上证报中国证券网讯 10月9日，中证转债指数高开0.14%，报486.17点。冠中转债涨10.28%，中金转债 涨3.93%，惠城转债涨3.65%；阳谷转债跌2.85%，华懋转债跌2.70%，新23转债跌1.66%，塞力转债跌 1.46%。 来源：上海证券报·中国证券网 ...

截至2025年9月12日收盘，华懋科技（603306）报收于50.25元，较上周的48.1元上涨4.47%。本周，华 懋科技9月11日盘中最高价报51.06元。9月9日盘中最低价报46.3元。华懋科技当前最新总市值165.71亿 元，在汽车零部件板块市值排名35/230，在两市A股市值排名1149/5153。 本周关注点 公司公告汇总 公司公告汇总：华懋科技拟收购富创优越57.84%股权，交易构成重大资产重组及关联交易。 公司公告汇总：华懋转债将于2025年9月15日付息，每张兑息0.50元（含税）。 公司公告汇总：因利润分配调整，股份发行价格由29.88元/股调至29.80元/股。 华懋科技拟通过发行股份及支付现金方式购买富创优越57.84%股权，并募集配套资金。公司已通过全 资子公司持有富创优越42.16%股权，本次交易拟收购剩余股权。交易方案包括购买姚培欣等人持有的 富创优越直接股权及多个合伙企业出资份额，同时向东阳华盛发行股份募集配套资金。本次交易构成重 大资产重组及关联交易，不导致实际控制人变更。公司股票曾于2025年5月21日起停牌，后于6月5日复 牌。2025年6月4日，公司董事会审议通过交易预 ...

Group 1 - The China Convertible Bond Index fell by 0.33% to 468.18 points on September 4 [1] - The largest declines were seen in Zhenhua Convertible Bond, Liyang Convertible Bond, Weidao Convertible Bond, Huamao Convertible Bond, and Ruichuang Convertible Bond, with declines of 8.64%, 6.67%, 5.69%, 5.69%, and 4.80% respectively [1] - The top gainers included Tianchuang Convertible Bond, Jingxing Convertible Bond, Dianhua Convertible Bond, Honghui Convertible Bond, and Hengshuai Convertible Bond, with increases of 5.33%, 4.73%, 4.38%, 3.57%, and 3.51% respectively [1]

Summary of Key Points Core Viewpoint - The convertible bond market, which had shown strong performance earlier in the year, has recently entered a phase of continuous adjustment, with over 90% of convertible bonds experiencing declines in the last seven trading days [1][2]. Market Performance - Since reaching a peak on August 25, the convertible bond market has seen a downturn, with the China Convertible Bond Index entering a correction phase starting August 26, including a significant drop of 2.82% on August 27 [1][2]. - In the last seven trading days, more than 400 convertible bonds have declined, representing over 90% of the total, with nearly 230 bonds falling more than 5% and over 50 bonds dropping more than 10% [2][3]. Specific Bond Performance - Notable convertible bonds such as Tianyuan Convertible Bond have seen a price drop from over 240 yuan to 191.700 yuan, marking a cumulative decline of over 20% [3]. - The Borui Convertible Bond has also faced a decline, dropping from over 320 yuan to 260.457 yuan, with a cumulative decrease of 18.84% [5]. Market Influences - The recent adjustment in the convertible bond market is believed to be influenced by the weak performance of the underlying stocks. The Shanghai Composite Index has shown a slowdown, with a cumulative decline of 1.80% over the past seven trading days [7]. - The average decline of the underlying stocks corresponding to convertible bonds that fell over 10% is more than 10%, indicating a significant underperformance compared to the broader market [7][8]. Future Outlook - According to research from Guojin Securities, the overall probability of continued upward movement in the equity market remains high, but there is a short-term impulse for profit-taking in convertible bonds. The market is expected to experience increased trading activity and volatility [10][11].

Report Industry Investment Rating - The industry rating is "Overweight", indicating an expected increase of over 10% compared to the benchmark index in the next 6 - 12 months [27] Core Viewpoints - The current adjustment of convertible bonds still harbors potential investment opportunities. After the valuation pressure of some high - price/equity - like convertible bonds is cleared, they may offer returns to investors. The market's equity nature is stronger than its debt nature. Amid the strong performance of the equity market this year, the reversal of enhanced products may be a key factor influencing the configuration sentiment of the liability side. It is recommended to respond actively based on the actual participation time of subscription funds and the ability to withstand drawdowns [6][23] Summary by Directory When "Fear of High Prices" Meets Equity Resonance - On August 27, the convertible bond market adjusted, with the CSI Convertible Bond Index closing at 476.94, a decline of 2.82%. The declines of the Guozheng 2000 and the Equal - weighted Index of Convertible Bond Underlying Stocks were 2.01% and 2.44% respectively, while the ChiNext 50 Index rose 0.13%. There was no obvious differentiation in the structure [6][10] - The reasons for the adjustment include: directly, the rapid decline of convertible bond ETFs in the afternoon might have triggered investors' judgment of the market; in the equity market, industry performance was more differentiated, and some investors focused on the logic of switching between high - and low - value stocks or small - and large - cap stocks; actively, the long - standing "fear of high prices" in the convertible bond market led to the adjustment when the price reached a critical level [6][13][16] - The logic of the internal supply - demand mismatch in convertible bonds remains unchanged. The overall scale of the convertible bond market may continue to shrink, and there is a short - term demand gap. The logic of the equity market rally driven by incremental funds has not reversed, and there is still support from the underlying stocks for convertible bonds [6][20][21] Which Convertible Bond Varieties Are Oversold? - In the bullish equity market, it is recommended to diversify across multiple themes, such as consumer electronics, T - chain robots, chemical products, domestic computing power chips, and innovative drugs [7][25] - Pay attention to convertible bond elastic varieties and appropriately relax the drawdown limit. High - volatility products attract incremental funds during market transitions, so focus on elastic varieties with reasonable prices and cost - effectiveness [7][25] - With increased fluctuations in clause games and enhanced market pricing efficiency, keep an eye on individual bond clause changes, including high - price, low - premium convertible bonds with arbitrage opportunities and those approaching maturity with conversion incentives [7][25] - Look for oversold convertible bond varieties, including those that have declined more than the average of underlying stocks and convertible bonds, and those with significant valuation compression [7][25] - Low - price convertible bonds with improving fundamentals still have cost - effectiveness, such as Shouhua Convertible Bonds and Lepu Convertible Bonds 2 [7][25]

Summary of Key Points Core Viewpoint - The company, Huamao (Xiamen) New Materials Technology Co., Ltd., has decided not to redeem its convertible bonds early, following a thorough review by its board of directors and in consideration of current market conditions [5][8]. Group 1: Convertible Bond Issuance - The company issued 10.5 million convertible bonds on September 14, 2023, with a total value of 1.05 billion yuan and a maturity of six years [1][2]. - The initial conversion price was set at 34.18 yuan per share, which was later adjusted to 34.15 yuan, 33.95 yuan, 33.85 yuan, and finally to 33.76 yuan due to various factors including stock options and profit distribution [2][3]. Group 2: Redemption Terms and Conditions - The convertible bonds have conditional redemption terms, which can be triggered if the stock price exceeds 130% of the conversion price for at least 15 trading days within a 30-day period, or if the remaining unconverted bonds are less than 30 million yuan [3][4]. - The stock price met the redemption condition between July 17, 2025, and August 14, 2025, prompting the company to consider its redemption options [5]. Group 3: Decision Against Early Redemption - On August 14, 2025, the company’s board decided not to exercise the early redemption option for the convertible bonds, citing current market conditions and future considerations [5][6]. - The company will not propose a conditional redemption plan even if the redemption conditions are met again within the next three months [5]. Group 4: Shareholder Transactions - The actual controller and major shareholders have reduced their holdings of the convertible bonds in the six months leading up to the redemption condition being met [6][7]. - The total amount of convertible bonds held by key stakeholders decreased significantly during this period [7]. Group 5: Underwriter's Review - The underwriter, ShenGang Securities, confirmed that the decision not to redeem the bonds early was made following proper procedures and in compliance with relevant regulations [8].

Core Viewpoint - The article highlights the overdue status of commercial acceptance bills issued by the company, indicating potential liquidity issues and financial management concerns [1]. Group 1 - As of July 31, 2025, the total overdue balance of commercial acceptance bills amounts to 18.58 million yuan, with 1.80 million yuan already paid [1]. - The remaining unpaid overdue commercial acceptance bills total 16.78 million yuan [1]. Group 2 - The article provides a brief overview of various convertible bonds, including their redemption status and adjustments, indicating market activity and investor interest [2]. - Specific convertible bonds mentioned include Tian23, Huamao, Yaoshi, and others, with varying statuses on redemption and adjustments [2].

证券日报网讯 8月14日晚间，华懋科技发布公告称，公司于2025年8月14日召开2025年第六次临时董事 会会议，审议通过了《关于不提前赎回"华懋转债"的议案》，决定本次不行使"华懋转债"的提前赎回权 利，不提前赎回"华懋转债"。 （编辑 楚丽君） ...

Core Viewpoint - Huamao (Xiamen) New Materials Technology Co., Ltd. has announced that its convertible bonds, "Huamao Convertible Bonds," are expected to meet the redemption conditions based on stock performance [2][7]. Group 1: Convertible Bond Issuance and Trading - The company issued 10.5 million convertible bonds with a total amount of 1.05 billion yuan, approved by the China Securities Regulatory Commission, and these bonds began trading on October 12, 2023 [3]. - The initial conversion price was set at 34.18 yuan per share, which has been adjusted multiple times, currently standing at 33.76 yuan per share as of June 23, 2025 [4][5]. Group 2: Redemption Conditions - The bonds may be redeemed if the company's stock price exceeds 130% of the conversion price for at least 15 out of 30 consecutive trading days [6][7]. - As of July 17, 2025, the stock price has already met the condition for 10 trading days, indicating a potential for triggering the redemption clause [2][7]. Group 3: Future Actions - If the redemption conditions are met, the company will convene a board meeting to decide on redeeming all or part of the unconverted bonds at face value plus accrued interest [6][7].

Group 1 - The company has approved a share repurchase plan, allowing for the buyback of its own shares using self-owned or raised funds through the Shanghai Stock Exchange, with a maximum repurchase price of 42 CNY per share and a total repurchase amount between 250 million CNY and 500 million CNY [2][3] - The repurchase scale has been increased from a minimum of 250 million CNY to a minimum of 400 million CNY, and from a maximum of 500 million CNY to a maximum of 800 million CNY, while other terms of the repurchase plan remain unchanged [3] - As of July 31, 2025, the company has repurchased a total of 21,138,449 shares, accounting for 6.42% of the total share capital, with a total transaction amount of approximately 782.1 million CNY [5] Group 2 - The company has indicated that its convertible bonds, "Hua Mao Convertible Bonds," may meet the conditions for redemption, as the stock price has been above 130% of the conversion price for 10 trading days [10][16] - The initial conversion price of the bonds was set at 34.18 CNY per share, which has been adjusted multiple times, with the latest adjustment bringing it to 33.76 CNY per share [11][12] - The company will decide whether to redeem the bonds based on market conditions and will disclose the decision in a timely manner [18]