormal fluctuations include *ST Wanfang (证券代码: 000638) and ST Lingnan (证券代码: 002717) on 2025/10/27[1] Recent Announcements - Multiple companies including Tianpu Co. (证券代码: 605255) and Chang Aluminum (证券代码: 002160) have recent announcements dated 2025/10/27[1] - The latest announcements can be accessed through the provided links for detailed information[1]

Industry Investment Rating There is no information provided about the industry investment rating in the report. Core Views of the Report - The sustainability of the main investment theme, summarized as "source-grid-load-storage" driven by the dual catalysts of carbon neutrality and AI in the energy revolution, is beyond doubt and will be a long - term market focus [1][39] - For convertible bond allocation in the fourth quarter, it is recommended to control drawdowns and selectively invest in balanced targets with medium - to - long - term catalysts, favorable static supply - demand patterns, and dynamic supply - demand elasticity to capture more certain structural opportunities in 2026 [1][39] Summary by Directory 1. Weekly Market Review 1.1 Equity Market Overall Rise - From October 20th to 24th, the equity market rose overall. The Shanghai Composite Index rose 2.88% to 3950.31 points, the Shenzhen Component Index rose 4.73% to 13289.18 points, the ChiNext Index rose 8.05% to 3171.57 points, and the CSI 300 rose 3.24% to 4660.68 points [6] - The average daily trading volume of the two markets decreased by about 3951.41 billion yuan to 17814.89 billion yuan, a week - on - week decrease of 18.15% [8] - Among the 29 Shenwan primary industries, 26 industries closed up, with 15 industries rising more than 2%. Communication, electronics, power equipment, machinery, and petroleum and petrochemicals led the gains, rising 11.55%, 8.49%, 4.90%, 4.71%, and 4.33% respectively [13] 1.2 Convertible Bond Market Overall Rise - From October 20th to 24th, the CSI Convertible Bond Index rose 1.47% to 481.20 points. Among the 29 Shenwan primary industries, 24 industries closed up, with 8 industries rising more than 2%. Machinery, national defense and military industry, electronics, computer, and automobile led the gains, rising 8.78%, 5.51%, 4.53%, 3.40%, and 2.98% respectively [14] - The average daily trading volume of the convertible bond market was 600.23 billion yuan, a significant decrease of 109.27 billion yuan, a week - on - week change of - 15.40%. The top ten convertible bonds in terms of trading volume were Tongguang Convertible Bond, Guanzhong Convertible Bond, etc. [14] - Approximately 84.62% of individual convertible bonds rose, with about 17.07% rising between 0 - 1% and 44.23% rising more than 2% [14] - The overall market conversion premium rate rebounded, with the average daily conversion premium rate at 40.13%, up 1.13 pcts from last week [21] 1.3 Comparison of Stock - Bond Market Sentiments - From October 20th to 24th, the weekly weighted average and median of the convertible bond and underlying stock markets were positive, and the underlying stocks had a larger weekly increase. The trading volume of the convertible bond market decreased by 15.40% week - on - week, at the 48.90% quantile level since 2022, while the underlying stock market trading volume decreased by 26.95% week - on - week, at the 84.20% quantile level since 2022 [35] - Approximately 85.28% of convertible bonds and 83.61% of underlying stocks closed up, and about 35.83% of convertible bonds had a larger increase or decrease than underlying stocks. Overall, the trading sentiment in the underlying stock market was better this week [35] 2. Future Outlook and Investment Strategy - In the week from October 20th to 24th, the long - and short - term yields of US Treasury bonds slightly recovered from the previous downward trend, the US stock market rose, and the gold price dropped significantly due to the halt of the nominal yield decline and the marginal convergence of geopolitical risks. The risk - aversion sentiment in the overseas market decreased marginally [1][38] - The Shanghai Composite Index reached a 10 - year high, and the ChiNext and STAR markets opened higher and closed higher on Friday. Convertible bonds followed the upward trend, and low - priced convertible bonds closed up for the fifth consecutive week, showing better drawdown control ability than medium - priced and high - priced ones [1][39] - The top ten high - rated, medium - and low - priced convertible bonds with the greatest potential for conversion premium rate repair next week are Sheng24 Convertible Bond, Changji Convertible Bond, etc. [1][39]

Group 1 - The core point of the article discusses the planned reduction of shareholding by shareholders of Zhengfan Technology, with a total reduction not exceeding 1.89% of the company's shares [1] - Liu Hui and Zhu Wenyi, shareholders of Rundar Medical, have had part of their shares frozen by the Shanghai First Intermediate People's Court, with Liu Hui's 18,994,771 shares frozen, accounting for 69.46% of his holdings, and Zhu Wenyi's 1,189,056 shares frozen, accounting for 3.77% of his holdings [1] - The total shares held by Liu Hui and Zhu Wenyi amount to 63,047,179 shares, representing 10.44% of the total shares, with a combined freeze of 23,087,827 shares, which is 36.62% of their holdings and 3.82% of the total shares [1] Group 2 - The article lists several convertible bonds, including their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [1][3] - Notable convertible bonds include the "Jingxing Convertible Bond" with a current price of 177.100 and a conversion value of 179.65, and the "Montai Convertible Bond" with a current price of 133.442 and a conversion value of 134.38 [1] - The article also highlights the upcoming listing of the "Jin 25 Convertible Bond" on October 27 [1]

（编辑 楚丽君） 证券日报网讯 10月21日晚间，旭升集团发布公告称，截至2025年10月20日，累计共有人民币1，186， 878，000元"升24转债"已转换为公司A股股票，累计转股数量为94，261，467股，占可转债转股前公司 已发行股份总额的10.1007%。未转股可转债情况：截至2025年10月20日，尚未转股的可转债金额为1， 613，122，000元，占可转债发行总量的57.6115%。 ...

Group 1 - Shareholders of Jiaze New Energy plan to reduce their holdings by no more than 3% of the company's shares [1] - Shareholders of Zhekuang Co. intend to collectively reduce their holdings by no more than 3% of the company's shares [1] - Shareholders of Nanjing Julong plan to reduce their holdings by no more than 2.94% of the company's shares [1] Group 2 - Convertible bonds such as Jiayue Convertible Bond and Kairun Convertible Bond will not undergo adjustments [1] - Various convertible bonds are listed with their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [3][5] - For instance, the current price of Keda Convertible Bond is 128.087, with a conversion value of 128.37 and a remaining scale of 0.014 billion [3]

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - Under the disturbance of Sino - US tariffs, risk appetite declined, and the convertible bond market was significantly suppressed. The high - priced technology sector, which performed strongly in the early stage, had a large decline, while low - priced convertible bonds showed strong resilience. The net outflow trend of two convertible bond ETFs has eased. The median convertible bond price is still around 130 yuan, lacking cost - effectiveness. Short - duration may suppress convertible bond valuations, and external risks make the convertible bond structure fragile, with potential short - term correction risks. However, from a "slow - bull" perspective, corrections present opportunities, and attention should be paid to the opportunities of equity - biased convertible bonds with large pullbacks [2][5]. 3. Summary According to Relevant Catalogs 3.1 Weekly View and Outlook - Sino - US tariff disturbances led to a decline in risk appetite, suppressing the convertible bond market. The high - priced technology sector fell significantly, and low - priced convertible bonds were more resistant. The net outflow of two convertible bond ETFs slowed down. The median convertible bond price around 130 yuan lacks cost - effectiveness. Short - duration suppression on valuations is yet to be seen, and external risks make the structure fragile, with short - term correction risks. But corrections are opportunities for equity - biased convertible bonds [2][5]. 3.2 Convertible Bond Valuation - Due to tariff disturbances, the convertible bond market retreated, and the 100 - yuan valuation dropped to around 35%. High - rated convertible bonds saw a larger decline in valuations. The overall market's 100 - yuan premium rate was 35.1%, down 0.6% week - on - week, at the 92.8% percentile since 2017. High - rated convertible bonds had weaker valuation performance and a larger decline than low - rated ones [6]. - Compared with last week, the conversion premium rate and bottom - support premium rate in each parity range decreased overall. The 60 - 70 yuan, 100 - 110 yuan, and 120 - 130 yuan parity ranges had larger valuation declines, and the historical quantiles of the conversion premium rate in the 120 - 130 yuan and 130 - 140 yuan parity ranges were significantly low [4][10]. - The median convertible bond price was 129.73 yuan, down 2.64 yuan from last week, and the yield to maturity was - 5.81%, up 0.01%. They are at the 97.50 and 1.70 percentiles since 2017 respectively [4][12]. 3.3 Clause Tracking 3.3.1 Redemption - Five convertible bonds, including New Tai Convertible Bond, Chenfeng Convertible Bond, etc., issued early redemption announcements this week. There are 22 convertible bonds that have issued forced redemption or maturity redemption announcements but have not delisted, with a potential conversion or maturity balance of 14.7 billion yuan. Five convertible bonds announced non - redemption, and the forced redemption ratio this week was 50%. There are currently 34 convertible bonds in the redemption process, and 6 are expected to meet the redemption conditions next week [4][15][18]. 3.3.2 Downward Revision - One convertible bond announced a downward revision result, reaching the bottom. As of now, 112 convertible bonds are in the non - downward - revision range, 23 cannot be downward - revised due to net asset constraints, 1 has triggered the condition but the stock price is still below the trigger price without an announcement, and 33 are accumulating downward - revision days. No convertible bond has issued a downward - revision board plan but not held a general meeting of shareholders [21]. 3.3.3 Put Option - Taiping Convertible Bond issued a conditional put option announcement this week. As of now, 5 convertible bonds are accumulating put - option trigger days, including 1 that has triggered the downward - revision condition, 2 are accumulating downward - revision days, and 2 are in the non - downward - revision range [24]. 3.4 Primary Issuance - Jinlang Convertible Bond 02 was issued this week. Jin 25 Convertible Bond, Yingliu Convertible Bond, Funeng Convertible Bond, and Jinlang Convertible Bond 02 have been issued but not listed. Yingliu Convertible Bond will be listed on October 22, 2025. As of now, there are 5 convertible bonds at the approval - registration stage with a to - be - issued scale of 5 billion yuan, and 6 at the listing - committee - approved stage with a to - be - issued scale of 4 billion yuan [4][27].

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]