（一）可转债发行情况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 一、可转换公司债券基本情况 经中国证券监督管理委员会"证监许可〔2022〕2755号"《关于同意航天宏图信息技术股份有限公司向不 特定对象发行可转换公司债券注册的批复》同意注册，航天宏图信息技术股份有限公司向不特定对象发 行1,008.80万张可转换公司债券，每张面值为人民币100元，募集资金总额为人民币100,880.00万元。扣 除各项发行费用后（不含增值税）的实际募集资金净额为99,137.42万元。发行方式采用向股权登记日收 市后登记在册的发行人原股东优先配售，原股东优先配售后余额部分（含原股东放弃优先配售部分）通 过上海证券交易所交易系统网上向社会公众投资者发行，余额由保荐机构（主承销商）包销。 （二）可转债上市情况 经上海证券交易所同意，公司本次可转换公司债券于2022年12月22日起在上海证券交易所挂牌交易，债 券简称"宏图转债"，债券代码"118027"。 （三）可转债转股期限 本次发行的可转债转股期自可转债发行结束之日（2022年12月 ...

Group 1 - Wanfu Convertible Bond proposes a down adjustment [1] - Hongtu Convertible Bond adjusts but does not lower the adjustment period [1] - Oulutong's controlling shareholder plans to reduce holdings by no more than 1.91% of the company's shares [1] - Unisplendour plans to acquire shares of Ruineng Semiconductor, leading to a stock suspension [1] Group 2 - Hongchuan Convertible Bond announced a down adjustment [2] - Hongtu Convertible Bond will not lower the adjustment period [2] - Wanfu Convertible Bond proposes a down adjustment [2] - Baolai Convertible Bond will not undergo a down adjustment [2] Group 3 - Various convertible bonds listed with current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to underlying stocks [4][6] - For example, Yingbo Convertible Bond has a current price of 142.440, a redemption price of 100.100, and a conversion value of 142.56 with a remaining scale of 1.103 billion [4] - Liuyao Convertible Bond has a current price of 107.862, a redemption price of 108.000, and a conversion value of 83.85 with a remaining scale of 8.017 billion [6] Group 4 - Quick query highlights include Hongchuan Convertible Bond's adjustment not reaching the bottom and Baolai Convertible Bond not undergoing a down adjustment [8]

格隆汇12月29日丨航天宏图(688066.SH)公布，鉴于目前公司二级市场股价表现，并综合考虑未来的经 营发展等多方面因素，为维护全体投资者的利益，公司于2025年12月29日召开第四届董事会第十八次会 议，审议通过了《关于调整不向下修正"宏图转债"转股价格期限的议案》，决定调整不向下修正"宏图 转债"转股价格的期限，将不向下修正转股价格的期限由"2025年12月9日至2026年1月8日"调整为"2025 年12月9日至2025年12月29日"。自2025年12月30日开始，若"宏图转债"转股价格再次触发向下修正条 款，届时公司董事会将再次召开会议决定是否行使"宏图转债"转股价格的向下修正权利。 ...

Core Viewpoint - The recent decline in the convertible bond market, particularly the breach of par value by Sanfang Convertible Bond, reflects growing concerns over credit risk and indicates a structural adjustment within the market [1][2][4]. Group 1: Market Performance - On December 16, Sanfang's stock price fell by 3.24%, leading to a 2.75% drop in the price of Sanfang Convertible Bond, which fell below the par value of 100 yuan, marking it as the first convertible bond to do so in recent times [1][2]. - The cumulative decline of Sanfang Convertible Bond exceeded 10% in December, despite a 1.44% rebound in the stock price on December 17, indicating persistent downward pressure on the bond [2]. - Other low-rated convertible bonds, such as Hongtu and Lanfan, have also seen significant declines, with Lanfan Convertible Bond dropping to 100.33 yuan and Hongtu Convertible Bond reaching a new low of 102.317 yuan [2]. Group 2: Credit Risk and Market Dynamics - The decline in low-rated convertible bonds is attributed to uncertainties regarding the underlying stocks' conversion capabilities and renewed concerns over credit risks, exacerbated by previous downward trends [2][3]. - The market consensus that convertible bonds serve as a safe investment has been challenged, with over a hundred convertible bonds breaching par value, prompting a reevaluation of credit risks and pricing logic [3][4]. - The overall credit rating of convertible bonds has weakened, with 130 bonds rated below AA- as of December 17, accounting for 31.18% of the total, compared to lower percentages in previous years [4][5]. Group 3: Future Outlook - Despite the recent breaches of par value, experts believe that systemic risks remain controllable, and the impact is limited to individual bonds rather than a widespread credit crisis [4][6]. - The market is expected to see a concentration of credit risk and valuation reassessment for low-rated bonds, which may lead to increased pressure on issuers to improve bond terms and cash flow management [6][7]. - Investors are advised to monitor key thresholds for underlying stocks and be vigilant about potential delisting risks as annual reports are released, particularly for bonds nearing default or facing regulatory scrutiny [8].

Core Viewpoint - The recent decline in the convertible bond market, highlighted by the first bond falling below par value, reflects concerns over credit risk and indicates a structural adjustment within the market [1][3]. Group 1: Market Dynamics - On December 16, the stock price of Sanfangxiang fell by 3.24%, leading to its convertible bond price dropping by 2.75% and falling below the par value of 100 yuan, marking it as the first convertible bond to do so in recent times [1][3]. - The decline in Sanfangxiang's convertible bond is part of a broader trend where several low-rated convertible bonds, such as Hongtu and Lanfan, have also seen significant price drops, with Lanfan's bond nearing par value [3][4]. - The market is currently experiencing a phase of adjustment, with weak credit quality bonds facing liquidity risks and a potential for further differentiation among bonds based on credit quality [3][6]. Group 2: Credit Risk and Valuation - The recent phenomenon of convertible bonds falling below par value is attributed to a combination of issuer credit risk pricing, equity market adjustments, and the failure of bond floor support [4][8]. - As of December 17, 130 convertible bonds rated below AA- accounted for 31.18% of the total, indicating a weakening trend in credit ratings compared to previous years [6][7]. - The decline in credit quality is linked to multiple factors, including industry-specific risks, policy adjustments, and the overall market environment, leading to a significant increase in rating downgrades since 2019 [7][8]. Group 3: Investor Considerations - Investors are advised to monitor the financial health of issuers, especially those nearing delisting thresholds, and to pay attention to bond terms such as conversion and redemption rights [10][11]. - The market is expected to see a decrease in the frequency of credit events following a concentrated risk clearing in 2024, with some bonds managing to convert or trigger strong redemptions [11].

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].

Market Overview - The bond market experienced a "strong then weak" trend on December 12, with yields initially declining after the release of important meeting content, but later weakening as the day progressed [1] - The sentiment in the bond market showed a brief recovery in the morning, but momentum weakened by noon, leading to a decline in bond prices in the afternoon [1] - The central bank conducted a net withdrawal of 19.3 billion yuan in the open market, with most funding rates rising [1] Interest Rates and Yields - The main contracts for government bond futures closed down across the board, with the 30-year contract falling by 0.71% to 112.47, and the 10-year contract down by 0.13% to 107.985 [2] - The yields on major interbank bonds rose by approximately 2 basis points, with the 7-year active bond yield at 1.72% and the 10-year active bond yield at 1.835% [2] - The central government's 2-year and 10-year bond weighted average bidding yields were 1.36% and 1.8090%, respectively, with bid-to-cover ratios of 2.69 and 3.58 [5] Global Bond Market - In North America, U.S. Treasury yields varied, with the 10-year yield rising by 0.78 basis points to 4.155% [3] - In Asia, Japanese bond yields mostly continued to rise, with the 10-year yield increasing by 2.2 basis points to 1.952% [4] - In the Eurozone, yields on 10-year bonds in France, Germany, Italy, and Spain all decreased, with the French yield at 3.551% [4] Monetary Policy and Economic Outlook - The Central Economic Work Conference emphasized the continuation of a more proactive fiscal policy and a moderately loose monetary policy, with a focus on addressing local fiscal difficulties [7][8] - The meeting outlined eight key tasks, including promoting investment stabilization and expanding the scale of central budget investments [7] - Institutions predict that the timing for potential rate cuts may occur sooner than market expectations, possibly by the end of this year or the first quarter of next year [1][9]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688066 证券简称：航天宏图 公告编号：2025-091 债券代码：118027 债券简称：宏图转债 航天宏图信息技术股份有限公司 关于不向下修正"宏图转债"转股价格的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 截至2025年12月8日，航天宏图信息技术股份有限公司（以下简称"公司"）股价已触发"宏图转债"转 股价格向下修正条件。 ● 经公司第四届董事会第十六次会议审议，公司董事会决定本次不向下修正"宏图转债"转股价格，同时 在未来的1个月内（即2025年12月9日至2026年1月8日），如再次触发"宏图转债"转股价格向下修正条 件，亦不提出向下修正方案。 一、可转换公司债券发行上市情况 经中国证券监督管理委员会《关于同意航天宏图信息技术股份有限公司向不特定对象发行可转换公司债 券注册的批复》（证监许可[2022]2755号）核准，航天宏图信息技术股份有限公司于2022年11月28日向 不特定对象发行了1,008.80万张可转换公 ...

Core Viewpoint - The article discusses the final trading day of the Eagle 19 convertible bond, highlighting its premium and trading performance, as well as other related convertible bonds and their market conditions [1]. Group 1: Eagle 19 Convertible Bond - The Eagle 19 convertible bond is set to have its last trading day tomorrow, with a premium exceeding 10% [1]. - The closing price of the Eagle 19 convertible bond is reported at 112.622, with a redemption price of 111.000 and a conversion value of 97.16 [9]. - The remaining scale of the Eagle 19 convertible bond is 0.785 billion, representing 0.73% of the underlying stock [9]. Group 2: Other Convertible Bonds - The Wanfu convertible bond will not have its downwards adjustment period reset, effective from December 9, 2025 [3]. - The Hongtu convertible bond will not undergo a downward adjustment [3]. - The last trading day for the Liu Pharmaceutical convertible bond is January 12, 2026 [3]. Group 3: Major Holders of Convertible Bonds - The largest holder of convertible bonds is Qingdao Guanlan Investment Management Co., holding 127.94 million shares [2]. - Other significant holders include China Merchants Bank and Industrial and Commercial Bank of China, with holdings of 81.96 million and 73.74 million shares, respectively [2].

（文章来源：证券日报） 证券日报网讯 12月8日晚间，航天宏图发布公告称，截至2025年12月8日，公司股票已触发"宏图转 债"转股价格向下修正条件；经公司第四届董事会第十六次会议审议，公司董事会决定本次不向下修 正"宏图转债"转股价格，同时在未来的1个月内（即2025年12月9日至2026年1月8日），如再次触发"宏 图转债"转股价格向下修正条件，亦不提出向下修正方案。 ...