Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In July, the convertible bond market continued its upward trend, with the equal - weighted index significantly outperforming the weighted index. The median convertible bond price reached a maximum of 129 yuan, approaching the level at the beginning of 2022, but the structure showed that low - priced bonds were significantly higher than those at the beginning of 2022, while high - priced bonds were significantly lower [2][9]. - The July market was a "second - derivative" fluctuation, while the equity "first - derivative" remained positive. Before the September 3 parade, A - shares may have opportunities, and the dumbbell strategy (high - dividend + micro - cap stocks) may rebound. The convertible bond market will continue to follow the underlying stocks and remain strong [2]. - The new VAT policy on the interest income of bonds such as treasury bonds may increase the cost - effectiveness of stable and low - volatility convertible bonds, and the buying volume of bond - type convertible bonds and the entire convertible bond market may increase [2]. - After short - term winning - rate volatility pricing, the market will shift to odds - based advantages. It is recommended to pay attention to the cost - effectiveness improvement of bank convertible bonds and high - elasticity varieties, and the future will shift from position - based victory to structure - based victory [4]. Summary According to Relevant Catalogs 1. Review of the Convertible Bond Market in July: Recovery under Strong Equity - **Price and Index Performance**: The convertible bond market continued to rise in July, with a steeper upward slope compared to June. The equal - weighted index significantly outperformed the weighted index, and there was a slight pullback at the end of the month. The median convertible bond price reached a maximum of 129 yuan and closed at around 127 yuan at the end of the month [2][9]. - **Style and Sector Performance**: In July, small - cap and low - rating styles were dominant again, and their excess performance since the beginning of the year reached a new high. The pharmaceutical sector led the rise, while the financial sector significantly underperformed other sectors since 2025 [10][12][15]. - **Comparison with Underlying Stocks**: Convertible bonds slightly underperformed the underlying stocks, but the underperformance margin further narrowed compared to June. The convertible bond market showed strong performance overall, and its valuation advantage was significant [16][21]. - **Valuation Situation**: The convertible bond valuation confirmed an upward trend, with the 100 - yuan premium rate rising to a maximum of 33% in July. The current high - valuation problem is mainly reflected in the low - parity area, while the 120 - 130 yuan parity is still a valuation depression [22][24][27]. 2. Outlook for the Convertible Bond Market in August: Shifting from Position - Based Victory to Structure - Based Comparison - **Equity Market and Convertible Bond Market**: The short - term adjustment of the equity market is due to the full implementation of the market rotation and catch - up market, and the market has returned to a volatile state. Before the September 3 parade, A - shares may have opportunities, and the convertible bond market will follow the underlying stocks and remain strong [2][46]. - **Valuation of Convertible Bonds**: The high valuation of convertible bonds may be maintained because the overall risk of the stock market is controllable. However, the absolute valuation of bond - type convertible bonds is relatively high, and there are potential adjustment risks. After the short - term adjustment, they have certain cost - effectiveness [48][53][60]. - **Impact of VAT Policy**: The adjustment of the bond VAT policy may increase the attractiveness of bond - type convertible bonds. After the tax increase, the cost - effectiveness of pure bonds decreases, and the buying volume of bond - type convertible bonds may increase [63][66]. - **Cost - Effectiveness of Different Types of Convertible Bonds**: The cost - effectiveness of high - dividend and low - volatility convertible bonds such as bank convertible bonds may increase, and attention should also be paid to high - elasticity varieties and individual bonds with odds advantages [4]. 3. Bond Selection Directions and Targets in August - **Bond Selection Directions**: First, pay attention to the directions favored by the high - to - low shift in the August market, such as bank convertible bonds and some "bank - like" convertible bonds; second, focus on small - cap growth sectors such as self - controllability and national defense and military industries; third, pay attention to convertible bonds that are not subject to forced redemption or have been listed for less than 6 months; fourth, pay attention to convertible bonds that can replace underlying stocks [4]. - **Targets in August**: Low - volatility convertible bonds include Lvdong Convertible Bond, Hengyi Convertible Bond 2, etc.; stable convertible bonds include Bo 25 Convertible Bond, Guanghe Convertible Bond, etc.; high - volatility convertible bonds include Daotong Convertible Bond, Jiahe Convertible Bond, etc. [4]

Core Viewpoint - The company maintains an optimistic outlook on future order growth, supported by government initiatives and strategic adjustments in response to macroeconomic conditions [2][3]. Group 1: Future Order Outlook - The company aims for stable growth in order volume, leveraging support from local government and strategic planning based on market analysis [2]. - The company plans to actively participate in major government projects to secure high-quality orders [2]. Group 2: Profitability and Margins - The bidding gross margin has remained stable as of mid-year, but upcoming regulatory changes in bidding practices are expected to positively impact margins [3]. - The company is committed to enhancing its bidding margins by focusing on high-quality major project orders [3]. Group 3: Technological and Strategic Development - The company is investing in green building, prefabricated construction, and digital transformation initiatives to enhance productivity and sustainability [4]. - Ongoing projects include the "5G+ Smart Construction" initiative and the establishment of digital facilities to improve project management [4]. Group 4: Financial Management and Convertible Bonds - The company has adjusted the conversion price of its convertible bonds to 4.07 CNY per share and has decided not to further lower this price in the next five months [5]. - Financial strategies include optimizing existing assets and utilizing various financing tools to manage upcoming payment obligations [5]. Group 5: M&A and Strategic Expansion - The company is exploring opportunities for mergers and acquisitions while focusing on digital and intelligent transformation of its traditional construction business [6]. - Future disclosures regarding any significant M&A activities will comply with legal requirements [6]. Group 6: Financial Performance - In Q1 2025, the company reported a revenue of 6.953 billion CNY, a year-on-year decrease of 6.27%, and a net profit loss of 429.709 million CNY, down 196.27% [7]. - The company’s debt ratio stands at 90.52%, with a gross margin of 5.55% [7].

Core Viewpoint - The company has decided not to adjust the conversion price of the "Jian Gong Convertible Bonds" despite triggering the downward adjustment clause as of July 16, 2025, and will not propose any downward adjustment in the next five months if the clause is triggered again [1][5][6] Summary of Convertible Bonds - The company issued 16,600,000 convertible bonds on December 20, 2019, with a total value of 1,660,000,000 yuan, each with a face value of 100 yuan [1][2] - The bonds are set to mature on December 19, 2025, with an initial conversion price of 4.65 yuan per share [2] - The latest conversion price is 4.07 yuan per share, with several adjustments made due to annual cash dividends over the years [2][3][4] Downward Adjustment Conditions - The downward adjustment clause is triggered when the closing price of the company's stock is below 90% of the current conversion price for at least ten out of twenty consecutive trading days [5] Decision on Non-Adjustment - The board of directors held a meeting on July 16, 2025, and unanimously decided not to adjust the conversion price, considering various factors such as macroeconomic conditions, market fluctuations, and the company's long-term value [1][5][6]

Core Viewpoint - The company announces that the convertible bond "Jian Gong Convertible Bond" is expected to trigger conditions for a downward adjustment of the conversion price due to the stock price being below 90% of the current conversion price for five trading days [1][6] Group 1: Convertible Bond Basic Information - The company issued 16,600,000 convertible bonds with a total amount of 1.66 billion yuan, with a maturity period of six years starting from December 20, 2019 [2] - The current conversion price of the "Jian Gong Convertible Bond" is 4.07 yuan per share, adjusted from the initial price of 4.65 yuan per share [3] Group 2: Conditions for Price Adjustment - The conversion price can be adjusted downwards if the stock price is below 90% of the current conversion price for at least 10 out of any 20 consecutive trading days [3] - If the conditions are met, the board of directors will convene to decide on the adjustment and disclose the information promptly [4][6] Group 3: Triggering Conditions - From June 27 to July 3, 2025, the stock has already recorded five trading days with closing prices below 3.663 yuan (90% of the current conversion price) [6] - If in the following 15 trading days, there are an additional five trading days meeting the same condition, the adjustment clause will be triggered [6]

Core Viewpoint - The company announced a downward adjustment of the conversion price for its convertible bonds, "建工转债," from 4.25 yuan per share to 4.07 yuan per share, effective June 27, 2025 [1][6]. Group 1: Convertible Bond Issuance Overview - The company issued 16.6 million convertible bonds on December 20, 2019, with a total value of 1.66 billion yuan and a six-year term [1][2]. - The initial conversion price was set at 4.65 yuan per share, which has been adjusted multiple times due to annual cash dividends [2][3]. Group 2: Conversion Price Adjustment Details - The conversion price was adjusted to 4.57 yuan per share on July 16, 2020, following a cash dividend of 0.076 yuan per share [2]. - Subsequent adjustments occurred, with the conversion price reaching 4.25 yuan per share after a cash dividend of 0.01 yuan per share in 2023 [3][4]. Group 3: Triggering Conditions for Price Adjustment - The downward adjustment clause was triggered when the stock price fell below 90% of the current conversion price for at least ten trading days within a twenty-day period, specifically below 3.825 yuan per share [5]. - The company’s stock price met this condition from May 27 to June 10, 2025, prompting the board to propose the adjustment [5]. Group 4: Approval Process for Price Adjustment - The board approved the proposal for the price adjustment on June 10, 2025, and it was subsequently ratified at the annual shareholders' meeting on June 25, 2025 [6]. - The adjusted conversion price was determined to be compliant with the company's net asset value and trading averages prior to the shareholders' meeting [6].

Group 1 - The board of directors of JianGong proposed a downward adjustment for the convertible bonds [1] - New TaiGe shareholders plan to reduce their holdings by no more than 3% of the company's shares [1] - LuWei convertible bonds are available for subscription on June 11 [1] Group 2 - XinHengHui new shares are available for subscription on the Shanghai and Shenzhen stock exchanges [1]

Core Viewpoint - The board of directors of Chongqing Construction Group Co., Ltd. proposed to lower the conversion price of the "Construction Convertible Bonds" due to the stock price being below 90% of the current conversion price for ten consecutive trading days, triggering the downward adjustment clause [1][4]. Group 1: Convertible Bond Basic Information - The company issued 16,600,000 convertible bonds on December 20, 2019, with a total amount of 1,660,000,000 yuan, each with a face value of 100 yuan [1][2]. - The convertible bonds have a term of six years from the date of issuance [1]. Group 2: Conversion Price Adjustments - The initial conversion price was set at 4.65 yuan per share, which was adjusted to 4.57 yuan per share after a cash dividend distribution on July 16, 2020 [2]. - Subsequent adjustments were made due to annual dividend distributions, with the conversion price changing to 4.53 yuan on July 22, 2021, 4.49 yuan on July 28, 2022, and 4.47 yuan on July 28, 2023 [3][4]. Group 3: Downward Adjustment Proposal - The board's proposal to lower the conversion price is based on the condition that the stock price has been below 90% of the current conversion price (approximately 3.825 yuan) for ten consecutive trading days starting from May 27, 2025 [4][5]. - The proposal requires approval from the shareholders' meeting, with a two-thirds majority needed for implementation [4][5].

Group 1 - The company held the 43rd meeting of the fifth supervisory board on June 10, 2025, with all six supervisors present, confirming the legality and validity of the meeting procedures [1][2] - The supervisory board approved the proposal to lower the conversion price of the "Jian Gong Convertible Bond," with a unanimous vote of 6 in favor [1] - The proposal to provide financial assistance to an associated company was also approved, requiring further submission to the shareholders' meeting for review [2]

Group 1 - The company announced the addition of two temporary proposals for the 2024 annual general meeting, including a proposal to lower the conversion price of "Jian Gong Convertible Bonds" and a proposal for financial assistance to an associated company [2][4] - The annual general meeting is scheduled for June 25, 2025, at 14:30, located at the company's headquarters in Chongqing [2][3] - The original equity registration date for shareholders remains unchanged [3] Group 2 - The network voting system for the shareholders' meeting will be through the Shanghai Stock Exchange, with voting available from 9:15 to 15:00 on the day of the meeting [2][3] - The proposals to be voted on include the execution of 2024 remuneration for directors and supervisors, as well as the expected daily related transactions for 2025 [3][4] - Certain related shareholders are required to abstain from voting on specific proposals due to conflicts of interest [4]

Summary of Key Points Core Viewpoint - The announcement details the conversion results and share changes related to the convertible bonds issued by Chongqing Construction Group Co., Ltd, highlighting the total amount converted and the remaining unconverted bonds as of March 31, 2025. Group 1: Convertible Bond Issuance Overview - The company issued a total of 16.6 million convertible bonds with a total value of 1.66 billion yuan, with a maturity of six years and varying interest rates from 0.40% to 3.60% over the term [2][3]. Group 2: Conversion and Redemption Status - As of March 31, 2025, the cumulative amount converted from the convertible bonds is 395,480,000 yuan, accounting for 23.82% of the total issuance, with 395,477,000 yuan converted into shares and 2,000 yuan redeemed [1][4]. - The amount of convertible bonds that have not been converted stands at 1,264,520,000 yuan, representing 76.18% of the total issuance [1][5]. Group 3: Share Capital Changes - The total share capital before the conversion was 1,901,798,979 shares, which increased to 1,901,799,449 shares after the conversion of 470 shares [6].