Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - Since December 2025, convertible bonds have witnessed a new round of recovery. In this round, high - parity equity - biased convertible bonds led the rise, with the military industry sector rising significantly under the commercial space theme. Due to the phased release of call risks, the valuation of high - parity convertible bonds has returned to a high level. However, the shortening of the remaining term and the weaker - than - expected downward revision of convertible bonds have caused the valuation of debt - biased convertible bonds to loosen. The convertible bond valuation structure has changed compared with the previous period. From the end - of - 2025 performance, risk appetite remains high, and the expectation of a spring rally is consistent. Convertible bonds are expected to benefit from the rise of the equity market and the activity of small and micro - cap stocks. But considering the high valuation of equity - biased convertible bonds and the recent significant decline of some "double - high" convertible bonds, be vigilant against the valuation risks of "double - high" convertible bonds represented by newly issued convertible bonds [4]. Summary by Relevant Catalog 1. Convertible Bond Valuation - The market declined slightly this week, and the 100 - yuan premium rate rose 0.3% to 31.1%, approaching the high of 31.4% on August 25, 2025. After excluding abnormal points, the 100 - yuan premium rate of the entire market's convertible bonds is 31.1%, up 0.3% week - on - week, and the latest quantile is at the 99.8% percentile since 2017 [5]. - By grouping and weighted - calculating the valuation changes of individual bonds in comparable terms according to parity, it's found that this week, the valuation of the equity - biased area is better overall than that of the debt - biased and balanced areas. The valuations of the balanced and debt - biased areas mainly declined, the valuation in the 120 - 140 yuan parity range increased slightly, and the valuation in the range above 140 yuan remained roughly flat [10]. - From the perspective of individual bonds, the convertible bonds with a large decline in high - parity area valuation are mainly of two types: those entering the redemption process with the conversion premium rate actively compressed, such as Guanglian Convertible Bond and Songsheng Convertible Bond; and those with significantly compressed "double - high" convertible bond valuations, such as Haohan Convertible Bond and Huicheng Convertible Bond. The convertible bonds with a decline in medium - and low - parity area valuation are those approaching maturity and those with continuous non - downward revision, such as Baolai Convertible Bond and Weil Convertible Bond [13]. - As of the latest data, from the perspective of the conversion premium rate, the historical quantiles of the valuation in the 110 - 120 yuan and 80 - 90 yuan parity ranges are relatively low; from the perspective of the bottom - support premium rate, the historical quantiles of the valuation in the 70 - 90 yuan parity range are relatively low [17]. 2. Clause Tracking 2.1 Redemption - This week, Yingte Convertible Bond announced redemption, and no convertible bond announced not to redeem, with a forced - redemption rate of 100%. Currently, there are 12 convertible bonds that have issued forced - redemption or maturity - redemption announcements but have not been delisted. The potential conversion or maturity balance of the forced - redeemed and matured convertible bonds among the non - delisted ones is 4 billion yuan. There are currently 27 convertible bonds in the redemption process, 7 are expected to meet the redemption conditions next week, and 12 are expected to issue announcements of potential trigger of redemption. In addition, 17 convertible bonds are expected to enter the forced - redemption counting period within the next month [21][23]. 2.2 Downward Revision - One convertible bond proposed a downward revision this week, and Hongchuan Convertible Bond announced the downward - revision result but did not revise to the bottom. As of the latest, 111 convertible bonds are in the non - downward - revision interval, 19 cannot be downward - revised due to net - asset constraints, 1 has triggered the condition but the stock price is still below the downward - revision trigger price and no announcement has been made, 22 are in the process of accumulating downward - revision days, and 2 have issued downward - revision board proposals but have not gone to the general meeting of shareholders [27]. 2.3 Put Option - Shanbo Convertible Bond issued a conditional put - option announcement this week. As of the latest, 5 convertible bonds are in the process of accumulating put - option trigger days, among which 3 are also in the process of accumulating downward - revision days, and 2 are in the non - downward - revision interval [30]. 3. Primary Issuance - As of the latest, there are 9 convertible bonds in the approval - for - registration progress, with a to - be - issued scale of 11.2 billion yuan; there are 6 convertible bonds in the listing - committee - approval progress, with a to - be - issued scale of 3.4 billion yuan [32].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002930 证券简称：宏川智慧 公告编号：2025-172 债券代码：128121 债券简称：宏川转债 广东宏川智慧物流股份有限公司 2025年第十二次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、重要内容提示 1、本次股东会不存在否决提案的情形。 现场会议召开时间为：2025年12月29日下午15:30开始，会期半天； 网络投票时间为：2025年12月29日，其中通过深圳证券交易所交易系统进行网络投票的具体时间为2025 年12月29日上午9:15-9:25和9:30-11:30，下午13:00-15:00；通过深圳证券交易所互联网投票系统进行网 络投票的具体时间为2025年12月29日9:15-15:00的任意时间。 2、会议召开地点 现场会议地点：广东省东莞市松山湖园区礼宾路6号1栋公司会议室 网络投票平台：深圳证券交易所交易系统和互联网投票系统 3、会议召开方式：采取现场投票和网络投票相结合的方式 4、会议召集人：公司董事会 5、会议主持人：公司董事长林海川先生 6 ...

证券日报网讯 12月29日，宏川智慧发布公告称，公司2025年12月29日召开2025年第十二次临时股东 会，审议通过《关于董事会提议向下修正"宏川转债"转股价格的议案》。 （文章来源：证券日报） ...

证券日报网讯 12月11日晚间，宏川智慧发布公告称，截至2025年12月11日，公司股票在连续30个交易 日中已有15个交易日的收盘价低于当期转股价格18.56元/股的90%，已触发"宏川转债"转股价格向下修 正条件。董事会提议向下修正转股价格，并提交股东会以特别决议审议，持有"宏川转债"的股东须回避 表决。 （文章来源：证券日报） ...

Group 1 - Company Jiutian Pharmaceutical plans to invest no more than 400 million yuan to acquire the patent and technology for the small molecule analgesic drug YJ2301 from Suzhou Yuanju [1] - The last trading day for Jian Gong Convertible Bond is set for December 16, 2025 [1] - The proportion of convertible bonds held by Youmeili Investment Management in Wanfu Convertible Bond has reached 20%, with a total of 1,230,467 bonds held as of December 11, 2025, accounting for 20.51% of the total issuance [1] Group 2 - Shengxun Convertible Bond will not undergo a downward adjustment [2] - New stocks from Xihua Technology and Tianmo Measurement are available for subscription [2] - The listing of Ruike Convertible Bond has been confirmed [2] Group 3 - Various convertible bonds are listed with their current prices, redemption prices, last trading days, last conversion days, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [5][7]

Summary of Key Points Core Viewpoint The announcement details Guangdong Hongchuan Smart Logistics Co., Ltd.'s application for bank credit and the provision of guarantees by the company and its subsidiaries for two of its subsidiaries, Dongguan Sanjiang and Hongchuan Storage, to optimize their financing structure and support their long-term development. Group 1: Credit Application and Guarantee Details - Dongguan Sanjiang intends to apply for a bank credit limit of RMB 310 million, which will be used to replace existing bank financing and for fixed asset construction related to the Dongguan Sanjiang terminal and storage tank project [2][3] - Hongchuan Storage plans to apply for a bank credit limit of RMB 370 million for similar purposes, including replacing existing financing and supporting the construction of its storage project [3][10] - Both subsidiaries will provide collateral in the form of fixed assets and accounts receivable, while the company and its affiliates will provide joint liability guarantees [2][10] Group 2: Financial Impact and Governance - The total amount of guarantees approved and expected to be provided by the company and its subsidiaries will amount to RMB 643.23 million, which represents 245.60% of the latest audited net assets [13] - The board of directors has approved the guarantee arrangements, and independent directors have also reviewed and supported the proposal, indicating that it aligns with the interests of the company and its shareholders [15][17] - The company has confirmed that there are no overdue guarantees or litigation issues related to the guarantees provided [14][12] Group 3: Related Party Transactions - From the beginning of 2025 to the end of October, the company has engaged in related party transactions with its affiliates, totaling RMB 15.46 million [11] - The total amount of guarantees provided by related parties for the company and its subsidiaries has reached RMB 1.1352 billion, with all obligations being fulfilled without any defaults [12]

Group 1 - Two Brazilian ETFs are set to be subscribed on October 31, 2025, tracking the Brazil Ibovespa Index, managed by Huazhi Ximei and E Fund [1] - Historical performance of U.S. Brazilian ETFs shows a fivefold increase from 2020 to 2025 [2] Group 2 - Trina Solar's subsidiary has signed a storage order exceeding 1 GWh with a European client [3] - Jineng Convertible Bond will not be forcibly redeemed, while Zhongjin Convertible Bond will be forcibly redeemed [3] - Jinsilu is a data-driven investment community focusing on new stocks, convertible bonds, bonds, and closed-end funds [3]

Core Points - The company announced that as of October 30, 2025, its stock price has been below 90% of the current conversion price for 15 out of the last 30 trading days, triggering conditions for a downward adjustment of the "Hongchuan Convertible Bonds" conversion price [1] - The board of directors decided not to adjust the conversion price of the "Hongchuan Convertible Bonds" [1] - The next period for triggering the conversion price adjustment condition will restart from October 31, 2025, and if triggered again, the company will follow the relevant regulations and disclosure obligations [1]

Core Viewpoint - The company, Guangdong Hongchuan Smart Logistics Co., Ltd., has announced a potential downward adjustment of the conversion price for its convertible bonds due to the stock price being below 90% of the current conversion price for 10 consecutive trading days [2][30]. Group 1: Convertible Bond Issuance Overview - The company issued 6.7 million convertible bonds with a total value of 670 million yuan, approved by the China Securities Regulatory Commission on July 17, 2020 [3]. - The initial conversion price was set at 20.25 yuan per share [4]. Group 2: Conversion Price Adjustments - The conversion price has undergone several adjustments due to stock option exercises and equity distributions, with the latest adjustment bringing the price down to 19.18 yuan per share effective June 26, 2023 [18][20]. - The company has a defined process for adjusting the conversion price, which includes conditions for downward adjustments based on stock performance [28][29]. Group 3: Triggering Conditions for Price Adjustment - The company has indicated that from October 10 to October 23, 2025, the stock price has been below 90% of the conversion price, which may trigger a downward adjustment [30]. - If the conditions for adjustment are met, the company will follow the necessary procedures for review and disclosure as per regulatory requirements [30].

Core Viewpoint - Hongchuan Wisdom announced that from October 10 to October 23, 2025, its stock closing price has been below 90% of the current conversion price for 10 trading days, which may trigger the downward adjustment condition for the "Hongchuan Convertible Bonds" conversion price [1] Summary by Sections - Company Announcement - Hongchuan Wisdom has issued a notice regarding the potential adjustment of its convertible bond conversion price due to the stock price performance [1] - Stock Performance - The company's stock has closed below 90% of the conversion price for 10 consecutive trading days, indicating a significant decline in market valuation [1] - Future Actions - If the conditions for downward adjustment are triggered, the company will fulfill subsequent review procedures and information disclosure obligations in a timely manner [1]