Group 1 - The company has fully redeemed its convertible bonds, "Chuanheng Convertible Bonds," and has paid the redemption amount in full [1][2] - The redemption price for the bonds was 101.397 yuan per bond, including accrued interest and tax [1] - A total of 16,494 bonds were redeemed, amounting to a total payment of 1,672,442.11 yuan, excluding redemption fees [1] Group 2 - The "Chuanheng Convertible Bonds" are scheduled to be delisted on July 28, 2025, following the completion of the redemption process [2] - The company has completed all necessary procedures related to the redemption of the convertible bonds [2] - Contact information for the company is provided for any inquiries post-redemption [2]

New Stock Listings - Huadian New Energy (600930) listed at an issue price of 3.18 on July 16, 2025[1] - Zhongcheng Tui (300208) has 2 trading days remaining until the last trading day[1] - Tui Shi Jin Gang (600190) also has 2 trading days remaining until the last trading day[1] Abnormal Fluctuations - Huayin Power (600744) reported severe abnormal fluctuations on July 15, 2025[1] - Changcheng Military Industry (601606) announced abnormal fluctuations on July 15, 2025[1] - ST Yanzhen (603389) reported abnormal fluctuations on July 16, 2025[1] Other Notable Announcements - ST Ya Zhen (000627) reported significant fluctuations with a value of 7189 on July 16, 2025[3] - Guosheng Technology (603778) reported fluctuations with a value of 3370 on July 15, 2025[3] - ST Xin Chao (600777) reported fluctuations with a value of 1008 on July 11, 2025[3]

Summary of Key Points Core Viewpoint - Guizhou Chuanheng Chemical Co., Ltd. is expected to report a significant increase in earnings for the first half of 2025 compared to the same period last year, driven by higher sales prices and increased production from its subsidiary [1][2]. Financial Performance - The company anticipates a profit of between 520 million yuan and 590 million yuan for the current reporting period, compared to a profit of 353.675 million yuan in the same period last year, representing a growth of 47.03% to 66.82% [1]. - The expected net profit after deducting non-recurring gains and losses is projected to be between 490 million yuan and 560 million yuan, up from 350.093 million yuan last year, indicating a growth of 39.96% to 59.96% [1]. - Basic earnings per share are forecasted to be between 0.9197 yuan and 1.0436 yuan, compared to 0.6545 yuan per share in the previous year [1]. Reasons for Performance Change - The increase in earnings is primarily attributed to the rise in sales prices of the company's main products and stable gross margins [1]. - The production and sales volume of the main products from the company's subsidiary, Guangxi Pengyue Ecological Technology Co., Ltd., have increased, contributing to higher operating revenue [1].

Core Viewpoint - Three convertible bonds, Z南银转, Z陵转债, and Z恒转债, are facing their last trading day on July 14, with significant potential losses if not sold or converted before the redemption date [1][5][13]. Group 1: Z南银转 - Z南银转's closing price is 145.56 yuan, with a redemption price of 100.1537 yuan [2][3]. - If not sold or converted, investors could face a loss of 31.19% based on the current price [1][5]. Group 2: Z陵转债 - Z陵转债's closing price is 124.003 yuan, with a redemption price of 101.726 yuan [8][9]. - Investors could incur a loss of 18.77% if they do not act before the redemption [1]. Group 3: Z恒转债 - Z恒转债's closing price is 133.803 yuan, with a redemption price of 101.397 yuan [1]. - A potential loss of 24.97% is expected if investors do not sell or convert [1]. Group 4: Market Context - The market has seen an increase in convertible bonds triggering redemption clauses, with many companies announcing strong redemptions [13]. - Investors are advised to act promptly to avoid significant losses, as the price difference between market trading and redemption can be substantial [13].

Group 1 - The company announced that the cumulative number of shares converted from the "Chuanheng Convertible Bonds" has reached 51,619,253 shares, accounting for 10.57% of the total shares issued before the conversion began, which was 488,423,000 shares [1][6] - As of July 1, 2025, a total of 9,188,469 bonds have been converted into company stock, with 2,411,511 bonds remaining unconverted, representing 20.79% of the total bond issuance of 11,600,000 bonds [6] - The initial conversion price of the "Chuanheng Convertible Bonds" was set at 21.02 yuan per share, which has undergone several adjustments due to stock incentive plans and equity distributions, with the latest adjustment bringing it down to 17.41 yuan per share [2][4][5] Group 2 - The conversion period for the "Chuanheng Convertible Bonds" started on February 18, 2022, and is set to end on July 17, 2025, following an early redemption decision made by the board on June 23, 2025 [2][6] - The company has made multiple adjustments to the conversion price based on the completion of stock incentive plans and equity distributions, reflecting changes in the stock's market conditions and corporate actions [3][4][5]

Core Viewpoint - Guizhou Chuanheng Chemical Co., Ltd. has triggered the conditional redemption clause for its convertible bonds "Chuanheng Convertible Bonds" due to the stock price meeting specific criteria, leading to an early redemption process [1][6]. Convertible Bond Issuance and Redemption - The company issued 11.60 billion RMB worth of convertible bonds on August 12, 2021, with an initial conversion price of 21.02 RMB per share [1][2]. - The conversion price has been adjusted multiple times, currently standing at 17.41 RMB per share after various corporate actions [5][4]. - The redemption price for the bonds is set at 101.397 RMB per bond, which includes the face value and accrued interest [7][8]. Conditional Redemption Clause - The conditional redemption clause allows the company to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 out of 30 consecutive trading days [6][9]. - The stock price reached 24.35 RMB, which is above the threshold of 130% of the conversion price [6]. Redemption Implementation Schedule - The redemption process includes several key dates: trading will stop on July 15, 2025, with the redemption registration date on July 17, 2025, and the actual redemption occurring on July 18, 2025 [8][9]. - After the redemption is completed, the "Chuanheng Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [9][10]. Shareholder Information - The company confirms that no major shareholders or executives traded the bonds in the six months leading up to the redemption conditions being met [9].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the past week, convertible bonds performed remarkably. The small - cap growth style led the rise in the equity market, and the pricing window for convertible bond rating downgrades was about to end. The Wind Information Technology, low - rated, high - priced, and small - cap convertible bond styles led the gains. The 100 - yuan premium rate continued to climb, and the overall market sentiment was high. Although the Wind Financial Convertible Bond Index adjusted significantly in a single day under the influence of the bank stock index adjustment, the adjustment range was limited compared to equities [1][4]. - It is recommended to maintain a dumbbell - shaped allocation. For large - cap blue - chip convertible bonds, the supply - demand relationship is more imbalanced. As underlying bonds like Pufa Convertible Bond mature and exit, the allocation demand for underlying varieties in the convertible bond market will further overflow. Investors are advised to focus on high - grade convertible bonds with stable long - term fundamentals and short - term operational safety. Small - cap growth convertible bonds will continue to benefit from loose liquidity and the AI+ industrial trend. Investors are advised to pay attention to opportunities in industries such as humanoid robots, AI+, and new consumption. Additionally, as the average remaining term of the entire market approaches 2 years, the willingness of convertible bonds to make downward revisions may increase overall, and investors are advised to focus on the downward revision opportunities of low - priced, high - premium convertible bonds [1][4]. 3. Summary by Relevant Catalogs 3.1 Weekly Viewpoint and Outlook - The small - cap growth style in the equity market led the rise, and the convertible bond rating downgrade pricing window was about to end, resulting in excellent performance of convertible bonds in the past week. The Wind Information Technology, low - rated, high - priced, and small - cap convertible bond styles led the gains. The 100 - yuan premium rate continued to rise, and market sentiment was high. The Wind Financial Convertible Bond Index adjusted significantly in a single day due to the bank stock index adjustment, but the adjustment was limited compared to equities [1][4]. - A dumbbell - shaped allocation strategy is recommended. For large - cap blue - chip convertible bonds, due to the exit of some underlying bonds, the demand for underlying varieties will increase. Investors should focus on high - grade, fundamentally stable, and short - term operationally safe convertible bonds. Small - cap growth convertible bonds will benefit from liquidity and industrial trends, and investors should pay attention to industries like humanoid robots, AI+, and new consumption. Also, as the average remaining term approaches 2 years, the downward revision willingness of convertible bonds may increase, and investors should focus on low - priced, high - premium convertible bonds [1][4]. 3.2 Convertible Bond Valuation - This week, the equity and convertible bond markets broke through key points, and market sentiment was good. Convertible bond valuations continued to rise, with the 100 - yuan premium rate reaching 31%, a single - week increase of 1.06%, and the latest quantile at the 83.90% percentile since 2017. The valuation differentiation between high - and low - rated convertible bonds was not significant, with high - rated convertible bonds performing slightly better [3][5]. - Convertible bonds rose significantly following the underlying stocks this week, and the yield to maturity dropped significantly, reaching a new low since 2025. As of the latest data, the conversion premium rate index, pure bond premium rate index, and yield to maturity were 46.58%, 29.10%, and - 3.39% respectively, with changes of - 2.49%, + 3.66%, and - 0.80% compared to last week. Their current quantile levels since 2017 were 70.10%, 46.30%, and 5.40% respectively [3][9]. 3.3 Clause Tracking 3.3.1 Redemption - This week, Chuanheng Convertible Bond, Jinling Convertible Bond, Guansheng Convertible Bond, and Huafeng Convertible Bond announced early redemptions. Currently, there are 11 convertible bonds that have announced forced redemptions or maturity redemptions but have not been delisted, and 1 convertible bond has triggered the forced - redemption condition but has not announced it. The potential maturity or conversion balance of forced - redeemed and matured convertible bonds among those not delisted is 4.2 billion yuan [10]. - There are currently 35 convertible bonds in the redemption process, and 7 are expected to meet the redemption conditions next week, which should be closely monitored [15]. - Two convertible bonds announced non - redemption this week [17]. 3.3.2 Downward Revision - This week, Jiangong Convertible Bond announced a downward revision to the maximum extent, and Shanshi Convertible Bond proposed a downward revision. As of the latest, 160 convertible bonds are in the non - downward - revision period, 27 are restricted by net assets and cannot be revised downward, 2 have triggered the downward - revision condition but the stock price is still below the trigger price and no announcement has been made, 41 are accumulating days for downward revision, and 6 have issued board proposals for downward revision but have not held a general meeting of shareholders [18]. 3.3.3 Put Option - No convertible bonds announced put options this week. As of now, 1 convertible bond has issued a put - option report and is in the put - option process. Eight convertible bonds are accumulating days to trigger the put - option condition, among which 2 are in the downward - revision process, 5 are in the non - downward - revision period, and 1 has proposed a downward revision [21]. 3.4 Primary Issuance - Three convertible bonds announced their issuance this week. According to the latest announcements, no convertible bonds are scheduled to be listed next week. As of now, there are 6 convertible bonds in the approval - registration process, with a total issuance scale of 10.4 billion yuan, and 3 convertible bonds have passed the listing committee review, with a total issuance scale of 2.6 billion yuan [23].

Core Viewpoint - The announcement details a passive dilution of the shareholding ratio of the controlling shareholder, Sichuan Chuanheng Holding Group Co., Ltd., due to the conversion of convertible bonds into shares, resulting in a decrease in their ownership percentage while maintaining their status as the controlling shareholder [1][2]. Summary by Relevant Sections Shareholding Changes - The controlling shareholder's ownership ratio decreased from 50.55% to 49.23% due to the conversion of 23,006,177 shares from convertible bonds, increasing the total share capital from 549,176,851 shares to a new total [1]. - The shareholding ratio of Chuanheng Group and its concerted actors decreased from 51.30% to 49.23%, indicating a passive dilution of 2.07% [1][2]. Shareholder Information - Chuanheng Group's total shares held remained unchanged at 277,634,700, but the ownership percentage decreased from 50.55% to 48.52% [1]. - The actual controllers, Li Jin and Li Guangming, remain unchanged despite the dilution in shareholding percentage [1]. Timing and Method of Change - The equity change occurred between June 14, 2025, and June 24, 2025, as a result of the conversion of convertible bonds into shares [1].

Group 1 - The China Securities Convertible Bond Index opened up by 0.03% [1] - Yong'an Convertible Bond increased by 9.6%, while Huafeng Convertible Bond rose by 3.6% [1] - Several other convertible bonds, including Lianchuang, Xuelong, Quanfeng, and Hengshuai, saw gains exceeding 2% [1] Group 2 - Shouhua Convertible Bond decreased by 4.7%, and both Tianhao and Chuanheng Convertible Bonds fell by over 2% [1]

Group 1 - The shareholder of Borui Pharmaceutical, Advanced Manufacturing Industry Investment Fund, plans to reduce its stake by no more than 3% [1] - The shareholder of WISCO New Energy, Shenzhen Anyan, also intends to reduce its stake by no more than 3% [1] - Chuanheng Convertible Bond is subject to forced redemption [1] Group 2 - Fangyuan Convertible Bond's credit rating has been downgraded to BBB [1] - The company's focus on the ternary lithium battery market is seeing a continuous decline in market share, with intensified industry competition [1] - A significant reduction in core customer orders has led to a rapid decline in ternary precursor revenue, and new businesses such as lithium carbonate have yet to contribute to profitability [1] - The company has reported substantial losses for two consecutive years, indicating increased operational pressure [1] - The company's debt scale continues to rise, with high leverage levels and increased liquidity risks [1] Group 3 - Yao Stone Technology's associate company, Yaojie Ankang, has been listed on the main board of the Hong Kong Stock Exchange [1] - Lingkang Convertible Bond and Mingxin Convertible Bond will not undergo adjustments [1]