Core Viewpoint - The article discusses the recent updates in credit ratings for convertible bonds, highlighting that while most ratings remain unchanged, some have been downgraded due to deteriorating company fundamentals, including losses, increased debt pressure, and worsening credit conditions [1][2]. Summary by Sections Credit Rating Updates - A total of 72 convertible bonds have updated their ratings this year, with 65 bonds maintaining their previous ratings, accounting for 90.28% [1]. - Seven convertible bonds have experienced downgrades, including Dongshi Convertible Bond, Fumiao Convertible Bond, and others, primarily due to continuous losses and increased debt pressure [2]. Specific Cases of Downgrades - Fumiao Convertible Bond's credit rating was adjusted from A+ to A due to the company's declining profitability and rising debt levels, with a significant increase in total liabilities expected by the end of 2024 [2]. - Dongshi Convertible Bond's rating was downgraded from B to CCC, indicating a rise in credit risk for the issuing company [3]. - Puli Pharmaceutical's credit rating was downgraded from BB to B+ following the termination of its stock and convertible bond listings due to significant financial discrepancies [3][4]. Market Impact and Risk Assessment - The overall credit risk exposure in the convertible bond market has influenced investors' risk assessments, although recent market recovery has alleviated some concerns [5]. - Historical data indicates that abnormal exits of convertible bonds are often linked to the issuing company's circumstances, with risks associated with both stock delisting and repayment pressures [5][6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Rating downgrades in the convertible bond market from 2021 - 2024 showed high - frequency, seasonal, and industry - concentrated characteristics. Over 61% of downgrades were in June, with cyclical industries like industrial and materials dominating, and over 80% of downgraded entities being private enterprises in coastal developed areas. High - rating entities had lower downgrade risks [6]. - Rating adjustments drove market differentiation. High - growth sectors such as TMT, electronics, and non - ferrous metals had low downgrade risks, while industries like real estate, steel, and power equipment faced greater downgrade pressure. After a downgrade, convertible bond prices generally showed a "first decline then rise" pattern, and market sentiment was significantly affected by the rating window period [6]. - To deal with credit risks, a triple - strategy approach could be adopted: using equity - biased convertible bonds to hedge risks, seizing repair opportunities of undervalued low - price bonds, and using short - duration high - YTM bonds for defense [6]. 3. Summary According to Relevant Catalogs 3.1 Rating Adjustment Review 3.1.1 Historical Rating Adjustments and Market Performance - From 2021 - 2024, there were 193 downgrades in the convertible bond market, accounting for 4.51% of all rating adjustments. Over 61% of them were in June. Industries such as industrial and materials were dominant, private enterprises accounted for over 80%, mainly in coastal areas like Guangdong and Jiangsu. Downgraded entities were generally of weak quality, with issuance ratings concentrated at AA and AA - [6][8][10]. - The broader market index often weakened in May and June. The CSI Convertible Bond Index usually had a phased decline before the release of rating adjustment announcements due to risk pre - screening by institutions, leading to a chain reaction of "forward - priced risk → wider credit spread → market correction" [16]. - After a downgrade, convertible bond prices generally showed a "first decline then rise" pattern. For example, Zhongzhuang Zhuan 2 and Ying 19 Convertible Bond rebounded about 1 month after the downgrade [19]. 3.1.2 Identification of Downgraded Convertible Bonds - Factors leading to rating downgrades included performance losses, weakened solvency, low industry prosperity, equity issues, and liquidity risks. For example, Lingnan Convertible Bond was downgraded multiple times due to a plunge in EBITDA margin to - 119% and a high short - term debt ratio [6][23][24]. 3.1.3 Rating Adjustments Showed Structural Differentiation - High - growth sectors such as TMT, electronics, and non - ferrous metals had strong profitability and low downgrade risks. For example, the computer industry had a 471.86% year - on - year increase in net profit, the electronics industry had a ROE of 6.27% and a 37.24% net profit growth, and the non - ferrous metals industry had a ROE of 11.3% and a 53.23% net profit growth [26]. - Traditional industries such as real estate, steel, and power equipment faced greater downgrade risks. The real estate industry had a 274% drop in net profit, the steel industry had a negative ROE, and the power equipment industry had a low ROE of 3.6% [28]. 3.2 How to Select Bonds Around the Rating Adjustment Window Period 3.2.1 Equity - linked Convertible Bonds Could Hedge Credit Risks - In the face of credit risk shocks, equity - biased convertible bonds showed stronger price resilience. For example, during the "20 Hongda Xingye SCP001" default in 2020, equity - biased convertible bonds rose while others declined [32]. 3.2.2 Low - price Convertible Bonds Presented a Layout Window - During the credit adjustment window period, the low - price index usually showed a "first decline then rise" return characteristic. In 2024, low - price convertible bonds initially underperformed but later achieved the highest cumulative return for the year. Currently, attention could be paid to undervalued but cash - flow - stable bonds [33]. 3.2.3 Layout of Short - duration High - YTM Convertible Bonds - Short - duration high - YTM convertible bonds with a remaining term of less than 2 years and positive YTM could be selected. For example, Wanshun Zhuan 2 in 2024 outperformed the market under the protection of the put - back clause [36]. 3.3 Post - market Allocation Suggestions - Focus on three types of opportunities: high - growth equity - biased convertible bonds such as Hao 24 Convertible Bond; low - price bonds with credit mispricing like Jingneng Convertible Bond; and short - duration high - YTM defensive bonds such as Lvyin Convertible Bond [40].

Core Viewpoint - Zhongzheng Pengyuan has placed Beijing Sound Communication Electronics Co., Ltd. on a credit rating watch list due to significant losses and declining financial indicators, maintaining its credit rating at A+ [1] Group 1: Company Performance - In 2024, Sound Communication reported revenue of 302 million yuan, a year-on-year increase of 7.85%, but incurred a net loss of 51.2 million yuan, a decline of 304.23% compared to the previous year [1] - The company continued to experience losses in Q1 2025, with a net loss of 14.21 million yuan [1] - The decline in gross profit, increased expenses, and poor receivables collection have contributed to the company's financial struggles [1] Group 2: Credit Rating and Market Position - Zhongzheng Pengyuan has maintained the company's credit rating at A+ while placing it on a watch list due to the aforementioned financial issues [1] - Sound Communication has one outstanding bond, the Sound Convertible Bond, with a remaining scale of 279 million yuan and a maturity of 3.63 years [2] - The company, founded in 1994, provides comprehensive security solutions and services across various sectors, including rail transportation and finance [2] Group 3: Industry Context - In 2023, over 10 convertible bonds have had their ratings downgraded, with 4 bonds placed on a watch list, indicating a trend of increasing credit risk in the market [3] - The primary reasons for rating downgrades include operational losses, liquidity issues, and deteriorating credit conditions [7][9]

Group 1 - The core viewpoint of the article discusses the proposed adjustments to convertible bonds by various companies, highlighting the actions taken by their boards and shareholders [1] Group 2 - Gaoce Convertible Bond: The board has proposed a downward adjustment [1] - Baichuan Convertible Bond 2: The article questions the necessity of the downward adjustment [1] - Huat Gas: Shareholders plan to reduce their holdings by no more than 2% of the company's shares [1] - Jingyuan Environmental Protection: Directors and senior executives plan to reduce their holdings by no more than 1.18% of the company's shares [1] - Shanshi Convertible Bond, Fumiao Convertible Bond, Weixin Convertible Bond, and Lvyin Convertible Bond: No downward adjustments are proposed [1]

Core Viewpoint - Jiangsu Fumiao Technology Co., Ltd. is issuing convertible bonds to unspecified objects, with a total fundraising amount of RMB 450 million, aimed at enhancing its financial position and supporting future projects [3][4][14]. Group 1: Bond Issuance Details - The company has received approval from the China Securities Regulatory Commission to issue 4.5 million convertible bonds, each with a face value of RMB 100, totaling RMB 45 million [3][4]. - The bonds will be listed on the Shanghai Stock Exchange starting January 9, 2023, under the name "Fumiao Convertible Bonds" with the code "118029" [4]. - The bonds have a maturity period of 6 years, with a structured interest rate that increases from 0.20% in the first year to 2.00% in the sixth year [4][5]. Group 2: Key Terms of the Bonds - The initial conversion price for the bonds is set at RMB 20.26 per share, subject to adjustments based on various corporate actions [6][7]. - The bonds will pay interest annually, with the first payment occurring one year after issuance [5][6]. - Holders of the bonds have the right to convert them into shares during a specified period, which begins six months after issuance and ends at maturity [6][9]. Group 3: Credit Rating and Financial Outlook - The credit rating agency Dagong International has assigned a credit rating of "A" to both the company and the convertible bonds, with a stable outlook [14]. - The company faces challenges such as reduced profit margins due to rising production costs and declining demand, which may impact future revenue and profitability [14][15]. - The company reported a net loss for 2024, influenced by various factors including increased financial costs and lower sales prices [15][16].

Core Viewpoint - The article discusses the recent updates on convertible bond ratings, highlighting that while most ratings remain unchanged, several have been downgraded due to deteriorating company fundamentals, including losses, increased debt pressure, and worsening credit conditions [1][3]. Group 1: Rating Updates - As of now, 72 convertible bonds have updated their ratings this year, with 65 bonds maintaining their previous ratings, accounting for 90.28% [3]. - Seven convertible bonds have experienced rating downgrades, including Dongshi Convertible Bond, Fumiao Convertible Bond, and others, primarily due to continuous losses and increased debt pressure [3][4]. Group 2: Reasons for Downgrades - Fumiao Convertible Bond's rating was adjusted from A+ to A due to declining profitability and increased debt pressure, with a significant rise in the asset-liability ratio expected by the end of 2024 [4]. - Dongshi Convertible Bond's rating was downgraded from B to CCC, reflecting increased liquidity risks and a negative outlook due to worsening credit conditions, including civil judgments and administrative penalties [5]. Group 3: Implications of Downgrades - The downgrades indicate a rise in credit risk for the affected convertible bonds, which could lead to potential liquidity issues and increased scrutiny from investors [6][7]. - The downgrade of the Puli Convertible Bond from BB to B+ was influenced by the termination of its stock and bond listings due to significant financial discrepancies, which severely impacted the company's market reputation [8][9]. - The company faces potential risks of early redemption of convertible bonds if stock prices fall below a certain threshold, exacerbating liquidity pressures and increasing the likelihood of default [10].

Core Viewpoint - The company, Jiangsu Fumiao Technology Co., Ltd., has undergone a credit rating update for its convertible bonds, resulting in a downgrade from the previous rating of "A+" to "A" for both the company and its convertible bonds, with a stable outlook maintained [2][3]. Group 1 - Previous credit rating for the company was "A+" with a stable outlook, and the convertible bond "Fumiao Convertible Bond" also rated "A+" [2]. - The current credit rating for the company is "A" with a stable outlook, and the credit rating for "Fumiao Convertible Bond" is also "A" [3]. - The credit rating was conducted by Dagong Global Credit Rating Co., Ltd., based on a comprehensive analysis of the company's operational status and related industry [3].

富春转债，沪工转债，山石转债，富淼转债，芯海转债：不下修 首华转债：董事会提议下修 中环环保：股东拟减持不超过3.55%股份 *ST普利：公司重大违法退市，退市整理期2025年4月28日至2025年5月21日 预计最后交易日期为2025年5月21日，入退市整理期的首个交易日不实行价格涨跌幅限制，此后每个交易日的涨跌幅限制为 20% *ST天创：申请撤销退市风险警示，审计报告无法表示意见涉及事项影响已消除 | 转债代码 转债名称 | 现价 | 赎回价 | 最后交易日 | 最后转股日 | 转股价值 | 剩余规模 | 转债占正股 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | (税前) | | | | (亿元) | 流通市值比 | | 123099 普利转债 | 93.549 | | 2025-05-21 | 2025-05-21 | 83.00 | 2.023 | 18.14% | 关注集思录微信 特别提示 本文不构成任何投资建议，仅为信息分享。任何因本文导致的投资行为发生的亏损，本公众号及作者概不承担任何责任。 南方顺丰物流REIT【18030 ...

Core Viewpoint - The article discusses recent corporate actions including bond adjustments, shareholder reductions, and delisting risks, highlighting potential investment implications in the market [1]. Group 1: Corporate Actions - Shihua Convertible Bond: The board proposed a down adjustment [1]. - Zhonghuan Environmental Protection: Shareholders plan to reduce their holdings by no more than 3.55% [1]. - *ST Puli: The company faces major legal violations leading to delisting, with the delisting transition period set from April 28, 2025, to May 21, 2025. The first trading day of the transition period will not have price fluctuation limits, while subsequent days will have a 20% limit [1]. - *ST Tianchuang: The company applied to revoke the delisting risk warning, stating that the issues affecting the audit report have been resolved [1]. Group 2: Bond Information - Fuchun Convertible Bond, Huguang Convertible Bond, Shanshi Convertible Bond, Fumiao Convertible Bond, and Xinhai Convertible Bond: No down adjustment [1]. - Southern SF Logistics REIT (180305): Scheduled to be listed on April 21 [1].

Group 1 - The core viewpoint of the article highlights that Chipsea Technology plans to reduce its repurchased shares, which amounts to 0.75% of the total share capital, indicating a potential strategy to profit from the repurchase without permanently retiring the shares [1] - The company repurchased 1,071,844 shares between May 11, 2022, and July 24, 2022, at an average price of 58 yuan, with the lowest price during that period being over 39 yuan, while the current price is only 38 yuan, indicating a loss on the planned reduction [1] - The article suggests that the practice of repurchasing shares without cancellation can be seen as a temporary market maneuver, with the possibility of selling them back to the market later for profit [1]