Group 1 - The core viewpoint of the announcement is that Zhihong Home has maintained its credit ratings for both the company and its convertible bonds, indicating stability in its financial standing [1][2] - The previous bond rating was "AA" and the issuer rating was also "AA," with a stable outlook, which remains unchanged in the current assessment [1][2] - The tracking credit rating was conducted by China Chengxin International Credit Rating Co., Ltd., based on a comprehensive analysis of the company's operational and financial conditions [2] Group 2 - The tracking rating report was issued on June 26, 2025, confirming the company's credit rating and outlook as stable [2] - The previous rating was conducted on August 5, 2024, and the results have not changed since then [1][2] - The detailed tracking rating report can be found on the Shanghai Stock Exchange website [2]

Core Viewpoint - Despite the impact of the U.S. "reciprocal tariffs" on global capital markets since April, the domestic convertible bond market has shown overall stability, highlighting its defensive and offensive characteristics, with some convertible bonds recently reaching historical highs [1][3]. Summary by Sections Market Performance - Since April, the domestic convertible bond market has demonstrated resilience amid global market volatility, with the China Securities Convertible Bond Index experiencing a significant drop of 4.05% on April 7, marking its largest single-day decline of the year, yet this was less severe than the declines in the Shanghai and Shenzhen indices, indicating a defensive nature [3][4]. Recovery and Growth - Following the market rebound starting April 8, many convertible bonds have regained their losses, showcasing their offensive potential. Over 400 convertible bonds have risen since April 8, with more than 40 bonds increasing by over 10%, including notable performers like Fuxin Convertible Bond and Zhongqi Convertible Bond, which saw increases exceeding 20% [4]. Historical Highs - Several convertible bonds have recently reached historical highs, such as Zhongqi Convertible Bond, which surpassed 300 CNY per share, achieving a cumulative increase of 29.43% since April 8 and 149.62% year-to-date [5]. Zhongchong Convertible Bond also approached 200 CNY per share, with a cumulative increase of 36.45% since April 8 and 42.89% year-to-date [7]. Zhenhua Convertible Bond reached a price of 197.981 CNY per share, with a cumulative increase of 24% since April 8 and over 40% year-to-date [9]. Redemption Risks - Despite the overall stability of the convertible bond market compared to equities, there are risks associated with specific terms, such as early redemption clauses. For instance, Huisheng Convertible Bond faced significant declines due to triggering its conditional redemption clause, dropping over 40% from its high of 248 CNY per share since April 7 [12][14]. Similar situations have been observed with Bojie Convertible Bond, which has seen a nearly 20% decline since April due to early redemption [14].

Core Viewpoint - The article reflects a sense of uncertainty in the stock market, questioning the ease of making profits and indicating a cautious approach to investment strategies amidst a significant market shift [1]. Group 1: Market Observations - The current market conditions suggest that both stocks and bonds do not appear particularly cheap, leading to a more conservative investment stance [1]. - A specific convertible bond was purchased at a price of 111, which had previously been bought at 102 in September of the previous year, indicating a notable price fluctuation [1]. Group 2: Upcoming Investment Opportunities - The article highlights several upcoming investment opportunities, including: - Zhihong Convertible Bond, which is set to be listed on April 8 [1]. - Qingyuan Co., Ltd. Convertible Bond, available for subscription on April 8 [1]. - Kairun Convertible Bond, which will not undergo a price adjustment [1]. - Honggong Technology, with new shares available for subscription on the Shanghai and Shenzhen stock exchanges [1]. Group 3: Community and Resources - The article promotes the Jisilu platform as a data-driven investment community focused on new stocks, convertible bonds, bonds, and closed-end funds, emphasizing the importance of capital safety while aiming for steady asset growth [1].

股票简称：志邦家居 股票代码：603801 公告编号：2025-020 志邦家居股份有限公司 （Zbom Home Collection Co.,Ltd.） （安徽省合肥市庐阳区庐阳工业区连水路 19 号） 向不特定对象发行可转换公司债券 上市公告书 保荐人（主承销商） （安徽省合肥市梅山路 18 号） 二〇二五年四月 志邦家居股份有限公司 向不特定对象发行可转换公司债券上市公告书 第一节 重要声明与提示 志邦家居股份有限公司（以下简称"志邦家居""发行人""公司"或"本 公司"）全体董事、监事、高级管理人员保证本上市公告书的真实性、准确性、 完整性，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带的法律责任。 第二节 概 览 一、可转换公司债券中文简称：志邦转债。 二、可转换公司债券代码：113693。 三、可转换公司债券发行量：67,000.00 万元（6,700,000 张）。 七、可转换公司债券存续的起止日期：2025 年 3 月 18 日至 2031 年 3 月 17 日。 八、可转换公司债券转股的起止日期：2025 年 9 月 24 日至 20 ...

Group 1 - The article mentions that Zhengfan Convertible Bond will be listed on April 3 [1] - Nuotai Convertible Bond is subject to strong redemption [1] - New Hope expects a net profit of 430 million to 500 million yuan in the first quarter of 2025 [1] - Zhibang Convertible Bond will be listed on April 8 [1] - Qingyuan Co., Ltd. will have a convertible bond subscription on April 8 [1] Group 2 - The article encourages readers to follow the WeChat account of Jisilu for more information [2]