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]

上证报中国证券网讯 12月11日，中证转债指数早盘收跌0.41%，报481.13点。再22转债涨6.26%，华懋 转债涨5.66%，微导转债涨5.60%；蓝天转债跌5.91%，凯盛转债跌4.20%，华锐转债跌4.16%。 来源：上海证券报·中国证券网 来源：上海证券报·中国证券网 上证报中国证券网讯 12月11日，中证转债指数早盘收跌0.41%，报481.13点。再22转债涨6.26%，华懋 转债涨5.66%，微导转债涨5.60%；蓝天转债跌5.91%，凯盛转债跌4.20%，华锐转债跌4.16%。 ...

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]

近日，公司已完成了上述工商变更登记及修改后的《公司章程》等相关事项备案手续，并取得了厦门市 市场监督管理局换发的《营业执照》，变更登记相关信息如下： ■ 证券代码：603306 证券简称：华懋科技 公告编号：2025-107 债券代码：113677 债券简称：华懋转债 华懋（厦门）新材料科技股份有限公司 关于完成工商变更登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 华懋（厦门）新材料科技股份有限公司（以下简称"公司"）于2025年9月15日召开2025年第二次临时股 东会，审议通过了《关于取消监事会及重新制定〈公司章程〉的议案》。截至2025年8月27日，"华懋转 债"新增转股322股。因此公司注册资本由32,906.0195万元增加至32,906.0517万元，公司股本由 32,906.0195万股增加至32,906.0517万股。具体内容详见公司在上海证券交易所网站（www.sse.com.cn） 披露的《华懋科技关于取消监事会并重新制定〈公司章程〉及制定、修订公司部分制度的公告》（公告 编号：2025-07 ...

Core Points - Huamao Technology announced the convening of the second extraordinary shareholders' meeting on September 15, 2025, to review the proposal for the cancellation of the supervisory board and the re-establishment of related matters [2] - As of August 27, 2025, the "Huamao Convertible Bonds" had an additional conversion of 322 shares, resulting in an increase in the company's registered capital from 329.060195 million yuan to 329.060517 million yuan [2] - The company's total share capital increased from 329.060195 million shares to 329.060517 million shares [2] - The company has completed the registration of the above-mentioned business changes and related amendments to the Articles of Association, and has obtained a new business license from the Xiamen Market Supervision Administration [2]

Core Viewpoint - Huamao Technology plans to acquire stakes in several companies through a combination of share issuance and cash payment, with part of the cash consideration to be paid by its wholly-owned subsidiary [1] Group 1: Transaction Details - The acquisition involves purchasing 9.93% equity in Shenzhen Fuchuang Youyue Technology Co., Ltd., 100% equity in Shenzhen Yinrui Technology Co., Ltd., and 100% stakes in three limited partnership enterprises [1] - The company will also issue shares to Dongyang Huasheng Enterprise Management Partnership (Limited Partnership) to raise supporting funds for the transaction [1] Group 2: Insider Trading Self-Examination - The self-examination period for insider trading related to this transaction spans from May 21, 2024, to September 29, 2025 [2] - The scope of the insider information exam includes directors, supervisors, senior management, controlling shareholders, actual controllers, and relevant personnel from the target companies and intermediaries [2] Group 3: Findings on Insider Trading - During the self-examination period, relevant natural persons and institutions confirmed that their trading activities were based on publicly available information and personal judgment, not on insider information [3][5] - The company and its related parties have committed to not engaging in insider trading or disclosing non-public information related to the transaction [5][9] Group 4: Independent and Legal Advisor Opinions - The independent financial advisor, Shen Gang Securities Co., Ltd., concluded that the trading activities of insider information personnel during the self-examination period did not constitute insider trading [10] - The legal advisor, Beijing Kangda Law Firm, also affirmed that the self-examination reports were accurate and that no insider trading occurred during the specified period [11]