伟明环保：大股东及一致行动人计划减持不超过1.55%公司股份 华宏转债：强赎 金轮转债：不强赎 微导转债：【上市】 | 转债代码 | 转债名称 | 类型 | 日期 | 公告 | | --- | --- | --- | --- | --- | | 113046 | 金田转债 | 強反 | 2025-08-27 | 公告 | | 128076 | 金轮转债 | 不强赎 | 2025-08-27 | 公告 | | 转债代码 | 转债名称 | 现价 | 强赎价 | 最后交易日 | 最后转股日 | 转股价值 | 剩余规模 | 转债占正股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | (亿元) | 流通市值比 | | 123048 | 应急转债 | 125.334 | 100.770 | 2025-08-22 | 2025-08-27 | 126.77 | 0.040 | 0.04% | | 128074 | 游族转债 | 164.001 | 101.858 | 2025-08-22 | 2025-08-27 | 164 ...

证券代码：002645 证券简称：华宏科技 公告编号：2025-058 债券代码: 127077 债券简称:华宏转债 江苏华宏科技股份有限公司 关于控股股东、实际控制人及其一致行动人持股比例被动稀释 触及 1%及 5%整数倍的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 本次权益变动系江苏华宏科技股份有限公司（以下简称"公司"）可转换公 司债券（以下简称"可转债"）转股，导致控股股东江苏华宏实业集团有限公司、 实际控制人及其一致行动人胡士勇先生、胡士清先生和胡士法先生的持股比例被 动稀释，权益变动前后上述股东持股数量无变化，公司控股股东、实际控制人未 发生变化。现将有关情况公告如下： 一、本次权益变动的基本情况 经中国证券监督管理委员会《关于核准江苏华宏科技股份有限公司公开发行 可转换公司债券的批复》 （证监许可〔2022〕1121 号）核准，公司公开发行可转 换公司债券 51,500.00 万元，每张面值为 100.00 元，发行数量为 515.00 万张， 债券简称"华宏转债"，债券代码"127077"，已于 2023 年 1 月 10 日起 ...

Group 1 - The China Securities Convertible Bond Index rose by 0.23%, closing at 453.86 points [1] - Hongfeng Convertible Bond increased by 20%, Borui Convertible Bond rose by 11.60%, and Huahong Convertible Bond gained 7.14% [1] - Bohui Convertible Bond decreased by 5.20%, Jinxian Convertible Bond fell by 5.05%, and Haomei Convertible Bond dropped by 2.53% [1]

Group 1 - The Zhongzheng Convertible Bond Index closed up 0.84% at 452.81, with a trading volume of 73.29 billion [1] - The top gainers included Julong Convertible Bond, which rose by 20%, and Jinxian Convertible Bond, which increased by over 12% [1] - Other notable gainers were Jingyuan Convertible Bond, up over 9%, and both Jing23 Convertible Bond and Saili Convertible Bond, which rose nearly 9% [1] Group 2 - The Zhongchong Convertible Bond experienced a decline of over 2%, while both Punaite Convertible Bond and Huahong Convertible Bond fell by more than 1% [1]

Core Points - Jiangsu Huahong Technology Co., Ltd. announced the conversion situation of its convertible bonds for the second quarter of 2025, ensuring the accuracy and completeness of the information disclosed [1][2][3] Group 1: Convertible Bond Issuance and Listing - The company issued convertible bonds totaling 515 million yuan, with a face value of 100 yuan per bond, resulting in 5.15 million bonds issued [1] - The convertible bonds were approved by the China Securities Regulatory Commission and began trading on the Shenzhen Stock Exchange on January 10, 2023, under the name "Huahong Convertible Bonds" and code "127077" [2] - The conversion period for the bonds started on June 8, 2023, and will last until the maturity date on December 1, 2028 [2] Group 2: Conversion Price Adjustments - The conversion price for the bonds was adjusted from 15.45 yuan per share to 13.91 yuan per share, effective from July 3, 2023 [3] - A further adjustment reduced the conversion price from 13.92 yuan per share to 11.14 yuan per share, effective from May 20, 2024 [3] Group 3: Conversion and Share Changes - As of June 30, 2025, the company had 5,147,919 convertible bonds remaining, with a total unconverted amount of approximately 514.79 million yuan, indicating a conversion rate of only 0.0404% [4] - The total share capital of the company increased from 581,527,759 shares to 581,534,939 shares due to the conversion of 7,180 shares [5]

Group 1 - The controlling shareholder and actual controller of Juisailong plan to reduce their holdings by no more than 3% of the company's shares [1] - The company has experienced a significant decline in revenue across various business segments due to macroeconomic adjustments and government budget reductions, leading to a notable decrease in gross profit margins [1] - As of the end of 2024, the company's asset structure has not changed significantly, but there is a high provision for bad debts in accounts receivable, indicating potential recovery risks [1] Group 2 - The credit rating of Gongtong Convertible Bond has been downgraded to A due to declining product prices and increased production costs, resulting in a loss in total profit [2] - The company has seen an increase in total debt, leading to a heavier debt burden, and operating cash flow has turned negative [2] - Other convertible bonds such as Yonggui, Keli, and Huahong have not been downgraded [2]

Group 1 - The core viewpoint of the news is that Jiangsu Huahong Technology Co., Ltd. has maintained its credit rating of A with a stable outlook for both its corporate and bond ratings [1][2] - The tracking rating report was issued by Dagong Global Credit Rating Co., Ltd. on June 19, 2025, confirming that there were no adjustments to the previous ratings [2] - The previous ratings were also A with a stable outlook, indicating consistency in the company's creditworthiness over time [1][2] Group 2 - The company is subject to the regulations of the China Securities Regulatory Commission regarding the issuance and trading of corporate bonds [1] - The ratings are based on a comprehensive analysis of the company's business, management, and financial conditions [2] - Investors are advised to pay attention to risks and invest cautiously, as highlighted in the announcement [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Rating downgrades in the convertible bond market from 2021 - 2024 showed high - frequency, seasonal, and industry - concentrated characteristics. Over 61% of downgrades were in June, with cyclical industries like industrial and materials dominating, and over 80% of downgraded entities being private enterprises in coastal developed areas. High - rating entities had lower downgrade risks [6]. - Rating adjustments drove market differentiation. High - growth sectors such as TMT, electronics, and non - ferrous metals had low downgrade risks, while industries like real estate, steel, and power equipment faced greater downgrade pressure. After a downgrade, convertible bond prices generally showed a "first decline then rise" pattern, and market sentiment was significantly affected by the rating window period [6]. - To deal with credit risks, a triple - strategy approach could be adopted: using equity - biased convertible bonds to hedge risks, seizing repair opportunities of undervalued low - price bonds, and using short - duration high - YTM bonds for defense [6]. 3. Summary According to Relevant Catalogs 3.1 Rating Adjustment Review 3.1.1 Historical Rating Adjustments and Market Performance - From 2021 - 2024, there were 193 downgrades in the convertible bond market, accounting for 4.51% of all rating adjustments. Over 61% of them were in June. Industries such as industrial and materials were dominant, private enterprises accounted for over 80%, mainly in coastal areas like Guangdong and Jiangsu. Downgraded entities were generally of weak quality, with issuance ratings concentrated at AA and AA - [6][8][10]. - The broader market index often weakened in May and June. The CSI Convertible Bond Index usually had a phased decline before the release of rating adjustment announcements due to risk pre - screening by institutions, leading to a chain reaction of "forward - priced risk → wider credit spread → market correction" [16]. - After a downgrade, convertible bond prices generally showed a "first decline then rise" pattern. For example, Zhongzhuang Zhuan 2 and Ying 19 Convertible Bond rebounded about 1 month after the downgrade [19]. 3.1.2 Identification of Downgraded Convertible Bonds - Factors leading to rating downgrades included performance losses, weakened solvency, low industry prosperity, equity issues, and liquidity risks. For example, Lingnan Convertible Bond was downgraded multiple times due to a plunge in EBITDA margin to - 119% and a high short - term debt ratio [6][23][24]. 3.1.3 Rating Adjustments Showed Structural Differentiation - High - growth sectors such as TMT, electronics, and non - ferrous metals had strong profitability and low downgrade risks. For example, the computer industry had a 471.86% year - on - year increase in net profit, the electronics industry had a ROE of 6.27% and a 37.24% net profit growth, and the non - ferrous metals industry had a ROE of 11.3% and a 53.23% net profit growth [26]. - Traditional industries such as real estate, steel, and power equipment faced greater downgrade risks. The real estate industry had a 274% drop in net profit, the steel industry had a negative ROE, and the power equipment industry had a low ROE of 3.6% [28]. 3.2 How to Select Bonds Around the Rating Adjustment Window Period 3.2.1 Equity - linked Convertible Bonds Could Hedge Credit Risks - In the face of credit risk shocks, equity - biased convertible bonds showed stronger price resilience. For example, during the "20 Hongda Xingye SCP001" default in 2020, equity - biased convertible bonds rose while others declined [32]. 3.2.2 Low - price Convertible Bonds Presented a Layout Window - During the credit adjustment window period, the low - price index usually showed a "first decline then rise" return characteristic. In 2024, low - price convertible bonds initially underperformed but later achieved the highest cumulative return for the year. Currently, attention could be paid to undervalued but cash - flow - stable bonds [33]. 3.2.3 Layout of Short - duration High - YTM Convertible Bonds - Short - duration high - YTM convertible bonds with a remaining term of less than 2 years and positive YTM could be selected. For example, Wanshun Zhuan 2 in 2024 outperformed the market under the protection of the put - back clause [36]. 3.3 Post - market Allocation Suggestions - Focus on three types of opportunities: high - growth equity - biased convertible bonds such as Hao 24 Convertible Bond; low - price bonds with credit mispricing like Jingneng Convertible Bond; and short - duration high - YTM defensive bonds such as Lvyin Convertible Bond [40].

重要内容提示: 前次主体评级：A+；评级展望：稳定；债项评级：A+。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002645 证券简称：华宏科技 公告编号：2025-017 债券代码：127077 债券简称：华宏转债 江苏华宏科技股份有限公司 关于可转换公司债券不定期跟踪评级结果的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 本次主体评级：A；评级展望：稳定；债项评级：A 。 根据中国证券监督管理委员会《公司债券发行与交易管理办法》和《深圳证券交易所公司债券上市规 则》的相关规定，江苏华宏科技股份有限公司（以下简称"公司"）委托信用评级机构大公国际资信评估 有限公司（以下简称"大公国际"）对公司公开发行的可转换公司债券（以下简称"华宏转债"）进行了跟 踪评级。 近日，大公国际根据跟踪评级相关管理制度实施了本次不定期跟踪评级，并于2025年4月2日出具了《大 公国际关于将江苏华宏科技股份有限公司主体信用等级调整为A的公告》。本次公司主体信用评级结果 由A+下调至A，评级展望维持稳定，"华宏转债" 信用评级结果由A+下调至A。 具体内容详 ...

证券代码：002645 证券简称：华宏科技 公告编号：2025-016 债券代码：127077 债券简称：华宏转债 江苏华宏科技股份有限公司 关于 2025 年第一季度可转债转股情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 15 号——可转换公司债券》的有关规定，江苏华宏科技股份有限公司（以 下简称"公司"）现将 2025 年第一季度可转换公司债券（以下简称"可转债"） 转股及公司股份变动情况公告如下： （三）可转债转股期限 本次发行的可转换公司债券转股期自可转换公司债券发行结束之日（2022 年 12 月 8 日）起满六个月后的第一个交易日（2023 年 6 月 8 日）起至可转换公 司债券到期日（2028 年 12 月 1 日）止。 （四）可转债转股价格调整情况 年年度权益分派方案，"华宏转债"的转股价格于 2023 年 6 月 1 日起由原来的 讯网（www.cninfo.com.cn）发布的《关于"华宏转债"转股价格调整的公告》。 《关于董事会提议向下 ...