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].

每经AI快讯，宝莱特（SZ 300246，收盘价：8.14元）12月29日晚间发布公告称，公司第九届第五次董 事会会议于2025年12月29日以通讯表决及现场会议相结合的方式召开。会议审议了《关于不向下修 正"宝莱转债"转股价格的议案》等文件。 2024年1至12月份，宝莱特的营业收入构成为：医疗器械占比69.34%，商业占比29.46%，其他业务占比 1.2%。 截至发稿，宝莱特市值为22亿元。 每经头条（nbdtoutiao）——绕开光刻机"卡脖子"，中国新型芯片问世！专访北大孙仲：支撑AI训练和 具身智能，可在28纳米及以上成熟工艺量产 （记者 王晓波） ...

证券日报网讯 11月25日晚间，宝莱特发布公告称，根据相关规定，"宝莱转债"将于公司2025年前三季 度权益分派股权登记日后的第一个交易日，即2025年11月26日（除权除息日）起恢复转股。敬请公司可 转换公司债券持有人留意。 （文章来源：证券日报） ...

Group 1 - The company has announced a cash dividend distribution plan for the first three quarters of 2025, which has been approved by the shareholders' meeting [1] - The dividend will be distributed at a rate of 0.5 yuan per 10 shares (including tax), totaling 13.08 million yuan, based on a total share capital of 262 million shares after excluding 2.9706 million repurchased shares [1] - The record date for the dividend is set for November 25, and the ex-dividend date is November 26 [1] Group 2 - The conversion price for the "Baolai Convertible Bonds" will be adjusted from 24.02 yuan per share to 23.97 yuan per share, effective on November 26 [1]

Group 1 - The core point of the article is that Baolite has announced that holders of "Baolite Convertible Bonds" have the option to choose whether to sell back their bonds, and this process is not mandatory [1] - The buyback price for the bonds is set at 100.527 yuan per bond, including interest and tax [1] - Currently, the closing price of "Baolite Convertible Bonds" is higher than the buyback price, indicating that investors opting for the buyback may incur losses [1]

New Stock Issuance - Fengbei Bio (证券代码: 732334) issued at a price of 24.49 on 2025/10/27[1] - The offer period for the acquisition of Shangwei New Materials (证券代码: 688585) is from 2025/09/29 to 2025/10/28[1] Market Alerts - Significant abnormal fluctuations reported for *ST Yuancheng (证券代码: 603388) on 2025/10/24[1] - Other companies with abnormal fluctuations include *ST Wanfang (证券代码: 000638) and ST Lingnan (证券代码: 002717) on 2025/10/27[1] Recent Announcements - Multiple companies including Tianpu Co. (证券代码: 605255) and Chang Aluminum (证券代码: 002160) have recent announcements dated 2025/10/27[1] - The latest announcements can be accessed through the provided links for detailed information[1]

Core Points - Baolite announced that bondholders can choose to sell their "Baolite Convertible Bonds" at a price of 100.527 yuan per bond, including interest and tax [2] - Currently, the closing price of "Baolite Convertible Bonds" is higher than the repurchase price, which may lead to potential losses for investors who opt for the repurchase [2]

Summary of Key Points Core Viewpoint - Several shareholders of medical and financial companies are planning to reduce their holdings in the respective companies, indicating potential shifts in investor sentiment and market dynamics [1]. Group 1: Shareholder Reductions - RunDa Medical's shareholders plan to reduce their holdings by up to 2.99% of the company's shares [1]. - Seli Medical's shareholders intend to reduce their holdings by up to 2% of the company's shares [1]. - Huaxing Yuanchuang's shareholders are looking to reduce their holdings by up to 0.9% of the company's shares [1]. - Lin Yuan Investment has reduced its holdings of Baolai Convertible Bonds by 219,413 units, accounting for 10.02% of the total issuance [1]. Group 2: Convertible Bonds Information - The announcement states that Baolai Convertible Bonds and Shuyue Convertible Bonds will not undergo adjustments [2]. - Fuyuan Convertible Bonds are set for subscription on October 13 [1]. - Various convertible bonds are listed 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 [4][6].

Core Viewpoint - The company Baolite has decided not to lower the conversion price of its convertible bonds, known as "Baolite Convertible Bonds," during the upcoming two-month period following the board meeting on September 30, 2025 [1] Summary by Relevant Sections - **Board Meeting Decision**: On September 30, 2025, Baolite's board of directors held the third meeting of the ninth session and approved the proposal not to lower the conversion price of the "Baolite Convertible Bonds" [1] - **Future Actions**: The company will not propose a downward adjustment to the conversion price even if the conditions for such an adjustment are triggered again within the two-month period from October 9, 2025, to December 8, 2025 [1] - **Post-Adjustment Review**: Starting from December 9, 2025, if the conditions for a downward adjustment are triggered again, the company will convene a board meeting to consider whether to exercise the right to adjust the conversion price of the "Baolite Convertible Bonds" [1]

Core Viewpoint - Baolai Technology (300246.SZ) has received a notification from Shenzhen Linyuan Investment Management Co., Ltd. regarding the reduction of its holdings in Baolai convertible bonds, indicating a significant change in the investment landscape for the company [1] Group 1 - Shenzhen Linyuan Investment Management Co., Ltd. has cumulatively reduced its holdings of Baolai convertible bonds by 219,413 units from December 20, 2021, to September 29, 2025, which represents 10.02% of the total issuance [1] - As of September 29, 2025, Shenzhen Linyuan Investment Management Co., Ltd. holds a total of 218,594 units of Baolai convertible bonds, approximately 9.98% of the total issuance [1]