固定收益 | 固定收益定期 可转债周报 20250824 证券研究报告 临期转债"百态" 转债周度专题 截至 8 月 22 日，2025 年内共有 82 只转债退市，其中 20 只为到期退市， 6 只到期退市转债的实际到期兑付比例低于 1%，3 只到期兑付比例高于 90% （核建转债、好客转债、智能转债），其余到期兑付比例集中在 20%-60%。 年内已到期退市转债的促转股与到期兑付之路存在差异：中信转债发行金 额 400 亿元，但最终兑付比例不足 1%，其促转股之路较为丰富：第一，控 股股东率先将转债溢价转股。第二，正股阶段性"异动"，负溢价率转股。 2024 年 12 月开始，银行股持续上行，中信转债的转股价值明显高于到期 价值，叠加银行发行转债补充一级核心资本的目标导向，转债转股节奏加 快。民企转债多数（11/18）在存续期曾下修过转股价，如好客转债、合兴 转债在到期前半年左右均提议下修过转股价，但下修均未实现有效促转股。 截至 8 月 22 日，年内即将到期转债还有 14 只。规模较高的如金能转债、 浦发转债、海亮转债、烽火转债、鹰 19 转债、建工转债等。金能转债 8 月 12 日刚下修过转股价，公 ...

Group 1 - The frequency of new stock offerings on the Beijing Stock Exchange has increased from once a month to twice a week [1] - The strong redemption of Kaineng Convertible Bonds and Qizheng Convertible Bonds has been announced [1] - Chongqing Bank's shareholder, Chongqing Water Investment Group, plans to reduce its stake by no more than 1.5% [1] Group 2 - The following convertible bonds have been announced for strong redemption: Kaineng Convertible Bonds, Qizheng Convertible Bonds, and Jineng Convertible Bonds [1] - The subscription for new stocks on the Beijing Stock Exchange is set for August 13 [1] - The last trading day for Hexion Convertible Bonds and Liancheng Convertible Bonds is August 12 [1] Group 3 - The current prices and redemption prices of various convertible bonds have been listed, with notable examples including Lian De Convertible Bonds at 139.299 and Yong An Convertible Bonds at 152.289 [4] - The remaining scale and market value ratios of several convertible bonds have been detailed, indicating their liquidity and market presence [4][6]

Core Viewpoint - The article highlights the significant reduction in the number of convertible bonds priced below 100 yuan, with only one bond, Zhongzhuang Convertible Bond 2, trading at 99.4 yuan before its adjustment, indicating a shift in the market dynamics of convertible bonds [1]. Summary by Sections Recent Developments in Convertible Bonds - Zhongzhuang Convertible Bond 2 has undergone a downward adjustment, with its conversion value exceeding 102 yuan, leading to no convertible bonds priced below 100 yuan in the market [1]. - The article lists several convertible bonds with important announcements, including Titan Convertible Bond (not subject to forced redemption) and Zhongzhuang Convertible Bond (adjustment announcement) [2]. Convertible Bond Market Overview - The article provides a table summarizing various convertible bonds, including their current prices, forced redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [4]. - Notable convertible bonds include: - Lian De Convertible Bond priced at 139.299 yuan with a conversion value of 140.93 yuan [4]. - Yong An Convertible Bond priced at 152.289 yuan with a conversion value of 153.66 yuan [4]. - Z Qilu Convertible Bond priced at 122.209 yuan with a conversion value of 122.20 yuan [4]. Shareholder Actions - Shareholders of Liyang Chip and Xingrui Technology plan to collectively reduce their holdings by no more than 3.94% and 1.67% of the company's shares, respectively [3]. Additional Information - The article mentions the renaming of Jidong Cement's securities to "Jinyu Jidong" [3]. - It also includes a list of convertible bonds that are not subject to downward adjustments, such as Hongtu Convertible Bond and Heda Convertible Bond [3].

Summary of Key Points Core Viewpoint - The article discusses recent developments in convertible bonds, including shareholder reduction plans, strong redemptions, and new listings on the North Exchange. Group 1: Shareholder Actions - Lino Pharmaceutical's shareholders plan to reduce their holdings by no more than 3.61% of the company's shares [1]. Group 2: Convertible Bonds - Strong redemptions are noted for Haopeng Convertible Bond and Dongcai Convertible Bond, while Zhongqi Convertible Bond will not undergo strong redemption [1]. - Several convertible bonds, including Yirui, Jiayuan, and Jinggong, will not undergo adjustments [1]. - The last trading day for Hexing Convertible Bond is set for August 12, 2025 [1]. Group 3: New Listings - Hongyuan Co., Ltd. will have its new shares available for subscription on August 11, 2023, on the North Exchange [1]. - Youli Intelligent and two South Data Center REITs have been listed [1]. Group 4: Convertible Bond Data - A detailed table of convertible bonds includes information such as current price, redemption price, last trading day, conversion value, remaining scale, and the proportion of convertible bonds to the underlying stock [1][4][6]. - For example, the current price of Hexing Convertible Bond is 111.701, with a redemption price of 110.000 and a last trading day of August 12, 2025 [4].

Group 1: New Stock Issuances - China Heavy Industry (601989) has a cash option declaration period from August 13, 2025[1] - China Shipbuilding (600150) has a buyback request period from August 13 to August 15, 2025[1] - Shenkai Co. (002633) has a tender offer period from July 29 to August 27, 2025[1] Group 2: Tender Offers and Mergers - ST Kelly (300326) has a tender offer period from July 17 to August 15, 2025[1] - Fushun Special Steel (600399) has a tender offer period from August 12 to September 10, 2025[1] - China Heavy Industry (601989) is involved in an absorption merger[1] Group 3: Abnormal Fluctuations - Tianlu Convertible Bond (110060) reported severe abnormal fluctuations on July 30, 2025[2] - Henghe Precision (300539) reported abnormal fluctuations on July 29, 2025[2] - ST Suwu (600200) reported abnormal fluctuations on August 6, 2025[2]

Group 1 - Fangyuan Co. plans to reduce its repurchased shares by 3,320,000 shares, which accounts for 0.65% of the total share capital, to supplement its working capital [1] - Kangtai Medical's shareholders intend to reduce their holdings by no more than 3.59% of the company's shares [1] - Zhigao Machinery is listed for new share subscription on the Beijing Stock Exchange [1] Group 2 - Convertible bond data includes various bonds with their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [2][4][6] - Notable convertible bonds include Beilu Convertible Bond with a current price of 133.000 and a conversion value of 134.90, and Zte Convertible Bond with a current price of 163.100 and a conversion value of 164.90 [2] - The remaining scale of several convertible bonds varies, with some having a significant proportion of the underlying stock, such as Hongfeng Convertible Bond at 7.95% [6]

Group 1 - The company, Xiamen Hexing Packaging Printing Co., Ltd., has announced the resumption of the conversion of its convertible bonds, Hexing Convertible Bonds (code: 128071), after a temporary suspension due to the implementation of the 2024 annual equity distribution plan [1][2] - The suspension period for the conversion of Hexing Convertible Bonds is from July 22, 2025, to July 29, 2025, coinciding with the equity registration date for the annual distribution [2] - The conversion will resume on July 30, 2025, which is the first trading day after the equity registration date [2]

Group 1 - The company held its seventh board meeting on July 22, 2025, where all seven directors attended and approved the proposal for adjusting the conversion price of convertible bonds [1] - The board unanimously agreed to adjust the conversion price of the company's convertible bonds from 3.27 yuan per share to 3.10 yuan per share, effective from July 30, 2025 [2] - The company will implement its 2024 annual profit distribution plan, distributing a cash dividend of 1.80 yuan for every 10 shares, resulting in a total cash dividend of approximately 204.44 million yuan [2]

Core Points - The company has announced its 2024 annual profit distribution plan, which includes a cash dividend of 1.80 yuan per 10 shares (tax included) and no bonus shares [2][3] - The total number of shares eligible for the distribution is 1,135,791,853 shares after excluding 59,748,950 shares held in the repurchase account [3][4] - The actual cash dividend amount is calculated to be 204,442,533.54 yuan, which will be distributed among the eligible shares [1][5] Distribution Details - The cash dividend will be distributed to all shareholders registered by the end of trading on July 29, 2025, with payments made on July 30, 2025 [4][5] - The cash dividend per share after the distribution will be 0.1710042 yuan, calculated based on the total cash dividend divided by the total number of shares [1][5] - The company will not withhold individual income tax for shareholders holding shares before the initial public offering, but will apply a differentiated tax rate for other categories of shareholders [3][4] Convertible Bond Adjustments - The conversion price of the company's convertible bonds will be adjusted from 3.27 yuan to 3.10 yuan per share, effective from July 30, 2025 [6] - The upper limit for the repurchase price of shares will also be adjusted from 4.67 yuan to 4.50 yuan per share, effective from the same date [6]

Core Viewpoint - The company announces a temporary suspension of the conversion of its convertible bonds during the period of its annual equity distribution, with specific dates outlined for the suspension and resumption of conversion [1][2]. Group 1: Convertible Bond Details - The convertible bond, referred to as "合兴转债" (Hexion Convertible Bond), has a conversion period from February 24, 2020, to August 16, 2025 [1]. - The suspension of conversion will occur from July 22, 2025, until the equity distribution record date for the 2024 annual distribution [1]. - Conversion will resume on the first trading day following the equity distribution record date [1]. Group 2: Equity Distribution and Price Adjustment - The company will issue an announcement regarding the implementation of its 2024 annual equity distribution [1]. - The adjustment of the conversion price will be based on specific formulas outlined in the bond issuance prospectus, which account for stock dividends, capital increases, and cash dividends [4]. - The formulas for adjusting the conversion price include various scenarios such as stock dividends, capital increases, and cash distributions, ensuring that the conversion price reflects the changes in equity [4][5].