Core Viewpoint - The Zhongzheng Convertible Bond Index opened with a slight increase of 0.08%, reaching 477.96 points on September 16 [1] Group 1: Market Performance - The top gainers in the convertible bond market included Yuguang Convertible Bond, Borui Convertible Bond, New 23 Convertible Bond, Songsheng Convertible Bond, and Yinlun Convertible Bond, with increases of 6.74%, 4.28%, 3.05%, 1.98%, and 1.97% respectively [1] - The largest decliners were Haitai Convertible Bond, Jiuzhou Turn 2, Luokai Convertible Bond, Aofei Convertible Bond, and Yiwei Convertible Bond, with decreases of 5.02%, 3.76%, 1.71%, 1.42%, and 1.40% respectively [1]

Core Viewpoint - The company, Borui Pharmaceutical, announced that it will not exercise the early redemption rights for its convertible bonds, known as "Borui Convertible Bonds," during the upcoming board meeting scheduled for September 11, 2025 [2]. Group 1 - The fourth session of the company's eleventh board meeting will take place on September 11, 2025 [2]. - The company has decided not to redeem the "Borui Convertible Bonds" early [2].

Group 1 - The subscription result for CapitaLand Commercial REITs (508091) shows a total subscription amount of 146.5 billion [1] - The subscription for the new stock Shichang Co., which was listed on the Beijing Stock Exchange, reached 649.6 billion on the same day [1] - The total idle funds for new stock subscriptions amount to approximately 800 billion, calculated as 146.5 billion + 649.6 billion [1] Group 2 - Shareholders of Jinpu Garden plan to reduce their holdings by no more than 4.58% of the company's shares [1] - The Bo Rui convertible bond will not be forcibly redeemed [2] - The Fangyuan convertible bond will not undergo a downward adjustment [2] Group 3 - The listing of CICC Vipshop Outlet REIT (508082) has occurred [1]

Core Viewpoint - 博瑞生物医药（苏州）股份有限公司 has triggered conditional redemption terms for its convertible bonds due to stock price performance, but has decided not to exercise the early redemption option to protect investor interests [1] Group 1: Redemption Conditions - The company’s stock has met the condition of closing prices being at least 130% of the conversion price (45.16 CNY/share) for 15 out of 30 consecutive trading days from August 22 to September 11, 2025 [1] - The board of directors approved the decision not to redeem the "博瑞转债" early on September 11 [1] Group 2: Future Considerations - The company will not exercise the early redemption right for the next three months (from September 12 to December 11) even if the redemption conditions are met again [1] - No trading of "博瑞转债" has occurred by relevant parties within the six months prior to the satisfaction of the redemption conditions [1]

Group 1 - The company will participate in a collective performance briefing for the innovative drug industry on September 16, 2025, from 15:00 to 17:00 [2][6][7] - Investors can submit questions from September 9 to September 15, 2025, through the Shanghai Stock Exchange Roadshow Center or via the company's email [2][8] - The briefing will be conducted in an interactive online format, allowing for real-time communication regarding the company's semi-annual performance and financial indicators [3][5] Group 2 - The company issued 4.65 million convertible bonds with a total value of 465 million yuan, which began trading on January 27, 2022 [11] - The initial conversion price for the bonds was set at 35.68 yuan per share, later adjusted to 35.56 yuan and subsequently to 35.05 yuan due to corporate actions [12][13] - The company has indicated that the redemption conditions for the bonds may be triggered if the stock price remains above 130% of the conversion price for a specified period [15][19]

Group 1 - The company issued 4.65 million convertible bonds with a total value of 465 million RMB, which began trading on January 27, 2022 [1] - The conversion price of the bonds was adjusted from 35.56 RMB to 35.05 RMB on December 6, 2022, due to the company's annual equity distribution [3] - The conversion price will continue to be adjusted based on annual equity distributions, with the next adjustment scheduled for July 2024 [3] Group 2 - The redemption terms allow the company to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 out of 30 trading days [5] - The company will decide on redemption based on stock performance from August 22 to September 4, 2025, with a potential trigger for the redemption clause [5]

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].

Group 1 - The Zhongzheng Convertible Bond Index rose by 0.75% to 485.73 points on August 21 [1] - Notable gainers included Dongshi Convertible Bond, Shuiyang Convertible Bond, Dayuan Convertible Bond, Sailong Convertible Bond, and Yirui Convertible Bond, with increases of 20.00%, 11.18%, 9.89%, 8.02%, and 7.47% respectively [1] - Significant decliners included Chongda Convertible Bond 2, Jintian Convertible Bond, Jinlun Convertible Bond, Linuo Convertible Bond, and Borui Convertible Bond, with decreases of 6.55%, 5.42%, 4.50%, 3.74%, and 3.38% respectively [1]

Group 1 - The China Convertible Bond Index opened lower by 0.05%, at 457.00 points [1] - Tianlu Convertible Bond increased by 4.42%, Dongjie Convertible Bond rose by 4.25%, and Borui Convertible Bond grew by 2.64% [1] - Yanggu Convertible Bond decreased by 3.41%, Jincopper Convertible Bond fell by 2.48%, and Jing23 Convertible Bond dropped by 1.28% [1]

Group 1 - The China Securities Convertible Bond Index opened up by 0.08% [1] - Hua Yi Convertible Bond increased by over 9%, while Tian 23, Hua Hong, and Pingmei Convertible Bonds rose by over 2% [1] - Dayu, Haoyuan, Bojun, Borui, and Huicheng Convertible Bonds fell by over 1% [1]