天能转债：下修不到底 联创电子：公司控股股东筹划转让公司部分股权事宜，股票停牌 申昊转债，天创转债，蒙娜转债：不下修 盛泰集团：股东雅戈尔服装拟减持不超3%公司股份 本文不构成任何投资建议，仅为信息分享。任何因本文导致的投资行为发生的亏损，本公众号及作者概不承担任何责任。 集思录(www.jisilu.cn)是一个以数据为本的投资理财社区，专注于新股、可转债、债券、封闭基金等数据服务。我们的理念是在保证本金安 全的前提下，使资产获得稳健增长。 东风转债：最后交易日 | 转债代码 | 转债名称 | 现价 | 赎回价 最后交易日 | 最后转股日 | 转股价值 | 剩余规模 | 转债占正股 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (税前) | | | (亿元) | 流通市值比 | | 110064 | 建工转债 | 112.870 | 2025-12-16 113.000 | 2025-12-19 | 88.94 | 12.619 | 19.17% | | 113030 | 东风转债 | 133.710 | 112.000 2025-1 ...

经公司第五届董事会第十八次会议审议，公司董事会决定本次不向下修正转股价格，同时自本次董事会 审议通过之日起未来六个月(2025年12月17日至2026年6月16日)内，如公司股价再次触发"天创转债"转 股价格向下修正条款，亦不提出向下修正方案。下一触发转股价格修正条件的期间从2026年6月17日开 始重新起算，若再次触发"天创转债"转股价格向下修正条款，届时公司董事会将召开会议决定是否提 出"天创转债"的转股价格向下修正方案。 格隆汇12月17日丨天创时尚（维权）(603608.SH)公布，截至2025年12月17日，公司股价已触发"天创转 债"转股价格向下修正条款。 ...

经公司第五届董事会第十八次会议审议，公司董事会决定本次不向下修正转股价格，同时自本次董事会 审议通过之日起未来六个月(2025年12月17日至2026年6月16日)内，如公司股价再次触发"天创转债"转 股价格向下修正条款，亦不提出向下修正方案。下一触发转股价格修正条件的期间从2026年6月17日开 始重新起算，若再次触发"天创转债"转股价格向下修正条款，届时公司董事会将召开会议决定是否提 出"天创转债"的转股价格向下修正方案。 格隆汇12月17日丨天创时尚(603608.SH)公布，截至2025年12月17日，公司股价已触发"天创转债"转股 价格向下修正条款。 ...

Core Viewpoint - The announcement details the conversion results of the convertible bonds issued by Tianchuang Fashion Co., Ltd., including the amount converted, the number of shares issued, and the remaining unconverted bonds. Convertible Bond Conversion Situation - From July 1, 2025, to September 30, 2025, the total amount converted from "Tianchuang Convertible Bonds" was 6,000 yuan, resulting in 487 shares issued, all sourced from newly issued shares [2][7] - As of September 30, 2025, a total of 625,000 yuan of "Tianchuang Convertible Bonds" had been converted into company stock, totaling 50,567 shares (of which 2,026 shares were treasury stock, and the rest were newly issued shares), representing 0.011790% of the company's total issued shares before conversion [2][7] Unconverted Convertible Bonds - The amount of unconverted convertible bonds stands at 66,600,000 yuan, accounting for 11.1000% of the total issuance [3][8] Convertible Bond Issuance Overview - Tianchuang Fashion Co., Ltd. was approved to publicly issue 6 million convertible bonds on June 24, 2020, with a total issuance amount of 60,000 million yuan. The bonds have a term of 6 years, maturing on June 23, 2026, with a tiered interest rate structure [4] - The conversion period for "Tianchuang Convertible Bonds" is from January 4, 2021, to June 23, 2026, with an initial conversion price of 12.64 yuan per share, adjusted to 12.29 yuan per share due to profit distribution [4][6] Repurchase of Convertible Bonds - Due to triggering repurchase clauses, "Tianchuang Convertible Bonds" had a repurchase application period from August 12 to August 16, 2024, with valid applications totaling 5,327,750 bonds, amounting to 532,775,000 yuan [5] - No valid applications were received during subsequent repurchase periods in December 2024 and August 2025 [5] Use of Idle Funds for Wealth Management - The company has approved the use of idle self-owned funds for wealth management, with a maximum daily limit of 40,000 million yuan for purchasing low-risk financial products [12] - As of the announcement date, the balance of idle funds used for wealth management is 16,700 million yuan, representing 16.02% of the company's latest audited net assets [13]

Core Viewpoint - The recent volatility in the market for convertible bonds, particularly the sharp decline in the price of Haitai Convertible Bond, serves as a cautionary lesson for investors regarding the risks associated with speculative trading in this asset class [1][2][4]. Group 1: Haitai Convertible Bond Performance - Haitai Convertible Bond experienced a significant price increase of over 19% on September 12, followed by a sharp decline, closing at a 20% limit down on September 15, despite the underlying stock showing minimal movement [1][2]. - On September 15, the underlying stock of Haitai Technology (301022) fell by 1.61%, while the convertible bond initially surged to 223.225 yuan per share before plummeting [2]. - The bond's price drop was attributed to unusual trading patterns and the impending forced redemption, which may have prompted some investors to sell off their holdings [2][3]. Group 2: Market Behavior of Convertible Bonds - The phenomenon of "flash crashes" in convertible bonds, referred to as "demon bonds," has been observed frequently this year, with several instances of significant price fluctuations occurring without corresponding movements in the underlying stocks [4]. - Other convertible bonds, such as Haibo Convertible Bond and Tianchuang Convertible Bond, have also exhibited similar volatile behavior, leading to substantial losses for investors who bought at high prices [4]. - The market for convertible bonds can be heavily influenced by speculative trading, particularly in smaller or newly issued bonds, which can lead to abnormal price movements and deviations in conversion premium rates [4][5]. Group 3: Investor Caution - Analysts warn that the speculative trading of these "demon bonds" resembles a "pump and dump" scheme, where prices are artificially inflated before a sudden sell-off occurs [5]. - Investors are advised to remain vigilant regarding convertible bonds with high conversion premiums to protect their investments in a volatile market [5].

Core Viewpoint - The recent sharp decline in Haitai Convertible Bond highlights the risks associated with speculative trading in the convertible bond market, particularly in the context of unusual price movements and impending forced redemption [1][3][4]. Group 1: Haitai Convertible Bond Performance - Haitai Convertible Bond experienced a significant price surge of over 19% on September 12, despite the underlying stock showing minimal volatility [1][3]. - On September 15, the bond reached a peak price of 223.225 CNY per share before closing with a 20% limit down, resulting in a loss exceeding 22% for investors who bought at the peak [3][4]. - The bond's price drop occurred even as the underlying stock, Haitai Technology, fell only 1.61% on the same day, indicating a disconnect between the bond and stock performance [3]. Group 2: Redemption and Market Dynamics - Haitai Technology announced that the bond would be subject to conditional redemption due to the stock price exceeding 130% of the conversion price for 15 trading days [4]. - The company plans to redeem the bonds at 100.260 CNY per share if they remain unconverted by September 29, 2025, urging investors to convert their bonds to avoid potential losses [4]. - The bond's conversion premium remains at 12.72%, suggesting that the bond's market price is still above its conversion value, which may attract speculative trading [3]. Group 3: Speculative Trading in Convertible Bonds - The phenomenon of "flash crashes" in convertible bonds, referred to as "demon bonds," has been observed frequently this year, with similar patterns seen in other convertible bonds like Haibo and Tianchuang [6][7]. - These bonds often experience extreme price volatility due to low liquidity and speculative trading, leading to significant losses for investors who buy at inflated prices [7][8]. - Analysts warn that such speculative behavior resembles a "kill pig" scheme, where prices are artificially inflated before a sudden sell-off, disrupting market order and harming investor interests [8].

Group 1 - The China Convertible Bond Index fell by 0.33% to 468.18 points on September 4 [1] - The largest declines were seen in Zhenhua Convertible Bond, Liyang Convertible Bond, Weidao Convertible Bond, Huamao Convertible Bond, and Ruichuang Convertible Bond, with declines of 8.64%, 6.67%, 5.69%, 5.69%, and 4.80% respectively [1] - The top gainers included Tianchuang Convertible Bond, Jingxing Convertible Bond, Dianhua Convertible Bond, Honghui Convertible Bond, and Hengshuai Convertible Bond, with increases of 5.33%, 4.73%, 4.38%, 3.57%, and 3.51% respectively [1]

Group 1 - The company held its 13th meeting of the 5th Supervisory Board, which was conducted both in-person and via communication methods, with all three supervisors present [1] - The meeting approved the 2025 semi-annual report and summary, with a unanimous vote of 3 in favor [1] Group 2 - The company approved a proposal to abolish the Supervisory Board and increase registered capital, transferring the Supervisory Board's powers to the Audit Committee of the Board of Directors, with a unanimous vote of 3 in favor [2] - The proposal to terminate the 2024 second phase employee stock ownership plan ahead of schedule was also approved, with a unanimous vote of 3 in favor [2]

Core Points - The company announced that during the buyback period from August 12 to August 18, 2025, there were no valid buyback applications for the "Tianchuang Convertible Bonds" [1][2] - The total buyback amount was 0 yuan, including accrued interest and tax, indicating no financial impact on the company's cash flow or asset status [2] Buyback Announcement - The company disclosed the buyback announcement on August 5, 2025, and issued several reminder announcements from August 6 to August 16, 2025 [1] - The buyback price was set at 100.27 yuan per bond, including accrued interest and tax [2] Impact of Buyback - The absence of buyback applications means the company does not need to process any payments to investors, thus maintaining its financial stability [2] - The unredeemed "Tianchuang Convertible Bonds" will continue to be traded on the Shanghai Stock Exchange [2]

Core Viewpoint - The company announced that there were no valid subscription applications for the "Tianchuang Convertible Bonds" during the buyback period, resulting in a total buyback amount of 0 yuan, which will not impact the company's financials or operations [3][4][7]. Summary by Sections Buyback Announcement - The buyback period for the "Tianchuang Convertible Bonds" was from August 12, 2025, to August 18, 2025 [2]. - The company disclosed the buyback announcement on August 5, 2025, and issued several reminder announcements during the buyback period [2]. Buyback Results - The buyback price was set at 100.27 yuan per bond (including accrued interest and tax) [3]. - The effective subscription quantity for the buyback was 0 bonds, resulting in a total buyback amount of 0 yuan [3][7]. Impact of Buyback - Since the buyback amount was 0 yuan, the company will not need to pay any buyback funds to investors, and there will be no impact on the company's cash flow, asset status, or equity situation [4][7]. Subsequent Matters - The unredeemed "Tianchuang Convertible Bonds" will continue to be traded on the Shanghai Stock Exchange [5].