Core Viewpoint - The China Convertible Bond Index rose by 0.61% on December 22, reaching 488.22 points, indicating a positive trend in the convertible bond market [1]. Group 1: Market Performance - The Li Bo Convertible Bond increased by 12.64%, showing significant growth [1]. - The Wei Dao Convertible Bond rose by 7.45%, reflecting strong investor interest [1]. - The Zhenhua Convertible Bond experienced a rise of 6.56%, contributing to the overall positive performance of the index [1]. - Conversely, the Hua Ti Convertible Bond fell by 6.20%, indicating some volatility in the market [1]. - The Jin Zhong Convertible Bond decreased by 4.90%, suggesting a decline in investor confidence [1]. - The Hui Cheng Convertible Bond dropped by 4.10%, further highlighting the mixed performance within the sector [1].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This week, both the convertible bond market and the equity market rose. Currently, some individual bonds fluctuate greatly, and their future trends may further diverge. The overall trading difficulty in the market remains high. It is recommended to comprehensively judge based on convertible bond terms and the situation of the underlying stocks, select bonds carefully, and focus on new bond opportunities in industries catalyzed by policies and industries with high prosperity [4] 3. Summary by Relevant Catalogs Market行情 - From December 8 to December 12, 2025 (a total of 5 trading days), the CSI Convertible Bond Index rose by +0.20% (last week's increase was +0.08%), and the CSI All - Share Index changed by +0.19% (last week's increase was +0.77%). Since 2025, the CSI Convertible Bond Index has risen by +16.50%, and the CSI All - Share Index has risen by +21.83% [1] - By bond rating, high - rated bonds (AAA), medium - high - rated bonds (AA+), medium - rated bonds (AA), medium - low - rated bonds (AA -), and low - rated bonds (AA - and below) rose by - 0.13%, - 0.61%, +0.17%, +0.25%, and - 0.42% respectively this week. Medium - rated and medium - low - rated bonds rose [1] - By convertible bond scale, large - scale convertible bonds (bond balance > 2 billion yuan), medium - large - scale convertible bonds (balance between 1.5 and 2 billion yuan), medium - scale convertible bonds (balance between 1 and 1.5 billion yuan), small - medium - scale convertible bonds (balance between 0.5 and 1 billion yuan), and small - scale convertible bonds (balance < 0.5 billion yuan) rose by - 0.51%, - 0.45%, +1.04%, - 0.29%, and - 0.24% respectively this week. Except for medium - scale convertible bonds, all others declined [2] - By conversion parity, ultra - high - parity bonds (conversion value > 130 yuan), high - parity bonds (conversion value between 120 and 130 yuan), medium - high - parity bonds (conversion value between 110 and 120 yuan), medium - parity bonds (conversion value between 100 and 110 yuan), medium - low - parity bonds (conversion value between 90 and 100 yuan), low - parity bonds (conversion value between 80 and 90 yuan), and ultra - low - parity bonds (conversion value < 80 yuan) rose by +5.15%, - 1.39%, - 1.03%, +0.57%, - 2.16%, +2.22%, and - 0.60% respectively this week, showing divergent trends [2] Convertible Bond Price, Parity, and Conversion Premium Rate - As of December 12, 2025, there were 408 outstanding convertible bonds (407 at the end of last week), with a balance of 556.12 billion yuan (556.996 billion yuan at the end of last week) [3] - The average convertible bond price was 130.13 yuan (129.94 yuan at the end of last week), with a percentile of 91.57% (from the beginning of 2023 to December 12, 2025) [3] - The average convertible bond parity was 99.99 yuan (100.82 yuan at the end of last week), with a percentile of 86.66% [3] - The average convertible bond conversion premium rate was 31.41% (30.76% at the end of last week), with a percentile of 37.36% [3] Convertible Bond Performance and Allocation Direction - This week, both the convertible bond market and the equity market rose. Some individual bonds fluctuate greatly, and future trends may further diverge. The overall trading difficulty in the market remains high. It is recommended to comprehensively judge based on convertible bond terms and the situation of the underlying stocks, select bonds carefully, and focus on new bond opportunities in industries catalyzed by policies and industries with high prosperity [4] Convertible Bond Increase Situation - The top 15 convertible bonds in terms of increase this week include "Zai22 Convertible Bond" with an increase of 50.01%, "Huamao Convertible Bond" with an increase of 22.56%, "Weidao Convertible Bond" with an increase of 21.09%, etc. [21]

上证报中国证券网讯 12月11日，中证转债指数早盘收跌0.41%，报481.13点。再22转债涨6.26%，华懋 转债涨5.66%，微导转债涨5.60%；蓝天转债跌5.91%，凯盛转债跌4.20%，华锐转债跌4.16%。 来源：上海证券报·中国证券网 来源：上海证券报·中国证券网 上证报中国证券网讯 12月11日，中证转债指数早盘收跌0.41%，报481.13点。再22转债涨6.26%，华懋 转债涨5.66%，微导转债涨5.60%；蓝天转债跌5.91%，凯盛转债跌4.20%，华锐转债跌4.16%。 ...

来源：上海证券报·中国证券网 上证报中国证券网讯 12月9日，中证转债指数午盘下跌0.36%，报482.17点。上涨方面，福蓉转债、沪 工转债、万孚转债、微导转债涨幅居前，分别涨8.33%、7.29%、4.31%、4.22%。下跌方面，瑞达转 债、豫光转债、中能转债跌幅居前，分别跌9.61%、4.63%、3.83%。 来源：上海证券报·中国证券网 | 代码 | 简称 | | 涨跌幅% ↓ | | --- | --- | --- | --- | | 113672.SH | 福营转债 | 179.692 | 8.33 | | 113593.SH | 沪工转债 | 150.978 | 7.29 | | 123064.SZ | 万孚转债 | 124.01 | 4.31 | | 118058.SH | 微导转债 | 320.031 | 4.22 | | 123251.SZ | 华医转信 | 161.062 | 3.78 | | 代码 | 简称 | | 涨跌幅% ↑ | | 128116.SZ | 瑞达转债 | 148.234 | -9.61 | | 110096.SH | 豫光转债 | 182.6 | -4.63 | ...

Group 1 - The China Convertible Bond Index opened up 0.04% on December 4, reaching 478.74 points [1][2] - The top gainers in convertible bonds included Yong02, Hongwei, Fuxin, Hengshuai, and Jincheng, with increases of 8.14%, 6.02%, 5.95%, 2.83%, and 2.13% respectively [1][2] - The largest decliners were Furong, Dongshi, Weidao, Zhenhua, and Shouhua, with decreases of 4.66%, 2.86%, 1.30%, 1.25%, and 1.05% respectively [1][2]

Group 1 - The China Convertible Bond Index fell by 0.33% to 468.18 points on September 4 [1] - The largest declines were seen in Zhenhua Convertible Bond, Liyang Convertible Bond, Weidao Convertible Bond, Huamao Convertible Bond, and Ruichuang Convertible Bond, with declines of 8.64%, 6.67%, 5.69%, 5.69%, and 4.80% respectively [1] - The top gainers included Tianchuang Convertible Bond, Jingxing Convertible Bond, Dianhua Convertible Bond, Honghui Convertible Bond, and Hengshuai Convertible Bond, with increases of 5.33%, 4.73%, 4.38%, 3.57%, and 3.51% respectively [1]

Group 1 - The China Convertible Bond Index fell by 0.03% to 468.39 points on September 3rd [1] - The largest declines were seen in the following convertible bonds: Gaomei Convertible Bond (-6.75%), Zhenyang Convertible Bond (-6.42%), Weidao Convertible Bond (-5.87%), Jinlun Convertible Bond (-5.06%), and Fuxin Convertible Bond (-3.77%) [1] - The top gainers included Lushan Convertible Bond (+9.89%), Dongjie Convertible Bond (+9.28%), Jingxing Convertible Bond (+6.24%), Liyang Convertible Bond (+4.57%), and Yiwei Convertible Bond (+3.86%) [1]

New Stock Issuance - Fushun Special Steel (600399) has a tender offer period from August 12, 2025, to September 10, 2025[1] - KaiPu Cloud (688228) reported severe abnormal fluctuations on August 30, 2025[1] - Xinhua Jin (600735) announced on August 30, 2025, regarding its stock activities[1] Trading Alerts - JiShi Media (601929) issued a notice on August 30, 2025, regarding trading activities[1] - XianDao Intelligent (300450) and DeChuang Environmental (603177) both reported updates on September 2, 2025[1] - Huahai Pharmaceutical (600521) and *ST HuiCheng (002168) also provided trading updates on September 2, 2025[1] Abnormal Fluctuations - Several companies, including Changjiang Materials (001296) and WanBangDe (002082), reported abnormal fluctuations on August 28, 2025[3] - Longjing Technology (301396) and Jinli Yongci (300748) also noted significant trading irregularities on August 27, 2025[3] - The report includes multiple links to announcements regarding trading activities and fluctuations for various companies[3]

Group 1 - The company announced the resignation of Mr. Li Xiang from his positions as a director, deputy general manager, and co-CTO due to personal reasons, effective immediately upon submission of his resignation [2][3] - Mr. Li Xiang's departure will not affect the company's board composition or its normal operations, as it does not reduce the number of board members below the legal minimum [3] - The company expressed gratitude for Mr. Li Xiang's contributions during his tenure, highlighting his significant role in strategic planning, technology development, and management [3] Group 2 - Mr. Li Xiang held 20,158,464 shares in the company and has committed to adhering to relevant laws and regulations regarding his shareholding after his resignation [4] - During his tenure, Mr. Li Xiang participated in various research and development projects, and his departure will not adversely impact the company's technology development or operations [5][7] - The company has a well-established R&D system and a capable team, ensuring that Mr. Li Xiang's resignation will not disrupt ongoing projects or the company's core competencies [7][8] Group 3 - The company has confirmed that all work under Mr. Li Xiang's responsibility has been handed over, and R&D projects are progressing normally [8] - The company plans to continue enhancing its R&D capabilities by recruiting and training more personnel and improving performance evaluation and incentive mechanisms [8] - The sponsor, CITIC Securities, has verified that the company's core technical personnel remain stable and that the R&D team is capable of supporting ongoing and future projects [9] Group 4 - The company reported that its convertible bonds experienced a significant price fluctuation, with a cumulative increase of over 30% over three consecutive trading days [12][14] - The company confirmed that its daily operations remain normal and that there have been no significant changes in market conditions or internal operations [15] - The board of directors stated that there are no undisclosed significant matters that could impact the company's stock or bond prices [16]

Core Viewpoint - Jiangsu Weidao Nano Technology Co., Ltd. has announced that its convertible bonds have experienced significant price fluctuations, prompting a review of the company's operational status and disclosures to ensure transparency and compliance with regulations [1][2][3] Group 1: Convertible Bond Issuance Overview - The company issued convertible bonds totaling RMB 1.17 billion, with a maturity of 6 years and a face value of RMB 100 per bond, amounting to 11.7 million bonds [1] - The bonds were approved by the China Securities Regulatory Commission and began trading on the Shanghai Stock Exchange on August 27, 2025, under the name "Weidao Convertible Bonds" and code "118058" [1] Group 2: Trading Anomalies - The convertible bonds experienced a cumulative price increase exceeding 30% over three consecutive trading days (August 28, 29, and September 1, 2025), which is classified as an abnormal trading fluctuation [2] - The company confirmed that there have been no significant changes in its operational status, production costs, or sales, and that all relevant information has been disclosed [2][3] Group 3: Board Statements and Commitments - The board of directors has verified that there are no undisclosed significant matters that could impact the trading prices of the company's stocks and convertible bonds [3] - The company reassured investors that no insider trading occurred among shareholders during the period of abnormal price fluctuations [3]