1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q2 2025, the scale of fixed - income plus funds continued to grow, and the inflow of funds was expected to continue due to the bond market under - allocation and the upward movement of equities. Convertible bond funds and fixed - income plus funds still had strong support [4][6]. - Brokers significantly increased their positions in convertible bonds, while public funds and insurance funds actively reduced their positions on the whole. The behavior of brokers was different from that of public funds and insurance funds, with brokers more likely to increase positions in a bull market and the latter reducing positions when the convertible bond valuation was high [10][12]. - Public funds continued to reduce their positions in bank convertible bonds and sought bottom - position substitutes. Other convertible bonds in the financial sector and those in the public utilities sector received certain increases in positions [19]. 3. Summary According to Relevant Catalogs 3.1. Growth of Fixed - Income Plus Fund Shares with Market Support - In Q2 2025, fixed - income plus funds had a net subscription of 56.41 billion shares. Among them, first - tier bond funds had a net subscription of 52.548 billion shares, second - tier bond funds had a net subscription of 7.774 billion shares, and partial - debt hybrid funds had a net redemption of 3.68 billion shares, with the net redemption volume further decreasing compared to Q1 2025. Convertible bond funds had a net redemption of 2.164 billion shares, slightly higher than that in Q1 2025 but with relatively low net redemption pressure compared to Q4 2024 [4][6]. - In Q2 2025, the positions of convertible bond funds and fixed - income plus funds in equity - related assets decreased slightly. The reasons might include the tariff event in early April, profit - taking in May and June, and the reduction in the scope of investable targets in the convertible bond market [8]. 3.2. Public Funds and Insurance Funds Reduce Positions Marginally, while Brokers Increase Positions in Convertible Bonds - Brokers significantly increased their positions in convertible bonds in February, March, May, and June 2025, while public funds and insurance funds actively reduced their positions when the convertible bond valuation was high. With the convertible bond market hitting a new high and the equity market at a relatively high level, there was a need to be cautious about possible valuation drops [10][12]. - From January to June 2025, the positions of funds, insurance, and social security in convertible bonds decreased, while those of brokers' self - operation and asset management increased. The positions of convertible bond ETFs had net outflows in April and May and recovered significantly after late June [12][13][15]. 3.3. Analysis of Public Fund Holdings - In terms of industry distribution, public funds continued to reduce their positions in bank convertible bonds in Q2 2025 due to the forced redemption of Nanyin Convertible Bond, Hangyin Convertible Bond, Qilu Convertible Bond, and the approaching maturity of Pufa Convertible Bond. Other convertible bonds in the financial sector and those in the public utilities sector received certain increases in positions [19]. - Public funds increased their positions in some high - elasticity varieties such as those in the electronics, computer, communication, pharmaceutical, and food and beverage sectors, which might benefit from the structural market of technology, medicine, and consumption sectors. The positions in convertible bonds of the basic chemical and building materials industries also increased [21]. - In addition to financial bottom - position convertible bonds such as bank convertible bonds, public funds increased their positions in high - prosperity and high - elasticity targets such as Outong Convertible Bond, Wentai Convertible Bond, Shenma Convertible Bond, and Hengbang Convertible Bond [26].

Core Viewpoint - Huazhong Securities announced a cash dividend distribution of 0.1 RMB per share, totaling approximately 467.84 million RMB, approved at the annual shareholders' meeting on May 6, 2025 [1][2]. Distribution Plan - The cash dividend will be distributed based on a total share capital of 4,678,398,535 shares, with a record date of June 27, 2025, and an ex-dividend date of June 30, 2025 [1][2]. - Shareholders who have completed designated transactions can receive their cash dividends on the payment date, while those who have not will have their dividends held by China Securities Depository and Clearing Corporation until they complete the necessary transactions [1]. Taxation Policies - Individual shareholders holding shares for over one year will not be subject to personal income tax on dividends, receiving the full 0.1 RMB per share [3]. - For shares held for one year or less, tax will be calculated upon sale, with a maximum effective tax rate of 20% for shares held for one month or less [3]. - Qualified Foreign Institutional Investors (QFII) will receive a net dividend of 0.09 RMB per share after a 10% withholding tax [4][5]. Adjustments to Convertible Bonds - Following the dividend distribution, the conversion price of Huazhong Securities' convertible bonds will be adjusted from 5.92 RMB to 5.82 RMB per share, effective on June 30, 2025 [5]. Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the board office of Huazhong Securities at 0551-65161539 [6].

Group 1 - The core point of the announcement is the adjustment of the conversion price for Huazhong Securities' convertible bonds due to the 2024 annual profit distribution plan [1][2] - The conversion price has been adjusted from RMB 5.92 per share to RMB 5.82 per share, effective from June 30, 2025 [2] - The company will distribute a cash dividend of RMB 0.1 per share, totaling RMB 467,839,853.5, based on the total share capital of 4,678,398,535 shares [1][2] Group 2 - The adjustment of the conversion price is based on the formula P1 = P0 - D, where P1 is the adjusted conversion price, P0 is the previous conversion price, and D is the cash dividend per share [1] - The convertible bonds will be suspended from conversion from June 20, 2025, until the record date of the profit distribution on June 27, 2025, and will resume conversion on June 30, 2025 [2]

Group 1 - The company will distribute a cash dividend of 1 yuan (including tax) for every 10 shares to shareholders registered on the equity distribution date [1][2] - The annual profit distribution plan for 2024 was approved at the company's annual general meeting on May 6, 2025 [2] - The convertible bonds ("华安转债") will suspend conversion from June 20, 2025, until the equity distribution registration date, resuming on the first trading day after the registration [1][2] Group 2 - The company will publicly disclose the implementation announcement of the equity distribution and the adjustment of the convertible bond conversion price on June 21, 2025 [2] - The contact information for inquiries is provided, including the office address and phone numbers [2][3]

Core Viewpoint - The companies Caitong Securities and Ruida Futures have announced a proposal to lower the conversion price of their convertible bonds, marking the first time in four to five years that such a proposal has been made despite previous triggers for price adjustments [4][8]. Group 1: Company Actions - Caitong Securities and Ruida Futures have initiated actions to lower the conversion prices of their respective convertible bonds, Caitong Convertible Bond and Ruida Convertible Bond [4][8]. - Caitong Securities reported that from May 26 to June 16, its stock price had closed below 80% of the current conversion price for 15 out of 30 trading days, triggering the adjustment clause [4][11]. - The board of Caitong Securities has approved the proposal to lower the conversion price, which will be submitted for shareholder approval [4][8]. Group 2: Market Impact - Following the announcement of the proposed price adjustments, the secondary market prices of the convertible bonds reacted positively, with Caitong Convertible Bond rising by 4.65% to 120.012 yuan and Ruida Convertible Bond increasing by 1.12% to 120.35 yuan on June 17 [11]. - The current outstanding balances of Caitong Convertible Bond and Ruida Convertible Bond are 3.799 billion yuan and 649 million yuan, respectively, with conversion rates of 99.99% and 99.84% remaining unconverted [10][11]. Group 3: Strategic Intent - The rationale behind the proposed price adjustments is to optimize the companies' capital structures, enhance their competitive positions, and support long-term development while protecting the interests of bondholders [8][11]. - Both companies have indicated that the decision to lower the conversion prices is based on a comprehensive consideration of market conditions and stock price trends [8].

Group 1 - The core viewpoint of the announcement is that Huazhong Securities maintains its credit rating for both the company and its convertible bonds at "AAA" with a stable outlook [1][2]. - The previous credit rating for the company and the convertible bonds was also "AAA" with a stable outlook, indicating consistency in the company's financial health [1][2]. - The tracking credit rating report was issued by Shanghai New Century Credit Rating Co., Ltd., based on a comprehensive analysis of the company's operational status and industry development [2]. Group 2 - The tracking rating report for the convertible bonds was published on May 27, 2024, confirming the ongoing strong creditworthiness of Huazhong Securities [1][2]. - The report is available for public access on the Shanghai Stock Exchange website, ensuring transparency and compliance with regulatory requirements [2].