证券日报网讯 1月9日，广联航空发布公告称，2025年12月25日至2026年1月9日，公司股票连续十个交 易日收盘价格均不低于"广联转债"当期转股价格22.84元/股的130%（即29.69元/股），若未来连续20个 交易日内仍有5个交易日收盘价格不低于29.69元/股，将触发有条件赎回条款，公司有权按债券面值加 当期应计利息赎回全部或部分未转股的"广联转债"。 （文章来源：证券日报） ...

编号：2026-002 投资者关系 活动类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他（电话会议） 参与单位名称及 人员姓名 1、兴业证券：石康、董昕瑞、石砾 2、南方基金：万朝晖 3、华夏基金：林坚勋 4、财通基金：吴帆 5、浙商资产：许运凯、姜捷 6、同犇投资：李智琪、侯子超 7、天弘基金：张磊 8、农银汇理基金：魏刚 9、汐泰投资：李迪心、杨发鑫 10、国海富兰克林基金：吉晟 11、上银基金：马小东、林竹、罗项天 12、兴银基金：郑皓轩 13、汇丰晋信基金：马军 14、朱雀基金：李萌 15、上海国际信托：张禛乐、吴杏 16、路博迈基金：魏晓雪 17、胤胜资产：陶雨涛、李美泽 18、圆信永丰基金：齐昊麟 | 19、兴证全球基金：邓荃文 | | --- | | 20、瓴仁私募基金：祝子瀚 | | 21、鑫元基金：陈立 | | 22、运舟私募基金：翟冠程、阳荣培、吕一闻 | | 23、甄投资产：朱庆新、王浩 | | 24、国泰基金：高司民 | | 25、中银基金：时文博 | | 26、南土资产：李辻、许智涵、张铎 | | 27、银河基金：李一帆 | | 28、摩根基 ...

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].

Core Viewpoint - The China Convertible Bond Index remained flat at 491.85 points on December 31, with notable fluctuations in individual convertible bonds [1]. Group 1: Performance Highlights - Tianzhun Convertible Bond, Tianchuang Convertible Bond, Maolai Convertible Bond, Guanglian Convertible Bond, and Zai22 Convertible Bond had the highest gains, increasing by 30.00%, 20.00%, 8.04%, 7.71%, and 7.50% respectively [1]. - Conversely, Jiamei Convertible Bond, Ruida Convertible Bond, Shenyu Convertible Bond, Fuli Convertible Bond, and Yingtai Convertible Bond experienced the largest declines, with decreases of 10.50%, 4.67%, 3.50%, 3.36%, and 3.16% respectively [1].

Core Viewpoint - The China Convertible Bond Index rose by 0.43% to 492.48 points on December 25, indicating a positive trend in the convertible bond market [1] Group 1: Market Performance - The top gainers in the convertible bond market included: - Jia Mei Convertible Bond, up by 17.43% - Guanglian Convertible Bond, up by 11.67% - Zai 22 Convertible Bond, up by 11.51% - Tianjian Convertible Bond, up by 9.63% - Ruike Convertible Bond, up by 7.78% [1] - The top losers in the market were: - Huachen Convertible Bond, down by 3.76% - Lu Wei Convertible Bond, down by 2.04% - Ruida Convertible Bond, down by 1.76% - Yitian Convertible Bond, down by 1.75% - Huamao Convertible Bond, down by 1.61% [1]

Core Points - Guanglian Aviation's board of directors has decided not to lower the conversion price of its convertible bonds, maintaining the current terms for the next six months [2] - If the conditions for a downward adjustment of the conversion price are triggered again within the specified period, the company will not propose a downward adjustment plan [2] - The next period for triggering the conversion price adjustment will start from May 18, 2026, and the board will convene again to decide on any potential adjustments at that time [2]

Core Points - Guanglian Aviation announced that from October 28, 2025, to November 10, 2025, its stock closing price has been below 85% of the current conversion price for ten trading days [2] - This situation may trigger the downward adjustment condition for the "Guanglian Convertible Bonds" conversion price, as per the relevant provisions in the offering document [2] - The company will follow legal regulations and the offering document to fulfill review procedures and information disclosure obligations if the conversion price adjustment condition is triggered [2]

Group 1 - The China Securities Convertible Bond Index opened up by 0.22% [1] - Tianlu Convertible Bond increased by 20% [1] - Jingao Convertible Bond rose by 6.7% [1] - Dayu Convertible Bond grew by 4.1% [1] - Sheyan Convertible Bond increased by 4% [1] Group 2 - Guanglian Convertible Bond decreased by 3.2% [1] - Chuanjiang Convertible Bond fell by 1.9% [1]

Group 1 - The Zhongzheng Convertible Bond Index opened lower by 0.01% [1] - Guanglian Convertible Bond rose over 4%, while Haomei, Fuxin, and Xingqiu Convertible Bonds increased by more than 1% [1] - Zhengyu Convertible Bond fell by 2.7%, and Rong 23, Zhi Te, and Youzu Convertible Bonds dropped by over 1% [1]