Group 1 - Zhongtian Jingzhuang's shareholders plan to reduce their holdings by no more than 3% [1] - Huiyun Titanium's shareholders plan to collectively reduce their holdings by no more than 3% [1] - Bluetian Gas's controlling shareholder is involved in a financial loan contract dispute, resulting in the freezing of 42.8 million shares [1] Group 2 - Huamao Convertible Bond will not be forcibly redeemed [2] - Haitan Convertible Bond will not undergo a price adjustment [2] Group 3 - New shares from Puan Medical are listed on the Beijing Stock Exchange [1] - New shares from Hongban Technology and Sanrui Intelligent are available for subscription on the Shanghai Stock Exchange [1]

Core Viewpoint - The article provides a detailed overview of various convertible bonds, including their current prices, redemption prices, last trading dates, conversion values, remaining scales, and their proportion in the underlying stocks, highlighting potential investment opportunities in the convertible bond market [1][4][6]. Group 1: Convertible Bond Listings - The article lists several convertible bonds with their respective details, such as: - Anji Convertible Bond (Code: 118054) has a current price of 169.919, a strong redemption price of 100.291, and a conversion value of 170.52 [1]. - Z Gong Convertible Bond (Code: 123239) is priced at 112.400 with a conversion value of 113.39 and a remaining scale of 1.444 billion [1]. - Wei Ce Convertible Bond (Code: 118055) shows a current price of 200.263 and a conversion value of 201.72, with a remaining scale of 4.304 billion [1]. Group 2: Redemption and Conversion Details - The article provides insights into the redemption and conversion details of various bonds: - Le Pu Convertible Bond (Code: 123108) has a current price of 107.620 and a redemption price of 107.800, with a conversion value of 57.00 and a remaining scale of 16.371 billion [4]. - Li Qun Convertible Bond (Code: 113033) is priced at 109.736, with a redemption price of 110.000 and a conversion value of 86.36, having a remaining scale of 7.216 billion [4]. Group 3: Premium Rates and Remaining Scales - The article highlights the premium rates and remaining scales of certain convertible bonds: - Hua Mao Convertible Bond (Code: 113677) has a premium rate of 25.66% with a remaining scale of 10.490 billion [6]. - Yi Wei Convertible Bond (Code: 123254) shows a premium rate of 23.61% and a remaining scale of 49.982 billion [6]. - Zhen Hua Convertible Bond (Code: 113687) has a current price of 436.286 with a premium rate of 4.76% and a remaining scale of 4.039 billion [6].

Group 1 - The convertible bonds of Baichuan increased by 6.67%, while Shuangliang's convertible bonds rose by 5.15% [1] - Aofei's convertible bonds saw a gain of 4.75%, and Fengyu's convertible bonds increased by 4.60% [1] - Huamao's convertible bonds experienced a rise of 3.72% [1] Group 2 - Mengsheng's convertible bonds dropped significantly by 17.37% [1] - Dongshi's convertible bonds fell by 1.92%, and Shouhua's convertible bonds decreased by 1.44% [1]

Core Viewpoint - The China Convertible Bond Index rose by 0.43% to 492.48 points on December 25, indicating a positive trend in the convertible bond market [1] Group 1: Market Performance - The top gainers in the convertible bond market included: - Jia Mei Convertible Bond, up by 17.43% - Guanglian Convertible Bond, up by 11.67% - Zai 22 Convertible Bond, up by 11.51% - Tianjian Convertible Bond, up by 9.63% - Ruike Convertible Bond, up by 7.78% [1] - The top losers in the market were: - Huachen Convertible Bond, down by 3.76% - Lu Wei Convertible Bond, down by 2.04% - Ruida Convertible Bond, down by 1.76% - Yitian Convertible Bond, down by 1.75% - Huamao Convertible Bond, down by 1.61% [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This week, both the convertible bond market and the equity market rose. Currently, some individual bonds fluctuate greatly, and their future trends may further diverge. The overall trading difficulty in the market remains high. It is recommended to comprehensively judge based on convertible bond terms and the situation of the underlying stocks, select bonds carefully, and focus on new bond opportunities in industries catalyzed by policies and industries with high prosperity [4] 3. Summary by Relevant Catalogs Market行情 - From December 8 to December 12, 2025 (a total of 5 trading days), the CSI Convertible Bond Index rose by +0.20% (last week's increase was +0.08%), and the CSI All - Share Index changed by +0.19% (last week's increase was +0.77%). Since 2025, the CSI Convertible Bond Index has risen by +16.50%, and the CSI All - Share Index has risen by +21.83% [1] - By bond rating, high - rated bonds (AAA), medium - high - rated bonds (AA+), medium - rated bonds (AA), medium - low - rated bonds (AA -), and low - rated bonds (AA - and below) rose by - 0.13%, - 0.61%, +0.17%, +0.25%, and - 0.42% respectively this week. Medium - rated and medium - low - rated bonds rose [1] - By convertible bond scale, large - scale convertible bonds (bond balance > 2 billion yuan), medium - large - scale convertible bonds (balance between 1.5 and 2 billion yuan), medium - scale convertible bonds (balance between 1 and 1.5 billion yuan), small - medium - scale convertible bonds (balance between 0.5 and 1 billion yuan), and small - scale convertible bonds (balance < 0.5 billion yuan) rose by - 0.51%, - 0.45%, +1.04%, - 0.29%, and - 0.24% respectively this week. Except for medium - scale convertible bonds, all others declined [2] - By conversion parity, ultra - high - parity bonds (conversion value > 130 yuan), high - parity bonds (conversion value between 120 and 130 yuan), medium - high - parity bonds (conversion value between 110 and 120 yuan), medium - parity bonds (conversion value between 100 and 110 yuan), medium - low - parity bonds (conversion value between 90 and 100 yuan), low - parity bonds (conversion value between 80 and 90 yuan), and ultra - low - parity bonds (conversion value < 80 yuan) rose by +5.15%, - 1.39%, - 1.03%, +0.57%, - 2.16%, +2.22%, and - 0.60% respectively this week, showing divergent trends [2] Convertible Bond Price, Parity, and Conversion Premium Rate - As of December 12, 2025, there were 408 outstanding convertible bonds (407 at the end of last week), with a balance of 556.12 billion yuan (556.996 billion yuan at the end of last week) [3] - The average convertible bond price was 130.13 yuan (129.94 yuan at the end of last week), with a percentile of 91.57% (from the beginning of 2023 to December 12, 2025) [3] - The average convertible bond parity was 99.99 yuan (100.82 yuan at the end of last week), with a percentile of 86.66% [3] - The average convertible bond conversion premium rate was 31.41% (30.76% at the end of last week), with a percentile of 37.36% [3] Convertible Bond Performance and Allocation Direction - This week, both the convertible bond market and the equity market rose. Some individual bonds fluctuate greatly, and future trends may further diverge. The overall trading difficulty in the market remains high. It is recommended to comprehensively judge based on convertible bond terms and the situation of the underlying stocks, select bonds carefully, and focus on new bond opportunities in industries catalyzed by policies and industries with high prosperity [4] Convertible Bond Increase Situation - The top 15 convertible bonds in terms of increase this week include "Zai22 Convertible Bond" with an increase of 50.01%, "Huamao Convertible Bond" with an increase of 22.56%, "Weidao Convertible Bond" with an increase of 21.09%, etc. [21]

Core Insights - The report highlights the performance of three investment strategies: Low Price Enhancement, Improved Dual Low, and High Price High Elasticity, which recorded returns of 0.2%, 2.3%, and 2.3% respectively during the last period, outperforming the benchmark return of 0.0% [1] - Year-to-date performance for these strategies shows returns of 17.4%, 29.4%, and 55.1%, with excess returns of 0.7%, 12.7%, and 38.4% compared to the benchmark return of 16.7% [1] Low Price Enhancement Strategy - Latest holdings include new entries such as Energy Convertible Bonds (Utilities), Hengyi Convertible Bonds (Petrochemicals), and others across various sectors [2] - The adjustment rationale for this strategy is based on a significant decline in the low-price index (down 0.6%), with a focus on selecting stable low-price varieties due to a relaxation of net profit constraints [3] Improved Dual Low Strategy - Latest holdings feature new entries like Changyin Convertible Bonds (Banking) and others from diverse sectors [4] - The adjustment rationale indicates a decline in the dual low index (down 0.5%), with a focus on stable performance and avoiding bonds in strong redemption progress [5] High Price High Elasticity Strategy - Latest holdings include new entries such as Yanggu Convertible Bonds (Basic Chemicals) and others from various industries [6] - The adjustment rationale reflects a 0.9% increase in the high-price index, with a focus on avoiding high-priced bonds facing strong redemption risks while maintaining industry diversification [7]

Group 1 - The China Convertible Bond Index fell by 0.41% on December 11, closing at 481.13 points [1] - The top gainers included Zai 22 Convertible Bond, which rose by 6.26%, Huamao Convertible Bond with a 5.66% increase, and Weidao Convertible Bond up by 5.60% [1] - The top losers were Lantian Convertible Bond, which dropped by 5.91%, Kaisheng Convertible Bond down by 4.20%, and Huarui Convertible Bond falling by 4.16% [1]

Group 1 - Shareholders of Oujing Technology plan to reduce their holdings by no more than 3% of the company's shares [1] - Shareholders of Mingxin Xuteng also intend to collectively reduce their holdings by no more than 3% of the company's shares [1] - The actual controller of Guolian Aviation has lifted the lien on the company [1] Group 2 - Daotong Technology has received a warning letter due to undisclosed related party fund occupation and undisclosed concerted action among the top ten shareholders [1] - The company failed to disclose changes in related transactions, related party fund occupation, and the concerted action relationship between shareholder Li Hong and Xuan Yuan Ke Xin No. 46 Private Securities Investment Fund [1] - The shareholder meeting documents did not record the deliberation process and key points of discussion [1] Group 3 - Huamao Convertible Bonds will not be forcibly redeemed [2] - Le Pu Convertible Bonds 2 and Changhong Convertible Bonds will not undergo a downward adjustment [2] - Maolai Convertible Bonds are set to be listed on December 10 [2] Group 4 - Various convertible bonds have been listed with their current prices, strong redemption prices, last trading days, last conversion days, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [4] - For example, Hongfa Convertible Bonds have a current price of 127.959, a strong redemption price of 100.222, and a remaining scale of 1.922 billion [4] Group 5 - Several convertible bonds are approaching their strong redemption dates, with specific days remaining and their respective current prices and conversion values listed [7] - For instance, Hu Gong Convertible Bonds have 2 days remaining until strong redemption, with a current price of 139.840 and a conversion value of 141.02 [7]

Core Points - Huamao Technology announced that its stock price has been above 130% of the current conversion price for 10 consecutive trading days from November 17 to November 28, 2025 [2] - If the stock price remains above 130% for at least 15 out of 30 consecutive trading days, it will trigger the conditional redemption clause in the convertible bond issuance prospectus [2] - Upon triggering the redemption clause, the company will hold a board meeting to decide whether to redeem all or part of the unconverted convertible bonds at face value plus accrued interest [2]

Core Viewpoint - The China Convertible Bond Index experienced a decline of 0.29% on November 14, closing at 493.15 points, indicating a mixed performance in the convertible bond market [1] Summary by Category Market Performance - The index closed at 493.15 points, reflecting a decrease of 0.29% [1] - Notable declines were observed in several convertible bonds, including Dongshi Convertible Bond (-14.45%), Cewei Convertible Bond (-10.07%), Huamao Convertible Bond (-4.13%), Limin Convertible Bond (-4.12%), and Liyang Convertible Bond (-3.92%) [1] - Conversely, some convertible bonds showed significant gains, such as Dazhong Convertible Bond (+9.37%), Zhongneng Convertible Bond (+6.51%), Huicheng Convertible Bond (+5.15%), Shuyuyuan Convertible Bond (+4.90%), and Qingyuan Convertible Bond (+4.57%) [1]