Core Viewpoint - The announcement provides an update on the conversion status of the company's convertible bonds, indicating minimal conversion activity since the bonds were issued, with a significant majority remaining unconverted. Group 1: Conversion Status - As of December 31, 2025, the total amount converted from the "Shanlu Convertible Bonds" since the conversion period began on October 9, 2023, is 103,100.00 yuan, resulting in 12,965 shares converted, which represents 0.0008% of the company's total shares before conversion [2] - The amount of unconverted "Shanlu Convertible Bonds" as of December 31, 2025, is 4,835,896,900.00 yuan, accounting for 99.9979% of the total issuance [2] - In the fourth quarter of 2025, the conversion amount was 2,000.00 yuan, leading to the conversion of 262 shares [10] Group 2: Bond Issuance and Listing - The company issued 48,360,000 convertible bonds on March 24, 2023, with a total value of 483,600.00 million yuan, each with a face value of 100.00 yuan and a maturity of six years [2][3] - The bonds were listed on the Shenzhen Stock Exchange on April 26, 2023, under the name "Shanlu Convertible Bonds" with the code "127083" [3] Group 3: Conversion Price Adjustments - The initial conversion price was set at 8.17 yuan per share, which was adjusted to 8.01 yuan on June 29, 2023, due to the company's annual equity distribution [5] - Further adjustments to the conversion price occurred, with the price set to 7.83 yuan on July 16, 2024, and subsequently adjusted to 7.81 yuan on October 23, 2024, and 7.80 yuan on December 25, 2024 [6][7] - The conversion price was adjusted to 7.64 yuan on July 17, 2025, and further to 7.62 yuan on October 24, 2025, and finally to 7.61 yuan on December 24, 2025 [8][9]

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View The report presents the top ten convertible bonds in January 2026, including their credit ratings, closing prices at the end of December, conversion premium rates, and the trailing twelve - month price - to - earnings ratios (PE - TTM) of their underlying stocks. It also details the business profiles, financial performance, and key highlights of the companies corresponding to these convertible bonds [2][4][6]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Company Overview**: A globally leading specialized special - steel material manufacturer with an annual production capacity of about 20 million tons of special - steel materials. It has multiple production and raw - material bases, forming a coastal and riverside industrial chain layout [11]. - **Financial Performance**: In 2024, its operating income was 109.203 billion yuan (YoY - 4.22%), net profit attributable to the parent company was 5.126 billion yuan (YoY - 10.41%). In the first three quarters of 2025, operating income was 81.206 billion yuan (YoY - 2.75%), and net profit attributable to the parent company was 4.33 billion yuan (YoY + 12.88%) [11]. - **Company Highlights**: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specification. It has a complete industrial chain, leading cost - control ability, and is seeking external expansion opportunities [12]. 3.2 Shanlu Convertible Bond - **Company Overview**: Focuses on road and bridge engineering construction and maintenance, and is expanding into other fields. It has a complete business and management system [29]. - **Financial Performance**: In 2024, its operating income was 71.348 billion yuan (YoY - 2.3%), net profit attributable to the parent company was 2.322 billion yuan (YoY + 1.47%). In the first three quarters of 2025, operating income was 41.354 billion yuan (YoY - 3.11%), and net profit attributable to the parent company was 1.41 billion yuan (YoY - 3.27%) [29]. - **Company Highlights**: It has the concept of China - specific valuation, potential for improvement in balance sheet and orders, benefits from regional infrastructure plans, and is exploring overseas markets [30]. 3.3 Hebang Convertible Bond - **Company Overview**: Has advantages in resource supply and has completed a basic layout in the chemical, agricultural, and photovoltaic fields, with four major business segments [44]. - **Financial Performance**: In 2024, its operating income was 8.547 billion yuan (YoY - 3.13%), net profit attributable to the parent company was 31 million yuan (YoY - 97.55%). In the first three quarters of 2025, operating income was 5.927 billion yuan (YoY - 13.02%), and net profit attributable to the parent company was 93 million yuan (YoY - 57.93%) [44]. - **Company Highlights**: Its phosphate mines and salt mines contribute profits, and its liquid methionine production is a major profit - contributor [45]. 3.4 Huayuan Convertible Bond - **Company Overview**: Focuses on building a complete vitamin D3 upstream - downstream industrial chain, with products in the vitamin and chemical - preparation fields [56]. - **Financial Performance**: In 2024, its operating income was 1.243 billion yuan (YoY + 13.58%), net profit attributable to the parent company was 309 million yuan (YoY + 60.76%). In the first three quarters of 2025, operating income was 936 million yuan (YoY - 0.2%), and net profit attributable to the parent company was 234 million yuan (YoY - 3.07%) [56]. - **Company Highlights**: It has leading products in the market, is expanding its product matrix, and has a strong layout in the pharmaceutical manufacturing field [57]. 3.5 Xingye Convertible Bond - **Company Overview**: One of the first joint - stock commercial banks in China, evolving into a modern financial service group with multiple financial licenses [70]. - **Financial Performance**: In 2024, its operating income was 212.226 billion yuan (YoY + 0.66%), net profit attributable to the parent company was 77.205 billion yuan (YoY + 0.12%). In the first three quarters of 2025, operating income was 161.234 billion yuan (YoY - 1.82%), and net profit attributable to the parent company was 63.083 billion yuan (YoY + 0.12%) [70]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of customers [71]. 3.6 Aima Convertible Bond - **Company Overview**: The leading enterprise in the electric two - wheeled vehicle industry, producing and selling electric bicycles, scooters, and motorcycles [80]. - **Financial Performance**: In 2024, its operating income was 21.606 billion yuan (YoY + 2.71%), net profit attributable to the parent company was 1.988 billion yuan (YoY + 5.68%). In the first three quarters of 2025, operating income was 21.093 billion yuan (YoY + 20.78%), and net profit attributable to the parent company was 1.907 billion yuan (YoY + 22.78%) [80]. - **Company Highlights**: It may benefit from government subsidies, new national standards, and has potential for improving gross margins [81]. 3.7 Chongyin Convertible Bond - **Company Overview**: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, listed on the Hong Kong Stock Exchange and included in the "Leading Sheep" plan [90]. - **Financial Performance**: In 2024, its operating income was 13.679 billion yuan (YoY + 3.54%), net profit attributable to the parent company was 5.117 billion yuan (YoY + 3.8%). In the first three quarters of 2025, operating income was 11.74 billion yuan (YoY + 10.4%), and net profit attributable to the parent company was 4.879 billion yuan (YoY + 10.19%) [90]. - **Company Highlights**: It benefits from the regional economic development, has stable asset - scale growth, and actively adjusts its business strategies [91][94]. 3.8 Tianye Convertible Bond - **Company Overview**: The first industrial enterprise of the Xinjiang Production and Construction Corps, a leading enterprise in the chlor - alkali chemical industry with an integrated circular economy industrial chain [103]. - **Financial Performance**: In 2024, its operating income was 11.156 billion yuan (YoY - 2.7%), net profit attributable to the parent company was 68 million yuan (YoY + 108.83%). In the first three quarters of 2025, operating income was 7.97 billion yuan (YoY + 2.2%), and net profit attributable to the parent company was 7 million yuan (YoY - 28.79%) [103]. - **Company Highlights**: It has cost - advantage in caustic soda production and plans to increase dividend frequency and has coal - mine projects in progress [106]. 3.9 Aorui Convertible Bond - **Company Overview**: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in several technical fields [119]. - **Financial Performance**: In 2024, its operating income was 1.476 billion yuan (YoY + 16.89%), net profit attributable to the parent company was 355 million yuan (YoY + 22.59%). In the first three quarters of 2025, operating income was 1.237 billion yuan (YoY + 13.67%), and net profit attributable to the parent company was 354 million yuan (YoY + 24.58%) [119]. - **Company Highlights**: It is optimizing its distribution network, expanding its overseas market for preparations, and has high - quality customer resources [120]. 3.10 Yushui Convertible Bond - **Company Overview**: The largest water supply and drainage integrated enterprise in Chongqing, with a monopoly position in the local market [133]. - **Financial Performance**: In 2024, its operating income was 6.999 billion yuan (YoY - 3.52%), net profit attributable to the parent company was 785 million yuan (YoY - 27.88%). In the first three quarters of 2025, operating income was 5.568 billion yuan (YoY + 7.21%), and net profit attributable to the parent company was 779 million yuan (YoY + 7.1%) [133]. - **Company Highlights**: It has a high market share, is expanding its business regionally, and has achieved cost control through intelligent applications [134].

Core Viewpoint - Shandong Road and Bridge announced its cash dividend distribution plan for the third quarter of 2025, indicating a commitment to returning value to shareholders through cash dividends [1] Summary by Categories Dividend Distribution - The company will distribute a cash dividend of RMB 0.12 per 10 shares (including tax) to all shareholders, totaling RMB 18.5194 million [1] - The distribution will not include stock dividends or capital reserve transfers to increase share capital [1] Key Dates - The record date for the dividend distribution is set for December 23, 2025, while the ex-dividend date is December 24, 2025 [1] - Cash dividends will be credited directly to shareholders' accounts through their securities companies on the ex-dividend date, with some shareholders receiving payments directly from the company [1] Convertible Bonds Adjustment - Following the dividend distribution, the conversion price of the company's convertible bonds, "Shanlu Convertible Bonds," will be adjusted from RMB 7.62 per share to RMB 7.61 per share, effective from December 24, 2025 [1]

Core Viewpoint - The company announced an adjustment to the conversion price of its "Shanlu Convertible Bonds" due to the profit distribution for the third quarter of 2025, with the price changing from 7.62 CNY per share to 7.61 CNY per share, effective from December 24, 2025 [1] Summary by Category - **Company Announcement** - The conversion price of "Shanlu Convertible Bonds" has been adjusted from 7.62 CNY/share to 7.61 CNY/share [1] - This adjustment is related to the company's profit distribution for the third quarter of 2025 [1] - The new conversion price will take effect on December 24, 2025, which is the ex-rights and ex-dividend date [1]

Group 1 - The report suggests a cautious investment strategy in the convertible bond market due to reduced liquidity and market volatility, recommending a defensive approach with a focus on large-cap, debt-oriented products and value styles [2][50]. - The recommended allocation includes 70% in defensive sectors such as infrastructure, military, refining, and banking, while 30% is allocated to high-elasticity sectors like consumption and technology, which may benefit from potential policy support [2][50]. - The report highlights a recommended convertible bond portfolio for December, including specific bonds such as Shanlu Convertible Bond and Shenghong Convertible Bond, among others [2][50]. Group 2 - The report reviews the convertible bond market in November, noting a 2.2% decline in the stock market and a 0.7% decline in convertible bonds, with a shift towards defensive sectors [4][6]. - It indicates that the convertible bond market is expected to maintain high volatility, with a focus on the continuation of style shifts and policy impacts from upcoming central meetings [35][46]. - The report emphasizes the performance of various sectors, with steel bonds leading gains at 11.8%, while non-bank financials and telecommunications experienced declines [19][22]. Group 3 - The report discusses the performance of quantitative strategies, noting that low-volatility strategies outperformed high-volatility strategies in the recent period, with year-to-date returns of 16.55% for low-volatility strategies [52][53]. - It highlights the importance of low-price factors in convertible bond selection, which have historically provided a safety margin while allowing for upside potential [53][55]. - The report provides insights into the market structure, indicating a significant reduction in the overall market size of convertible bonds, which has implications for future valuations and investment strategies [35][39].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report presents the top ten convertible bonds for December 2025, analyzing each bond's issuer, including its financial performance, business scope, and key attractions [1][3][4]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Company Profile**: A globally leading specialized special steel material manufacturing enterprise with a production capacity of about 20 million tons of special steel materials per year [11]. - **Financial Performance**: In 2024, its operating income was 109.203 billion yuan (YoY -4.22%), and the net profit attributable to the parent was 5.126 billion yuan (YoY -10.41%). In the first three quarters of 2025, the operating income was 81.206 billion yuan (YoY -2.75%), and the net profit attributable to the parent was 4.33 billion yuan (YoY +12.88%) [11]. - **Company Highlights**: It is one of the world's most comprehensive special steel enterprises in terms of variety and specifications, with leading market shares in core products such as bearing steel and automotive steel. It has a complete industrial chain and strong cost - control capabilities, and is actively seeking external expansion [12]. 3.2 Shanlu Convertible Bond - **Company Profile**: Mainly engaged in road and bridge engineering construction and maintenance, and actively expanding into other fields. It has a complete business and management system [29]. - **Financial Performance**: In 2024, its operating income was 71.348 billion yuan (YoY -2.3%), and the net profit attributable to the parent was 2.322 billion yuan (YoY +1.47%). In the first three quarters of 2025, the operating income was 41.354 billion yuan (YoY -3.11%), and the net profit attributable to the parent was 1.41 billion yuan (YoY -3.27%) [29]. - **Company Highlights**: Controlled by the Shandong Provincial State - owned Assets Supervision and Administration Commission, it has the concept of "China Special Valuation". It is expected to benefit from infrastructure construction in Shandong and the "Belt and Road" initiative [30]. 3.3 Hebang Convertible Bond - **Company Profile**: With advantages in salt mines, phosphate mines, and natural gas supply, it has completed the basic layout in the chemical, agricultural, and photovoltaic fields [44]. - **Financial Performance**: In 2024, its operating income was 8.547 billion yuan (YoY -3.13%), and the net profit attributable to the parent was 31 million yuan (YoY -97.55%). In the first three quarters of 2025, the operating income was 5.927 billion yuan (YoY -13.02%), and the net profit attributable to the parent was 93 million yuan (YoY -57.93%) [44]. - **Company Highlights**: Its phosphate mines and salt mines contribute stable profits, and the liquid methionine business has high - margin performance [45]. 3.4 Huayuan Convertible Bond - **Company Profile**: Focused on building a complete vitamin D3 upstream - downstream industrial chain, with products including cholesterol, vitamin D3, and chemical preparations [57]. - **Financial Performance**: In 2024, its operating income was 1.243 billion yuan (YoY +13.58%), and the net profit attributable to the parent was 309 million yuan (YoY +60.76%). In the first three quarters of 2025, the operating income was 936 million yuan (YoY -0.2%), and the net profit attributable to the parent was 234 million yuan (YoY -3.07%) [57]. - **Company Highlights**: It is a leader in NF - grade cholesterol and 25 - hydroxyvitamin D3 products. It is expanding its product matrix and has a layout in the pharmaceutical manufacturing field [58]. 3.5 Xingye Convertible Bond - **Company Profile**: One of the first joint - stock commercial banks approved by the State Council and the People's Bank of China, evolving into a modern financial service group [71]. - **Financial Performance**: In 2024, its operating income was 212.226 billion yuan (YoY +0.66%), and the net profit attributable to the parent was 77.205 billion yuan (YoY +0.12%). In the first three quarters of 2025, the operating income was 161.234 billion yuan (YoY -1.82%), and the net profit attributable to the parent was 63.083 billion yuan (YoY +0.12%) [71]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of corporate and retail customers [72]. 3.6 Huanxu Convertible Bond - **Company Profile**: A global leader in electronic manufacturing design, providing value - added services to brand customers [81]. - **Financial Performance**: In 2024, its operating income was 60.691 billion yuan (YoY -0.17%), and the net profit attributable to the parent was 1.652 billion yuan (YoY -15.16%). In the first three quarters of 2025, the operating income was 43.641 billion yuan (YoY -0.83%), and the net profit attributable to the parent was 1.263 billion yuan (YoY -2.6%) [81]. - **Company Highlights**: It is a leading manufacturer of smart wearable SiP modules, with advanced packaging technologies and a global production layout [82]. 3.7 Chongyin Convertible Bond - **Company Profile**: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, listed on the Hong Kong Stock Exchange and selected for the "Leading Bank" program [94]. - **Financial Performance**: In 2024, its operating income was 13.679 billion yuan (YoY +3.54%), and the net profit attributable to the parent was 5.117 billion yuan (YoY +3.8%). In the first three quarters of 2025, the operating income was 11.74 billion yuan (YoY +10.4%), and the net profit attributable to the parent was 4.879 billion yuan (YoY +10.19%) [94]. - **Company Highlights**: Benefiting from the Chengdu - Chongqing economic circle strategy, it has stable asset - scale growth and a reasonable credit strategy [96]. 3.8 Tianye Convertible Bond - **Company Profile**: The first industrial enterprise of the Xinjiang Production and Construction Corps and a leading enterprise in the chlor - alkali chemical industry, with an integrated circular economy industrial chain [103]. - **Financial Performance**: In 2024, its operating income was 11.156 billion yuan (YoY -2.7%), and the net profit attributable to the parent was 68 million yuan (YoY +108.83%). In the first three quarters of 2025, the operating income was 7.97 billion yuan (YoY +2.2%), and the net profit attributable to the parent was 7 million yuan (YoY -28.79%) [103]. - **Company Highlights**: The cost of caustic soda production is relatively fixed, and it plans to increase the dividend frequency and has coal - mine projects in progress [106]. 3.9 Aorui Convertible Bond - **Company Profile**: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in several technical fields [119]. - **Financial Performance**: In 2024, its operating income was 1.476 billion yuan (YoY +16.89%), and the net profit attributable to the parent was 355 million yuan (YoY +22.59%). In the first three quarters of 2025, the operating income was 1.237 billion yuan (YoY +13.67%), and the net profit attributable to the parent was 354 million yuan (YoY +24.58%) [119]. - **Company Highlights**: It has an optimized distributor network, expanding preparation products, and high - quality customer resources [120]. 3.10 Yushui Convertible Bond - **Company Profile**: The largest water supply and drainage integrated enterprise in Chongqing, with a stable monopoly position in the local market [133]. - **Financial Performance**: In 2024, its operating income was 6.999 billion yuan (YoY -3.52%), and the net profit attributable to the parent was 785 million yuan (YoY -27.88%). In the first three quarters of 2025, the operating income was 5.568 billion yuan (YoY +7.21%), and the net profit attributable to the parent was 779 million yuan (YoY +7.1%) [133]. - **Company Highlights**: It has a high market share in Chongqing, is expanding externally, and has effective cost - control measures [134].

Group 1 - The core point of the article is that Shandong Road and Bridge (000498) announced the resumption of conversion for the "Shanlu Convertible Bonds" starting from October 24, 2025, following the equity distribution registration date [1] Group 2 - The announcement is made in accordance with relevant regulations [1] - Bondholders of "Shanlu Convertible Bonds" are advised to pay attention to this update [1]

Core Viewpoint - The announcement details the adjustment of the conversion price for the company's convertible bonds, "Shanlu Convertible Bonds," following the distribution of cash dividends to shareholders. Group 1: Convertible Bond Adjustment - The conversion price for "Shanlu Convertible Bonds" has been adjusted from 7.64 CNY per share to 7.62 CNY per share, effective from October 24, 2025 [1][14]. - The adjustment is a result of the company's cash dividend distribution of 0.23 CNY per 10 shares, totaling approximately 35.5 million CNY [6][8]. Group 2: Dividend Distribution - The company will distribute cash dividends of 0.23 CNY per 10 shares, amounting to a total of 35,495,460.26 CNY, based on a total share count of 1,543,280,881 shares after excluding repurchased shares [4][9]. - The dividend distribution will not include stock dividends or capital reserve transfers [6][8]. Group 3: Shareholder Rights and Dates - The record date for the dividend distribution is set for October 23, 2025, with the ex-dividend date on October 24, 2025 [10][11]. - Shareholders holding shares as of the record date will be eligible for the cash dividend [11].

Core Viewpoint - Shandong Road and Bridge announced an adjustment to the conversion price of its convertible bonds due to the implementation of the equity distribution in the first half of 2025, changing the conversion price from 7.64 yuan per share to 7.62 yuan per share, effective from October 24, 2025 [2] Company Summary - The adjustment of the conversion price for "Shanlu Convertible Bonds" is a result of the company's equity distribution plan [2] - The new conversion price will take effect on the ex-rights and ex-dividend date of October 24, 2025 [2]

Core Viewpoint - The announcement provides an update on the conversion status of the company's convertible bonds, indicating minimal conversion activity since the bonds became convertible, with a significant majority remaining unconverted [2][9]. Group 1: Cumulative Conversion Status - As of September 30, 2025, the total amount converted from the "Shanlu Convertible Bonds" since the conversion period began on October 9, 2023, is 101,100.00 yuan, resulting in 12,703 shares converted, which is 0.0008% of the company's total shares before conversion [2]. - The amount of unconverted "Shanlu Convertible Bonds" as of the same date is 4,835,898,900.00 yuan, representing 99.9979% of the total issuance [2]. Group 2: Quarterly Conversion Activity - For the third quarter of 2025, from July 1 to September 30, the conversion amount was 13,000.00 yuan, leading to the conversion of 1,697 shares [2][9]. - The total number of remaining convertible bonds as of September 30, 2025, is 48,358,989, with an unconverted amount of 4,835,898,900.00 yuan [9]. Group 3: Convertible Bond Issuance and Listing - The company issued 48,360,000 convertible bonds on March 24, 2023, with a face value of 100.00 yuan each, totaling 483,600.00 million yuan, approved by the China Securities Regulatory Commission [3]. - The bonds were listed on the Shenzhen Stock Exchange on April 26, 2023, under the name "Shanlu Convertible Bonds" with the code "127083" [3]. Group 4: Conversion Price Adjustments - The initial conversion price was set at 8.17 yuan per share, which was adjusted to 8.01 yuan on June 29, 2023, and further adjusted to 7.83 yuan on July 16, 2024, due to annual profit distribution [5][6]. - Subsequent adjustments were made, with the conversion price reaching 7.64 yuan on July 17, 2025, following the company's annual profit distribution [8].