Core Viewpoint - The article discusses recent announcements regarding convertible bonds, specifically highlighting that 嘉泽转债 will not be forcibly redeemed and 光力转债 will not undergo a price adjustment. Additionally, it mentions the listing of 新股 on the 北交所 [1][2]. Summary by Sections Convertible Bonds Announcements - 嘉泽转债 (Code: 113039) will not be forcibly redeemed as of September 25, 2025 [2]. - 光力转债 (Code: 123197) will not undergo a price adjustment as of September 24, 2025 [2]. Convertible Bonds Data - A table lists various convertible 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. Key data includes: - 东杰转债: Current price 288.000, conversion value 293.04, remaining scale 0.024 billion, proportion 0.02% [4]. - 海亮转债: Current price 131.600, conversion value 132.50, remaining scale 0.363 billion, proportion 0.13% [4]. - 华友转债: Current price 152.088, conversion value 152.43, remaining scale 0.509 billion, proportion 0.05% [4]. - 乙原转债: Current price 153.110, conversion value 154.13, remaining scale 0.474 billion, proportion 0.86% [4]. - Z泰转债: Current price 148.500, conversion value 149.77, remaining scale 0.592 billion, proportion 2.36% [4]. - 强联转债: Current price 175.360, conversion value 176.06, remaining scale 0.699 billion, proportion 0.61% [4]. - 永和转债: Current price 141.161, conversion value 142.07, remaining scale 2.464 billion, proportion 1.81% [4]. - 豪24转债: Current price 265.389, conversion value 261.93, remaining scale 1.788 billion, proportion 1.22% [4]. - 九洲转2: Current price 121.899, conversion value 121.88, remaining scale 1.058 billion, proportion 3.20% [4]. - 雪榕转债: Current price 144.661, conversion value 145.12, remaining scale 0.888 billion, proportion 2.77% [4]. - 领益转债: Current price 170.391, conversion value 171.19, remaining scale 6.506 billion, proportion 0.58% [4]. - 三羊转债: Current price 132.496, conversion value 131.47, remaining scale 1.418 billion, proportion 9.24% [4]. - 中辰转债: Current price 140.600, conversion value 138.26, remaining scale 1.023 billion, proportion 2.17% [4]. - 景兴转债: Current price 177.050, conversion value 178.47, remaining scale 3.302 billion, proportion 4.39% [4]. Additional Convertible Bonds Information - 金轮转债: Current price 119.211, redemption price 110.000, last trading date October 9, 2025, conversion value 119.34, remaining scale 1.453 billion, proportion 5.05% [6]. - 金能转债: Current price 109.900, redemption price 110.000, last trading date September 30, 2025, conversion value 93.10, remaining scale 9.559 billion, proportion 16.38% [6]. - 浦发转债: Current price 110.440, redemption price 110.000, last trading date October 22, 2025, conversion value 97.68, remaining scale 296.050 billion, proportion 7.83% [6]. - 天路转债: Current price 301.020, redemption price 110.000, last trading date October 22, 2025, conversion value 300.24, remaining scale 1.190 billion, proportion 0.71% [6]. - 通光转债: Current price 180.000, redemption price 113.000, last trading date October 29, 2025, conversion value 115.48, remaining scale 0.769 billion, proportion 1.84% [6].

Group 1 - The article discusses various convertible bonds, including strong redemption announcements and adjustments in terms of bond conditions [2][5] - Specific convertible bonds such as Jingxing Convertible Bond and Chunqiu Convertible Bond are subject to strong redemption, while Gongtong Convertible Bond will not undergo adjustments [5] - The article lists the current prices, redemption prices, last trading dates, and conversion values of several convertible bonds, indicating their market performance and potential investment opportunities [4][7] Group 2 - Shareholders of Zhongtian Rocket plan to reduce their holdings by no more than 3% of the company's shares, while Shennma Co. intends to repurchase shares worth 100 million to 200 million yuan [5] - The article highlights the upcoming subscription for Jin 25 Convertible Bond on September 26 [5] - It provides a detailed table of various convertible bonds, including their current prices, redemption prices, and market capitalization ratios, which can be useful for investors assessing their options [4][7]

（编辑 楚丽君） 证券日报网讯 9月23日晚间，西藏天路发布公告称，根据《上海证券交易所股票上市规则》等规定，天 路转债将于2025年10月23日开始停止交易，10月22日为天路转债最后交易日。在停止交易后、转股期结 束前（即自2025年10月23日至2025年10月27日），天路转债持有人仍可以依据约定的条件将天路转债转 换为公司普通股。 ...

Core Viewpoint - Tibet Tianlu Co., Ltd. has announced the maturity and redemption of its "Tianlu Convertible Bonds" with a total issuance amount of 1.086988 billion yuan, set to mature on October 27, 2025 [1] Summary by Relevant Sections - **Bond Details** - The total issuance amount of "Tianlu Convertible Bonds" is 1.086988 billion yuan with a maturity period of 6 years [1] - The redemption date and payment registration date is October 27, 2025, with a principal and interest payment of 110 yuan per bond [1] - **Trading Information** - The last trading day for the bonds is October 22, 2025, and the last conversion day is October 27, 2025 [1] - Trading will cease from October 23, 2025, and the bonds will be delisted on October 28, 2025 [1] - Holders can still convert their bonds into shares from October 23 to October 27, 2025 [1] - **Payment Process** - The principal and interest payments will be transferred to the holders' accounts by the Shanghai branch of China Securities Depository and Clearing Corporation [1]

Group 1 - The China Convertible Bond Index rose by 1.51% to 475.93 points on September 5 [1] - Notable gainers included Xizi Convertible Bond, Qianglian Convertible Bond, Enjie Convertible Bond, Yaoki Convertible Bond, and Jingzhuang Convertible Bond, with increases of 12.53%, 9.30%, 7.84%, 6.44%, and 6.40% respectively [1] - Significant decliners included Zhonglu Convertible Bond, Dayuan Convertible Bond, Tianlu Convertible Bond, Sheyan Convertible Bond, and Dongjie Convertible Bond, with decreases of 10.22%, 3.14%, 1.63%, 1.20%, and 0.90% respectively [1]

Core Viewpoint - The report indicates a decline in total assets and net profit for Xizang Tianlu Co., Ltd. in the first half of 2025, despite an increase in operating revenue, highlighting potential financial challenges ahead [1][4]. Financial Summary - Total assets at the end of the reporting period were approximately CNY 12.23 billion, a decrease of 4.60% compared to the previous year [1]. - Operating revenue reached approximately CNY 1.41 billion, representing a year-on-year increase of 19.88% [1]. - The total profit for the period was a loss of approximately CNY 132.69 million, compared to a loss of CNY 92.94 million in the same period last year [1]. - The net profit attributable to shareholders was approximately CNY -111.89 million, worsening from a loss of CNY 67.32 million year-on-year [1]. - The net profit after deducting non-recurring gains and losses was approximately CNY -79.99 million, an improvement from CNY -108.14 million in the previous year [1]. - The basic and diluted earnings per share were both CNY -0.0846, compared to CNY -0.0543 in the previous year [1]. Shareholder Information - The total number of shareholders at the end of the reporting period was 72,049 [2]. - The largest shareholder, Tibet Construction and Building Materials Group Co., Ltd., holds 23.64% of the shares, amounting to 314,156,212 shares [3]. Debt and Financial Ratios - The company has issued bonds with a total balance of CNY 500 million, with a coupon rate of 3.38% [4]. - The debt-to-asset ratio at the end of the reporting period was 53.65%, down from 55.03% the previous year [4]. - The EBITDA interest coverage ratio was 1.68, compared to 1.99 in the previous year [4].

Group 1 - The China Convertible Bond Index rose by 0.09% to 473.35 points on August 14 [1] - The Wind Convertible Bond Equal-weighted Index decreased by 0.12% to 230.16 points [1] - Notable gainers included Jincopper Convertible Bond, Zhanggu Convertible Bond, Yuanshin Convertible Bond, Outong Convertible Bond, and Tianlu Convertible Bond, with increases of 16.25%, 11.93%, 7.64%, 7.17%, and 6.49% respectively [1] - Significant decliners included Lidao Convertible Bond, Haitai Convertible Bond, Jing 23 Convertible Bond, Jiaojian Convertible Bond, and Huayi Convertible Bond, with decreases of 9.70%, 8.74%, 7.68%, 6.09%, and 4.16% respectively [1]

New Stock Listings - Guangdong Construction Science and Technology (301632) listed at an issue price of 6.56 on August 12, 2025[1] - China Shipbuilding Industry (600150) has a cash option declaration period from August 13 to August 15, 2025[1] - China Heavy Industry (601989) has a cash option declaration period starting August 13, 2025[1] 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] - Northern Long Dragon (301357) is involved in an absorption merger announcement on August 12, 2025[1] Abnormal Fluctuations - Tibet Tourism (600749) reported severe abnormal fluctuations on July 31, 2025[1] - Aileda (300696) reported abnormal fluctuations on August 5, 2025[3] - Long-term abnormal fluctuations noted for multiple stocks including ST Suwu (600200) and ST Yatai (000691) on August 6, 2025[3]

Group 1 - Xinjiang Tibet Railway Co., Ltd. has been established with a registered capital of 95 billion RMB, focusing on construction, railway transportation, and various services [1][7] - The company is wholly owned by China National Railway Group Co., Ltd., which is a state-owned enterprise approved by the State Council [2] - The establishment of Xinjiang Tibet Railway Co., Ltd. is expected to significantly promote the construction and related business of the Xinjiang-Tibet Railway, an important transportation route connecting Xinjiang and Tibet [7] Group 2 - On August 8, Xinjiang Jiaojian's stock surged by 10.04% after the news, reaching the daily limit [3] - The convertible bond issued by Xinjiang Jiaojian, known as Jiaojian Convertible Bond, saw a remarkable increase of 19.28%, with a trading volume of 5.269 billion RMB [3][6] - The latest conversion premium rate for Jiaojian Convertible Bond is 17.94%, indicating its pricing is significantly higher than the underlying stock [3]

Core Viewpoint - The establishment of Xinjiang-Tibet Railway Co., Ltd. is a significant step towards enhancing transportation infrastructure between Xinjiang and Tibet, with a registered capital of 95 billion RMB and a wide range of operational scopes including construction, railway transport, and tourism services [2][3][9]. Company Information - Xinjiang-Tibet Railway Co., Ltd. is wholly owned by China National Railway Group Co., Ltd., which is a state-owned enterprise with a registered capital of 1,739.5 billion RMB [3][4]. - The company’s operational scope includes construction engineering, railway transport equipment manufacturing, public railway transport, and real estate development among others [2]. Market Reaction - Following the announcement of the new company, Xinjiang Communications Construction Co., Ltd. saw its stock price surge by 10.04%, reaching the daily limit [5]. - The convertible bond issued by Xinjiang Communications Construction, known as "Jiaojian Convertible Bond," experienced a remarkable increase of 19.28%, with a trading volume of 5.269 billion RMB on the same day [5][6]. Strategic Importance - The Xinjiang-Tibet Railway is a crucial transportation route connecting Xinjiang and Tibet, facilitating travel from Hotan City in Xinjiang to Shigatse and Lhasa in Tibet [8]. - The establishment of Xinjiang-Tibet Railway Co., Ltd. aligns with the Ministry of Transport's plan to accelerate the construction of major projects, including the Xinjiang-Tibet Railway, as part of a broader initiative to strengthen national transportation infrastructure [9].