来源：上海证券报·中国证券网 上证报中国证券网讯 12月15日，中证转债指数早盘收跌0.07%，报482.61点。冠中转债涨13.39%，博俊 转债涨4.48%，亚科转债涨4.22%；嘉泽转债跌5.40%，英搏转债跌3.86%，博瑞转债跌3.47%。 上证报中国证券网讯 12月15日，中证转债指数早盘收跌0.07%，报482.61点。冠中转债涨13.39%，博俊 转债涨4.48%，亚科转债涨4.22%；嘉泽转债跌5.40%，英搏转债跌3.86%，博瑞转债跌3.47%。 来源：上海证券报·中国证券网 ...

新华财经北京12月12日电（王菁）债市周五（12月12日）走势"先强后弱"，上日现券尾盘在等到重要会 议内容出炉后，收益率一度加速走低。今日早间债市情绪延续回暖，午前动能有所减弱，午后期现券相 继陷入弱势；公开市场单日净回笼193亿元，资金利率多数回升。 【资金面】 银行间主要利率债收益率普遍上行2BPs左右，截至发稿，7年期活跃券"25附息国债18"收益率上行2BPs 报1.72%，10年期活跃券"25附息国债16"上行2BPs报1.835%，同期限"25国开15"上行2BPs报1.903%；30 年期"25超长特别国债06"上行2BPs报2.228%。 中证转债指数收盘上涨0.35%，报482.97点，成交金额646.32亿元。瑞可转债、嘉泽转债、松霖转债、 航宇转债、精装转债涨幅居前，分别涨57.30%、15.13%、9.40%、8.80%、8.75%。龙大转债、能辉转 债、东时转债、华锐转债、宏图转债跌幅居前，分别跌3.87%、3.79%、3.69%、3.52%、3.25%。 【海外债市】 北美市场方面，当地时间12月11日，美债收益率涨跌不一，2年期美债收益率涨0.23BP报3.538%，3年 期美 ...

12月12日，中证转债指数收涨0.35%，报482.97点。其中，嘉泽转债涨15.13%，松霖转债涨9.40%，航宇 转债涨8.80%；福蓉转债跌6.66%，龙大转债跌3.87%，东时转债跌3.69%。 12月12日，日韩市场主要股指收盘全线上涨。日经225指数上涨1.37%，报50836.55点，本周累计上涨 0.68%。韩国综合指数上涨1.38%，报4167.16点，本周累计上涨1.64%。 12月12日，A股市场探底回升，三大指数全线收红。截至收盘，上证指数涨0.41%，报3889.35点；深证 成指涨0.84%，报13258.33点；创业板指涨0.97%，报3194.36点。沪深两市合计成交额达2.09万亿元。盘 面上，市场热点快速轮动，可控核聚变、贵金属、电网设备、商业航天等概念掀涨停潮，再升科技实现 五连板，天力复合等多股涨停。 来源：上海证券报·中国证券网 12月12日，ETF收盘涨跌不一，科创半导体ETF(588170)涨5.00%，科创半导体设备ETF(588710)涨 4.98%，科创半导体ETF鹏华(589020)涨4.52%；能源化工ETF(159981)跌1.17%，纳指科技ETF( ...

Group 1: New Stock Offerings - 荃银高科 (300087) has a tender offer period from December 4, 2025, to January 5, 2026[1] - 天普股份 (605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] Group 2: Delisting and Trading Alerts - *ST广道 (920680) has 14 trading days remaining until the last trading day[1] - 退市苏吴 (600200) has 12 trading days remaining until the last trading day[1] Group 3: Stock Performance Alerts - 赛微电子 (300456) reported severe abnormal fluctuations[1] - 梦天家居 (603216) has an announcement dated December 3, 2025, regarding stock performance[1] Group 4: Other Notable Stocks - 海欣食品 (002702) has an announcement dated December 10, 2025[1] - 海王生物 (000078) has an announcement dated December 8, 2025[1]

证券日报网讯 12月3日晚间，嘉泽新能发布公告称，因实施2025年中期权益分派，"嘉泽转债"转股价格 由2.97元/股调整为2.91元/股，预计调整生效日期为2025年12月11日，自该日起可转债恢复转股。 （文章来源：证券日报） ...

Core Viewpoint - The company has announced a mid-term profit distribution plan for 2025, which includes a cash dividend distribution to shareholders based on the total share capital as of the equity registration date [3][4]. Group 1: Equity Distribution Plan - The company's board approved a cash dividend distribution totaling 174.76 million yuan (including tax), which accounts for 38.01% of the net profit attributable to the parent company's shareholders [3]. - The cash dividend will be distributed at a rate of approximately 0.60 yuan (including tax) for every 10 shares held, translating to 0.06 yuan (including tax) per share [3]. Group 2: Convertible Bonds and Trading Suspension - The company's convertible bonds will suspend conversion from December 3, 2025, until the equity registration date, with resumption of conversion on the first trading day after the registration date [2][5]. - The company will adjust the conversion price of its convertible bonds in accordance with the terms outlined in the bond issuance prospectus following the equity distribution [4]. Group 3: Announcement and Contact Information - The company will publish the equity distribution implementation announcement and the convertible bond conversion price adjustment announcement on December 4, 2025 [5]. - For inquiries, the company’s securities department can be contacted at 0951-5100532 [5].

（编辑 任世碧） 证券日报网讯 11月27日晚间，嘉泽新能发布公告称，因公司拟实施2025年中期权益分派方案，根据有 关规定，需要公司可转债停止转股，"嘉泽转债"停牌起始日：2025年12月3日。自2025年12月3日至权益 分派股权登记日期间，"嘉泽转债"将停止转股，股权登记日后的第一个交易日起"嘉泽转债"恢复转股， 欲享受权益分派的可转债持有人可在2025年12月2日之前（含12月2日）进行转股。 ...

Core Viewpoint - The company has announced the adjustment of the conversion price for its convertible bonds, "嘉泽转债," following the completion of a stock issuance to specific investors, which will take effect on October 9, 2025 [4][12]. Group 1: Stock Issuance - The company completed the issuance of 478,087,649 shares at a price of 2.51 yuan per share, which has led to a change in the control structure of the company [8][15]. - After the issuance, the actual controller, Chen Bo, and his concerted parties will hold 44.29% of the total share capital, increasing their stake from 33.36% [17][21]. - The new controlling shareholder will be 博荣益弘, a wholly-owned subsidiary of the former controlling shareholder, 嘉实龙博, but the control of the company will not change [15][21]. Group 2: Convertible Bond Adjustment - The conversion price for "嘉泽转债" has been adjusted from 3.06 yuan per share to 2.97 yuan per share due to the stock issuance [4][12]. - The adjustment is based on the formula outlined in the prospectus, considering the new share issuance and its impact on the conversion price [6][12]. - The adjustment will be effective from October 9, 2025, and the bonds will resume conversion on that date [12][9].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In the context of the slow - bull expectation in the equity market and the pattern where the demand in the convertible bond market is stronger than the supply and is difficult to change, convertible bonds remain relatively high - quality assets in the long run. Currently, the overall valuation level is relatively high, and more efforts need to be made in the structure [4]. 3. Summary by Related Catalogs Market行情 - From September 22 to September 26, 2025 (5 trading days), the CSI Convertible Bond Index rose by +0.9% (last week's change was - 1.5%), turning positive this week; the CSI All - Share Index changed by +0.2% (last week's change was - 0.2%). The convertible bonds outperformed equities this week, for the first time in a month. Since the beginning of 2025, the CSI Convertible Bond Index has risen by +15.3%, and the CSI All - Share Index has risen by +21.3%. The convertible bond market has underperformed the equity market [1]. - By rating, high - rated bonds (rated AA + and above), medium - rated bonds (rated AA), and low - rated bonds (rated AA - and below) rose by +0.69%, +0.86%, and +0.51% respectively this week, with low - rated bonds having the smallest increase [1]. - By convertible bond scale, large - scale convertible bonds (bond balance greater than 5 billion yuan), medium - scale convertible bonds (balance between 500 million and 5 billion yuan), and small - scale convertible bonds (balance less than 500 million yuan) rose by +0.73%, +1.01%, and +0.01% respectively this week, with small - scale convertible bonds having the smallest increase [1]. - By conversion parity, ultra - high - parity bonds (conversion value greater than 130 yuan), high - parity bonds (conversion value between 110 and 130 yuan), medium - parity bonds (conversion value between 90 and 110 yuan), low - parity bonds (conversion value between 70 and 90 yuan), and ultra - low - parity bonds (conversion value less than 70 yuan) rose by +1.15%, +0.69%, +0.38%, +0.36%, and +0.36% respectively this week, with ultra - high - parity bonds having the largest increase [2]. Convertible Bond Price, Parity, and Conversion Premium Rate - As of September 26, 2025, there were 427 outstanding convertible bonds (432 at the end of last week), with a balance of 593.378 billion yuan (599.191 billion yuan at the end of last week). The average convertible bond price was 130.44 yuan (130.41 yuan last week), with a quantile of 98.4%; the average convertible bond parity was 104.27 yuan (105.51 yuan last week), with a quantile of 94.3%; the average conversion premium rate was 26.0% (25.2% last week), with a quantile of 49.6%. Among them, the conversion premium rate of medium - parity convertible bonds (conversion value between 90 and 110 yuan) was 28.8% (28.1% last week), higher than the median conversion premium rate of medium - parity convertible bonds since 2018 (20.3%) [3]. Convertible Bond Performance and Allocation Direction - The CSI Convertible Bond Index rose by +0.9% this week, and convertible bonds outperformed equities for the first time in a month. Since the beginning of 2025, the convertible bond market has underperformed the equity market. In the long run, convertible bonds are still relatively high - quality assets, but the current valuation is high, and more attention should be paid to the structure [4]. Convertible Bond Increase Situation - The top 15 convertible bonds in terms of increase this week include Jize Convertible Bond, Huicheng Convertible Bond, etc. For example, Jize Convertible Bond rose by 25.83%, and its underlying stock, Jize New Energy, rose by 18.22% [23].

Market Overview - On September 25, A-shares experienced a volatile upward trend, with the ChiNext Index rising over 2% at one point, reaching a three-year high [1] - The Shanghai Composite Index closed at 3853.30 points, down 0.01%; the Shenzhen Component Index closed at 13445.90 points, up 0.67%; and the ChiNext Index closed at 3235.76 points, up 1.58% [1] - The total trading volume in the Shanghai and Shenzhen markets was 239.18 billion yuan, an increase of 44.6 billion yuan compared to the previous trading day [1] International Indices - The Nikkei 225 Index closed up 0.27% at 45754.93 points, while the Korean Composite Index fell 0.03% to 3471.11 points on the same day [2] - Domestic commodity futures saw most main contracts rise, particularly in copper [2] Bond Market - On September 25, the performance of government bond futures was mixed, with the 30-year bond futures (TL2512) closing at 114.110 yuan, up 0.120 yuan (0.11% increase) [2] - The 10-year bond futures (T2512) closed at 107.610 yuan, down 0.010 yuan (0.01% decrease) [2] - The 5-year bond futures (TF2512) closed at 105.525 yuan, down 0.015 yuan (0.01% decrease) [2] - The 2-year bond futures (TS2512) closed at 102.314 yuan, down 0.010 yuan (0.01% decrease) [2] ETF Performance - On September 25, various ETFs showed mixed results, with the Cloud 50 ETF (560660) rising 4.02%, and the Big Data Industry ETF (516700) increasing by 3.60% [3] - Conversely, the Hong Kong Dividend ETF (513690) fell by 1.77%, and the Hong Kong Dividend Low Volatility ETF (520890) decreased by 1.64% [3] Institutional Insights - Guohai Securities' strategy team released a report indicating that A-shares are expected to advance further in Q4 2025, driven by policy and liquidity, with a more balanced style [4] - Barclays' research team noted that the Federal Reserve's loose monetary policy, global economic slowdown, and reduced market volatility create favorable conditions for emerging market assets [4] - UBS Wealth Management's CIO office suggested that gold prices may have further upside potential due to expected declines in U.S. real interest rates amid continued high inflation [4] - Luo Zhiheng, Chief Economist at Yuekai Securities, stated that the current A-share rally is based on a more solid foundation, with sustainability likely to exceed most historical trends [4]