Core Points - The company announced the maturity and redemption details of its convertible bond "建工转债" [2][5] - The total redemption amount is 113 RMB per bond, including tax [7] - The bond will stop trading on December 17, 2025, with the last trading day being December 16, 2025 [3][8] Summary by Sections Redemption Plan - The company will redeem all unconverted convertible bonds at 113% of the face value within five trading days after maturity [2][8] - The maturity date and redemption registration date is December 19, 2025 [5] Trading Suspension - "建工转债" will cease trading starting December 17, 2025, with the last trading day on December 16, 2025 [3][8] - Holders can still convert the bonds into company shares from December 17 to December 19, 2025 [3] Payment Details - The total amount payable upon maturity is 113 RMB per bond, with payment scheduled for December 22, 2025 [7] - The payment will be processed through the custodian securities firm to the bondholders' accounts [8] Other Information - The company is responsible for ensuring the accuracy and completeness of the announcement [1]

Core Viewpoint - Chongqing Construction announced that the "Construction Convertible Bonds" will cease trading from December 17, 2025, and will be delisted from the Shanghai Stock Exchange starting December 22, 2025 [2] Summary by Category - Announcement Details - The "Construction Convertible Bonds" will stop trading on December 17, 2025 [2] - The bonds will be delisted from the Shanghai Stock Exchange on December 22, 2025 [2]

Core Points - The company has announced the maturity and redemption details of its convertible bonds, known as "建工转债" [2][5][6] Group 1: Redemption Details - The maturity date and redemption registration date for the convertible bonds is December 19, 2025 [5] - The total amount to be redeemed, including interest, is 113 RMB per bond (tax included) [6] - The funds for redemption will be issued on December 22, 2025 [6] Group 2: Trading and Conversion Information - The last trading day for "建工转债" is December 16, 2025, and trading will cease on December 17, 2025 [3][8] - Holders of "建工转债" can still convert their bonds into company shares from December 17 to December 19, 2025, under agreed conditions [3][4] - The conversion price is set at 4.07 RMB per share, which may differ from the current stock price [4]

Summary of Key Points Core Viewpoint - The article discusses recent corporate actions and developments in the convertible bond market, highlighting shareholding changes, partnerships, and upcoming bond listings and trading dates. Group 1: Corporate Actions - Jia Mei Packaging's shareholders plan to reduce their holdings by no more than 1.16% of the company's shares [1] - Hailianxun's request for acquisition rights has ended, with trading resuming on November 19 [1] - Jiemai Technology's subsidiary, Rouzhen Technology, signed a cooperation development framework agreement with Ningde New Energy [1] Group 2: Convertible Bonds - The article lists various convertible bonds with their current prices, redemption prices, last trading dates, conversion values, remaining scales, and their proportion to the underlying stocks [1][4][6] - Notable upcoming bond listings include: - Qizhong Convertible Bond on November 21 - Maolai Convertible Bond on November 21 for subscription - Zhuomei Convertible Bond on November 24 - Other bonds with specific trading and conversion dates detailed [1][4][6] Group 3: Market Data - The article provides detailed tables of convertible bonds, including their current prices, conversion values, and market capitalization ratios, indicating the financial health and market positioning of these bonds [1][4][6]

Core Viewpoint - Chongqing Construction announced that bondholders can convert "Construction Convertible Bonds" into company shares during the specified period from December 17 to December 19, 2025 [1] Summary by Sections - **Convertible Bond Details** - The maturity date and payment registration date for the "Construction Convertible Bonds" is December 19, 2025 [1] - The total amount of principal and interest payable upon maturity is 113 RMB per bond (including tax) [1] - The payment date for the funds is set for December 22, 2025 [1] - **Eligibility for Payment** - The payment will be made to all bondholders registered with the Shanghai Branch of China Securities Depository and Clearing Corporation Limited as of the close of trading on December 19, 2025 [1]

Core Viewpoint - The article discusses recent developments in convertible bonds, including proposed share reductions, adjustments, and redemption details for various bonds [1][2][4]. Group 1: Share Reduction and Bond Adjustments - Zhengyuan Wisdom plans to reduce its repurchased shares by no more than 2.842 million shares [1]. - Dongshi Convertible Bond will undergo a downward adjustment [1]. - Yuguang Convertible Bond is subject to strong redemption [1]. - Several convertible bonds, including Polai, Ruike, Zhongte, and Leizhi, will not undergo adjustments [1]. Group 2: Convertible Bond Details - A table lists various convertible bonds with their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stock [2][4]. - For instance, the current price of Chenfeng Convertible Bond is 155.357, with a conversion value of 156.23 and a remaining scale of 0.446 billion [2]. - The Yuguang Convertible Bond has a current price of 207.107, with a conversion value of 206.05 and a remaining scale of 6.826 billion [2].

继央行行长在2025金融街论坛年会上表示"将会恢复国债买卖操作"后，11月4日中国人民银行发布的 2025年10月中央银行各项工具流动性投放情况显示，公开市场国债买卖净投放200亿元。这也意味着自 今年1月起暂停的国债买卖操作已恢复。 从新一期基金评级结果看，成立来季季飘红的汇安永福90天持有期中短债债券A（010577），同时荣膺 国泰海通证券三年期五星评级+天相投顾三年期五A评级；参与可转债投资的汇安嘉诚债券A （007609）则获得银河证券三年期五星评级。（基金评级数据来源：国泰海通证券-《国泰海通证券三 年、五年、十年综合系列基金评级》，计算截止日期2025.10.31，发布日期2025.11.02；银河证券-《银 河证券基金评级结果》计算截止日期2025.9.30，发布日期2025.10.22；天相投顾-《天相基金产品评级结 果》计算截止日期2025.9.30，发布日期2025.10.14）。 据三季报统计，截至2025年9月30日，汇安永福90天持有期中短债债券A自2022年5月10日成立至今，连 续13个季度实现正收益，且最大回撤控制在-0.3%左右。汇安嘉诚债券A过去一年收益率18.00%，对 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Overseas, the Fed's interest rate cut was confirmed this week, with the yield curve steepening rapidly. The long - end has high volatility and strong gaming attributes, while the short - end has relatively strong supply and demand. The long - end is expected to fluctuate between 4 - 4.5%, and the short - end is likely to decline and hard to rise. Gold is still favored [2][40]. - In the equity market, AI computing power showed a tendency to spread to other technology sectors. The market is still considered a "slow bull" and short - term is more structural. In the convertible bond market, high valuations are a psychological obstacle. It is recommended to invest in the mid - low - price range for technology diffusion, more left - side cycle directions, or alpha - focused gaming points [2][41]. - The top ten high - rating, mid - low - price convertible bonds with the greatest potential for parity premium rate repair next week are Hope Convertible Bond, Jinneng Convertible Bond, Liqun Convertible Bond, Liuyao Convertible Bond, Industrial Convertible Bond, Energy - saving Convertible Bond, Jiayue Convertible Bond, Energy - chemical Convertible Bond, Qingnong Convertible Bond, and Jiangong Convertible Bond [2][41]. Summary by Directory 1. Week - on - Week Market Review 1.1 Equity Market: Overall Decline with Most Industries Falling - This week (September 15 - 19), the equity market was significantly differentiated and overall declined. The Shanghai Composite Index fell 1.30%, the Shenzhen Component Index rose 1.14%, the ChiNext Index rose 2.34%, and the CSI 300 fell 0.44%. The average daily trading volume of the two markets increased by about 196.154 billion yuan to 2.494834 trillion yuan, a week - on - week increase of 8.53% [7][9]. - Among the 31 Shenwan primary industries, 12 industries rose, with 5 industries rising more than 2%. Coal, power equipment, electronics, automobiles, and machinery had the highest increases [14]. 1.2 Convertible Bond Market: Overall Decline with Most Industries Falling - The CSI Convertible Bond Index fell 1.55%. Among the 29 Shenwan primary industries, 3 industries rose, with 1 industry rising more than 2%. Communication, national defense and military industry, and automobiles had the highest increases [15]. - The average daily trading volume of the convertible bond market was 9.0635 billion yuan, a significant increase of 364.4 million yuan, a week - on - week change of 4.19%. The top ten convertible bonds in terms of trading volume were Jingxing Convertible Bond, Jing 23 Convertible Bond, etc. [15]. - About 18.29% of individual convertible bonds rose, with 6.48% rising between 0 - 1% and 9.26% rising more than 2% [15]. - The overall market conversion premium rate increased. The average daily conversion premium rate this week was 37.17%, up 1.07 pcts from last week. There were different changes in different price and parity intervals [23]. 1.3 Comparison of Stock and Bond Market Sentiments - This week, the weighted average and median weekly returns of convertible bonds and underlying stocks were negative, and the convertible bonds had a larger weekly decline. The trading volume of both markets increased significantly, with the convertible bond trading volume having a larger increase but a lower percentile level [37]. - About 18.88% of convertible bonds rose, and about 31.65% of underlying stocks rose. About 43.85% of convertible bonds had a higher return than the underlying stocks. Overall, the trading sentiment in the underlying stock market was better this week [37]. 2. Outlook and Investment Strategy - Overseas, the Fed's interest rate cut was confirmed. The long - end has high volatility and strong gaming attributes, while the short - end has relatively strong supply and demand. The long - end is expected to fluctuate between 4 - 4.5%, and the short - end is likely to decline and hard to rise. Gold is still favored [2][40]. - In the equity market, AI computing power showed a tendency to spread to other technology sectors. The market is still considered a "slow bull" and short - term is more structural. In the convertible bond market, high valuations are a psychological obstacle. It is recommended to invest in the mid - low - price range for technology diffusion, more left - side cycle directions, or alpha - focused gaming points [2][41]. - The top ten high - rating, mid - low - price convertible bonds with the greatest potential for parity premium rate repair next week are Hope Convertible Bond, Jinneng Convertible Bond, Liqun Convertible Bond, Liuyao Convertible Bond, Industrial Convertible Bond, Energy - saving Convertible Bond, Jiayue Convertible Bond, Energy - chemical Convertible Bond, Qingnong Convertible Bond, and Jiangong Convertible Bond [2][41].

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].