Core Viewpoint - The China Convertible Bond Index rose by 0.01% to 493.52 points on December 26, indicating a slight upward trend in the convertible bond market [1] Group 1: Top Gainers - The top gainers in the convertible bond market included: - Jiamei Convertible Bond, which increased by 12.68% - Mengsheng Convertible Bond, which rose by 12.45% - Dazhong Convertible Bond, which saw an increase of 8.69% - Jinzong Convertible Bond, which went up by 6.16% - Beigang Convertible Bond, which gained 4.68% [1] Group 2: Top Losers - The top losers in the convertible bond market included: - Huicheng Convertible Bond, which decreased by 3.46% - Jiazhe Convertible Bond, which fell by 3.17% - Guanzhong Convertible Bond, which dropped by 3.10% - Jingzhuang Convertible Bond, which declined by 3.02% - Huayi Convertible Bond, which saw a decrease of 2.91% [1]

Group 1 - The China Convertible Bond Index rose by 0.05% on December 18, reaching 483.39 points [1] - Notable gainers included Jia Mei Convertible Bond, Sai Li Convertible Bond, Hu Gong Convertible Bond, Jin Zhong Convertible Bond, and Hang Yu Convertible Bond, with increases of 20.00%, 12.92%, 11.18%, 9.14%, and 5.21% respectively [1] - Major decliners included Da Zhong Convertible Bond, Huan Xu Convertible Bond, Yun Ji Convertible Bond, Rui Da Convertible Bond, and Hua An Convertible Bond, with decreases of 4.80%, 4.10%, 3.64%, 3.64%, and 3.55% respectively [1]

Core Viewpoint - The China Convertible Bond Index rose by 0.28% on December 17, reaching 479.97 points, indicating a positive market sentiment in the convertible bond sector [1][2]. Summary by Categories Market Performance - The index's increase was driven by notable gains in several convertible bonds, with Jia Mei Convertible Bond leading the rise at 20.00%, followed by Da Zhong Convertible Bond at 7.23%, Huan Xu Convertible Bond at 7.06%, Li Qun Convertible Bond at 3.87%, and Tian Run Convertible Bond at 3.22% [1][2]. Declining Bonds - Conversely, several convertible bonds experienced declines, with Neng Hui Convertible Bond dropping by 7.68%, Hua An Convertible Bond by 4.00%, Zai 22 Convertible Bond by 3.02%, Hong Tu Convertible Bond by 1.76%, and Meng Sheng Convertible Bond by 1.58% [1][2].

Core Viewpoint - The bond market continues to show weakness, particularly in the ultra-long end, with rising yields and a notable supply-demand imbalance [1][7]. Market Performance - On December 8, the bond market experienced a general increase in yields, with the 30-year government bond yield rising by 1.75 basis points to 2.269% and the 50-year bond yield increasing by 3.9 basis points to 2.415% [2]. - The China Securities Convertible Bond Index rose by 0.40% to 483.93 points, with significant gains in several convertible bonds [2]. International Bond Market - In North America, U.S. Treasury yields rose across the board, with the 10-year yield increasing by 3.89 basis points to 4.137% [3]. - In Asia, Japanese bond yields also increased, with the 10-year yield rising by 2.3 basis points to 1.972% [4]. Primary Market - Agricultural Development Bank's financial bonds had competitive bidding, with the 5-year bond yield at 1.7772% and a bid-to-cover ratio of 3.03 [5]. - The Xinjiang Production and Construction Corps' local bonds saw bid-to-cover ratios exceeding 10, indicating strong demand [5]. Liquidity and Funding - The central bank conducted a reverse repurchase operation of 1,223 billion yuan, resulting in a net injection of 147 billion yuan for the day [6]. - Short-term funding rates, as indicated by Shibor, have generally increased, with the overnight rate rising to 1.302% [6]. Institutional Perspectives - Huatai Fixed Income suggests that while the ultra-long bonds have seen some risk release, the overall market remains cautious, with expectations of increased volatility in ultra-long bonds [7][8]. - Industry analysts from Guosheng Fixed Income do not foresee a significant long-term increase in ultra-long bond spreads but acknowledge short-term risks due to potential market shocks from institutional selling [8].

Core Viewpoint - The China Convertible Bond Index experienced a decline of 0.78%, closing at 484.28 points on November 21, indicating a downward trend in the convertible bond market [1] Group 1: Market Performance - The top decliners in the convertible bond market included Guocheng Convertible Bond, Dazhong Convertible Bond, Zhongneng Convertible Bond, Tianci Convertible Bond, and Yugang Convertible Bond, with declines of 15.11%, 14.51%, 6.41%, 6.09%, and 4.64% respectively [1] - Conversely, the top gainers were Fuxin Convertible Bond, Dongshi Convertible Bond, Hengshuai Convertible Bond, Yitian Convertible Bond, and Rundata Convertible Bond, with increases of 6.34%, 5.80%, 3.04%, 1.64%, and 1.35% respectively [1]

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]

Group 1 - The company held its 20th meeting of the 6th Board of Directors on November 13, 2025, with all 7 directors present, complying with relevant laws and regulations [2] - The Board approved the proposal not to redeem the "Dazhong Convertible Bonds" early, with a unanimous vote of 7 in favor [3] - The company will not exercise the early redemption rights for the "Dazhong Convertible Bonds" for three months from November 14, 2025, to February 13, 2026, even if the redemption conditions are triggered [12] Group 2 - The controlling shareholder, Zhongxing Group, released 65 million shares from a pledge due to a significant increase in the company's stock price since June 2025 [4][5] - As of the end of Q3 2025, the total share capital of the company was 1,508,023,074 shares, with 27.27% of shares pledged by the controlling shareholder and its concerted parties [5] - The stock price has been above 130% of the current conversion price of the "Dazhong Convertible Bonds" for 15 trading days, triggering the conditional redemption clause [12] Group 3 - The "Dazhong Convertible Bonds" were issued on August 17, 2022, with a total amount of RMB 152 million and an initial conversion price of RMB 11.36 per share [7] - The conversion price has been adjusted multiple times, with the latest adjustment bringing it down to RMB 10.76 per share effective June 26, 2025 [10] - The company will reassess the decision on early redemption if the bonds trigger the redemption clause again after February 13, 2026 [12]

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]