（文章来源：每日经济新闻） 每经AI快讯，11月21日，中证转债指数午盘下跌0.78%，报484.28点。其中，国城转债、大中转债、中 能转债、天赐转债、豫光转债跌幅居前，分别跌15.11%、14.51%、6.41%、6.09%和4.64%；福新转债、 东时转债、恒帅转债、亿田转债、润达转债涨幅居前，分别涨6.34%、5.80%、3.04%、1.64%和1.35%。 ...

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]

Core Viewpoint - The convertible bond market has shown strong performance in the previous cycle, with the high-price index rising by 1% and significant excess returns from high-wave strategies [1] Group 1: Market Performance - The convertible bond market performed outstandingly in the last cycle, with a 1% increase in the high-price index [1] - High-wave strategies demonstrated notable excess returns [1] Group 2: Adjustments in Holdings - The current period has seen an acceleration in the redemption process for strong redemptions, with high-priced convertible bonds being removed from the portfolio [1] - Bonds with weakened Q3 performance, such as Fuchun Convertible Bond and Lantian Convertible Bond, have also been excluded [1] - New additions include high-priced targets with stable overall performance in the first three quarters and lower redemption risks [1] Group 3: Market Conditions and Strategy - Overall prices and premium rates of convertible bonds have risen to high levels [1] - While bullish sentiment remains, increased volatility is observed in the high-price environment, necessitating appropriate control of downside risks [1] - Continuous monitoring of market trends and sector rotations is advised [1]

第六届董事会第二十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 大中矿业股份有限公司 一、董事会会议召开情况 大中矿业股份有限公司（以下简称"公司"）第六届董事会第二十次会议通知于2025年11月10日以电子邮 件形式通知全体董事，会议于2025年11月13日下午16:00以通讯方式召开，本次会议应参会董事7名，实 际参会董事7名。 会议由公司董事长牛国锋先生主持，本次会议的召集、召开程序符合《中华人民共和国公司法》（以下 简称"《公司法》"）相关法律、行政法规、部门规章、规范性文件和《公司章程》有关规定。 二、董事会会议审议情况 经与会董事认真审议，会议审议并通过了以下议案： 审议通过《关于公司不提前赎回"大中转债"的议案》 表决结果：同意7票，反对0票，弃权0票。 具体内容详见公司同日于巨潮资讯网（http://www.cninfo.com.cn）及《证券时报》、《中国证券报》、 《证券日报》、《上海证券报》和《经济参考报》披露的《关于不提前赎回"大中转债"的公告》（公告 编号：202 ...

Group 1 - The article discusses the status of various convertible bonds, highlighting that Meinuo Convertible Bond and Xingrui Convertible Bond will not undergo adjustments [1] - The article lists the recent announcements regarding convertible bonds, including strong redemption and non-strong redemption statuses for specific bonds [2] - It provides detailed information on several convertible bonds, including 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 [4][6] Group 2 - The article mentions the listing of the Huaxia Brazil ETF and the E Fund Brazil ETF, indicating their availability for trading [1] - It includes a table summarizing the current market conditions of various convertible bonds, showing their performance metrics such as current price and conversion value [4][6]

Core Viewpoint - The company has decided not to exercise the early redemption rights of the "Dazhong Convertible Bonds" and will not do so for the next three months, indicating a strategic decision to maintain its current financial position [1] Group 1 - The sixth board meeting of the company will be held on November 13, 2025, to discuss the status of the "Dazhong Convertible Bonds" [1] - The company will not exercise the early redemption rights during the period from November 14, 2025, to February 13, 2026, even if the conditional redemption clauses are triggered [1] - A decision regarding the early redemption rights will be made at a future board meeting if the "Dazhong Convertible Bonds" trigger the conditional redemption clauses after February 13, 2026 [1]

Group 1 - The willingness to adjust convertible bonds is decreasing, with only 10% of proposed adjustments in October compared to 21% in September, indicating a shrinking adjustment space [1][13][19] - The proportion of convertible bonds with a price in the (0,80] range has decreased from 40.7% at the beginning of the year to 20.0%, reflecting a continuous reduction in potential adjustment space [1][19] - The market is seeing a shift from adjustment strategies to focusing on the underlying stocks, with an emphasis on opportunities related to undervalued stocks in the context of optimistic market expectations [2][22] Group 2 - The convertible bond market has shown positive performance, with the China Securities Convertible Bond Index rising by 0.86% this week, alongside an increase in average daily trading volume to 685.26 billion [3][31] - A total of 17 industries saw gains, with the retail, coal, and steel sectors leading the market, while the computer, media, and electronics sectors experienced declines [3][30][38] - The weighted average conversion value of the market has increased to 104.67 yuan, with a corresponding decrease in the premium rate to 37.68% [4][48] Group 3 - The supply of convertible bonds is tightening, with two new bonds issued this week and several announcements regarding potential adjustments and redemptions [5][24] - The market is advised to focus on convertible bonds nearing their adjustment periods, considering factors such as remaining term and financial pressure to identify potential adjustment candidates [1][19][24] - The report highlights the importance of monitoring structural opportunities in sectors like technology, consumer goods, and cyclical industries, particularly in the context of economic recovery [2][22][24]

Core Viewpoint - The company has issued convertible bonds with specific terms and conditions, including a redemption clause based on stock performance and price adjustments over time [2][3][6]. Group 1: Convertible Bond Basic Information - The company issued 15.2 million convertible bonds at a face value of 100 yuan each, raising a total of 152 million yuan, with an initial conversion price of 11.36 yuan per share [3]. - The bonds were approved by the China Securities Regulatory Commission and began trading on October 11, 2022 [3]. - The conversion period for the bonds is from February 23, 2023, to August 16, 2028 [4]. Group 2: Conversion Price Adjustments - The conversion price was adjusted from 11.36 yuan to 11.06 yuan on May 16, 2023, following the company's annual equity distribution [5]. - A further adjustment reduced the conversion price to 10.96 yuan effective October 29, 2024 [5]. - The conversion price was again adjusted to 10.76 yuan effective June 26, 2025 [6]. Group 3: Conditional Redemption Clause - The company has a conditional redemption clause that allows it to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 out of 30 consecutive trading days [6][8]. - The stock price must reach at least 13.99 yuan (130% of 10.76 yuan) during the specified period from October 24 to November 6, 2025, for the redemption clause to be triggered [7][8]. Group 4: Investor Information - Investors are encouraged to review the full prospectus for the convertible bonds issued on August 13, 2022, for detailed information [9].

Core Viewpoint - The announcement indicates that the company's convertible bond, "Dazhong Convertible Bond," may meet the conditions for redemption due to the stock price performance exceeding the specified threshold [2][8]. Group 1: Convertible Bond Basic Information - The company issued 15.2 million convertible bonds with a total fundraising amount of RMB 152 million, with an initial conversion price of RMB 11.36 per share [3]. - The bond's conversion period is from February 23, 2023, to August 16, 2028 [4]. - The conversion price has been adjusted from RMB 11.36 to RMB 10.76 per share as of June 26, 2025, following regulatory requirements [5][6]. Group 2: Conditional Redemption Terms - The company has the right to redeem the convertible bonds if the stock price remains above 130% of the conversion price for at least 15 out of 30 consecutive trading days [6][8]. - As of October 24, 2025, the stock price has been above RMB 13.99 (130% of the current conversion price of RMB 10.76) for 10 trading days [7]. Group 3: Investor Guidance - Investors are encouraged to review the company's announcements and the prospectus for detailed information regarding the convertible bonds and their terms [8].

Core Points - The company announced that from October 24, 2025, to November 6, 2025, its stock price has closed at or above 130% of the current conversion price of "Dazhong Convertible Bonds" for 10 trading days [2] - If the stock price condition is met, the company will convene a board meeting to decide on the conditional redemption of the "Dazhong Convertible Bonds" [2] - The redemption will be based on the bond's face value plus accrued interest, as stipulated in the bond issuance prospectus [2]