Core Points - The company announced that it will not exercise the early redemption rights for the "Aofei Convertible Bonds" during the specified period from November 21, 2025, to May 20, 2026 [2] - The board will reassess the situation and decide on the early redemption rights if the conditional redemption clauses are triggered again after May 20, 2026 [2] Summary by Categories - **Company Decision** - The board of directors has approved the decision not to redeem the "Aofei Convertible Bonds" early [2] - The company will not exercise the early redemption rights for the next six months [2] - **Future Considerations** - If the conditional redemption clauses are triggered again after May 20, 2026, the company will hold a board meeting to decide on the early redemption rights [2] - The company commits to fulfilling its information disclosure obligations as per relevant laws and regulations [2]

Summary of Key Points Core Viewpoint - The article discusses recent corporate actions and developments in the convertible bond market, highlighting shareholding changes, partnerships, and upcoming bond listings and trading dates. Group 1: Corporate Actions - Jia Mei Packaging's shareholders plan to reduce their holdings by no more than 1.16% of the company's shares [1] - Hailianxun's request for acquisition rights has ended, with trading resuming on November 19 [1] - Jiemai Technology's subsidiary, Rouzhen Technology, signed a cooperation development framework agreement with Ningde New Energy [1] Group 2: Convertible Bonds - The article lists various convertible bonds with their current prices, redemption prices, last trading dates, conversion values, remaining scales, and their proportion to the underlying stocks [1][4][6] - Notable upcoming bond listings include: - Qizhong Convertible Bond on November 21 - Maolai Convertible Bond on November 21 for subscription - Zhuomei Convertible Bond on November 24 - Other bonds with specific trading and conversion dates detailed [1][4][6] Group 3: Market Data - The article provides detailed tables of convertible bonds, including their current prices, conversion values, and market capitalization ratios, indicating the financial health and market positioning of these bonds [1][4][6]

（文章来源：证券日报） 证券日报网讯 11月13日晚间，奥飞数据发布公告称，公司股票价格自2025年10月31日至2025年11月13 日已有十个交易日的收盘价不低于"奥飞转债"当期转股价格的130%。如后续公司股票收盘价格继续不 低于当期转股价格（即10.06元/股）的130%（即13.078元/股），预计后续可能触发"奥飞转债"有条件赎 回条款。根据《广东奥飞数据科技股份有限公司2021年度向不特定对象发行可转换公司债券并在创业板 上市募集说明书》中有条件赎回条款的相关规定，届时公司董事会有权决定按照债券面值加当期应计利 息的价格赎回全部或部分未转股的"奥飞转债"。 ...

Core Viewpoint - The Zhongzheng Convertible Bond Index opened with a slight increase of 0.08%, reaching 477.96 points on September 16 [1] Group 1: Market Performance - The top gainers in the convertible bond market included Yuguang Convertible Bond, Borui Convertible Bond, New 23 Convertible Bond, Songsheng Convertible Bond, and Yinlun Convertible Bond, with increases of 6.74%, 4.28%, 3.05%, 1.98%, and 1.97% respectively [1] - The largest decliners were Haitai Convertible Bond, Jiuzhou Turn 2, Luokai Convertible Bond, Aofei Convertible Bond, and Yiwei Convertible Bond, with decreases of 5.02%, 3.76%, 1.71%, 1.42%, and 1.40% respectively [1]

Summary of Key Points Core Viewpoint - The convertible bond market, which had shown strong performance earlier in the year, has recently entered a phase of continuous adjustment, with over 90% of convertible bonds experiencing declines in the last seven trading days [1][2]. Market Performance - Since reaching a peak on August 25, the convertible bond market has seen a downturn, with the China Convertible Bond Index entering a correction phase starting August 26, including a significant drop of 2.82% on August 27 [1][2]. - In the last seven trading days, more than 400 convertible bonds have declined, representing over 90% of the total, with nearly 230 bonds falling more than 5% and over 50 bonds dropping more than 10% [2][3]. Specific Bond Performance - Notable convertible bonds such as Tianyuan Convertible Bond have seen a price drop from over 240 yuan to 191.700 yuan, marking a cumulative decline of over 20% [3]. - The Borui Convertible Bond has also faced a decline, dropping from over 320 yuan to 260.457 yuan, with a cumulative decrease of 18.84% [5]. Market Influences - The recent adjustment in the convertible bond market is believed to be influenced by the weak performance of the underlying stocks. The Shanghai Composite Index has shown a slowdown, with a cumulative decline of 1.80% over the past seven trading days [7]. - The average decline of the underlying stocks corresponding to convertible bonds that fell over 10% is more than 10%, indicating a significant underperformance compared to the broader market [7][8]. Future Outlook - According to research from Guojin Securities, the overall probability of continued upward movement in the equity market remains high, but there is a short-term impulse for profit-taking in convertible bonds. The market is expected to experience increased trading activity and volatility [10][11].

Group 1 - Liyang convertible bonds increased by over 15% [1] - Aofei convertible bonds, Fumiao convertible bonds, and Shentong convertible bonds rose by over 5% [1] - Songlin convertible bonds and Dayuan convertible bonds decreased by 1% [1]

Core Viewpoint - The China Convertible Bond Index opened lower by 0.02%, indicating a slight decline in the market sentiment for convertible bonds [1] Group 1: Market Performance - Mingdian Convertible Bond 02 increased by 4.7%, showing strong performance among convertible bonds [1] - Aofei Convertible Bond rose nearly 3%, reflecting positive investor interest [1] - Ponaite Convertible Bond, Qizheng Convertible Bond, and Jing 23 Convertible Bond all saw increases of over 2%, indicating a broader positive trend in certain bonds [1] - Jincopper Convertible Bond and Dayu Convertible Bond both declined by over 2%, highlighting some negative movements in the market [1]

Group 1 - The core viewpoint of the article discusses recent developments in the Chinese stock market, particularly focusing on new stock listings and convertible bonds [1] - The new stock "Youli Intelligent" on the Beijing Stock Exchange has a threshold of 6.47 million [1] - The "Lincang Convertible Bond" is undergoing a down adjustment [1] - The "Gansu Energy Chemical" has resumed production at its Wangjiashan Coal Mine, well number one [1] - The "Aofei Convertible Bond" will not be forcibly redeemed [1] - "Dongjie Intelligent" is undergoing changes in its controlling shareholder's upper-level equity structure, which may lead to a change in the actual controller [1] - The "Xianle Convertible Bond," "Shengxun Convertible Bond," and "Jingrui Convertible Bond 2" will not undergo down adjustments [1] - "Dingjia Precision" has been listed as a new stock on the Beijing Stock Exchange [1]

Group 1 - The Zhongzheng Convertible Bond Index opened lower by 0.02% [1] - N Bo 25 Convertible Bond surged by 30%, triggering a trading halt [1] - Premium decoration convertible bonds increased by over 4% [1] Group 2 - Ao Fei convertible bonds rose by over 3% [1] - Tian Lu convertible bonds increased by nearly 3% [1] - Lian Cheng convertible bonds fell by over 2% [1] Group 3 - Yi Tian, Ping Mei, and Sai Li convertible bonds each dropped by over 1.7% [1]

Group 1 - The company, Guangdong Aofei Data Technology Co., Ltd., has seen its stock price from July 10, 2025, to July 23, 2025, close at or above 130% of the current conversion price of the convertible bond, indicating a potential trigger for the conditional redemption clause of the "Aofei Convertible Bond" [1][8] - The current conversion price of the "Aofei Convertible Bond" is 10.06 yuan per share, and the 130% threshold for triggering redemption is 13.078 yuan per share [1][8] - If the stock price continues to meet the threshold, the company's board has the authority to redeem all or part of the unconverted "Aofei Convertible Bonds" at face value plus accrued interest [1][8] Group 2 - The company issued 6.35 million convertible bonds with a total fundraising amount of 635 million yuan, with a face value of 100 yuan per bond [2] - The conversion period for the bonds is from June 9, 2021, to December 2, 2027 [2] - The bond's conversion price has been adjusted multiple times, with the latest adjustment bringing it down to 10.09 yuan per share [5][6] Group 3 - The bond has a tiered interest rate structure, starting at 0.5% in the first year and increasing to 2.8% in the sixth year [8] - The company has outlined specific conditions under which the bonds can be redeemed, including if the stock price remains above the conversion price for a specified period or if the unconverted bond balance falls below 30 million yuan [7][8]